Heres the catch: In order to get this rate, you gotta have at least a 750 middle fico score, an ltv of 80% or below, a loan amount of $200,000 or more (up to 417,000.00) and its gonna cost you 1.5 points total. One last thing, this is a 5/1 adjustable and these rates are for Florida only (other states could be more or less, but i mainly do loans in florida). If you want a little more security, i can do a 7/1 arm at 3.99, same cost. Get em' while they're hot, these rates wont last long! (apr ... Read Full Story

Does this blog title sound like a desperate lover who has just been dumped? A jilted lover begging for forgiveness and to be given one more chance? Well, its not about that at all. Its about a borrower trying to convince their lender to modify their loan, only to be shunned like yesterdays news. Trying to get your lender to take you back can be awful similar to trying to get back with your ex. And we know how that usually ends, don't we?. I've have been doing loss mitigation (loan mods) for s... Read Full Story

Charges filed against Beazer; settlement reached By HARRY R. WEBER Associated Press July 2, 2009, 12:05AM ATLANTA — Federal prosecutors in North Carolina filed criminal fraud conspiracy charges against Beazer Homes USA on Wednesday, but they agreed to dismiss the case if the company complies with an agreement accepting responsibility for certain wrongdoing and pays millions to victims. In the deferred prosecution agreement, the company accepted responsibility for fraudulent mortgage ... Read Full Story

That's right people, its time for another episode of the "Attack of the Phantom Guideline"! What's that you say, you're not familiar with that show? Me neither, but apparently it comes on whenever i am trying to close a cream puff of a loan. You know, it's the show where lenders make up underwriting guidelines that no one (me) has ever seen or heard of before, and then have no way of backing them up. This week's episode: "The 20% Square footage guideline." Our show begins with our mild manner... Read Full Story

Here are some of the finer points of the new refinance program being offered to lenders by Fannie Mae, and hopefully offered by lenders to brokers. That information is still forthcoming. Maximum LTV Ratio The maximum LTV ratio for DU Refi Plus and Refi Plus is 105 percent. There is no maximum CLTV or HCLTV; however, new subordinate financing is not permitted in conjunction with a DU Refi Plus or Refi Plus transaction. MI Requirements (private mortgage insurance) For new refinance transactions... Read Full Story

I think a lot of us brokers were looking forward to the H4H loan last year as a possible life line to help us stay in business. Oh yeah, and there's that helping the borrower thing too. Well, i think on both accounts, this program is a bust. This program was seriously flawed from the beginning, and it seems after some minor tweaking by the powers that be, it is still just as undesirable. I know that I thought this could be a way to keep afloat in this horrific market all the while helping bor... Read Full Story

I think the FDIC is beginning to get finally get it. Either that, or they are reading my blog. AP WASHINGTON -- Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates in an effort to stabilize the housing market. Under the proposal, Treasury would seek to lower the rate on a 30-year mortgage to 4.5 percent, Scott Talbott, a vice president at the Financial Services Roundtable, said Wednesday. That's about one percentage point below the current rat... Read Full Story

That's right folks. The VA has recently changed it's guidelines to allow a veteran borrower to borrower 100% of their home's value on a cash out refinance loan. This is an increase from the previous maximum of 90%. You gotta love the VA, especially when FHA is decreasing their max ltv to 85% on a cash out. Read Full Story

Let me start off by saying that this not the only solution, but a simple one that will not cost the government billions of dollars. My approach is a 3 pronged attack:1. Government Subsidized/Mandated Mortgage Interest Rates Lower Thirty Year Fixed Rate to 4%All of the people who want purchase a home but haven't yet -1st time home buyers, procrastinators, people still waiting for prices to come down - would seriously reconsider if they new they could get a rate of 4%. Even the people w... Read Full Story

Much "to do" has been made over the recent housing legislation that has eliminated the use of seller funded DAPS (down payment assistance programs). I can say this - HUD has been against these programs for years, and the new bill was their way of finally getting rid of them - at least for now. But do not fret for too long, as this is not the end all-be all. 100% Financing is alive and well.For years (at least 20) there has been a 100% financing loan available called the USDA Guarant... Read Full Story