FHA and Investor Specialist

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Housing Bill: Read The Fine Print

It is great in principle that President Bush has signed the most recent housing bill.  It is also great that steps are being taken to improve the liquidity of the jumbo mortgage market through this bill as well.  I also feel it is great that first time buyers will get a tax break by purchasing this year.

But there is one little rider that was included in the bill that may hurt the lower end housing market: the bill includes a provision removing all DPS's(Down Payment Assistance Programs) from FHA loans.  Basically, a DPA is the seller providing the 3% down payment(as well as the closing costs most times) in the form of a contribution to a non-profit organization- which in turn is granted to the buyer(for a fee to the non-profit)  as their down payment.  The long and short is that a homebuyer could get an FHA loan with no money down when using a DPA program. 

While I am not the biggest fan of DPA's- I feel an FHA buyer should have some "skin in the game" and financing a down payment AND closing costs inflates a sales price-it is a program that helps sell homes.  The consequences of the DPA portion of the legislation may have a hurtful impact to the housing market.

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

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 "A referral is the greatest compliment I can receive"

 

11 commentsMichael Byrne • July 30 2008 01:04PM

USDA to Create Additional Funding

     Due to an overwhelming increase in popularity in the USDA Rural Development program listed here: Need 100% Financing? Try the USDA Guaranteed Rural Housing Loan Program , the USDA Secretary has recently authorized an additional 1.1 Billion of funding to be moved to the Section 502 Guaranteed Loan Program.  Apparently, up to 50 lenders are being added to offer the USDA program each month and volume has doubled, according to a Rural Development press release issued July 3oth, 2008. 

This is great news for those interested in utilizing the USDA Program, and it is great that the USDA is recognizing the demand for their program.  As always, one should check the income guidelines Income Eligibility Test and property guidelines to make sure they qualify for the USDA program http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do , as well as speaking with a mortgage professional authorized to offer the USDA program to make sure you can qualify.

 

Michael Byrne

www.mortgageprosforum.com

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

5 commentsMichael Byrne • July 30 2008 10:07AM

VA Loans- Anyone marketing specifically to the VA Loan Client?

With 100% all but gone with the exception of USDA and VA loans, and with FHA being heavily promoted by many lenders as well as wholesale lenders the big question is any one specifically trying to market to the veteran who is looking to purchase or refinance a home?  The VA offers a great mortgage product with no monthly MI on 100% financing, and up to a 90% LTV for cash-out refinance transactions.

I think the VA loan will grow slowly but steadily behind the FHA loan.  We are looking at staring up an informational website on VA loans at my branch and I was trying to come up with some ancillary marketing ideas, including preparing a presentation.  One idea someone had suggested was making a monthly newsletter to deliver to local armories.

Does anyone have any other marketing success stories for VA loan marketing?

 

Thanks

 

Michael Byrne

www.mortgageprosforum.com

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

11 commentsMichael Byrne • July 29 2008 01:18PM

My New Solicitation Resolution

     I guess you have to take the good with the bad in anything.  The bad thing about having an internet presence is that on a daily basis I receive numerous solicitations for products and services that are real estate related.  I attribute this to having a website, blog, and post on some real estate forums.

     From now on, every solicitation I receive will be countered with a solicitation of my own: either  to join AR, get a mortgage, join my baseball team www.eaclub.org , solicit them to buy a tee shirt: www.cafepress.com/buyfromclarence , or ask them to join my network on linkedin. 

     I'll let you know how it goes.

 

Michael Byrne

www.mortgageprosforum.com

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

7 commentsMichael Byrne • July 28 2008 06:41PM

Mortgage Backed Securities and Rates: Great Free Blog

     For mortgage originators trying to make sense of the mortgage backed securities market these days, there is a great blog that offers free daily analysis and a great tutorial on interest rate trends.  Typically subscribing to a site that gives real time MBS quotes costs in the hundred some dollars a month range, and lately the 10 year treasury bond has not traded in a necessarily positive correlation with the MBS Bonds.

     I would suggest trying to read the blog listed here Mortgage Rate analysis for pros and check in a few times a day in order to get a feel for this volatile market.  There is also a section for consumers to read Rate analysis for consumers as well, as well as a tutorial: MBS Basics .

 

Michael Byrne

www.mortgageprosforum.com

 

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

4 commentsMichael Byrne • July 28 2008 10:21AM

Vintage Base Ball at Rahway River Park - July 26, 2008 NJ vs. NJ

     Here is write up of our most recent vintage base ball game- note the different rules/equipiment:   

        The two base ball clubs in New Jersey that play our national game with nineteenth century rules and equipment are the Elizabeth Athletic Club and the Flemington Neshanock. They squared off for a match this past Saturday at Rahway River Park. The game was played by the 1891 rules of base ball (spelled as two words in the nineteenth century ) in which the EAC specializes. The EAC was a club that played base ball in Elizabeth, NJ during the 1890's. The Neshanock, also a historic recreation of an actual club, specializes in 1873 rules.          

         The EAC pitcher, Mike Flanagan started off the day by striking out the side in the first inning. In 1891 rules, he's pitching from 55 feet, six inches away from home base instead of the modern sixty feet, six inches. Also, their is no pitcher's mound, the "pitcher's box" is a flat surface. Mike used fastballs, sliders, and the occasional curve ball to keep the Flemington hitters off balance.         

         The EAC began the day's incessant offensive attack with an eight run first inning, featuring triples hit by center fielder Ed Alexander and third baseman Rick Myers. Myers' came with the bases loaded. First baseman Bill Heaney chimed in with a two run double as the EAC sent fourteen men to the bat in the first inning.         

         Mike Flanagan again struck out the side in the second inning, following the pitch calling of his catcher Mike Byrne. Using 1891 catcher's equipment is no easy feat, as Mr. Byrne does not have the advantage of a helmet or shin guards. Only replicas of the first catcher's mitt, mask, and chest protector are used. The other players around the field are usually bare-handed. Small leather fielder's gloves with no webbing and very little padding were just beginning to be used on a regular basis in the late 1880's and early 1890's. As a major part of the purpose in playing base ball this way is historical accuracy, the EAC reflect this characteristic of the game by only having a few of it's players use gloves.         

       Because 1873 base ball was an underhand pitched game, the Neshanock don't get the practice of facing the more modern style of overhand pitching that 1891 rules employ on a regular basis. They scored single runs in the second and third innings, two in the fourth, and four in the ninth. But it wasn't enough to match the thirty-two run barrage supplied by the EAC. This contest evened the score between the two clubs, as the Neshanock had handed a 31 - 16 drubbing to the EAC earlier in the season in a fine match of 1873 rules ball played at Washington Crossing State Park in Trenton. "Our two clubs have enjoyed a friendly and competitive relationship for eight years now", said EAC captain Paul Salomone. "We've played matches in all kinds of settings around New Jersey and other states. Some of the games are high scoring, some low, but we feel we give a real close impression of what nineteenth century base ball looked like when it was played."          

     Other players of note were the left fielder Dave Chamalian and right fielder Paul Salomone, each having four hit days. Chamalian himself scored six runs. Third baseman Rick Myers scored five runs. Shortstop Anthony Ferrone and catcher Mike Byrne each scored four. Second baseman Dan Jurgens rounded out the attack with key singles in the first and sixth innings, sustaining the EAC's two longest rallies of the day.          

      The EAC's website can be found at www.eaclub.org. Anyone interested in playing on the EAC can e-mail Paul Salomone from the website. The club's game schedule, pictures, and other items of interest can also be seen. August 2nd will find the EAC in Bethpage Restoration Village in Long Island for the annual nineteenth century base ball festival held there. The next home game is August ninth against the New York Gotham. Gametime is noon.

Michael Byrne

www.mortgageprosforum.com

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

0 commentsMichael Byrne • July 28 2008 09:02AM

Buying Backlinks: Is it Worth it?

I currently have some links that have underperformed on my website in my opinion.  I have received some solicitations for purchasing one way backlinks to improve the ranking of some of my links.  The links in question are pretty basic: FHA Loans , FHA or VA Loans for First Time Buyer , FHA Refi ,FHA First Time Buyer , FHA and VA Loans , FHA Refinancing , VA , VA-Is It Right For Me? , FHA-New Jersey and the like.

I am not an SEO expert by any means, so I thought I would post it to the experts.  Is it worth to purchase backlinks from $149 for 200 some links?

Thanks in advance,

 

Michael Byrne

www.mortgageprosforum.com

 

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

7 commentsMichael Byrne • July 28 2008 08:40AM

100% Financing Available in Warren County, NJ through the USDA Loan

Despite the contaction of the secondary market, there are still some great loan programs available to qualified applicants with moderate indome.  One of these such programs is the USDA loan.  As I had written previously in this blog: Need 100% Financing? Try the USDA Guaranteed Rural Housing Loan Program the USDA program is a great loan for rural and even some not-so-rural areas that qualify for the USDA program. Western Jersey still has many areas that qualify for the RD Loan. 

There are property location restrictions for the USDA 100% financing program. According to USDA website's eligibility map listed here: most of Warren County is eligible for financing for this particular program, with the exception of the Phillipsburg Area.  Check the website and with a loan officer for further details. 

The other qualification restriction is income based.  The income limits for the 100% loan program are listed here: Income Eligibility Test  According to the chart, a family of 2's maximum annual income would be $70,700 for the guaranteed housing program.

There is a financed fee similar to the VA funding fee for this program.

Once again, this a great program for 100% financing in Warren County.  For more details, contact Michael Byrne at 800-999-2489 x7972

 

Michael Byrne

Gateway Funding

www.mortgageprosforum.com

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

0 commentsMichael Byrne • July 24 2008 11:56AM

Got RD Loans? 100% Financing Available in Salem County, NJ

As I had written previously in this blog: Need 100% Financing? Try the USDA Guaranteed Rural Housing Loan Program the USDA program is a great loan for rural and even some not-so-rural areas that qualify for the USDA program. South Jersey still has many areas that qualify for the RD Loan.

There are property location restrictions for the USDA 100% financing program. According to USDA website's eligibility map listed here: All of Salem County is Eligible    for financing for this particular program.  

The other qualification restriction is income based.  The income limits for the 100% loan program are listed here: Income Eligibility Test  According to the chart, a family of 2's maximum annual income would be $68,350 for the guaranteed housing program.

There is a financed fee similar to the VA funding fee for this program.  With the secondary market's appetite for low down payment financing contracting almost daily, the RD loan remains a great option for many buyers.

Once again, this a great program for 100% financing in Salem County.  For more details, contact Michael Byrne at 800-999-2489 x7972

 

 

Michael Byrne

Gateway Funding

www.mortgageprosforum.com

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

2 commentsMichael Byrne • July 23 2008 11:46AM

Need 100% Financing? USDA 100% Financing in Sussex County, NJ

As I had written previously in this blog: Need 100% Financing? Try the USDA Guaranteed Rural Housing Loan Program the USDA program is a great loan for rural and even some not-so-rural areas that qualify for the USDA program.  Many of the Counties in New Jersey have areas that qualify for the rural housing program, and it appears all of Sussex County qualifies.

There are property location restrictions for the USDA 100% financing program. According to USDA website's eligibility map listed here: Sussex County NJ  qualifies for financing for this particular program. 

The other qualification restriction is income based.  The income limits for the 100% loan program are listed here: Income Eligibility Test  According to the chart, a family of 2's maximum annual income would be $70,700 for the guaranteed housing program.

Once again, this a great program for 100% financing in Sussex County, NJ.

 

 

Michael Byrne

Gateway Funding

www.mortgageprosforum.com

 

Michael Byrne

Mortgage Specialist

Contact Me

NJ Mortgage Banker        USDA Loans      Jumbo Loans      FHA Loans     VA Loans     my site

Zillow Blog          My Blog          stated income loans               Loan Officers: Do More Loans

Foreign National Mortgage Financing     Rehab Loans        Conforming Jumbo Loans

Co-Op Financing   Union Plus Mortgage    Super Jumbo Loans     Harp Loans

 

 "A referral is the greatest compliment I can receive"

 

2 commentsMichael Byrne • July 22 2008 11:47AM