CONDO'S THAT DO NOT MEET NORMAL GUIDELINES.
Example's: DELINQUENT HOA'S, OCCUPANCY RATIO'S, NEWLY CONSTRUCTED, NON WARRANTABLE, ECT, ECT.
MIN DOWN PAYMENT REQUIRED 20%
Does this mean non warrantable condo's as well? YES!!!!
Thank you,
Please let me know if you have any questions.
![image001[1]](cid:image001.jpg@01CA57FC.1C6E5B90)
CAMILO MORENO
Mortgage Professional
Purchase Money Specialist
Great western Bancorp Inc.
6033 W. Century Blvd # 700
Los Angeles CA 90045
310 216 1700 ext 116
310 216 1750 Fax
www.gwbmortgage.com
Sooner or Later the First Time Home Buyer Tax Credit Will Die
The two most important "unknowns" facing the mortgage industry are these: what will happen to interest rates when the Federal Reserve stops buying GSE MBS and will the expiration of the $8,000 first time home buyer tax credit hammer the real estate business?
Currently — as most mortgage bankers can attest — profit margins are the best they've been in years and plenty of "newbie" home buyers are dipping their toes in the water, believing now is the time to pounce because bargains abound and rates may never be this low again. (I've heard those last two arguments many a time in my 20-plus years in the business.)
It's no secret that both Realtors and mortgage bankers have been heavily marketing the FTHB, warning that time is running out on this $8,000 federal giveaway. At press time it was still unclear whether the White House and Congress would, in fact, extend the credit beyond the November 30 sunset date.
Budget hawks and selected fiscal conservatives alike believe that this "benny" needs to die now before it gets even more expensive than the $15 billion it has already cost.
By now you've heard the arguments from the various trade groups: thousands of consumers have used the FTHB and without it they wouldn't have bought. Maybe so. But eventually this tax give away needs to end.
The problem with holding a "sale" for too long (and let's face it the FTHB is indeed a sale the only different being that Uncle Sam is paying for it and not Macy's) is that after a time it becomes "institutional." Consumers expect it. They consider a birth right.
And maybe Uncle Sam should allow the FTHB to expire as planned at the end of next month. The Mortgage Bankers Association wants it extended for seven more months. The home builders want it for another full year. And both think the credit should be made available to all buyers not just newbies.
This is what will happen if the FTHB dies on schedule: home buyer traffic will decrease, applications will fall and lenders and Realtors alike will cry foul. But if the economy is truly improving perhaps the foot traffic will only slow for a few weeks before reviving.
There are two components to home affordability: rates and home prices. If rates stay low (which they will through February) then for volumes to keep pace sellers might have to drop their prices further. The lower the price, the lower the monthly mortgage payment. Such a scenario speaks to affordability.
Sooner or later, the housing and mortgage industries will have to swim without a life preserver. Now may be the time, as painful as it may be.
—By Paul Muolo
![image001[1]](cid:image001.jpg@01CA5635.8FA4AD30)
CAMILO MORENO
Mortgage Professional
Purchase Money Specialist
Great western Bancorp Inc.
6033 W. Century Blvd # 700
Los Angeles CA 90045
310 216 1700 ext 116
310 216 1750 Fax
www.gwbmortgage.com
- Tip of the Day ~ Non Permitted Additions:
Question : Will we consider loans with non-permitted additions?
Answer : Yes, regarding FNMA ability to purchase loans with non-permitted additions to
properties. And all our investors should and probably will purchase them too.
But there is a catch; the additions cannot have any electrical or pluming done to them,
and cannot add value to the property.
If the above requirements are met; then yes we can do them with our investors too.
![image001[1]](cid:image003.jpg@01CA4DB1.CFCA9230)
CAMILO MORENO
Mortgage Professional
Purchase Money Specialist
Great western Bancorp Inc.
6033 W. Century Blvd # 700
Los Angeles CA 90045
310 216 1700 ext 116
310 216 1750 Fax
www.gwbmortgage.com
VERIFICATION OF EMPLOYMENT ONLY
NOW UP TO $729,750
Ø Owner Occupied Only
Ø SFR, Condos, 2 - 4 Units
Ø Rates - 5.125% to 5.75% with .5+ cost
Ø NO 4506 REQUIRED
Ø Must have verifiable employment (no company owners & no family businesses, no commissioned salespeople)
Ø 20 % Minimum Down payment required depending on Fico score.
Ø 620 Minimum Fico
Ø Gift funds allowed
Ø CA Only
Ø No more than 10 properties total - no rental income can be used
CONDO
EXCEPTION PROGRAM
FOR CONDOS THAT DON'T MEET NORMAL QUALIFICATIONS!
Ø NO Litigation Issues
Ø DELINQUENT HOAs, OCCUPANCY RATIOs, etc - OK
Ø Case by case – most condo related issues OK
Ø CA Only
Ø Min Loan $100,000 – owner occ / $150,000 non-owner
Ø Owner Occupied & Non Owner Occupied
Ø Low Rise & High Rise Buildings
Ø Rates - 5.5% to 5.875% with 1+ cost
NO HVCC – broker can use own appraisal
| 620+ | 80% | $729,750 | Owner | R/T, PURCHASE |
| 620+ | 75% | $417,000 | Owner | CASH OUT |
| 660+ | 75% | $729,750 | NON - Owner | R/T, PURCHASE |
| 700 | 60% | $417,000 | NON - Owner | CASH OUT |
558800 FFiiccoo FFuullll DDoocc!!
20% Minimum Down Payment
Conforming Loan Amounts to $417,000
Full Doc
30 Year Fixed
Purchase, Rate & Term Refi
Refi Cash out – MAX 75% LTV
Rates as low as 5.875% with a 1 point cost
SFR, Condos, Townhomes
Owner Occupied Only
First Time Home Buyers OK!
90% Full Doc Conforming Loan
We have the MI company that STILL insures to 90%!
Conforming Loan Amounts to $417,000
Full Doc
30 Year Fixed
700 min Fico – (anything over 80% LTV)
Purchase and Rate & Term only
SFR, Condos, Townhomes
Owner Occupied Only
First Time Home Buyers OK!
JUMBO LOANS UP TO $925,000
25%Down to $925,000
Full Doc
Minimum Fico 660 to 680 (case by case)
Interest Only Payment Option
No Minimum Reserve Requirement
Up to 10 Financed Properties
SFR, PUDS, Condos, 2 units
OWNER OCCUPIED ONLY
Purchase, Rate & Term, and Cash Out
CA only
STATED PROGRAM for W-2 Borrowers
PURCHASE - SIVA (down payment, must be verified)
REFI – SISA – Cash out – Rate and Term
Owner Occ, 2nd Home, Non-Owner
SFR, Condos, 2 - 4 Units
Loan amounts to $625,000 on 1 unit (old conforming limits, county based)
Rates as low as 5.875% with 1 point cost
Must have verifiable employment (no company owners, or 1099s)
Must provide recent paystub and 2008 W-2 for job
verification purposes only & signed 4506-T
Income on paystub/W-2 must be reasonable to income on
1003 (20% to 35% variance allowed)
700+ fico = 20% Down (5% reduction for non-owner)
680+ fico = 25% min
620+ fico = 35% min (same LTV reduction applies)
No more than 4 properties total
Underwriting 6 business days
Min Loan $100,000 – Owner Occ / $200,000 Non-Owner Occ
![image001[1]](cid:image001.jpg@01CA4B41.8AA86690)
CAMILO MORENO
Mortgage Professional
Purchase Money Specialist
Great western Bancorp Inc.
6033 W. Century Blvd # 700
Los Angeles CA 90045
310 216 1700 ext 116
310 216 1750 Fax
www.gwbmortgage.com
