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Michael Byrne

Chase Home Loans

Address

Parsippany, Flemington, Hillsborough, Princeton, Westfield, Summit, Millburn, Short Hills,, Scotch Plains, Clinton, Somerville, Union, Hillsborough, NJ, 08844

Office

(908) 531-6170

Cell

(908) 531-6170
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Name:	Michael Byrne
Company:	Chase Home Loans
Email:	Contact Michael Byrne (Chase Home Loans)
Website URL:	http://www.mortgageprosforum.com
Office Phone:	9085316170
Cell Phone:	9085316170
Fax Number:	8664201558
Address:	Parsippany, Flemington, Hillsborough, Princeton, Westfield, Summit, Millburn, Short Hills,, Scotch Plains, Clinton, Somerville, Union, Hillsborough, NJ, 08844
Description:	Mortgage Specialist with 19 years experience. Doing business in all 50 states. Vast knowledge of FHA, Investor Financing, and automated underwriting. I pride myself as a problem solver. HARP Lender

About Us:

FHA, VA, and Jumbo Mortgage Specialist. 15 Years experience in the mortgage business. Graduate of The University of Delaware BS in Business, 1990. Former instructor for The New Castle County Board of Realtors Continuing Education Courses in Delaware. Have served as a mentor to a dozen or so new Loan Officers to help get them acclimated to the mortgage business. I have worked as an in-house mortgage lender for several Real Estate Firms and know what an agent goes through to get a client into the right home from start to finish. I stress communication to all parties involved in the transaction and believe in managing expectations. By managing expectations, I try to "under promise" and "over deliver".

FHA, VA, and Jumbo Mortgage Specialist: Outside of work, I enjoy playing an occasional game of rugby-at 40 I only play a few matches per year. Although this year I am making a come back to put our club back into Division I.....getting in real shape is hard! It is great motivation to get back in the gym, knowing that you are competing with guys in their mid twenties. I also play vintage base ball- http://www.eaclub.org/ , and spending time with my family. I have written a couple of blogs about my base ball club- it is a great way to travel and stay active while enjoying America's National Pasttime. We are fortunate to play many games at town centennials and other historical events. I also enjoy getting outdoors and doing some hiking, bicycling, and other outdoor activities.

I am also a big supporter of The University of Delaware's Men's Rugby Club as well as a U of D Rugby Alum. They have been ranked as high as #6 nationally and am proud to be an alum. Go Men of Delaware! Some day, rugby will be a sport covered in the US as much as Football is today.

I have a lot of family in my immediate area including 10 nieces and nephews. I got married at the end of 2007, and have learned that relationships in one's personal life are much like relationships in professional life: be honest, upfront, caring, have empathy, listen, and follow through.

I also possess a sense of humor, and occasionally will write a blog with some attempted humor. I will limit my humor to a level of PG so as to not get in trouble with my company. My other websites are http://www.mortgageprosforum.com/ and http://www.refi-fhasecure.com My linkedin address is http://www.linkedin.com/in/fhaandinvestorspecialist Join my network today!

FHA, VA, and Jumbo Mortgage Specialist: My sitemap of helpful links from www.mortgageprosforum.com - my informational site:

Areas of Expertise

FHA, VA, and Jumbo Mortgage Specialist: I specialize in a stress-free closing and take pride in my ability to exceed expectations. From seasoned investors to first-time buyers I pride myself in my ability to identify my clients specific needs. My favorite parts of the business is scoring a borrower through an automated system to get them a rate they thought impossible and finding innovative solutions to get a person into their new home/refinance their existing home. I really enjoy the feeling of knowing that I have actually helped someone attain their goals, be it through purchasing their first home, getting out of a neg am loan, or by giving them a manageable cash flow. I feel that job is to help people get on with their lives in the smoothest fashion as humanly possible. I think the most important part of being a loan counselor is listening to my clients' needs and my mantra is: "Learn to listen, and listen to learn."

I think the key to earning business is through communication and decisiveness. In our business, the best answer to give a client is "yes, we can do your loan.", the second best answer is "no, we can not do your loan", and the worst answer is "I think we can." Total communication throughout the process, along with decisiveness, are the keys to a successful transaction. I also feel educating the consumer is the key to doing good business. Letting an educated consumer make the best decision possible regarding perhaps their biggest investment is my main goal.

With our current subprime market eroding, professional loan officers with FHA, DU, and LP experience are needed to place loans properly so borrowers are not unfairly penalized. I pride myself in finding programs and ways to get borrowers into the "good credit" pool of borrowers. I think now more than ever consumers and real estate professionals alike need mortgage professionals who can satisfy their financing needs and make the borrowing process a smooth one.

My group has also started a new educational website solely for VA borrowers, outlining the benefits of the VA loan and how the VA 100% financing purchase money program works. That web address is www.vamortgageassistance.com . The VA loan program is a great way for veterans to become homeowners and acheive the american dream. Va financing is also available for refinancing as well.

As an FHA, VA, and Jumbo Mortgage Specialist and mortgage banker, Michael Byrne is an FHA lender in New Jersey, an FHA Lender in Connecticut, an FHA Lender in North Carolina, an FHA Lender in Delaware, an FHA lender in Pennsylvania, an FHA Lender in Virginia, and an FHA Lender in Massachusetts. You get the picture! Additionally we can offer loans in many other states as well. With FHA Loan Limits recent increase, there are a number of new loans which can be placed under FHA guidelines. Her are some links from my own site devoted to FHA and VA Loans:

http://www.mortgageprosforum.com/sitemap.htm

The other government insured loan that we do quite a bit of here at Gateway Funding is the VA Loan. VA loans can be used for 100% financing for first time users and qualified applicants who are using their VA guarantee a second time as well. VA loans are also available for rate reduction refinances as well as for cash-out refinancing.

First Interstate also has access to many superb jumbo loan programs, with 3/1, 5/1, 7/1, and 10/1 ARM Programs available at super competitive rates for qualified borrowers. This program is available in the Eastern Pennsylvania, New Jersey, New York, and Connecticut markets only.

With the recent contraction of the secondary markets, we are currently seeing more USDA Rural Development Home Loans. This is a great product for moderate income borrowers in areas that qualify. I have written several blog entries on the USDA RD program.

Another niche I am starting to venture into is the small mixed use and commercial market. Primarily with these loans I am able to place loans for with mixed use zoning for loan amounts of up to 1 million dollars. As far as pure commercial loans, I mainly place these loans with several different investors and can place loans in amounts of up to 50 million dollars. Primarily the funding I place is for short term financing up to a 50-65% LTV for commercial loans.

One great program we currently offer is the Union Plus Mortgage Program. Here is some more information on that program:

Union Plus Mortgage Program: As part of the AFT - A Union of Profesionals, AFT + Member Benefits are available exclusively through Chase Home Loans. There are several different benefits available with our Union Plus Mortgage Program. This program is only available to bona fide members of participating groups, their parents and children. I am very proud to be able to offer this program to qualified applicants.

The primary benefits of the Union Plus Mortgage Program are as follows:

-Savings on Closing Costs: for new purchases and refinances. Typical closing costs charged by Chase are reduced to $100. 3^rd party fees are still charged such as title insurance, appraisal, credit, mortgage recording, etc. The closing cost rebate will be automatically applied at closing. This is a great savings, for first time homebuyers and veteran homebuyers alike.

-Wide array of programs to choose from- choose from fixed rate loans, FHA loans, VA loans. Contact me for more details on available loan programs, as not all programs are available in all states for all loan amounts.

-Special Mortgage Assistance Benefit: The Union Plus Mortgage Program offers Interest-free payment assistance loans and grants to help you make your mortgage payments in the event of involuntary unemployment, disability, union-approved strike, or lockout. Eligibility for the mortgage assistance begins one year after closing on a AFT + Mortgage through Chase. Again, Contact me for more information on the mortgage assistance program.

-Additional exclusive benefits - including hospital and college savings grants may be available.

The mortgage assistance portion of the Union Plus Mortgage Program stands out; as this may be a huge benefit in allowing one to maintain their credit rating in the event of involuntary unemployment, disability, union-approved strike, or lookout. I personally enjoy being able to offer this program and have taken the time to learn the program as well, so please feel free to Contact me to discuss this program in detail. There is a large database of unions which participate in this program, and we check and see if your particular union participates.

As usual, there is some disclosure necessary: All loans are subject to credit, property, approval. Rates, terms, and conditions are subject to change without notice. Other restrictions and limitations may apply.

Another great program we can currently offer is our Co-Op Financing:

Co Op Loans: One reason that Co Op Loans are a strggle to get financing for is because of the shareholder structure of owning within a Cooperative: technically (as I understand it) one owns shares of the Cooperative as a whole. This differs from traditional single family financing. However, I am pleased to announce that in the Northeast Region, Chase Home Loans offers Co Op Loans on qualified properties in New York and New Jersey. Eligible Counties in New York are: the Five Boroughs plus Nassau, Suffolk, Westchester and Rockland Counties. New Jersey eligible Counties on a case by case basis are: Bergen, Hudson, Essex, Union, and Middlesex Counties.

There is a large database here at Chase with a list of approved, unapproved, and pending co-ops for financing approval. Terms of financing can vary by Co-Op project. I will happily take a call to determine if your particular Cooperative is approved for our Co Op Loans. I can be reached at 908-531-6170 or emailed on my profile.

Approved Cooperatives may be eligible for financing under our standard Fannie/Freddie guidelines or some of our portfolio guidelines. Upon finding your Cooperative's name in our approved section, we can determine the types of Co Op Loans for which your particular Co-Op is eligible. Fannie Mae Co-op Financing programs can in some instances lend as high as 90% of the Fannie Mae loan limit. Our Non-Agency Fixed Full Doc product specs allow Co Op Loans in some cases up to a loan limit of 2 Million Dollars, subject to credit, appraisal, and other approvals.

I urge any prospective buyers of a Co-Op in New York or New Jersey, or anyone who is looking for Co Op Loans, to check with me to see if your Cooperative is on our list of approved Co-Ops so we can see what programs we can offer you. I can be reached at 908 531 6170 any time to discuss your Co Op Loans needs.

If your particular Cooperative does not appear on our approved Co-Op list, there is a process with which we can submit your project for approval in a timely manner. I can review with you what is required for a project approval and what the typical pitfalls are which can make a cooperative project an unapproved project.

HARP Loans, DU Refi Plus, and Freddie Mac Home Relief loans available as well:

Harp Mortgage Program: A relatively new mortgage loan being offered to consumers by loans servicers is known as the Harp Mortgage Program. The primary benefit of this loan program is that it is designed to provide a reduction in mortgage rate those who could not otherwise refinance, due to decreasing home values. A secondary benefit of this loan program is the streamlined documentation requirements. As a Chase Home Loan Mortgage Consultant, I can look up any mortgage loan currently serviced by Chase to see if that particular loan is eligible for the Harp Mortgage Program. Loans originated by Washington Mutual, that are currently serviced by Chase, can be reviewed as well to see if they are eligible for the Harp Mortgage Program.

One major benefit of the Harp Mortgage Program is that if you originally put 20% down or more on your purchase of your home; or if you refinanced at an 80% or lower loan to value originally, you will not incur a mortgage insurance charge for your new loan, regardless of the loan to value. Some restrictions may apply, but this is generally the case. Those who did have Mortgage Insurance in place and who are eligible for the HARP Mortgage Program will most likely not have an increase in their Mortgage Insurance premiums regardless of the loan to value. Again, restrictions may apply and not all loans in the Chase portfolio qualify for the HARP program.

Our HARP Mortgage Program is a 30 Year Fixed Rate Mortgage, and terms can vary based on credit rating, property type, and combined loan to value.

The basic criteria that help to determine if you are eligible for a HARP Mortgage Program boil down to the type of loan you originally obtained: typically the loans ought to be serviced by Fannie Mae, be originally a full documentation loan, and have a strong 12 month mortgage history. Being more than a 1 times 30 day late in the last 12 months will disqualify one from the program.

All in all, if you have a Chase serviced mortgage loan and would like to see if you qualify for HARP Mortgage Program for streamlined refinancing, please contact me to determine your eligibility!

Conforming Jumbo Mortgage:

Conforming Jumbo Mortgage: with Fannie/Freddie Loan limits (click on the link to your left to see what your conforming and/or FHA loan limit is in your County or Metropolitan area. Even seasoned mortgage pros have been know to be mistaken on what the actual loan limits are in some areas of their state) as high as $729,750 in many areas, the main concern with the Conforming Jumbo Mortgage has been with the pricing hits. When pricing out a conforming jumbo mortgage "in a previous life", I was struck by how the pricing did not compare to regular conforming rates. It seemed almost an oxymoron to use the phrase "Conforming Jumbo Mortgage", as the pricing did not resemble that of regular Fannie/Freddie pricing. I often ended up brokering out my conforming jumbo mortgage deals to portfolio jumbo lenders, losing control of the loan in the process just to get better pricing. I had loans not receive the attention deserved simply because I could not offer a suitable in-house product.

Well, that changed yesterday. I was pricing out a loan for a client and found a conforming jumbo mortgage at a rate lower than a regular conforming loan I had just priced earlier. It turns out at Chase we have extremely competitive pricing on our Conforming Jumbo Mortgage program. Couple the strong pricing with the fact that we can offer financing on approved Condo's, High-Rise Condo's, and even approved Co-Ops in the New York metro area. The last few years in the mortgage business have made me accustomed to being surprised, but I have to admit this is the first time I have been truly pleasantly surprised in some time.

A second pleasant surprise I found on our rate sheet was the point adjustment for New York State: normally most lenders add a .25 point adjustment for loans in NY State. At Chase Manhattan, the point adjustment is .125 of a point better for New York State, yet another positive.

It turns out that our rate sheet has the Fannie Mae hit of .625 points for a conforming jumbo mortgage just like most rate sheets, but the main difference is we also receive up to a .625 pt positive adjustment for conforming jumbo mortgage loan amounts. I actually had better terms for a 700k loan than for a client who was looking for a 90k loan.

With much of New Jersey, Connecticut, and New York's five boroughs and surrounding areas having a much higher loan limit for the Conforming Jumbo Mortgage program, I know I have found the right home here at Chase. For anyone considering purchasing or refinancing with a conforming jumbo mortgage, feel free to contact me for a free, no-obligation consultation.

Super Jumbo Loans

Super Jumbo Loans: It appears the market may be finally loosening up a bit for Super Jumbo Loans. Currently here at Chase we have some competitive programs for those looking to finance a mortgage loan of 1 Million or more. Keep in mind that these loan programs are designed for excellent credit scores, full documentation loans, and asset reserves will be required. Expect the appraisal to be scrutinized closely as well. Co-Op programs are available only in specific geographic regions and require prior approval of that Co-Op Complex. Condo's will also have to be on our approved list.

Our current owner-occupied guidelines on our Non-Agency Fixed Full Doc Product Specs allow for purchase and no-cash-out refinancing of up to an 80% loan-to-value for 1 Unit Single Family Homes, approved Condo's, and approved Co-Ops. For loan amounts up to 1.5 Million for the same properties, we can lend up to a 75% loan-to value. For up to a 2 Million Dollar property value, we can lend up to a 70% loan-to-value.

I have heard of exceptions being made internally for financing above the 2 Million Dollar amount, so be sure to let me know if you require financing above 2 Million dollars. We can make the necessary exception request, along with the necessary supporting documentation for Super Jumbo Loans. We want to make loans so if we put our best case forward, we can give it a shot. Not bad for purchase or no cash-out refinance Super Jumbo Loans!

Cash-out refinances for 1-2 unit properties and 3-4 unit property purchase and no cash-out refinance money programs are available as well for Super Jumbo Loans at reduced loan to values. Credit restrictions and guidelines are a bit tighter on these property types.

As always, I am available any time to discuss your particular financing needs. There is no-cost for an initial consultation and no obligation. I have 19 years experience in the mortgage field and can make the necessary requests if needed to get your Super Jumbo Loans done.

Testimonials

"Michael, thank you so much! We had been turned down by 4 other lenders until you found a program for us. We weren't expecting to things to happen so fast. I will recommend you to others." Velma S. Philadelphia, PA

"michael, thank you very much !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

Michael P. Pleasantville, NJ

Please use the space below to note any special qualities that, in your opinion, set us apart from other mortgage companies:

"very quick to get loan done and closed. Courteous"

Michael J. Mooresville NC

"I look forward to referring some people to you....thanks again."

RS Baltimore, Md

"Okay Thanks Mike, this is great, we really appreciate you and your efforts to help us with this loan!!
I have worked out all my financial estimates and this will work out just fine.
Thank you!!"

FA Chester, VA

"Hey Mike, just wanted to let u know the closing last night went fine. thanks so much for the speedy process of our loan....I will not hesitate to recommend you to anyone that needs a loan. have a great summer. take care."

MC- NJ

"Hi Mike I hope you have an absolutely wonderful Vacation!! Thank you so much for all that you have done for Bill and I."

LH New Jersey

"Hi Mike...Just a quick note, the closing today went without a hitch, and I've already gotten word that the resulting paperwork was approved by (the lender). Thank you for all your help in making this happen. I will be sure to contact you with any future mortgage needs, and will refer you to any of my friends that need a competent broker."

Thanks again

RR-New hampshire

FHA and Investor Specialist

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