VA Net Tangible Benefits Test

When a Veteran applies for a cash out refinance, and right now
is a marvelous time to take the lower interest rate, the Veterans
Administration protects the Vet by making certain they are
getting an excellent deal with the following conditions:

Net Tangible Benefit (NTB). NTB standards apply to all cash-out refinancing loans.
 It consists of the NTB test, Loan Comparison, and Home Equity Disclosure

Here are the ins and outs for the NTB test

(1) NTB Test. All cash-out refinancing loans must past pass the NTB test. This requirement is met if the refinancing loan satisfies at least one of the following: (a) The new loan eliminates monthly mortgage insurance; or (b) Loan term of the new loan is less than the loan term of the loan being refinanced; or (c) Interest rate of the new loan is less than the interest rate of the loan being refinanced. (Note: If the loan being refinanced had an adjustable interest rate or was modified, the current interest rate must be used when determining if this requirement has been met.); or (d) The monthly (principal and interest) payment of the new loan is less than the monthly (principal and interest) payment of the loan being refinanced; or (e) The Veteran’s monthly residual income is higher as a result of the new loan. (residual income, including refinancing monthly PITI (principal, interest, taxes, and insurance) payment vs. current residual income, including monthly PITI payment of the loan being refinanced.) In cases where TI amounts are changing between the application date and the closing date of the refinance transaction, the new TI amount will be used in determining residual income for both the current and refinanced loan); or (f) The new loan is used to payoff the Veteran’s interim construction loan; or (g) The new loan LTV is equal to or less than 90 percent of the reasonable value of the home, i.e. LTV ≤ 90%; or (h) Refinance of an adjustable-rate mortgage to a fixed-rate mortgage.

Even though mortgage rates are SUPER Low
In order to cash out refinance we need to ft the rule

Let's talk about how we can save you money!

Interest Rate Reduction Refinancing Loan (IRRRL) is a mortgage loan made to refinance an existing VA-guaranteed home loan at a lower interest rate.

C G
(949) 784- 9699
NMLS 324982

Flooding Tornado Home Destroyed FEMA

Emergency Management in America 

Storms Tornadoes Flooding

Flood insurance

Home rebuilding 

Home mortgage payment delay

If you need assistance with forms or advice
Financial Assistance is available

Summary:  FEMA has declared new individual assistance counties in Oklahoma, Arkansas, and South Dakota. Note that there is no FEMA End Date available for Oklahoma or Arkansas, and there have not been FHA Waivers issued. Area Policy is applicable to the full list of counties below:

Oklahoma

Full list of Designated Counties (Individual Assistance) – No FEMA End Date

Canadian, Creek, Logan, Muskogee, Osage, Ottawa, Rogers, Tulsa, Wagoner, Washington

Note: Counties in black are pre-existing, while counties in red are new additions.

Arkansas – New Disaster Declaration

Full list of Designated Counties (Individual Assistance) – No FEMA End Date

Conway, Crawford, Faulkner, Jefferson, Perry, Pulaski, Sebastian, Yell

South Dakota – New Disaster Declaration

Full list of Designated Counties (Individual Assistance) – FEMA End Date: 4/26/2019

Bennett, Bon Homme, Charles Mix, Dewey, Hutchinson, Jackson, Mellette, Minnehaha, Oglala Lakota, Todd, Yankton, Ziebach

Links: 

·         www.fema.gov

·         Oklahoma Disaster 4438

·         Arkansas Disaster 4441

·         South Dakota 4440

Privatize Fannie and Freddie

       Federal Housing Finance Agency (FHFA) Director Mark Calabria addressed the future of Fannie Mae and Freddie Mac at the recent National Association of Realtors (NAR) Regulatory Issues Forum.  

Fannie Mae and Freddie Mac became government-sponsored entities (GSE) following the financial crisis and despite returning to profitability years ago, the two remain under government control.  Advocates in favor of releasing Fannie Mae and Freddie Mac from conservator-ship believe private ownership leads to a more competitive mortgage market.  Those who oppose worry we will see a repeat of the financial crisis, especially if the proper precautions are not taken.

Mark Calabria says the GSE's are not yet ready and this would destabilize the secondary market for mortgage backed securities. President Trump and US Secretary of the Treasury Steve Mnuchin have yet to speak about a plan for the future.

I believe that Fannie Mae and Freddie Mac should return to private for profit companies. There is a great argument for combining them into one entity. I predict that pressure from NAR, Banks and the market in general will change 

Director Calabria's mind and lead to action as soon as January 2020.

Down Payment Help

Home Fund It Loan much like a Go Fund Me account
helps you save towards buying a home.
Friends, family and generous others can deposit into
your savings account for down payment and closing
costs.  Adding Upit also gives credit when your group
of supporters purchases products at participating stores.

Let's talk about this opportunity