Florida Mortgage Broker

Streamline Refinances

admin — Fri, 17 Feb 2012 15:52:33 +0000

Streamlined refinances are a powerful weapon for borrowers looking to lower mortgage payments. They can be used for underwater borrowers since no appraisal is needed when the borrower can pay closing costs out-of-pocket.

The best programs out there are the FHA Streamline refinance, the USDA streamline refinance program and VA IRRL home loan refinance program.

Fannie Mae and Freddie Mack have always had their own programs but until the HARP 2.0 relief refinance they were nothing special.

For example customers with loans of

$300,000 can save $415 per month

$200,000 can save $277 per month

$150,000 can save $207 per month

Call or apply to find out how much you can reduce your mortgage payments.

HARP Refinance Closing Case Studies

admin — Tue, 14 Feb 2012 12:57:47 +0000

We just had another Home Affordable Refinance Program closing. This is a great product for underwater or upside down homeowners who have loans backed by Fannie Mae or Freddie Mac.

This borrower owed 105% of appraised value on the first mortgage and 166% combined loan to value total with the second mortgage.

We were able to lower the mortgage rate by 1.50% using this special HARP 2.0 refinance program. Our client was extremely happy they were able to get a lower mortgage payment even though they were upside down on their home loan.

The 2nd mortgage stayed in place and the borrower is free to get this payment reduced or work a discount with the 2nd mortgage holder down the road.

Most importantly he was able to lower his mortgage payments to an affordable level, keep excellent credit intact, and stay in his home and not have to move the kids to a different school.

Have you found this site useful? Link to us. Just paste this link on your webpage.
Underwater refinancing example case study Underwater refinancing example case study

Another example is an investment property where we lowered the rate by 2.25%. The borrower paid 310K and the current value is $175,000. This borrower owed 234K we were able do a relief refinance.

On this scenario the payment dropped from $1490 to $1120. This program will work wonders on any type of Fannie Mae or Freddie Mac backed mortgage. This borrower was able to save $370 per month. In most households this can make a real difference rewarding those who have stayed current on their upside down mortgages.

540 Credit Score Mortgage

admin — Sat, 11 Feb 2012 18:35:02 +0000

Yes I know it sounds too good to be true! It’s real and we are going to close a lot of these 540 credit score mortgages apply and find out for yourself.

So what’s the catch?

OK well there is just one catch you’ll need a 10% down payment and some closing cost money OR the seller can pay closing costs.

So how does it work?

The process is the same for our other home loan programs for first time and repeat home buyers. Fill out application, send us income verification and proof of down payment funds along with your credit explanation letter.

We will have the underwriter review and issue a pre approval.

Similar to our super successful 580 credit score home loan these loans are manually underwritten. Bad credit, like charge-offs, repos, and late payments are OK to remain unpaid if they are older than 24 months in your tri-merge credit report.

So what do I do if I don’t have 10% of my own money down?

Apply for a pre approval and see if your credit score can be boosted. If we can get it above 580 then you can buy your first home with just 5% down. If we can get it above 600 you can buy with just 3.5% a 3.5% down payment.

Attention real estate agents, builders, and home sellers! Stay tuned and get on our email list we have some BIG announcements coming soon. Hint SIVA!