FHA customers with ARMS or a rate higher than 6.25%  
There have been many exciting changes to the FHA program in the past year. If you are currently in an FHA ARM or a fixed rate at 6.25% or higher, contact me right away to see if your situation can be improved with a refinance. Rates and program guidelines are constantly changing and you don’t want to pass up the chance to lower your rate with no closing costs and/or convert your ARM into a fixed rate.  There are many advantages I can offer you when we work together on the FHA streamline refinance process. 

1. It’s fast and easy and can have low or even no closing costs… I’ll run all scenarios so you may determine what makes the most sense for your situation.  Even a .25% drop can save you almost $15,000 over the life of the loan.
2. You can borrow up to 97% of the value of your home.  This may be possible without an appraisal.  This can be essential to getting you a loan if you are in a tough real estate market where values have declined.
3. Credit scores can be as low as 500 (this will change as several lenders are requiring at least a 550 score) and with streamlines we won’t need a credit report.  We will require a clean 12 month mortgage history.
4. I can help you with your FHA streamline refinance no matter what U.S. state your property is in. <Rules vary slightly from state to state>

FHA programs are perfect for credit challenged purchasers, people currently in a Ch. 13 bankruptcy and anyone needing cash out up to limits of 95%. Higher loan limits are coming very very soon so please consult me so I can get you the most up to date advice.  Again this could be a lifesaver when you have a high rate adjustable mortgage that you wish to close.  Refinance out of that to one fixed rate lower payment government insured loan.---Brent Mendelson, fha mortgage lender
fha interest rates Virginia

En este mercado desafiante, usted puede sentir que sus opciones son limitadas por que las casas no están subiendo de valor y obtener crédito no es fácil a menos que usted tenga una puntuación alta de crédito.  Sin embargo; aquellos de ustedes que tienen una hipoteca de FHA, tienen bastantes opciones a disposición.

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• - No se requiere una evaluación de la casa.
• - El prestamista solo comprueba su historial de pago hipotecario, el prestamista NO comprueba su informe de solvencia.
• - El prestamista NO requiere comprobación de ingresos.
• - El prestamista NO requiere que usted tenga bienes.
• - El prestamista PAGA los costos de cierre.
• - El monto del préstamo NO aumentará, su saldo de su préstamo principal permanecerá igual.
• - A usted SE LE EXIGIRÁ que traiga su próximo pago de hipoteca mensual al cierre
• - El prestamista NO requiere declaraciones de impuestos o formularios W-2
• - El prestamista NO requiere copias de su pago salarial

 El FHA Simplificado

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Alex Echeandia, Agente que habla español

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Mortgage solutions.. getting a loan in today’s tighter credit market
The idea, virtually an industry maxim not so very long ago, that there is a mortgage for every homebuyer’s circumstance or situation is now just a fond memory.  The reality in the current environment is that some would-be borrowers will be out of luck and for those for whom mortgages are available, the standards are now much tougher.  Understand, there is a still a mortgage solution for most circumstances and situations, but in many cases, fitting within the new boundaries being set by lenders will require more cash, higher incomes and better credit scores than in the recent past.   To give you an idea about where we are in the aftermath of a host of changes in mortgage metrics, here are some blog posts of typical situations and what can be expected in today’s market.

Who gets the increase? Much of California, which has some of the highest cost housing in America should now benefit from limits that are expected to be raised to the new max of $729,750.  Other projected increases are in the Washington, DC area—$600,487; NYC & Northern NJ—$595,125; Boston— $518,375; Seattle— $493,375; and Miami-West Palm Beach —$433,500.  Lenders were poised to implement the new special conforming limits once Fannie Mae and Freddie Mac gives the okay. These increases are presently scheduled to expire on December 31.

Q. I need to raise some cash.  What are my options?

FHA will allow cash-out refis to 95% LTV.  Lenders are scrutinizing cash-outs more closely, requiring that the transaction makes sense, either by getting down your overall debt or using the money for home improvements.  Since last August, rates on both fixed rate seconds and equity lines, have skyrocketed.   Equity lines now typically require a minimum 680 credit score, while fixed 2nd trusts will go as low as 660.

Q. Our credit is not the best, but we’d like to take advantage of this buyer’s market.  Are there any mortgage options left for us?

A. If you fall within what is called “subprime” territory (a FICO score below 620), your options will be limited.  Your best choice is FHA, which does not solely use credit scores.  They’ll want proof that credit problems won’t reappear. You’ll have to write a detailed letter of explanation to show the cause of your credit issues and how these issues will be avoided in the future.   If your credit score is above 620, but below 680, you may be able to work for a better option.   Ask one of our mortgage specialists if he or she can recommend some things to improve it.  Scores below 680 are going to cost you money because Fannie Mae and Freddie Mac are moving to risk-based pricing.  For example, a 660 credit score will require an additional 3/4 of a loan discount point, which roughly translates to a 3/8% higher rate.  A 625 score will require an extra 1.75 points, which raises your rate by 3/4%.