Archive | Mortgage
Dickson Realty announced that Eagle Home Mortgage has become the preferred lender for their clients. As reported in the Reno Gazette Journal today, Eagle Home Mortgage is a full-service mortgage banker and subsidiary of Lennar Corporation in seven western states with offices in Reno. Eagle offers services to Dickson clients that include conventional and jumbo loans, fixed and adjustable rate mortgages. In addition they provide Federal Housing Administration and Veterans Affairs loan products, Rural Housing/USDA loans, renovation and manufactured housing financing and state bond loans.
Dickson Realty’s Caughlin Ranch, Damonte Ranch and Sparks offices have an Eagle Home Mortgage loan officer on-hand to help you.
If you have more questions, please call or write me an email!
Esther Ramage - Dickson Realty
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As you may know Assembly Bill 284 took affect on 10/1/2011 and requires that lenders have proof of ownership prior to filing a Notice of Default on delinquent mortgages in Nevada. This legislation intended to put an end to the nasty “robo-signing” issue. Well it certainly has done that and then some. We’re nearly three months into this and NOD’s have virtually come to a halt. Is this what our legislators intended? I hope not….
First of all, is this legislation a direct challenge to MERS? (the Mortgage Electronic Registration System). An explanation of that system follows below and has been copied directly from their web-site:
MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.
Simply put, MERS allows banks and investors to exchange mortgages without the typical title and escrow work we’re all familiar with when we buy, sell or refinance our homes. While your home may have stayed with you all these years, your mortgage has likely changed hands many times. This system has served the banks well for many years. However, at this point bankers are clearly lacking in confidence when it comes to risking a felony offense.
Secondly, this will no doubt have an affect on housing inventory in Nevada. At some point in the near future the inventory of available bank owned homes will drop dramatically. Short sale home sellers may delay their plans. Why rush to sell short if the lender isn’t going to rush to foreclose? I’m very concerned that this will create a false sense of demand in the market. Prices may rise due to scarcity but there’s no doubt reality will roar into the market someday soon.
Last but not least, why would any bank want to lend in Nevada? Let’s think about this… High unemployment, declining home values, state mandated foreclosure mediation and now this. Seriously, I’m no big fan of the banks but common sense would seem to dictate that Nevada is not a great place for banks to do mortgage business. Home financing is already tough in our market. No doubt this will only make things tougher in the long run.
Let’s hope our legislators do a little more homework before they pas the next round of laws intended to protect us all.
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President Obama has expanded the existing Home Affordable Refinance Program, HARP. According to Phillip van Doorn from “The Street”; “HARP is offered to mortgage borrowers who are current on mortgage loans that are guaranteed by Fannie Mae or Freddie Mac, whose home values have dropped so much that the current loan-to-value ratio is over 80%. The program has been extended through December, 2013, and is available for loans sold to Fannie or Freddie before May 31, 2009. Under the expanded 
HARP, borrowers will be able to refinance for up to 125% of a home’s current value, but the 125% loan-to-value cap will be removed during the first quarter of 2012.” The homeowner can ask their lending officer if their loan is owned by Fannie Mae or Freddie Mac or you can visit the links at the bottom of this post.
There is another key requirement to qualify for HARP. According to Mahesh Swaminathan, senior mortgage strategist at Credit Suisse, “You must have made the last six mortgage payments, and have missed no more than one payment in the last year. You also must have a job or another source of regular income”.
With the interest rates being in the low 4%, and even in the mid 3% for Adjusted Rate Mortgages, it might be a great time to call your lender and ask if this is the right time to lower your mortgage payment.
If you would like to know if your current mortgage is owned by Fannie Mae or Freddie Mac, plcase visit the following websites:
Fannie Mae
Freddie Mac
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It’s a great time to get your dream home, and yes, banks are lending! Currently there is a general perception that banks are not lending. This is not the case. There are many good programs available now.
According to Joni Rose, Mortgage Consultant with a 32 year track record with Wells Fargo, there are many great programs available. “Now is the time to get off the fence! Record low interest rates and the lowest sales prices in years!” Mrs. Rose said. “Buyers purchasing an owner occupied home can use a HomePath loan with 3% down without mortgage insurance. Or you may qualify for an FHA loan with 3.5% down, OR 100% financing for our VETERANS! On both programs the down payment can be gifted. Sellers may also contribute to cover some of your closing costs! Additional programs can be added to go hand-in-hand with FHA that will grant 3% of the sales price as down payment assistance, if purchasing in Sparks and outlying areas. This additional assistance may be NON-REPAYABLE! So, now is the time to take the leap!”
People hear about how difficult it is to get a loan, but a big part of that is clients now have to provide detailed information during the pre-approval process, as opposed to during the escrow. With so many options at your fingertips, it is always best to consult with a professional mortgage consultant. Please contact me if you would like to find out how I can help you achieve your dream home.
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Not if I have anything to say about it!
The FBI reported a jump of 71% in mortgage relief fraud investigations from 2008-2009, and expects this number to have grown in 2010.
That’s why it’s my duty to educate homeowners in my community on the cautions they need to take, and what the government has recently done to protect you from unscrupulous individuals and companies who want to take advantage of their desperate situations.
What you need to watch out for if you are looking for mortgage relief assistance:
- Upfront fees—just don’t pay them! In fact, they are now illegal!
- A request to sign over your deed (this only spells trouble)
- Lots of paperwork without the opportunity for review
- The claim of government-affiliation
These are just a few red flags you need to be wary of. I’ve created a free report on the homepage of my website that details more of what you need to watch for.
I f you are struggling with an unaffordable mortgage and are looking for help, educate yourself. These scammers can be very shrewd and will say almost anything to steal your money.
The Federal Trade Commission has required disclosures of anyone offering mortgage relief services. If you’d like to see an example, check out any of the pages of my website. If a company you are dealing with has not provided these disclosures, please ask why they are not compliant, and proceed with caution!
As a CDPE and a Dickson Realty agent, you can trust that I have the tools to be in full compliance of FTC regulations, and will always work with your best interests at heart.
CLICK HERE FOR FORECLOSURE ALTERNATIVES
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Introducing Dickson’s Fresh Start – a program to help restore your financial stability and buying power.
We understand the devastating effect that being forced to leave a home has on families in our community, both financially and emotionally. If you’ve lost your home through a short sale or foreclosure, or have recently gone through bankruptcy, we can help.
Dickson Realty has partnered with The Grupe Company as the exclusive provider of Fresh Start in the area.
- Rent-to-own program designed to help families get back on the home ownership track
- Lease for up to 5 years in the neighborhood you want to live
- Re-establish credit and financial stability
- Buy in 3 to 5 years at pre-set pricing
Contact Dickson Realty today and speak with one of our Fresh Start specialists to find out how we can help you with your Fresh Start.
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On August 6, 2010 The Federal Housing Administration (FHA) announced it will be rolling out a new program on September 7, 2010 that will offer new FHA insured mortgages to underwater homeowners who are current on their mortgages provided the homeowner’s lender will agree to write off at least 10% of the unpaid mortgage balance.
Sound too good to be true? Well there is a catch. The homeowner must get their lender (servicer) and the investor who owns the mortgage to take a short payoff of the loan. Many lenders and investors are reluctent to do this. So although the program looks great to homeowners it may be easier said than done.
Who qualifies?
- Homeowner must be in a negative equity position (underwater).
- Must be current on the existing mortgage.
- Homeowner must occupy the property.
- Homeowner must qualify for new FHA loan and have a minimum FICO score of 500.
- The existing loan cannot be an FHA loan.
- The existing lien holder (lender) must agree to write down at least 10% of the unpaid balance.
- The new re-financed FHA first mortgage cannot have a loan-to-value greater than 97.75%.
- If there is a second lien it can be re-subordinated to the new loan, but the 2 loans combined cannot be great than 115% loan to value.
Interested homeowners should contact their servicer for more information. When I looked on Bank of America’s website, my servicer, I found mention of the program but that they had not worked out the details and to keep checking back. With the program scheduled to roll out in early September, you may find this to be the case with many lenders.
If you would like a copy of the FHA Mortgagee Letter that details the program, please feel free to contact me.
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From the Northern Nevada Business Weekly, August, 9, 2010:
Personal income
The U.S. Bureau of Economic Analysis says per-capita personal income in the Reno-Sparks region in 2009 was $43,986, a 6.3 percent decline from a year earlier. The region ranks 35th in per-capita income nationally.
Underwater home owners
“Nearly 62 percent of the homes with mortgages in the Reno-Sparks market have negative equity – their owners owe more than the property would sell for – and home prices in the market are off 49.4 percent from their peak,” Zillow Real Estate Markets Reports says.
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The National Association of REALTORS released some updated infomation on the affects of short sale, foreclosure, bankruptcy and deed-in-lieu of foreclosure on FICO scores and the ability to purchase another home.
Short Sale (Deed-inlieu of Foreclosure Guidelines are similar) – According to the report the affect on your FICO score from short sale depends on how the sale is reported to the credit bureau. If reported as “not paid as agreed” the score could go down 100+ points. Late payments will also affect the FICO score and are reported for 7 years, with thier impact lessening over time. Buyers looking to purchase after a short sale will have to wait to purchase another home. If purchasing using FHA financing the wait is 3 years (possibly less if not in default at time of short sale). For a Fannie Mae insured loan buyers need only wait 2 years if putting 20%+ down, 4 years if putting between 10%-20% down, and 7 years if putting less than 10% down. If getting a Freddie Mac insured loan the wait is 4 years, 2 years if extenuating circumstance are documented.
Foreclosure – A foreclosure stays on your credit report for 7 years, with the impact lessening over time. A foreclosure could lower your FICO score 100+ points. Buyers looking to purchase after a foreclosure will again have to wait. If purchasing using FHA financing the wait is 3 years. If getting a Fannie Mae insured loan the wait is 5 years from the foreclosure sale date, 3 years if there are extenuating circumstances. Additional underwriting requirements may be required. The wait for Freddie Mac insured loans is similar with a 5 year wait, 3 years for exentuating circumstances.
Bankruptcy – Bankruptcies stay on your credit report for 7 years (10 if there was a full discharge of debt). Bankruptcies generally have a greater negative affect on the FICO score in comparison to the above mentioned issue. Buyers looking to repurchase after a bankruptcy using an FHA loan will have to wait 2 years from discharge date with a chapter 7 BK and 1 year with a chapter 13 BK. If getting a Fannie Mae or Freddie Mac insured loan there is a 4 year wait for chapter 7 or 11, and 2 year wait if chapter 13. Some allowance are made for exentuating circumstances.
Extenuating Circumstances – include serious illness or death of a wage earner, but do not include an inability to sell a house due to job transfer or relocation.
For a full copy of this report please feel free to contact me.
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Tuesday, January 17, 2012 By: Esther Ramage
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