FHA and Investor Specialist

TOP TEN ATTRIBUTES of a Realtor® That Clients LOVE

Michael Byrne (Chase Home Loans) — Wed, 10 Mar 2010 20:54:44 -0600

Here are some important attributes to seek out when looking for a real estate agent for your home buying needs. It is always important to get pre-approved for financing first.

Via Celeste "SALLY" Cheeseman HAWAII Relocations & Real Estate (Century 21 Liberty Homes):

The TOP TEN ATTRIBUTES of a Realtor® That Clients LOVE came to mind while thinking of the ‘aftermath' of our Hawaii Tsunami scare today.

I woke at 5:45am to a blaring cellular that only rings when family has a concern. Sure enough it was my daughter telling me to get up because the Tsunami was coming! Whaaa? My first concern was to call my mom at work but my daughter said she already called her. My mom was happy as a clam being at work and at the country club during a crisis anyway. Family First.

My next concern was to call my client and cancel the home inspection scheduled this morning. I gave him information about the area of his ‘soon to be home' and the reason for evacuation in low lying areas. Then I called the home inspector who was grateful for the call as he slept through the sirens!

In any case, and in no particular order (as I believe they are ALL important) the following are attributes that the client, the consumer and our peers love:

Honesty, Respect and Integrity: This would hold true for any professional in any business and a consumer will see through the lines of one who does not ‘walk the talk'. Giving straightforward advice and opinions shows that the professional is knowledgeable and that they hold themselves to a higher esteem. Being REAL is an attribute that are LOVED.

Documentation Station: Getting everything in writing, documenting conversations and knowing how to save your emails in one folder for each client so you can refer to will be a great asset. With many clients at a time you are only human and can only hold just so much in that memory bank of yours. When you can refer back to a question from a past conversation and can hear the praise by the tone of your client...or peer....you know it's an attribute that is LOVED.

Neutral and In Gear: Regardless of Buying or Selling a Home it IS one of the most stressful situations in a person's life. It's a big financial move and it can make the difference between the consumer moving on ...or NOT. Regardless if there's anxiety showing keeping our cool and remaining neutral and not buying into the emotion is one of the biggest attributes LOVED.

Knowing Real Estate Contract and Laws: Every Real Estate Contract and Local Real Estate Laws vary from state to state. In Hawaii, we have many clients who are relocating here from another state. Regardless if they ‘know' how it was done in their state (buying and selling real estate) it does not hold true in other states. Being able to explain in detail the local laws and contract is certainly an attribute that the consumer LOVES.

LISTENS to Their Needs: We would not be able to determine the best course of action for Hawaii Home Selling or Hawaii Home Buying if not for asking questions and really hearing their answers. Listening is key for communication and a successful business relationship. The consumer LOVES a give and take conversation. So do your peers.

Being Prompt and Considerate: Being on time is a good habit of mine that my mother taught me well. I AM THERE for them physically when we have an appointment and I certainly am THERE if they have a concern by returning calls promptly. Great attributes that everyone LOVES.

Going Above and Beyond: Just ‘getting' by with as little effort as possible will not win anyone over. It doesn't take but a few minutes to alleviate concern by printing out a pamphlet or two. Explaining everything in detail throughout the whole process and showing a little care by doing something extra is certainly what any consumer LOVES.

Team Player: The consumer sees the Realtor® interact with all parties involved and keeping in touch of all aspects of the transaction. How? The Realtor® gives the client updates for loan progress, escrow updates, home inspection and contingency dates and so forth. Being a team player is what any consumer or peer LOVES because they know the job is going to get done.

Healthy Boundaries: I have always believed that in personal as well as business relationships that respect is given when you have healthy boundaries. Overstepping ones boundaries is not acceptable on either side and letting the other know is an attribute that is not only respected by the consumer but LOVED by both the consumer and Realtor®. We do not tell people what they want to hear but give sound advice.

Vibrant, Vim and Vigor: The saying, " You have to love what you do" is going to show through your demeanor, attitude and behavior. This attribute will show immediately by the level of effort and dedication given to Real Estate and the consumer/client. I LOVE what I do ...and they surely LOVE that too!

Attributes go as far as the dedication to each and every one.

It's the quality of the attributes that this real estate professional is worth.

Michael Byrne

Mortgage Specialist

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Home Buyer Tax Credit – Deadline Coming Soon

Michael Byrne (Chase Home Loans) — Mon, 08 Mar 2010 15:21:11 -0600

Here is quick reminder about the Homebuyer Tax Credit Deadline, which is coming soon!

Via Strategic Mortgage:

Home Buyer Tax Credit -

Deadline Coming Soon

As we head into the spring home buying season, recent housing numbers and anecdotal evidence, suggests that home buying is beginning to pick up. One of the reasons for the increase in home sales, outside of lower prices and interest rates, is the $8,000 first time home buyer tax credit for new home buyers as well as the $6,500 home buyer tax credit for existing owners. This credit of course however, is nearing its deadlines as purchase contracts must be signed by April 30, 2010 and must close by June 30, 2010 in order to receive the credit.

For those that have interest in purchasing and obtaining the tax credit, now would be the time to act. Especially if you have concerns which may lengthen the process, such as credit or down payment issues that may affect the loan process.

In addition, there is also a negative in the positive that is increased buyers; that is a more difficult time in getting your purchase offer accepted. Home buyers and real estate agents in the current market have reported that multiple offers are common place on almost all bank owned homes in the current market. Meaning that it could take longer until you have your offer accepted, as you may end up having to bid on more than one property.

In addition, other transactions such as short sales, will typically take longer to close as well, as a third party bank must approve the sale.

What this all means is that this is certainly an opportune time to purchase, with the combination of affordability and tax credits in the current market for buyers. However, with the time length from start to finish of purchasing a home in the current market, April 30^th and June 30^th are a lot closer then it may seem. If you are looking to purchase, now may be the time to contact a mortgage broker to begin the prequalification process and real estate agent to begin searching for homes.

For more information on home purchase loan or refinance programs for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: info@strategicmtgaz.com or online at www.strategicmtgaz.com

Michael Byrne

Mortgage Specialist

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"A referral is the greatest compliment I can receive"

Guide For Your Home Search

Michael Byrne (Chase Home Loans) — Mon, 08 Mar 2010 07:23:50 -0600

Below are some great tips for a buyer searching for a home. Of course, getting pre-approved should be your first step.

Via Dallas Chambers (RE/MAX Agents Realty):

8 Tips to Guide for Your Home Search

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing.

2. Be realistic. It's OK to be picky, but don't be unrealistic with your expectations. There's no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.

4. Don't ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Buyer's reps are usually paid out of the seller's commission payment.

Dallas Chambers

RE/MAX Agents Realty

Office: 770-922-7777 X316

Cell: 770-595-1541

Web: http://dallaschambers.agentsrealty.com

E-Mail: dallasc@remax.net

Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.

Michael Byrne

Mortgage Specialist

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"A referral is the greatest compliment I can receive"

Chase HARP Mortgage Program Extended Through June 2011

Michael Byrne (Chase Home Loans) — Thu, 04 Mar 2010 19:08:06 -0600

Chase Harp Mortgage Program Extended Through June 2011: Good news for homeowners! The Federal Government has extended the HARP Mortgage Program Through June 2011! Chase has followed suit and is extending their offering of the HARPmortgage program as well. The primary benefit of this mortgage 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 Chase Harp Mortgage Program. Loans originated by Washington Mutual or EMC, that are currently serviced by Chase, can be reviewed as well to see if they are eligible for the Chase Harp Mortgage Program.

One major benefit of the Chase 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 Chase 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. The HARP program is not available for many secondary market bulk purchases, for example.

Our Chase HARP Mortgage Program is a 30 Year Fixed Rate Mortgage, and terms can vary based on credit rating, property type, occupancy and combined loan to value. In some instances, adjustable rate mortgage programs can be offered as well. Contact me directly for details.

The basic criteria that help to determine if you are eligible for Chase 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 Fannie Mae programs. There are also 2 Freddie Mac versions of the HARP program as well, which requires a clean mortgage history.

Chase offers 4 variations of the HARP program, 2 for Fannie Mae serviced loans and 2 for Freddie Mac serviced loans.

All in all, if you have a Chase serviced mortgage loan and would like to see if you qualify for the Chase HARP Mortgage Program for streamlined refinancing, please contact me to determine your eligibility! Rates and terms vary, and this does not consitute an offer to lend.

Michael Byrne

Mortgage Specialist

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"A referral is the greatest compliment I can receive"

How I Learned More about the 203(k) Loan

Michael Byrne (Chase Home Loans) — Sat, 06 Mar 2010 16:56:47 -0600

The FHA 203k program is a great loan fopurchasing REO homes or simply a home that needs some repair. It can also be used for a refinance.

Via Bill Primavera (Coldwell Banker Residential Realty):

Since I'm a journalist as well as a realtor, I have the lucky happenstance to learn more about selected subjects, to write about them and to share my new knowledge with those who might want to know more as well.

I must confess that I was embarrassed until recently that I didn't know enough about the 203(k) loan and had never recommended one to any of my buyers. But when I met Sal Callarme of Continental Home Loans in New York, I know I had the opportunity to learn from someone who knows what he's talking about.

Here is the lead from that article:

     "Most people don't know about the 203(k) loan," said Salvatore Callareme, a mortgage consultant with Continental Home Loans, reminding me that I've been hearing more about greater numbers of applications for this loan from individuals who want to purchase foreclosures, vacant properties and fixer-uppers in need of work, as well as those who want to upgrade or repair their currently-owned homes.

     The Section 203(k) loan program is offered by the U.S. Department of Housing and Urban Development (HUD) allowing an individual home buyer to finance the purchase of a property and to include the cost of its repairs through a single mortgage. Such loans are provided through HUD-approved mortgage lenders and insured by the Federal Housing Administration (FHA).

     The 203(k) program is particularly beneficial to moderate-income buyers because the down payment can be as low as three percent. The loan can be taken as a 15- or 30-year fixed rate mortgage or as an adjustable rate from an HUD-approved lender. The total amount of the mortgage is based on the projected value of the property after the renovation is completed, and the purchased property must be used as a principal residence for the buyer. A portion of the loan pays for the purchase of the home and the remainder is placed in an interest-bearing account and released in stages as rehabilitation is completed.

To read the entire article, click the link below:

You Can Upgrade Your Home with a 203(k) Loan

Bill Primavera is a realtor specializing in the upper Westchester and Putnam County markets of New York. Also he writes as The Home Guru in the Examiner Newspapers in the region.

If you want to know more about his practice, visit: www.PrimaveraHomes.com

Michael Byrne

Mortgage Specialist

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"A referral is the greatest compliment I can receive"

Federal Refinance Program Gets a One Year Extension

Michael Byrne (Chase Home Loans) — Thu, 04 Mar 2010 15:08:38 -0600

The extension of the HARP Program is great news for borrowers who have the value of their home decline since they last mortgaged their property either via a purchase or refinance. There are 4 different "HARP" programs for which a borrower may be eligible with my company. Two of the HARP programs pertain to Freddie Mac serviced loans, and 2 for Fannie Mae serviced loans.

Some of the HARP loan programs allow for limited documentation and limited appraisal review, although documentation requirements may vary.

If you have a Chase serviced mortgage loan and would like to investigate refinancing with a HARP loan, please do not hesitate to contact me directly.

Via Christine Hynes - Loans & Loan Modifications (Loans & Loan Modifications):

The federal refinance program Home Affordable Refinance Program (HARP) designed to help borrowers with high loan to value ratio mortgages has received a one-year extension, now set to expire June 30, 2011.

The program was originally introduced February 2009, and has come to cover loans backed by Freddie Mac and Fannie Mae with loan to value ratios up to 125%. The program was designed to help qualified home owners with underwater loans refinance their deals in order to avoid foreclosure or short sales. According to the Federal Housing Finance Agency (FHFA), about 5 million homes would qualify for refinances under this plan.

Reasons for the extension were that continued instability caused by unemployment and a still unsteady economy warranted an continuation of the program in order to promote a healthier housing market,

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Christine Hynes

"Specialists in Preserving the American Dream"

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Michael Byrne

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Luxury Home Mortgage

Michael Byrne (Chase Home Loans) — Tue, 02 Mar 2010 20:37:11 -0600

Luxury Home Mortgage: As a believer in the trickle down theory, I am proud to announce we have programs available for those looking to obtain a Luxury Home Mortgage. Currently we have some competitive programs for those looking to finance a mortgage loan of 1 Million Dollars and higher, with rates below 5% in some cases on intermediate ARM programs. These programs are great for athletes, entertainers, Wall Street folks, and executives. 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 of the New York 5 Borough area and require prior approval of that Co-Op Complex. New Jersey Co-Ops are available on a case by case basis if the Co-Op Management Corporation has prior approval. Condo's will also have to be on our approved list.

Our primary market for a Luxury Home Mortgage is the tri-state Connecticut, New Jersey, and New York area. We will certainly lend in other areas including Massachusetts, Virginia, Maryland, and Pennsylvania as long as there are comparable properties to support the value for a property.

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 a 75-80% 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 70-75% loan-to value. For up to a 2 Million Dollar property value, we can lend up to a 65-70% loan-to-value. *Some restrictions may apply in Loan-to-value apply in declining market areas.*

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 a Luxury Home Mortgage. I have heard of loans for up to 7 Million Dollars closing on an exception basis as well as loan-to value exceptions. We want to make loans so if we put our best case forward, we can give it a shot.

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 a Luxury Home Mortgage 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 externally for a Luxury Home Mortgage if needed to get your deal done. If I can't find a way to get your loan done, I will give you my honest insight as to how and when/where you can get the financing you need. I pride myself on my networking within the industry in order to learn what can and cannot be done.

Michael Byrne

Mortgage Specialist

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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"

I AM SEARCHING FOR A HOME BUT I REFUSE TO WORK WITH A REALTOR

Michael Byrne (Chase Home Loans) — Tue, 02 Mar 2010 20:13:21 -0600

I like this blog as it illustrates why it is important to work with a buyer's agent when looking for a home. Also, here in New Jersey there is no cost to the consumer for having a professional agent in your corner and representing your interests.

Via Harry F. D'Elia, Investor , Mentor, BD, Radio Coach, REO Expert, Networker (HomeSmart International):

I AM SEARCHING FOR A HOME BUT I REFUSE TO WORK WITH A REALTOR

I received a call from one of my many listings in Phoenix, Arizona. Personally, I put my cell phone number on every listing so people are able to call me directly on the weekends to receive the correct information on that particular listing. Hopefully, they will be writing an offer on that house. Anyway, this buyer quickly informs me that she has decided not to work with a Realtor and to find a home on her own. She continues to tell me that she has been looking for a over a year. Meanwhile, I quickly jump on my computer to look for listings in that area. I find out that she has been approved for FHA loan at $131,000. My listing was over that price point. She asked me if my seller was willing to go down in price. I told her to put in an offer and I present it. She later informs that the house might be out of the school district of her choice.

How many other buyers are out there just like this one? They think all they have to do is find the right house and put in an offer. She will be eaten by the sharks if she is not careful when purchasing a home. I was on the phone with her for about thirty minutes. She allowed me to send her a list of nine homes that match her criteria. It seems that I was beginning to earn her trust over the phone. I told her that I live in the area and I know other homes available that are not on the MLS. Perhaps, she would be interested in viewing the homes. She said she would be open to that suggestion. She has many options but needs to find the professional Realtor to find her a home.

I have decided to take on this challenge this week to find her a home. I want to regain her trust in the name behind Realtor. I will keep you informed of my progress this week.
Make the Call, Set the Plan, Do the Deal$!

Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.

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Michael Byrne

Mortgage Specialist

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A Financial Strategy To Help Sell Your Jumbo Loan Sized Home Or Listing

Michael Byrne (Chase Home Loans) — Mon, 01 Mar 2010 21:02:15 -0600

Here is an idea for ways to improve the marketability of larger homes which may require jumbo or super jumbo financing. I have written several blogs on jumbo and super jumbo financing, and would be happy to help any buyer or seller come up with a plan for fiancing alternative for their jumbo loan sized home.

Via Phil Caulfield Jumbo Loan California DRE #01030082 (RMC Real Estate Loans - Jumbo, Construction, Private Money):

  Are you aware how difficult it is to get a jumbo loan these days? If you are selling your jumbo loan sized home or listing one, what are you doing to make it easier for a long line of qualified buyers able to buy your home?

One strategy you may want to consider is a seller carryback. A seller carryback is financing by the seller, usually in the form of a second mortgage.

The easiest way to understand how a seller carryback works is to look at an example. Suppose you own a home worth $1 million. You owe $300,000. You plan to buy a new home for $1,500,000, and make a 25% down payment of $375,000.

Assuming a sale price of $1 million minus 7% selling costs, you net $930,000. If you pay off your $300,000 loan, you can net $630,000. You only need $375,000 for the down payment, plus $25,000 for closing costs, moving expenses, and a little vacation after all this stress! Now you have $230,000 left over. What are you going to do with these funds?

Suppose you offer a $230,000 seller carryback second mortgage. How does that benefit a buyer:

A smaller down payment may be needed

It takes the financing out of the jumbo category and puts it in the conforming category, which is easier to obtain

It gets rid of the need for private mortgage insurance, which is an additional monthly cost to the buyer

The buyer does not have to qualify for private mortgage insurance, which is very difficult these days

OK, you say, that is great for the buyer, but how does a seller carryback benefit me? Here's how:

You get a higher yield than if you put the $230,000 in a low yielding account

You have opened the door to a larger pool of qualified buyers to purchase your home, therefore

You may be able to sell your home for a higher price because you have reduced the toughest barrier to purchase a home today, financing

Now that we have the benefits of a seller carryback, let's talk about implementation. First, let's talk about what the first mortgage lenders usually require with a seller carryback:

The term must be at least for 5 years

There must be monthly payments (no deferral of payments)

The payments must at least cover the interest

The interest rate charged must be a "market" rate (I interpret this to mean not way lower or way higher than the current market rates)

How do I make myself comfortable, you ask, that this buyer can make the payments? Well, the first mortgage lender will only approve the buyer if they are comfortable with the borrower's ability to pay. There is comfort in knowing that, especially today when almost all of the loans being approved are with full documentation.

To make yourself more comfortable, you can write into your contract that you reserve the right to have a mortgage originator of your choice review the buyer's loan application and package. Be specific - ask to review current paystubs, two years of tax returns and w-2s, the most recent two months of bank statements, and a credit report.

Staging your home, marketing it with massive exposure, and making it accessible are all important factors in getting your home sold. Equally as important, and I think even more important in these days of difficult to obtain mortgage financing, is to have a financing strategy in place to make it easier to buy for a larger number of people. The seller carryback is one tool, the seller buydown is another.

Implement these strategies and sell your home fast for top dollar!

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me

Look! Sitting at his desk! It's an accountant! No,it's a telemarketer! No, it's Your Buddy The Mortgage Broker!

Jumbo Loans

Local Real Estate And Mortgage Information

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

2010 Homebuyer Tax Credit 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"

Luxury Home Loans

Michael Byrne (Chase Home Loans) — Sat, 27 Feb 2010 16:40:46 -0600

Luxury Home Loans: It appears the market may be finally loosening up a bit for those looking to obtain Luxury Home Loans. Currently we have some competitive programs for those looking to finance a mortgage loan of 1 Million Dollars and higher, with rates below 5% in some cases on intermediate ARM programs. These programs are great for athletes, entertainers, and executives. 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.

Our primary market for Luxury Home Loans is the tri-state Connecticut, New Jersey, and New York area. We will certainly lend in other areas including Massachusetts, Virginia, Maryland, and Pennsylvania as long as there are comparable properties to support the value for a property.

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 Luxury Home Loans. I have heard of loans for up to 7 Million Dollars closing on an exception basis as well as loan-to value exceptions. We want to make loans so if we put our best case forward, we can give it a shot.

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 our Luxury Home 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 externally for Luxury Home Loans if needed to get your deal done. If I can't find a way to get your loan done, I will give you my honest insight as to how and when/where you can get the financing you need. I pride myself on my networking within the industry in order to learn what can and cannot be done.

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

2010 Homebuyer Tax Credit 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"

VA Mortgage Frequently Asked Questions

Michael Byrne (Chase Home Loans) — Sat, 27 Feb 2010 12:04:08 -0600

These VA Mortgage Frequently Asked Questions hold true for buyers in New Jersey, New York, Pennsylvania, Connecticut, and Delaware as well. An experienced lender can help guide a veteran through the VA Mortgage Loan Process.

Veterans can purchase a home with 0% down through the VA Mortgage Program with the ability of closing cost assistance up to 4% of the sales price. If you have any other VA Mortgage Frequently Asked Questions, do not hesitate to contact me directly. It is always important to make sure you have been pre-approved specifically for VA Mortgage Financing if you wish to utilize your VA benefits prior to shopping for a home.

Via Tacoma's #1 Mortgage Expert - Kevin Tinsley :

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete a VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it's called Web LGY. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it's equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran's eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn't my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

Or,

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: In either case, although the veteran's debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran's eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don't own the property anymore. Can I still obtain a VA guaranteed home loan?

A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Winston-Salem Eligibility Center.

[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

A: No, the children of an eligible veteran are not eligible for the home loan benefit.

for more information on VA Mortgage & Home Loans call the VA Mortgage Experts at (253) 472-1500 Locally based in the Northwest serving homeowners since 1986 - Kevin Tinsley - All Tech Mortgage Inc. http://www.alltechmortgage.com

Kevin Tinsley
All Tech Mortgage.com

Tacoma's #1 Mortgage Expert - Since 1996
FHA | VA | Conventional Purchase & Refinance Home Loans
7403 Lakewood Dr W, STE 2
Lakewood, WA 98499

(253) 472-1500 Office
(800) 339-7059 Toll Free
(866) 421-1788 Fax
kevin@alltechmortgage.com
www.alltechmortgage.com

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Home Buying 101

Michael Byrne (Chase Home Loans) — Fri, 26 Feb 2010 13:40:02 -0600

Here are some great basic tips for First Time Homebuyers who are venturing into home ownership. I particularly agree that getting pre-approved is the first step to purchasing a home.

Via Margie Halem (Long & Foster, Real Estate Inc.):

Top things to know:

1. Don't buy if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

4. If you can't put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.

5. Buy in a district with good schools.

In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

7. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.

8. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

9. Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.

10. Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Source: http://money.cnn.com/magazines/moneymag/money101/lesson8/index5.htm

Michael Byrne

Mortgage Specialist

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New Listing: 2 Leverington Avenue, Unit PH16 Manayunk, PA

Michael Byrne (Chase Home Loans) — Thu, 25 Feb 2010 20:54:58 -0600

Here is a website I created for a recent listing of Laurie Mathias's from Nextre. The address is 2 Leverington Avenue, UNIT PH16, Philadelphia (Manayunk) PA 19127. Agents: If you would like to learn about having websites created for your listings, please feel free to contact me. Loan Officers: ask me about this program to offer to your marketing partners, or click on the Loan Officers: Do More Loans icon in my signature.

http://2leveringtonave.canbyours.com/

Be the envy of your friends owning your very own penthouse superbly situated in downtown Manayunk, within walking distance of Main St. where you can meet at one of the many fantastic restaurants or visit the wide variety of shops. Or stay home and sit out on the ceramic tiled patio and enjoy the incredible sunsets while relaxing after work or enjoy your morning coffee while planning your day. Take a walk on the canal tow path and be amused by the variety of wildlife. This home has been lovingly maintained and is in pristine condition. Freshly painted with hardwood floors on the main level. Upgraded lighting was done with careful consideration and at great expense to set the mood while enhancing the vaulted ceilings and open floor plan. Cooking is a breeze in the gourmet kitchen. The secured entrance to the elevator brings you to the buildings only enclosed floor to keep you out of the elements. Special features include a health club and deeded parking with plenty of access to more. TAX ABATEMENT-6 YRS. LEFT!

Features List

2 Bedrooms	2/1 Bath	Unit PH16
WalkIn Closet MBR	W/WCarpeting	HealthClub
Low Flr Laundry	Kit W/Nook Bar	GasCooking
Fee Includes: Ins	Fee Includes: Sewer	Fee Includes: Water
Fee Includes: Prking	Fee Includes: Snow	Fee Includes: Trash
Taxes Just $265/yr

Michael Byrne

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"A referral is the greatest compliment I can receive"

Private and Hard Rehab Money 101: What You Must Know About Rehab Financing for Investors

Michael Byrne (Chase Home Loans) — Thu, 25 Feb 2010 20:36:00 -0600

Here is a basic set of guidelines for Private and Hard Money Financing for investors as well as those looking for bridging financing. If you ever have questions about this type of financing please feel free to contact me directly.

Via TVM Funding Group: Nationwide Private Money Lender Commercial & Residential (TVM Funding Group LLC):

Private and Hard Rehab Money 101: What You Must Know About Rehab Financing for Investors

First, we need to clarify what investor rehabilitation really is. What we are talking about is financing for an investment property that needs rehabilitation (a rehab, a foreclosure, a handyman special, a renovation project, a fixer-upper, a condemned home, etc.). We will review how an investor client can purchase and rehab a property using various financing methods.

Why is it in your best interest to know this? First, you can make a lot of money investing in real estate but you must have the ability to finance your real estate investments. Most millionaires have either made their money investing in real estate or they have a substantial portion of their portfolio in real estate. Since residential real estate is the easiest and safest real estate vehicle to invest in, both real estate professionals and novice investors should have full knowledge of the topic. There are many real estate agents who are also successful investors, some of which become full time investors and part time agents once they discover the earning potential. Second, this information will help you when working with investors or would be investors. If you can help yourself and/or your clients finance more investment properties than you make more money.

Before we discuss the different ways to finance investment properties and the pros/cons of each method, we will need to review some of the factors to consider when investing in rehab properties. More often than not, there will be competition when making an offer. Often times, the sellers will be banks looking to sell off their portfolio of foreclosures in order to rid their balance sheets of non-performing assets. Sellers not only want the highest offer to maximize their profit, the seller wants to be certain the buyers financing is solid. We all know that a pre-approval letter isn’t always worth the paper it is written on. However, when the buyer knows their financing is solid they can be bold enough to make their earnest money deposit non-refundable. This alone shows the seller that you or your client you are a professional buyer and that your offer is real (this is the best pre-approval I know of). Often times, this is the difference in a competitive offer scenario.

Let’s now turn to the many ways to finance rehabs. This financing should include funds for acquisition of the property, renovation costs, and closing costs. Some of these methods will not surprise you but you will have clarity as to the best financing method upon conclusion.

CASH: Cash is king but only if you have it. It’s that simple. Cash helps on offers because you do not need a pre-approval letter, however, you should be prepared to provide proof of funds. The negative side of using cash is that you are tying up your personal assets until the property is sold or refinanced.

LINE of CREDIT: If you already own real estate with substantial equity than this is the next best thing to cash. Be prepared to show proof of your line of credit when requested by seller.

A PARTNER: You may have a partner who has cash - other people’s money (OPM) at it’s finest. The down side is that you have to split the profits and probably do most of the work. This has the potential of a marriage a 50/50 chance for divorce. In addition, you do not have the security of knowing the funds will be available since the funds are not yours. Partners often times will get cold feet prior to closing and back out of the loan.

BANK FINANCING: Yes, there are loans available from banks for purchase rehab money only. Usually, these are local banks and it’s always good to have a relationship with a local banker especially as you move on to bigger and better projects. In order to qualify for this type of financing, you must have a good credit history, a good debt-to income ratio, and good tax returns for two years. The downside is that they will require tons of paperwork, the process will be long and drawn out, and lastly you will have to come up with at least 20% of the purchase and 100% of the renovation costs plus all of the closing costs. Not bad if you have money lying around, you are patient, like paperwork, and don’t mind making monthly payments on a vacant house. Like any real estate financing, the lender will limit you to a loan to value (LTV) but in this case it will be calculated off of the after repaired value (ARV) (LTV’s are rehab loans are usually 70-80% of the ARV). The will usually have a six month term on this type of loan which would also be the case in the following types of loans as well. Six months is plenty of time to renovate and sell or refinance the loan.

HARD MONEY: You can borrow 100% of your purchase, renovation and closing costs. These are great loans because they are “NO MONEY DOWN” loans. One of the best ways to use OPM. The downsides are that these local deep pockets individuals who will loan you this money are expensive!!! Expect to pay no less than 10 points (a 10% fee added to the loan principal) and no less than 15% interest. Not bad if you consider that it is a cost of doing business and in most cases this is not a concern because you found a motivated seller and you will still have some great equity left in the property. As with Banks there will be an LTV usually 65-75% of the subject to value. The real downside to this type of loan is the monthly payments that will be required. These payments can be pretty steep especially when you consider that the property is vacant and no one is paying rent while you are renovating and marketing to sell or in the process of refinance. These lenders will give you between three to six month loan term. They charge high fees (typically an additional 5 points) for loan term extension. They are however more lenient than the local bank regarding paperwork and sometimes on the credit score minimum.

NOT SO HARD MONEY (ex: EDC): The number of lenders in the business of hard money lending has grown with the increased interest in real estate investing during the recent boom. During that time a handful of lenders of developed what I call Not So Hard Money loan programs. These lenders have developed loan programs that are much more investor friendly. They have taken the best features of bank loans and combined that with the best features of hard money loans. Additionally they provide additional services that make them far superior to these financing sources. They are as easy to work with as a hard money lender regarding paperwork and qualifications and have the more reasonable rates of a local bank. In additional to these benefits these lenders often provide consulting services as part of the loan program at no additional cost. These services provide a template for success. A new investor can get started without fear of failure and an experienced investor will have gain the knowledge needed to expand their business. EDC is a not so hard money lender I have used many times. Their website is www.equitydevelopmentpartners.com.

An investor myself I use my cash, my line of credit, and a not so hard money lenders. I will do partner deals but only if my cash and line of credit are tied up in deals and only if the deal does not work within a not so hard money lender’s LTV requirements. As far as using the bank I have found that you have to move fast and the banks are just too slow. The local banks can be a good source for a line of credit or a blanket line of credit once you established a portfolio and again have built up substantial equity. As far as traditional hard money lenders, I think it is a matter of time before their borrowers demand a not so hard money loan product instead.

EDC services several markets from the East Coast to the Midwest. You can view a map of our coverage areas and get to know your EDC Territory Director by clicking here.

To apply for a loan with EDC today, please complete our easy, online loan application.

Get Started Today and Create a Free Account

Currently: Texas Florida Alabama Missouri Kansas Kentucky South Carolina North Carolina Pennsylvania Maryland Virginia Coming Soon in 2009: Oklahoma Nebraska Colorado Mississippi Arkansas Iowa Tennessee

TVM Funding Group represents many private equity firms, lenders, and investors nationwide.

We welcome any commercial or residential loan scenario nationwide.

www.TVMFunding.com
Niche Private Money Commercial and Residential Lending
& Hard Money and Rehab Loans for Real Estate Investors

About the author: Mr. Michael E. Brown is a local Hampton Roads resident and has been an active real estate investor in Hampton Roads for nearly six years and working with real estate investors for ten years. He holds a bachelor’s degree in industrial engineering and has over ten year experience as a mortgage professional. He is currently the vice president of a national mortgage company heading their reverse mortgage dept. and has owned his own mortgage brokerage firm. Mr. Brown currently owns and operates a local real estate investment firm and has built a net worth of over one million dollars in less than five years using not so hard money. He is a member of the No Work Group (NWG), a private organization of real investors as well as a member of Tidewater Real Estate Investors Group (TRIG).

Michael Byrne

Mortgage Specialist

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IF YOU'RE A FIRST TIME BUYER & LOOKING FOR ADVICE .... READ THIS!

Michael Byrne (Chase Home Loans) — Thu, 25 Feb 2010 13:26:01 -0600

Some good advice here for NJ first time homebuyers, regarding buying a home. The takeaway is to not jump into buying a home just because of certain considerations, however, if you are ready now is a great time for NJ first time homebuyers.

Via Gene Mundt (Chicago Bancorp):

     Many times I am asked by young or first-time buyers what my #1 piece of advice for home buying is. They are surprised to hear my response to that question, because I say something that they probably don't hear from many lenders ...

     Don't Buy a Home!

     What?????? Blasphemy!



     Once I have their attention, I clarify my statement ...

     I tell them ... Don't Buy a Home ...

Just because a tax credit is presently being offered!

Just because a tax credit runs out soon!

The timing is not good for you to do so either monetarily, emotionally, or for any other reason

If you're not prepared to be a GOOD homeowner and perform the tasks needed for upkeep

If you're not prepared to make sacrifices

If you can't budget your money and live within your means

Just because you think prices are going to go up on homes soon

You do not understand the buying and lending process

You don't care to learn the buying and lending process.

You will not devote the time to learn the home buying process

Without proper professional representation, assistance, and guidance

Your eyes and desires are bigger than your present wallet

You have to deny yourself every other life's pleasure to buy a home





     Why do I say this? Because buying a home is work. It comes with responsibilities. It can cause stress. It costs money, time, effort.

     I also tell them that home payments are an obligation you are promising to make. Those obligations and responsiblities should not be taken lightly. You need to enter the world of home ownership with your eyes wide open, fully educated, and prepared.  To be otherwise for any other reason can mean financial disaster ...

     I tell them to pass on the current temptations to buy ... unless you have educated yourself thoroughly about the home buying process and the obligations and responsibilities that come with being a home owner.



     If ... after you have thoroughly educated and prepared yourself .... you still wish to proceed ... I urge you to then move foward and buy ...

    For if you are fully prepared and know what to expect of the experience ... you will enjoy the home buying journey and be glad that you made the effort.

     That's my advice.

     There is nothing better than owning your own home ... IF IT'S THE RIGHT TIME FOR YOU TO DO SO! Otherwise ... wait.


www.genemundt.com

gene@chicagobancorp.com

Michael Byrne

Mortgage Specialist

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"A referral is the greatest compliment I can receive"