FHA and Investor Specialist

Our portfolio true jumbo mortgage rates continue to hold steady this week in Delaware.  The Fannie Mae High Balance Loan Program has not changed the conforming loan limit in Sussex, Kent, or New castle Counties in Delaware.  Currently we have the following Jumbo Programs with 0 points as of 1/13/09:

 

30 Year Fixed               as low as Call for quote Michael Byrne 908 531 6170

15 Year Fixed              as low as *call today* for a 0 pt 15 year term.

10/1 ARM                     Call for quote 

10/1 Int. Only ARM   Call for quote Call 908 531 6170 Michael Byrne

7/1 ARM                      Interest Only option Available as well as 40 Year Term. 

 5/1 ARM                     Call for quote:  40 year terms and interst-only options available

Typical minimum FICO scores of 680/700    Full Doc loans only.  Subject to verification of post closing assets and full underwriting.*

We also offer competitive pricing on FHA, VA and Conventional Loans in New Castle, Kent, and Sussex Counties.  100% Financing is still available to qualified veterans.

Currently with loan to values of up to 90% financing up to loan amounts of $500,000 for purchases and rate/term refinances, 80% on purchase money/rate term refinances to $750,000, 75% on purchase money/rate term refinances up to $1,250,000, and up to 70% Financing to $1,500,000. 

We also have some stated income, verified asset programs as well at reduced LTV's. Call for details on these ever-changing products.

 

 

 

Michael Byrne

908 531 6170 Cell

www.refi-fhasecure.com

www.mortgageprosforum.com

 

 

* Guidelines subject to change without notice and subject to final investor underwriting **Price adjustments for 30 Year loans over $750k on fixed rate loans: add a .25% for fixed rates over 750k

Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender.  © 2008 Gateway Funding Diversified Mortgage Services, L.P.

Ct. Super Jumbo Loan Programs  Delaware Jumbo Loans New Jersey Jumbo Loans NY Super Jumbo Loans

http://activerain.com/blogsview/886371/Delaware-Jumbo-Rates-Hold-Steady-at-Historic-Lows

In our current market with declining property values, many clients are sorely disappointed when they  apply for a lower interest rate on a mortgage, only to find their home value has declined a bit, requiring them to obtain Private Mortgage Insurance. 

Additionally, pricing adjustments coming into play based on Loan to Values and Credit Scores are hurting clients as well.  It is frustrating for clients and loan officers alike when one sees low rates advertised that few people can qualify to receive.  I recently was able to obtain commitments for clients with credit scores below a 580 with rates below 6% for their financing needs.

This has killed a few deals for myself and I am sure many others.  However, that being said, FHA financing  is still a great way for a consumer to reduce their mortgage rate and obtain favorable financing. Much of the Fannie Mae rates being thrown around are "sizzle" rather than "Steak"

One primary reason is that the new Fannie Mae pricing adjustments for borrowers with credit scores below 680 is prohibitive: a borrower with a 659 credit score now has a 3.00 pt adjustment in fee when borrower against 76% of the value of their home, without taking any cash-out on a traditional Fannie Mae loan.  Add another 1.5 pts if they want to pay off a credit card with the proceeds.  That is not very nice!  Fannie Mae also imposes a 1 pt fee for a 2 unit property, regardless of credit rating.

On an FHA loan, regardless of a loans Loan to Value, you will incur the 1.75% MIP, and typically the monthly MI .55.  However, you do not incur these credit adjustments that Fannie Mae imposes unless your credit score is below 620. 

FHA Loan Limits for your area can be found at: https://entp.hud.gov/idapp/html/hicostlook.cfm

Cash out  for debt consolidation or any other purpose on an single family FHA loan can be obtained up to 95% of a home's value, although 2 appraisals are now required for cash-out LTV's over 85%.  There is no pricing adjustment for a cash-out FHA Loan.

 All in all, if you are considering refinancing in Connecticut, consider an FHA loan as well.  Make sure your loan officer is experienced in handling FHA loans as well.

 

Michael Byrne

908 531 6170 Cell

800-999-2489 x7972 office

www.refi-fhasecure.com

www.mortgageprosforum.com

908 531 6170 Cell

800-999-2489 x7972 Office

 

In our current market with declining property values, many clients are sorely disappointed when they  apply for a lower interest rate on a mortgage, only to find their home value has declined a bit, requiring them to obtain Private Mortgage Insurance. 

Additionally, pricing adjustments coming into play based on Loan to Values and Credit Scores are hurting clients as well.  It is frustrating for clients and loan officers alike when one sees low rates advertised that few people can qualify to receive.

This has killed a few deals for myself and I am sure many others.  However, that being said, FHA financing for Pennsylvanians is still a great way for a consumer to reduce their mortgage rate and obtain favorable financing. Much of the Fannie Mae rates being thrown around are "sizzle" rather than "Steak"

One primary reason is that the new Fannie Mae pricing adjustments for borrowers with credit scores below 680 is prohibitive: a borrower with a 659 credit score now has a 3.00 pt adjustment in fee when borrower against 76% of the value of their home, without taking any cash-out on a traditional Fannie Mae loan.  Add another 1.5 pts if they want to pay off a credit card with the proceeds.  That is not very nice!  Fannie Mae also imposes a 1 pt fee for a 2 unit property, regardless of credit rating.

On an FHA loan, regardless of a loans Loan to Value, you will incur the 1.75% MIP, and typically the monthly MI .55.  However, you do not incur these credit adjustments that Fannie Mae imposes unless your credit score is below 620. 

Cash out  for debt consolidation or any other purpose on an single family FHA loan can be obtained up to 95% of a home's value, although 2 appraisals are now required for cash-out LTV's over 85%.  There is no pricing adjustment for a cash-out FHA Loan.

FHA Loan Limits for your area can be found at: https://entp.hud.gov/idapp/html/hicostlook.cfm

All in all, if you are considering refinancing in Pennsylvania, consider an FHA loan as well.  Make sure your loan officer is experienced in handling FHA loans as well.

 

Michael Byrne

908 531 6170 Cell

www.refi-fhasecure.com

www.mortgageprosforum.com

908 531 6170 Cell

800-999-2489 x7972 Office

 

Here is a listing of some of the sites I have created for area agents, I then manage these sites' submission to Craigs List and several other websites. This program is also available to For Sale By Owner listings. If you would like to partner with me to market your listings as well, feel free to contact me. This service is provided free of charge, and all I simply ask for is the opportunity to offer my mortgage financing to services to anyone who contacts you as a result of my marketing efforts. Michael Byrne 908 531 6170

Our portfolio true jumbo mortgage rates continue to trend downward this week in Bucks County, PA.  Despite the 2009 conforming loan limit remaining at $417,050 in Bucks County, we still are able to offer affordable financing to qualified borrowers for purchases as well as refinances.

Many clients are taking advantage of fixed rates as low as 5% with no points to get out of ARM programs, or to simply go with a 15 year fixed term. 

Currently we have the following Jumbo Rates with 0 points as of business close on  1/16/08: 

10/1 ARM                  

30/15 Balloon             Call for customized, personalized rate quotes at 908 531 6170.

30 Year Fixed             

15 Year Fixed      

5/1 ARM                    

Typical minimum FICO scores of 680/700    Full Doc loans only.  Subject to verification of post closing assets and full underwriting.* Interest-only programs available as well, please contact me directly for details.

With our corporate offices in nearby Horsham, PA., we are always looking to offer niche financing in our own proverbial backyard.

Currently with loan to values of up to 80% on purchase money/rate term refinances to $750,000, 75% on purchase money/rate term refinances up to $1,250,000, and up to 70% Financing to $1,500,000.  

We also offer competitive pricing on FHA, VA and Conventional Loans in Bucks County, PA, as well USDA loans in qualified RD areas.

We also have other Jumbo and Super Jumbo Products available in Bucks County, including our 80/10 loan program and a bi-weekly equity builder loan program.  Call for details on these ever-changing products.

 

 

 

Michael Byrne

908 531 6170 Cell

www.refi-fhasecure.com

www.mortgageprosforum.com

 

 

* Guidelines subject to change without notice and subject to final investor underwriting **Price adjustments for loans over $750k on fixed rate loans: add a .25% for fixed rates over 750k

Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender.  © 2008 Gateway Funding Diversified Mortgage Services, L.P.

Ct. Super Jumbo Loan Programs  Delaware Jumbo Loans New Jersey Jumbo Loans NY Super Jumbo Loans

 

In our current market with declining property values, many clients are sorely disappointed when they find they may qualify for a lower interest rate on a mortgage, only to find their home value has declined a bit, requiring them to obtain Private Mortgage Insurance.  Additionally, pricing adjustments coming into play based on Loan to Values and Credit Scores are hurting clients as well.

This has killed a few deals for myself and I am sure many others.  However, that being said, FHA financing is still a great way for a consumer to reduce their mortgage rate and obtain favorable financing. Much of the Fannie Mae rates being thrown around are "sizzle" rather than "Steak"

One primary reason is that the new Fannie Mae pricing adjustments for borrowers with credit scores below 680 is prohibitive: a borrower with a 659 credit score now has a 3.00 pt adjustment in fee when borrower against 76% of the value of their home, without taking any cash-out on a traditional Fannie Mae loan.  Add another 1.5 pts if they want to pay off a credit card with the proceeds.  That is not very nice!  Fannie Mae also imposes a 1 pt fee for a 2 unit property, regardless of credit rating.

On an FHA loan, regardless of a loans Loan to Value, you will incur the 1.75% MIP, and typically the monthly MI .55.  However, you do not incur these credit adjustments that Fannie Mae imposes unless your credit score is below 620. 

Cash out on an single family FHA loan can be obtained up to 95% of a home's value, although 2 appraisals are now reuired for LTV's over 85%.  There is no pricing adjustment for a cash-out FHA Loan.

All in all, if you are considering refinancing in New Jersey, consider an FHA loan as well.

 

Michael Byrne

www.refi-fhasecure.com

www.mortgageprosforum.com

908 531 6170 Cell

800-999-2489 x7972 Office

 

Our portfolio true jumbo mortgage rates continue to hold steady this week in Mercer County, NJ at historic lows.  Now is truyly the time to lock into a fixed rate mortgage, or even consider taking advantage of our our low 15 year financing terms!

Despite the 2009 conforming loan limit remaining at $417,000 in Mercer County, we still are able to offer affordable financing to qualified borrowers for purchases as well as refinances in this increasingly illiquid secondary market.  We have made some minor adjustments to our jumbo financing proigram which has ensured that we will have this program available for some time.

Mercer County is one of the few Counties in NJ where the conforming loan limit remains at $417,000.  That has not stopped us from offering extraordinary pricing for Jumbo Loans in Mercer County, often more competitive than the Fannie Mae High Balance Loan Programs.

Currently we have the following Jumbo Rates with 0 points as of business close on  1/16/08:

10/1 ARM                  Call Michael Byrne for customized quotes

10/1 I/O ARM             

30 Year Fixed 

15 Year Fixed             Call Michael Byrne for customized quotes(as low as 5% with no points, 5.05% apr)

5/1 ARM                    

Typical minimum FICO scores of 680/700    Full Doc loans only.  Subject to verification of post closing assets and full underwriting.*

With our corporate offices in nearby Horsham, PA., we are always looking to offer niche financing in our own proverbial backyard.

Currently with loan to values of up to 80% on purchase money/rate term refinances to $750,000, 75% on purchase money/rate term refinances up to $1,250,000, and up to 70% Financing to $1,500,000. 

We also offer competitive pricing on FHA, VA and Conventional Loans in Mercer County, NJ.

We also have other Jumbo   available in Mercer County, including our bi-weekly equity builder loan program, which allows for 90% purchase money financing and rate/term refinancing up to $650,000.  Call for details on these ever-changing products. 

 

Michael Byrne

908 531 6170 Cell

www.refi-fhasecure.com

www.mortgageprosforum.com

 

 

* Guidelines subject to change without notice and subject to final investor underwriting **Price adjustments for loans over $750k on 30 Year fixed rate loans: add a ..25% for fixed rates over 750k

Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender.  © 2008 Gateway Funding Diversified Mortgage Services, L.P.

Ct. Super Jumbo Loan Programs  Delaware Jumbo Loans New Jersey Jumbo Loans NY Super Jumbo Loans

 

With the tightening of the credit markets, 100% financing is becoming increasingly scarce.  There is good news for Veterans of the Armed Aervices and National Guard.  Typically 100% financing is still available to a minimum of $417,000 for Veterans.

Currently 100% Financed for qualified Veterans can be obtained at interest rates as low as 5%.* Rates may vary and this is not a commitment to lend.

One of the great things about the VA loan program is that there are limitations on the "junk" fees allowed by the way to be passed on to the borrower.  One item of note is that the VA does not regulate the interest rate or discount points on this program.  It is important to compare the pricing on the loan, as well as charges by third party providers.

 Here are a basic list of allowable and non-allowable closing costs for VA Loans*:

 

VA Allowable Closing Costs

-Discount Points

-Title exam fee, including tax and assessment search

-Flood Cert.

-EXACT amount charged for appraisal and credit report

-Attorney or Settlement agent fee

-Title insurance policy

-Pest inspection (must be paid for by seller unless veteran agrees in writing to pay for it)

-interim interest

-First Year Hazard Insurance Premium(and flood insurance if applicable)

- Tax and insurance escrows

 

Non Allowable VA Closing Costs

-Tax service fee

-Application fee

-Document Preparation fee*

-Underwriting fee*

 Once again, the VA loan program is a great way to provide financing for Veterans.  One other beneift is that there is no monthly mortgage insurance fee, but rather one time financed MIP.  Here is a qyuick reference guide for VA loans.

Here is a quick glance at typical VA Funding fees for loans in NJ.

Purchase and Construction Loans
Type of Veteran	DOWN PAYMENT	Percentage for first time use	% Subsequent Use
Regular Military	None	2.15%	3.30%
	5% up to 10%	1.50%	1.50%
	10% or more	1.25%	1.25%
Reserves/National	None	2.40%	3.30%
Guard	5% up to 10%	1.75%	1.75%
	10% or more	1.50%	1.50%
Cash-Out Refinancing Loans
Type of Veteran		% First Time Use	% Subsequent Use
Regular Military		2.20%	3.30%
Reserves/National		2.40%	3.30%
Guard
Interest Rate Reduction Refinancing Loans
First Time or Subsequent		0.50%	0.50%
Either type veteran

Michael Byrne

908 531 6170

www.refi-fhasecure.com

www.vamortgageassistance.com

 

 

 

 

*The doc prep fee and u/w fees can be charged to the seller.  Charges can vary by state and subject to guideline changes by the VA.

 

The new FNMA "High Balance" loan program is making somewhat of an impact in the market currently. 

In  the New Jersey counties of Union, Bergen, Essex, Hudson, Hunterdon, Sussex, Middlesex, Monmouth, Morris, Ocean, Passaic, and Somerset, the new loan limit for such loans is set at $625,500 from the current Fannie Mae floor of $417,000.  This program has increased the liquidity of the jumbo loan market and hopefully we still start the feel the effects of the loosening market. 

The basics for the program allow for a purchase with just 10% down for up to a $625,500 loan amount.    Rate and Term refinances are also available for up to 90% of a home's value to the $625,5000 loan limit.  Cash-out refinances are available as well, to 75% of home's value.

Rate-wise, the Fannie Mae High Balance Loan tends to be slightly higher in rate than the traditional conforming loans under $417,000 from anywhere from an 1/8% in rate to .5% in rate, depending on the type of program. 

The program is available as well for second homes and investment properties in eligible areas, with slightly different guidelines.

We also have True Jumbo portfolio loan programs available in Ct, NJ, DE and some select PA counties for loans over $625,500, as well as jumbo loan programs for Counties who still have the $417,000 Fannie Mae Loan Limit.  The rates and terms we can offer on our true jumbo product is extremely competitive with the Fannie Mae HBLP.

 Call or email for details!

 

Michael Byrne

908 531 6170 Cell

www.refi-fhasecure.com

www.mortgageprosforum.com

 

 

 

Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender.  © 2008 Gateway Funding Diversified Mortgage Services, L.P.

 Ct. Super Jumbo Loan Programs  Delaware Jumbo Loans New Jersey Jumbo Loans NY Super Jumbo Loans

 

The new FNMA "High Balance" loan program is making somewhat of an impact in the market currently.  In my old stomping grounds of Union County, the new loan limit for such loans is set at $625,500 from the current Fannie Mae floor of $417,000.  This program has increased the liquidity of the jumbo loan market and hopefully we still start the feel the effects of the loosening market. 

The basics for the program allow for a purchase with just 10% down for up to a $625,500 loan amount.    Rate and Term refinances are also available for up to 90% of a home's value to the $625,5000 loan limit.  Cash-out refinances are available as well, to 75% of home's value.

Rate-wise, the Fannie Mae High Balance Loan tends to be slightly higher in rate than the traditional conforming loans under $417,000 from anywhere from an 1/8% in rate to .5% in rate, depending on the type of program. 

The program is available as well for second homes and investment properties in eligible areas, with slightly different guidelines.

We also have True Jumbo portfolio loan programs available in Ct, NJ, DE and some select PA counties for loans over $625,500, as well as jumbo loan programs for Counties who still have the $417,000 Fannie Mae Loan Limit.  The rates and terms we can offer on our true jumbo product is extremely competitive with the Fannie Mae HBLP.

 Call or email for details!

 

Michael Byrne

908 531 6170 Cell

www.refi-fhasecure.com

www.mortgageprosforum.com

 

 

 

Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender.  © 2008 Gateway Funding Diversified Mortgage Services, L.P.

 Ct. Super Jumbo Loan Programs  Delaware Jumbo Loans New Jersey Jumbo Loans NY Super Jumbo Loans