Committed to Seeing You Home
Thank you I'm so grateful
12/22/2015
12/17/2015
Take Pie When Passed
 |
| Vegan Pumpkin pie and the turkey |
Take Pie When Pie is Passed
Here is a link to a timely article from CNBC
and a chart of
the US 10 Year Treasury Yield
(lower since the announcement!).
One interesting factors affecting mortgage rates
that doesn’t get much
attention is the fact that the
Fed is continuing to use profits and proceeds
from payoffs of its mortgage portfolio to buy
new mortgage backed securities
(MBS).
With Billions of Fed reinvestments of these
proceeds going back
into MBS markets
every month, this unusual source of demand for
MBS from the Fed
purchases continues
to help support lower mortgage rates.
I am saying lock on Monday
Vegan Pie by my daughter below, mine above
Recipes:
Crust
- ½ cup unbleached flour
- 7 Tbs. whole-wheat pastry flour
- ½ tsp. salt
- ½ tsp. brown sugar
- ½ tsp. baking powder
- 3 Tbs. canola oil
- 1 Tbs. soymilk plus ½ tsp. lemon juice ice cold
- 2 Tbs cheap vodka
- 3 to 4 Tbs. water super cold
Filling
- 2 cups canned pumpkin
- 1 cup rice milk
- ¾ cup granulated sugar
- ¼ cup cornstarch
- ½ Tbs. dark molasses or to taste
- 1 1/2 tsp. vanilla extract
- 1 tsp. ground cinnamon
- ½ tsp. ground ginger
- ¼ tsp. grated nutmeg
- ¼ tsp. ground allspice
Prepare dough day before, barely knead and refrigerate tightly wrapped
The less you handle dough the flakier it is
Oven 425°F.
Filling:
mix ingredients until smooth and blended.
Pour into prepared crust and smooth top.
Bake 10 minutes.
Reduce oven temperature to 350°F;
bake until filling is set, about 40 minutes.
12/16/2015
Asset Documentation for Mortgage Loans
Asset Documentation Facts
ASSET DOCUMENTATION FAQ
NSF’s
1) In regards to non sufficient funds NSFs and pulling money from an attached savings account - FHA HOC has stated if it has an account set up, the borrowers account pulls the OD and there are no fee's it is not considered an NSF?
a. Yes, that would be correct. Not a derogatory situation.
UTMA accounts
2) What about an account that has ITF (In Trust for)
a. That could be an acceptable account to use for transactional funds. Depends on the account owners.
3) I have used a UTMA as long as the funds were transferred to the buyers own account. Is this acceptable?
a. Not for conventional loans.
b. FHA - case by case with review by underwriting manager.
4) Going back to UTMA accounts, if the funds are transferred into the borrower’s account, can they be used.
a. Conventional programs - no
b. Government programs - case by case with management direction.
401K loans /reserves
5) Guidelines have stated in the past, if the loan is secured by a 401k if we are not obtaining this account and using it we now have to hit them with the loan is that accurate?
a. For 2100 program, yes, that is correct if the remaining balance of the asset does not support the amount of the loan against it. This is an investor overlay, not a Fannie or Freddie requirement.
6) Regarding 401K loans, we only need to hit them with the loan payment (if they don't have at least the amount of the loan amount remaining as their balance) on Conventional & Jumbo only, correct?
a. This is a Chase requirement for both conforming and non-conforming loans and is therefore an overlay to our generic programs.
7) Regarding reserves that are needed for a 30 day account, does it have to be liquid or can an IRA, 401k and/or stock account be used?
a. Any asset that would qualify as reserves.
8) Regarding 401k's as reserves, I believe we used to use 401k's if they had hardship OR loan availability, can you please clarify/confirm that we are now only allowed to use a 401k if they have hardship?
a. You can use as reserves as long as the borrower can access a hardship withdrawal or a loan, using only the amount of the maximum loan available.
9) Can we get clarification of the 401K used as reserves? We have accepted reserves that were in the form of an available loan only and used just the available loan balance, not 60% because the available loan was less. Is that not acceptable?
a. Researching revealed that is acceptable.
10) Can we get some additional clarification on the terms of withdraw. We are collecting specific to the employer’s plan.
a. Yes, that is correct.
Gifts
11) Are both owners of the Donor account required to sign the gift letter?
a. One owner is sufficient.
12) Why is a cousin not considered an acceptable donor?
a. They are not on the FHA list of relatives. They may qualify under the category of a close friend with a clearly defined and documented interest in the Borrower.
13) Regarding gift funds on FHA, the email stated if the gift funds were already deposited into the borrower bank account we were to use LP only. Not on all gifts. Can you please clarify?
a. You are correct.
14) Gift deposited on FHA using DU, it never said we had to use LP only.
16) How do we verify or determine an amount on a "large deposit" into a donor's account when we don't know their income to come up with the large deposit amount?
a. Underwriter's discretion - any deposit prior to the gift giving date if similar to the gift amount or not identifiable as donor's income/payroll.
17) Run LP for FHA loans with gift funds OR with gift funds already deposited to borrowers account?
a. For gift funds already deposited to borrower's account, please use LP.
18) On a gift letter - if the donor money comes from a joint account are we requiring that both donor's sign the gift letter?
a. One donor is sufficient.
19) Can the gift donor be a cousin?
a. No, a cousin is not considered a relative under FHA guidelines. They would have to qualify as a close friend with a clearly defined and documented interest in the Borrower.
20) Can the gift donor be a future father in law?
a. He would not fall under family. The future part makes him ineligible. But for FHA would qualify as an acceptable gift donor if they can document he is a close friend with a clearly defined and documented interest in the borrower.
21) If the donor signs a statement stating no deposits have come from another person in the transaction do they still have to source the deposits?
a. Underwriter discretion depending on the size of the deposits, etc.
22) On a gift, we have to document the donor’s ability to gift even if it is a Conventional loan?
a. No, just on FHA loans.
23) So the donor’s ability is only on FHA.
a. Yes.
24) Home in 5 gift funds do we need to run LP?
a. Recommend running LP for all FHA loans with gift funds.
25) Donor's ability is also on USDA, correct?
a. Yes, and gift cannot be used for reserves.
Large Deposits
26) LARGE DEPOSITS: How does the UW determine what can or cannot be disallowed to remain under program 2100?
a. Funds not needed for cash to close or reserves but need a borrower explanation for the deposit(s) and why it cannot be documented.
27) If there is a large deposit from an unsecured line of credit and borrower has since depleted it are we ok as is to use the recent balance?
a. If the unacceptable funds have been spent outside of our transaction requirements, then you can consider the current balance in the asset account.
28) Is large deposit considered over $100, or $500, or $1000?
a. Please consult the large deposit policy in each program matrix.
Acceptable Receipt of Documentation
29) Are bank screen shots acceptable? i.e it's not a cell phone screen, and it's not a pdf printout but it does show the url via the screen shot, is that acceptable?
a. As long as it contains all the required information, ie: account holder name, account number, and the 30 day/60 day history and covers all transaction types.
30) What if it is a 'scanned' document sent via phone.
a. OK if has URL or all required information
31) TD bank doesn't show the URL on them when we do a print out just FYI.
a. Then must obtain full bank statements
32) What happens when the running totals are not available? Not all banks have the running balance on their Transaction History.
a. Must have ending balance and all required information including URL.
33) I learned with a borrower that if the URL is not printing on the statements they print at home, have them adjust the header/footer and it will usually pop up.
34) Can you clarify if the transaction history alone (as long as it contains all necessary info) is sufficient, or if we need to also have an actual bank statement with the transaction history?
a. You have to have a statement to use with the transaction history as usually the transaction history does not show the full account number/bank information/borrowers full name or joint names. If you are using the transaction history it needs to have all that information and I would get it stamped by the bank to show it as certified….
35) What types of images should Borrowers not download?
HTML doesn't flow, cell phone pictures are blurry, GIF doesn't save
36) Are Cell Phone images acceptable?
a. If Government / Conventional (non bond) – we accept any clear & complete copy of the document.
b. If it is Bond / Jumbo – we cannot accept documents from a cell image at this time.
Destiny Input
37) For the bank address, use the local branch address or the bank address on the statement?
a. Either is fine.
38) Certain jumbo investors require asset addresses on the 1003.
a. Asset addresses are required for all loans.
39) Is this Max Cash to Close, a pre-existing condition or are we to free hand this?
a. It is a default condition that you can change
40) Are you allowed to use last 4 digits of acct numbers?
a. No, please use the full account number.
41) Regarding the address that we use on the bank statement - do we use what is on the statements or the physical address they bank at locally?
a. Either is fine.
Secured Borrowed Funds
42) Do we need to add the address of the 401k company under the secured borrowed funds?
a. Yes, so QC can re-verify.
43) Can we get clarification on the amount we are using to determine if we hit the borrower with a payment for secured borrowed funds? Specifically, do we take the remaining balance multiplied by 60% then subtract the loan amount?
a. Value or balance of the account must be sufficient to repay the loan obligation. When the account balance is less than the loan balance, transaction requires payment to be included in DTI calculation. (ch)(No reduction % required).
Miscellaneous
44) What's an mri?
a. Minimum Required Investment.
45) Are there any situations where we can use a VOD in place of a bank statement if the borrower is unable to provide?
a. Conventional agency programs. Check the product matrices for specific investor programs.
46) If stamped statement from the bank....does every page have to be stamped?
a. Yes please.
47) If an Ex paid a debt off for the Buyer and they are not on good terms with the Buyer any longer and will not provide the source of paying the debt off, what is the next option?
a. Debt payoff can only come from a gift from a relative. Ex-spouse is not a relative. Payoff would be considered a concession or contribution to our transaction by an unacceptable source and the amount would be deducted from acquisition before determining the "lendable" mortgage amount.
mortgage information this far down as eye assets:
Keep working C G :)
Mortgage Credit Report
Mortgage details and things I'm seeing regarding credit:
Forgiveness of debt in a modification is treated the same as short sale.
Wait is four years for conventional loans and three for FHA
Mortgage Credit
reports should be read and interpreted by an expert. The lady in the credit union that takes your papers to be processed for a loan can misinterpret or miss read. It is vital to view a mortgage credit report on day one with regards to derogatory credit events
and the proper calculation for seasoning.
· Fannie Mae only – The foreclosure seasoning can be reduced from 7 years
to 4 years if the property is surrendered in the Chapter 7
bankruptcy. Make sure the property is listed on the Chapter 7 form Debtor’s
Statement of Intention and marked as surrendered. This reduced
seasoning does not apply for foreclosures that
·
All loan types – A HELOC settled for less than full balance can occur even
if there is no short sale or foreclosure. Lien Holders can be approached
with a request to reduce the balance, or the Lien Holder may initiate the
settlement. Determine the property address associated with the HELOC or 2nd
mortgage. Even if the borrower still owns the property, sufficient seasoning
will be required as the lender has taken a aloss. This would be
considered a pre-foreclosure situation requiring 4 year seasoing for Fannie or
Freddie, 3 year seasoning for FHA or USDA, and 2 year seasoning for VA, from
the date of the settlement/foregiveness.
11/27/2015
Grateful At Home
I hope you are enjoying the holiday weekend!
My son is home from college and I am
blessed this year.
Grateful for being able to help you
with closing your mortgage loan.
I'm available over the weekend for
questions, just whistle.
Let's get you into your happy home.
C G
(949) 784-9600
11/13/2015
95% Jumbo Mortgage
Up till now the required minimum down payment on high
balance loans was 10%. Starting next month we will only require 5% down on
these types mortgages. Read below for all revisions.
As a direct lender with all operations in-house we can close
these type loans in 30 days.
We have what it takes!
This summary is great news. This is not a commitment to lend or give you a 95% Jumbo conventional high balance loan for California counties that the high balance
loan limit is $625,500.00
Other counties such as Riverside the loan amount is lower.
See below for dollar amounts.
These dollar amounts do change annually.
All criteria are subject to the formal terms and conditions
of the Fannie Mae Selling Guide.
High-Balance Loans: Policy Update Summary
Effective with the implementation of Desktop Underwriter® (DU®)
Fannie Mae will update the eligibility requirements for high-balance mortgage loans as follows
for details and the high-balance product matrix more information will be released
Removed: Overlays requiring a 5% minimum borrower contribution from borrower’s own funds; an appraisal field review for loans of more than $625,000 and a loan to value or combined loan to value ( LTV CLTV) above 80%; and the appraisal to have two comparable sales from outside the subject project when loan is secured by a condominium unit.
Aligned: Maximum LTV/CLTV/HCLTV ratios for borrowers with 5−10 financed properties aligned with the requirements for loans subject to the general loan limits.
Retained: An appraisal field review is required for properties valued at $1 million or more with an LTV/CLTV/HCLTV above 75%; and all borrowers must have traditional credit to qualify.
New: High-balance loans must be underwritten through DU.
Updated: Eligibility ratios as shown in the table.
Property Type
Maximum Loan-to-Value (LTV) Ratio for High-Balance Loans
NEW Effective December 12, 2015
Before Update
Purchase Transaction
1-unit principal residence
FRM: 95%; ARM: 90%
FRM: 90%; ARM: 75%
2-unit principal residence
FRM: 85%; ARM: 75%
FRM: 75%; ARM: 65%
3- to 4-unit principal residence
FRM: 75%; ARM: 65%
Second Home
FRM: 90%; ARM: 80%
FRM/ARM: 65%
1-unit investment
FRM: 85%; ARM: 75%
2- to 4-unit investment
FRM: 75%; ARM: 65%
Limited Cash-Out Refinance Transaction
1-unit principal residence
FRM: 95%; ARM: 90%
FRM:90%; ARM: 75%
2-unit principal residence
FRM: 85%; ARM: 75%
FRM: 75%; ARM: 65%
3-4-unit principal residence
FRM: 75%; ARM: 65%
Second Home
FRM: 90%; ARM: 80%
FRM/ARM: 65%
1-unit investment
FRM: 75%; ARM: 65%
2-4-unit investment
Cash-Out Refinance Transaction
1-unit principal residence
FRM: 80%; ARM: 75%
FRM/ARM: 60%
2- to 4-unit principal residence
FRM: 75%; ARM: 65%
Not available
Second Home
1-unit investment
2- to 4-unit investment
FRM: 70%; ARM: 60%
Counties that increased loan limit in 2015
| Monterey County | CA | SALINAS, CA | $ 483,000 | $ 502,550 | $ 19,550 |
| Napa County | CA | NAPA, CA | $ 592,250 | $ 615,250 | $ 23,000 |
| San Diego County | CA | SAN DIEGO-CARLSBAD, CA | $ 546,250 | $ 562,350 | $ 16,100 |
County Name
One-Unit Limit
Two-Unit Limit
Three-Unit Limit
Four-Unit Limit
ALAMEDA
$729,750
$934,200
$1,129,250
$1,403,400
ALPINE
$547,500
$700,900
$847,200
$1,052,900
AMADOR
$443,750
$568,050
$686,650
$853,350
BUTTE
$417,000
$533,850
$645,300
$801,950
CALAVERAS
$462,500
$592,050
$715,700
$889,450
COLUSA
$417,000
$533,850
$645,300
$801,950
CONTRA COSTA
$729,750
$934,200
$1,129,250
$1,403,400
DEL NORTE
$417,000
$533,850
$645,300
$801,950
EL DORADO
$580,000
$742,500
$897,500
$1,115,400
FRESNO
$417,000
$533,850
$645,300
$801,950
GLENN
$417,000
$533,850
$645,300
$801,950
HUMBOLDT
$417,000
$533,850
$645,300
$801,950
IMPERIAL
$417,000
$533,850
$645,300
$801,950
INYO
$437,500
$560,050
$677,000
$841,350
KERN
$417,000
$533,850
$645,300
$801,950
KINGS
$417,000
$533,850
$645,300
$801,950
LAKE
$417,000
$533,850
$645,300
$801,950
LASSEN
$417,000
$533,850
$645,300
$801,950
LOS ANGELES
$729,750
$934,200
$1,129,250
$1,403,400
MADERA
$425,000
$544,050
$657,650
$817,300
MARIN
$729,750
$934,200
$1,129,250
$1,403,400
MARIPOSA
$417,000
$533,850
$645,300
$801,950
MENDOCINO
$512,500
$656,100
$793,050
$985,600
MERCED
$472,500
$604,900
$731,150
$908,650
MODOC
$417,000
$533,850
$645,300
$801,950
MONO
$529,000
$677,200
$818,600
$1,017,300
MONTEREY
$729,750
$934,200
$1,129,250
$1,403,400
NAPA
$729,750
$934,200
$1,129,250
$1,403,400
NEVADA
$562,500
$720,100
$870,450
$1,081,750
ORANGE
$729,750
$934,200
$1,129,250
$1,403,400
PLACER
$580,000
$742,500
$897,500
$1,115,400
PLUMAS
$417,000
$533,850
$645,300
$801,950
RIVERSIDE
$500,000
$640,100
$773,700
$961,550
SACRAMENTO
$580,000
$742,500
$897,500
$1,115,400
SAN BENITO
$729,750
$934,200
$1,129,250
$1,403,400
SAN BERNARDINO
$500,000
$640,100
$773,700
$961,550
SAN DIEGO
$697,500
$892,950
$1,079,350
$1,341,350
SAN FRANCISCO
$729,750
$934,200
$1,129,250
$1,403,400
SAN JOAQUIN
$488,750
$625,700
$756,300
$939,900
SAN LUIS OBISPO
$687,500
$880,100
$1,063,850
$1,322,150
SAN MATEO
$729,750
$934,200
$1,129,250
$1,403,400
SANTA BARBARA
$729,750
$934,200
$1,129,250
$1,403,400
SANTA CLARA
$729,750
$934,200
$1,129,250
$1,403,400
SANTA CRUZ
$729,750
$934,200
$1,129,250
$1,403,400
SHASTA
$423,750
$542,450
$655,700
$814,900
SIERRA
$417,000
$533,850
$645,300
$801,950
SISKIYOU
$417,000
$533,850
$645,300
$801,950
SOLANO
$557,500
$713,700
$862,700
$1,072,150
SONOMA
$662,500
$848,100
$1,025,200
$1,274,050
STANISLAUS
$423,750
$542,450
$655,700
$814,900
SUTTER
$425,000
$544,050
$657,650
$817,300
TEHAMA
$417,000
$533,850
$645,300
$801,950
TRINITY
$417,000
$533,850
$645,300
$801,950
TULARE
$417,000
$533,850
$645,300
$801,950
TUOLUMNE
$437,500
$560,050
$677,000
$841,350
VENTURA
$729,750
$934,200
$1,129,250
$1,403,400
YOLO
$580,000
$742,500
$897,500
$1,115,400
YUBA
$425,000
$544,050
$657,650
11/11/2015
Chase Mortgage Cough
This morning I spoke at Laguna Board of Realtors Preview Meeting. A question was raised about if lenders and Underwriters are being harder on files. I answered that it is not Underwriters is is the policy of the given secondary source. Fannie Mae and Freddie Mac are maintaining cautious and careful rules. A few minor conditions have been loosened as we get farther away from the crash but I said one particular broker banker correspondant source has become more picky and more bitter coffee to deal with and that is J P Morgan Chase.
Chase is of the new habit of pricing very cheap and turning down loans after they have been shipped.
Sometimes the reasons are so small minded it appears they are cherry picking after the fact. Today Chase came out with a memo perhaps to make excuses for this recent dump on wholesale providers.
Here's the list of reasons Chase says they are giving back funded loans (these are all Jumbo not conforming not high balance mortgage types). This list you will note does not include some of the cough cough reasons they really dumped back loans to banker / brokers
Note: Information is valid as of 9/14/15 and is subject to change.
Overview Based on loans recently reviewed by our Non-Agency Underwriters, we have developed
these best practices which can help manage your pipeline and drive down suspense rates
when submitting Non-Agency loans to Chase.
Best Practices for Collateral
Initial Collateral Review: Attached your 1st Gen/xml file to Appraisal Data/1st Gen upload in
ChaseLoanManager.
Revised appraisals associated with collateral conditions must be uploaded in ChaseLoanManager > Image
Delivery as:
UW Conditions for non-delegated
Funding Conditions for delegated
Non-Delegated Delegated
Include comparison of PUD common elements
and amenities with competing developments
Identify and describe common elements
appropriately
Ensure Appraiser provides appropriate comments
reflecting reasoning for adjustments
Ensure Appraiser reconciles indicated values of
the comparable sales and explains weighting and
rational to derive the final value conclusion
Provide a complete 1004D with photos
Document reasoning when there is a meaningful
discrepancy between public record data and
Appraiser reported information for subject or
comps
Include all required comp photos
Use of MLS photos is discouraged unless a
satisfactory explanation is provided
Appraiser must comment on using any
comparable sale that’s more than 6 months old
Do not provide comparable sales that are dissimilar
to subject property without detailed
discussion
Provide a complete 1004D with photos
Include comparison of PUD common elements
and amenities with competing developments
Identify and describe common elements
appropriately
Ensure Appraiser reconciles indicated values of
the comparable sales and explains weighting and
rational to derive the final value conclusion
Include all Appraisal Data
Ensure Appraiser provides appropriate comments
reflecting reasoning for adjustments
Appraiser to comment on using any comparable
sale that’s more than 6 months old
Document reasoning when there is a meaningful
discrepancy between public record data and
Appraiser reported information
New PUD/Project: A comparable sale must come
from within the subject’s subdivision or condo
project
Top Underwriting Conditions
When reviewing a loan, Chase Underwriters encounter missing or deficiencies in documentation related to:
Profit and Loss Statement and Balance
Sheet is missing
Source of Funds for Large Deposits
12-month Housing History
HELOC Closures
Credit Inquiry LOE
K-1s / Business Returns
VOE with Variable Income (bonus,
commission, OT, etc.)
Current, Legally Enforceable Lease
Agreements
Bank Statement Debts Not Addressed
Payroll Loans/Deductions not included in
DTI and evidence fully secured is absent
CORRESPONDENT LENDING
Non-Agency Loans
Note: Information is valid as of 9/14/15 and is subject to change.
Non-Agency Best Practices - Final 100515.docx Page 2 of 2
Best Practices
Top Denial Reasons
The top reasons for a loan being denied by Chase are as follows:
HELOCS (Subject and
REO)
If a HELOC can still be drawn upon (open end), which includes HELOCs that
are frozen (since the freeze could be lifted by the creditor), the payment used in
the DTI calculation is the higher of:
Payment shown on credit report (or obtained from documentation from the
creditor), or
1% of the full line amount
Self Employed
Debts Payable < 1 Year
Mortgages, Notes and Bonds payable in less than one year must be deducted
from the self-employed income by the amount of the debt, regardless if the
business has sufficient assets to cover the debt or the debt has a history of
rolling over.
DTI Bonus income < 2 years
Ineligible add backs to business income (NOL, amortization, home office)
Declining income reflected on YTD P&Ls
Personal debt not included in liabilities due to evidence other party pays or <
10 months remain
2106 expenses not deducted from income
Self Employed < 2
Years
Self-employed borrowers should exhibit the following stability standards:
Minimum of two years operating the same business
Minimum of two years operating each additional business used to qualify
Potential for maintaining continuous operation of business and income
Documented ability to meet current and future obligations when income is
fluctuating
Independent verification, prior to closing, that the borrower is self-employed
Provide a 24 month history of self-employment, regardless of work history
Minimum of 12 months self-employment, reflected on tax returns
o If tax returns do not reflect the complete 24 month period (due to
timing), then P&L and balance sheet must be provided covering the
remaining period
Student Loan Payments All student loans must be included in the debt ratio regardless of deferment
status or number of payments remaining
If payment amount can be verified by credit report or by student loan lender
documentation supplied by the borrower, then use the greater of 1% of the
outstanding balance or actual payment
If payment amount cannot be documented, then use payment based on 1%
of the outstanding balance
11/09/2015
1 Year After Bankruptcy Jumbo Loan
Seeing Our Customers Home Again
The Light is what guides you Home.
The warmth is what keeps you there.
Our new Home Again program is a great option
to help borrowers who may have a
few bumps and bruises on their credit.
Highlights
•Fixed and ARM (Adjustable Rate Mortgage) options
•No prepayment penalty
•Gifts allowed from family members or
relative only toward down payment or closing
(Borrowers must have 5% of purchase price.
Program available for purchase only.)
•Gift of equity from seller
•85% LTV (first time home buyers eligible)
•12 month seasoning period required
after major derogatory event
(e.g., bankruptcy, foreclosure, deed in lieu of foreclosure or short sale)
•Primary residence only
Call for Jumbo terms
Call today for additional information about this great new program.
We offer complimentary mortgage reviews and preapprovals!
C G Barbeau Caroline Gerardo NMLS: 324982, CA #CA-DBO324982
Senior Loan Officer Eagle Home Mortgage
Office: 949-784-9699 Fax: 855-833-4303
Contact Me My Website http://eaglehomemortgage.com/carolinegerardo/
Universal American Mortgage Company of California, dba Eagle Home Mortgage of California. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130383, NMLS #252392, Branch NMLS #849059, CA #813I609, NV #3244. Certain restrictions apply.
This is not a commitment to lend.
Applicants must qualify.
Equal Housing Lender
This message was sent from Caroline Gerardo to as a result of an existing business relationship.
It was sent from:
Eagle Home Mortgage, a Lennar Homes Company
100 Spectrum Center Drive Suite 500 Irvine CA 92618
The warmth is what keeps you there.
Our new Home Again program is a great option
to help borrowers who may have a
few bumps and bruises on their credit.
Highlights
•Fixed and ARM (Adjustable Rate Mortgage) options
•No prepayment penalty
•Gifts allowed from family members or
relative only toward down payment or closing
(Borrowers must have 5% of purchase price.
Program available for purchase only.)
•Gift of equity from seller
•85% LTV (first time home buyers eligible)
•12 month seasoning period required
after major derogatory event
(e.g., bankruptcy, foreclosure, deed in lieu of foreclosure or short sale)
•Primary residence only
Call for Jumbo terms
Call today for additional information about this great new program.
We offer complimentary mortgage reviews and preapprovals!
C G Barbeau Caroline Gerardo NMLS: 324982, CA #CA-DBO324982
Senior Loan Officer Eagle Home Mortgage
Office: 949-784-9699 Fax: 855-833-4303
Contact Me My Website http://eaglehomemortgage.com/carolinegerardo/
Universal American Mortgage Company of California, dba Eagle Home Mortgage of California. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130383, NMLS #252392, Branch NMLS #849059, CA #813I609, NV #3244. Certain restrictions apply.
This is not a commitment to lend.
Applicants must qualify.
Equal Housing Lender
This message was sent from Caroline Gerardo to as a result of an existing business relationship.
It was sent from:
Eagle Home Mortgage, a Lennar Homes Company
100 Spectrum Center Drive Suite 500 Irvine CA 92618
11/04/2015
Sleep Easy in Your Home
We close loans that banks won't touch
Sleep easy
Here's the tips and tricks for today' s mortgage loans
FANNIE’S AGENCY CONFORMING
PROGRAM
v There are no minimum number of
trade lines required with DU approval.
v Ratios are per DU
v
You
can pay off debt to qualify and do not need to close the account to
exclude payment from debt to income ratio
v One time thirty day mortgage late is allowed with letter of explanation from borrower
v
Fannie
will accept a “Legal Separation Agreement” in lieu of a final Divorce Decree
v
Flips
(less than 90 days) allowed if Field Review supports appraised value
v
When
purchasing a investment property use the market rent from the 1007 for rental income;
no other documentation is required
v
Seller
carry back is allowed
v
A two year land lord history is not required but if the borrower does not have a
history of receiving rental income they must have a current mortgage history.
v
Fannie
no longer requires there to be 30% equity in the home when converting a primary
residence to non owner occupied and using rental income towards qualifying
** Most major banking
lenders will still have many overlays in place excluding borrowers from these
loan programs. I can close home loans that Wells Fargo, Chase and other banks deny.
Banks turn down residential mortgages that we close.
I
have an new deal from Bank of America due to not having 2 years landlord history!
