Mortgage Application

Mortgage Application online step by step description how to begin.
Apply for your FHA, VA, USDA, Jumbo, Conventional Mortgage Loan from your home or office.
Video shows easy link to
http://eaglehomemortgage.com/carolinegerardo/  apply now

We have an amazing number of mortgage products for you.
Perfect credit, a year after foreclosure, foreign national, Super Jumbo
we have it all.
Call C G from 7:00 AM to 7:00 PM seven days a week for answers to your questions
Even if you just need advise how to fix your broken deal we are here to help

Mortgages Fast After BK Foreclosure and Short Sale

Purchase Mortgages without Fannie Freddie FHA waiting periods!!

Buy a house after credit problems - Loan program after Foreclosure BK Short Sale Modification with  one year and two year waits

Close on your purchase then wait for the conventional 4 years or 7 years to refinance

You will need funds for down payment and reserves

Borrowers provide two years federal taxes, past sixty days bank statements, paycheck stubs past 30 days, two forms of ID and anything particular to your credit profile

Notable Program highlights include;

·         1 year seasoning for major derogatory credit events (short sales, foreclosures, and bankruptcies)

·         85% LTV to $500,000, 660 credit score, 24 months satisfactory housing

·         80% LTV to $750,000, 620 credit score, 12 months satisfactory housing

·         75% LTV to $1,250,000, 640 credit score, 24 months satisfactory housing

·         First Time Home Buyer allowed with restrictions

Hi I’m C G with Eagle Home Mortgage, A Lennar Homes Company

I want to share with you the advantages of a new conventional product we have for Borrowers with prior credit “challenges,” such as bankruptcy, short sale, or foreclosure.

In the past, if a Borrower had a foreclosure, you would need to wait three years to get a FHA loan with a list of ins and outs. FHA product is also limited by the county ceiling. For single family that might mean a loan maximum of $272,050 in Tulare County and $625,500 in Orange County.

This new program allows

85% loan to value up to $500000 loan amount

80% to $750000

And 75% to $1,250,000

There are requirements which would be best if you call me to discuss your specific situation such as:

Reserve requirements, minimum FICO score and excellent credit 12 months after the event. Terms and conditions apply, this is not a commitment to lend.

This is great news because the loan is not priced like hard money, it is a tool Borrowers can use to

Purchase a home and own during the usual waiting periods to refinance conventional when either the seven year or four year (as applies to your situation) ends. No prepayment penalties, no giant upfront costs

Call me at 949 784 9699 any day from 7AM to 7 PM Pacific time

Other credit restrictions apply and the guidelines should be reviewed carefully.  There are minimum credit standards and title to the home may not be impacted by credit items still pending.

Call me for the rules and terms

C G

(949) 784- 9699
NMLS 324982

Military Income for VA Loans

What Military income counts to close VA Loans

What are the Rules 

How does Underwriting average income

How much Time since separation from Military Service

Service Rules ins and outs for a home loan

Base Allowance

Special Pay

Income for home mortgage loans reference guides 

Veterans Loans made easy

We close VA loans

We are proud of our service brothers and sisters

Caroline Gerardo

NMLS 324982

(949) 784-9699
Toxic Assets Novel

RTDD Revocable Transfer upon Death Deeds California Law

Legislation creating a non-probate method for conveying interest in real property upon death, Assembly Bill 139, http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB139 
is now law in California. The new law, signed into action by Governor Jerry Brown accomplishes the transfer by means of a revocable transfer upon death deed (RTDD). It is called a transfer-on-death TOD deed in other states. The law is effective January 1, 2016. The RTDD automatically transfers ownership of the property – defined to include 1-4 residential units, a condominium, or agricultural land of 40 acres or less – upon the death of the owner, and must contain a legal description. A RTDD may only be revoked by a recorded document.

A couple rules pro and con to the law:

Owner must die after 1.1.2016

Deed must be recorded with county 60 days after executed (notarized)

Transferor must have mental capacity at time of contract

Beneficiary deed transfer on death avoids probate

Owner doesn’t make a completed gift for gift taxes, the owner can change the beneficiary any time before they die

Most beneficiaries’ creditors can’t touch the property

It’s cheaper than probate, and simple

No tax consequences

Cons:

Unscrupulous relatives who want the property for their own can get grandfather to sign the deed, it may open up opportunities for elder abuse

Owner lacked capacity disputes can happen (also can happen with Joint Tenancy or Living Trust or any other for to hold title

The deed supersedes a will

Restricts sale of property for 4 months after owner’s death

BUT MEDI-CAL may be able to recover costs from the beneficiary

Title companies will not be required to rely on RTDDs when underwriting a policy of title insurance under the new law – an especially important detail given that there may be circumstances under which the RTDD may be void or superseded by another document. In cases where the RTDD is void or superseded, a probate proceeding or quitclaims deed may be required.

No RTDD may be executed on or after January 1, 2021, which is when the new law is scheduled to be repealed (unless extended by the legislature prior to that date). However, any RTDD properly executed before that date remains valid and may also be revoked after that date. To be valid, the deed must be recorded within 60 days of execution. The deed is only effective at death and does not affect any ownership rights during the transferor's lifetime.

The new law contains a statutory form RTDD, and an RTDD must be in that form or a substantially similar form in order to be valid. The statutory form provides information to the transferor, including an explanation of how the RTDD works, how it is effectuated, and some of its consequences. The law  has a statutory form for revocation of an RTDD. The law also makes provisions for multiple beneficiaries and for what happens if multiple instruments are recorded affecting the same property.

A beneficiary completes the transfer recording an affidavit of the transferor's death. However, a purported transfer is void if property is held in joint tenancy or as community property with right of survivorship when the transferor dies. A RTDD can be challenged for several reasons, including lack of capacity to transfer, transfer to disqualified person, and fraud.

As of today, Twenty three states have versions of RTDDs, with three additional states considering their implementation this year. Missouri has TOD law since 1989 with no claims of elder abuse.

 I am not an attorney. This is not legal advice. The law is of interest to mortgage professionals and real estate agents, realtors and title officers in advising Borrowers, property owners, homeowners in this new law in California as regards to how to hold their single family, condominium, townhouse or 1-4 unit home. This type of vesting has been used in other states for 25 years.