My New Blog

I am compiling interesting, informational and educational blog entries from some of my preferred colleagues and associates. Keep visiting my site--I look forward to sharing these words of wisdom with all my visitors as soon as possible.

Regards;

James Bowen

http://www.rurdev.usda.gov/

I have heard of this loan type before but really didn't know much about it or it's potential for lending in a good portion of NY State.

I spent about a half hour on the phone with the 1 underwriter in this area who looks at these loan requests that are originated through the 3 lenders that she knows of. ( Countrywide, Chase, Wells)

They will approve 100% financing with a 620 score and no seller concession maximums. The website above provides a property address validator and an income guideline search function. I went over a deal that I thought was going to be a problem due to less than 2 year employment, but I was told that a VOE would work to get past that issue. Derogatory history does not have to be explained and rental payment history is not required. The key is the 620 score.

 You would be surpprised what locations are considered to be Agriculturally designated. (ie: all of Ontario County except the City of Geneva and City of Canandaigua)

This is a great product if your clients meet the general guidelines. 

My Regards:

James Bowen

Moneyline New York, LLC.

www.getmortgagenow.net

315-398-9400

Yes, FHA may the best Mortgage Product out there for many borrowers. The LTV's (Loan to Value ratios) allowed (97.75%-purchases, 95%refis) and rates will generally beat most traditional and nontraditional , conforming and nonconforming lenders out there.

There are certain guidelines that are consistent from Lender to Lender because of the need to satisfy investor requirements. I am seeing that there is still a difference in what scores are accepted and if Alternative credit can be used to add trade lines when borrower lacks trades.

I just got a notice from a new lender and they will go down to 580 and will approve NO FICO's with Alternate Trades. Another lender I was working with ran into some internal credit issues in their portfolio so now they upped their score minimum to 620.

They all require 2 years job history and verifiable income. They will all most likely request Letters of Explanation for derogatory credit history. A bank account is needed and if this is a purchase , at least 12 and sometimes 24 months of canceled checks will be required. Few will allow the use of a Private Verification of Rent forms anymore. They want to see when that check cleared the your account. If a refinance, the past 12 months mortgage payment history is crucial.

So, please keep the FHA loan product in mind when exploring a home purchase or a refinance.

Knowing where to find the Lenders and what they require is my job.

Call me today and ask me about how to get yourself prepared to buy or to refinance.

Have a Nice Day

James Bowen

www.getmortgagenow.net

Good Day to All

As a long time finance professional, I have worked on both sides of the Mortgage Origination business. I used to Underwrite for one of the Nations Top 3 Banks. I will tell you that in most lenders shops it is a production based atmosphere where the ability to meet turn time standards is on the top of the list.

You may or may not have the chance to speak to one of those underwriters during the process. Most often you will need to speak with a service representative or customer advocate. And more often than not, you will need to leave a message.

Going to a Lender directly for financing does not give you any big advantages. You will get the rate that fits your financial and credit profile. The question becomes, is it the lowest rate you can get?

Most lenders offer a wholesale lending unit which allows them to originate loans without the direct mail and advertising cost behind traditional solicitation. The ability to get a wholesale rate is limited to Licensed Brokers who that Lender has approved to originate through them. As a result, a Mortgage Loan Officer/Broker is GENERALLY able to get the borrower a rate that is under the rate that borrower will get going directly to the lender.The Broker also has the unique opportunity to shop the borrowers scenario to multiple lenders, thus creating some competition over the rate. And, when was the last time you were able to speak with a bank representative after 8PM or on weekends? Any good Loan Originator or Broker will gladly speak with you WHEN IT IS CONVENIENT FOR YOU.

So, if the possibility of saving on your rate and interest over the term and having a professional to speak with 24/7 appeals to you, don't hesitate to use a Broker.

The fee you will pay will be far less than the potential interest savings possible. And because the Loan Officer/Originator/Broker handles the complete process, you don't have to worry about a thing.

CALL ME TODAY. RATES ARE THE LOWEST IN YEARS........PURCHASE/REFINANCE NOW

James Bowen

315-398-9400

www.getmortgagenow.net