
May
16
2012
Dr. Brooks I would be very happy to help you and your family on the upcoming home purchase. Please let me know the best way to contact you and we can get started. My contact information is below.
I also enclosed a link to a site where customers leave reviews of my past work so you can get a sense of how most of the loans go from start to finish. Any questions please let me know and thanks for reaching out. http://reviewbrentmendelson.blogspot.com/
Sincerely,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
May
7
2012
,
I would be happy to help you out with rates and closing costs. The transfer taxes are based on the purchase price and the rates are based on loan amount, credit, type of condo,
May
4
2012
Skip,
Curious does TD bank not sell to Fannie and Freddie? You portfolio all your loans? What you are saying is that you offer the same rate on a rate and term conforming loan and the same on an investment property condo, cash out? Conventional loans of course not FHA/VA unless you have found a way around the goverment rules. Curious how TD would offer a product that as far as I can tell, no other lender in America has. Again unless it’s all portfolio money. Let me know if I was reading your email as it’s intended.
Thanks,
Brent
May
2
2012
You will get the lowest rate and the least hassle from a cash out refinance of your primary home. Selling it though in about a year you may not wish to do this. If it’s listed already that is a problem just so you know about that. Refinancing and pulling cash out may make your second lender unhappy also. Let me be clear, they may not allow you to do this and they have the power to stop you.
The other homes are possible to do but the loan banks like least is a cash out on an investment property. You’ll get less cash and have a higher rate. I hope this was helpful to you and please feel free to contact me at the below numbers to explore the best option for you in greater depth.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
Apr
27
2012
Great question. Here’s how I help determine if a refinance makes sense. There are three steps.
1. What will it cost?
2. What will I save?
3. How long will I be in the home?
Divide the cost by the savings. So as an example I am refinancing a condo right now. The closing costs are about $2,710. The savings is $225 a month. It will take them 12 months to hit the breakeven point. So if they are going to stay in the home for more than a year it makes sense. If not then it doesn’t. You can look at that as an option or perhaps a no closing cost option. A good loan officer will review your entire application and make some suggestions and then you can decide. Hope this was helpful and if you would like to take the next step please contact me at the below information. I am licensed in all 50 states.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50
Apr
26
2012
Please let me know the county and state where you would like to purchase and I’ll try and find someone to help you.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
Apr
23
2012
Yes as Skip said we need to know the county and state where you wish to purchase the property. if you have a lender and a title company they should give you a prelim HUD-1 with the tax numbers and settlement costs. Hope this is helpful let us know if you need more info.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
Apr
23
2012
Let us know what state and it does have to be a 1-4 unit residential property with no retail or any type of commercial space in the building. Let us know that and we can give you some answers.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
Apr
19
2012
That’s tough because as you know banks don’t love that type of income. I would speak to your current lender and see what they can do. Don’t give out all your information away at once, call them and tell them what you want to do about removing your ex and see what they say the process is. I would also while they are talking to you if the loan is owned by Fannie or Freddie. Hope this helps at least get you started.
Thanks,
Brent Mendelson
1st Mariner Mortgage
nmls#111407
Apr
19
2012
Let me know where you would like to live and I can provide some grants and programs in your area.
Thanks,
Brent Mendelson
1st Mariner Mortgage
nmls#111407
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Hello Im interested in obtaining a loan. I am looking to for a home for my father in law, myself and kids. Can you please let me know if you can assist with pre-approval? Thanks
Are you lending to indiviuduals who only have a TaxID?
We would like to re-fi our double wide, which sits on 2.267ac., (not rented) a permanent foundation, with a connected sun room and connected two car garage with upstairs room. This mobile has a deed, not a vin. We have excellent credit and are just looking to lower our payments.
Owe 164k, value 150k, home located in IL. Looking for 4.0% or better. Low closing cost, no points. fisco above 700, no late payments. Loan owned by freddie mac, lown has pmi closing within 30 days. Contact Tony,
what are the seller closing fees in DE on rental property selling for $530,000 and transferring $20,000 income and $16,000 in special assessments($36,000) and paying 4% commission to realtor.
We have 4 homes. Our home which is worth @525000 and we have a 1st 232,000 and an equity of 36,000. The 2nd home is worth 235000 and has no mortgage it is rented until Jan 2013 at 1700/mnth. We have two more homes that are worth 700,000 and 100,000 the 700,000 home has a 136,000 mortgage that has 7 years and the other has no loans. The rentals on these are roughly 60,000/yr. We plan to sell home #1 and move into home #2 in 2013. We have a great investment opportunity that requires @ $200,000 in cash and we are looking for idea's of how restructure our debt to free up the cash. We have great credit and work income.
we own the land, we do not show income for last year , but do have check stubs for this year. we need $50,000 for the new manufactured home. can you help us?
I am considering refinancing my condo. It has been exactly one year since I purchased the property and rates are least a point and half lower than my current rate. Is it wise to refi so soon?
Does anyone have a program for self employed people who can verify the business income with bank statements? Also, willing to put 1/3 of price down? Excellent credit history and scores above 750 for both of us. We are looking to buy 45 acres and build later. thank you
what is mortgage tax on purchase of 270k with 20% down
I am currently in the prosecc of relocating to Indianapolis, Indiana. I have agreed to purchase my Son's home for him, he has been having a hard time making the payments and has agreed to sell it to me for the amount owed on the property. The property is located at 7745 Inverness Drive Indianapolis, IN 46237. His first mortgage balance is $60,000 and his 2nd mortgage balance is just below $15,000. Can this be rolled into the loan? And can you help me get it financed and closed with little to no out of pocket expenses? Pamela J. Harsin 615-545-3402
Is there any lenders doing fixed rate 15 to 20 year loans on an investment propery? I own a rental that is free and clear that I would like to take a loan out on but my local lenders are only doing 3-5 year ballon loans.
How do I get my Ex-Husband off the Mortgage..... he is not on the Deed and not on the Title. * I am having a hard time trying to refinace as 1/2 of my income is residental rental income....I have 3 roommates. Banks don\\\'t like that income even though it is on my tax returns,I have w9s, lease,escrow accounts etc......my room rental business is listed with the State. Thank You in advance. ! Jodie
Im trying to find out a little info on the my community mortgage program
Hi Brent, I have seen your posts a number of times in my research. My fiancee lives in MD and was talked into a CDA loan a number of years ago. At this point the house may be 100k underwater so we have no hope of refinance that I know of. I own a home and work in VA. We thought we could just rent her house in MD but no such luck due to the restrictive loan program. I noticed you had a few ideas for other people in similar situations. I look forward to any help you can provide. Best, Evan Lyons
MY HUSBAND HAS A MIDDLE SCORE OF 580 WE ARE LOOKING TO GETA LOAN WITH THAT CREDIT SCORE IS THIS POSIBLE HERE IN MARYALND. WE HAVE TRY MANY PEOPLE AND EVERYONE SAIDS WE NEED AT LEAST A 620 THANK PLEASE LET ME NOW
Do the state of virginia have a first home buyer program if so what is the phone number
Hello. I was recently reading your blog, looking for some information on CDA type loans, refinancing when underwater etc. I'm wondering if you have any information that could help someone in my situation... I bought my home in Baltimore City MD in 11/2007. It is my first home and was purchased through CDA. My loan rate is 7% and is fixed through that program. I wasn't expecting to stay in my home for more than a few years so the rate did not matter to me at the time. Then everything happened with the housing market and I'm not going to be able to sell my home any time soon. I'm looking to improve my situation...a lower rate, a possible adjustment of principal if that's possible. Primarily, I just want a lower rate. A move from 7% to something close to the current market rate should save me a couple hundred a month. I'm sort of stuck, as far as I can tell. My loan amount is almost 120k and I think my house is probably worth somewhere around 80k or even less...it's hard to tell as nothing is selling in my area except the occasional foreclosed home. The federal programs I've seen can not help me as I'm not Fannie or Freddie backed. I have excellent credit and employment history. I'm not behind on my mortgage. I bought a modest home that I could afford, but things have gotten a little tighter over the years with additional expenses. I just want to know if there's anything out there for someone in my situation to help with principal adjustment or refi. Thanks for any help you can provide! Mike
I am thinking of moving to Delaware . Is there any discounts for seniors( 65) or Veterans for transfer taxes and or fees? thank you, Dennis
i want to apply for a home loan but dont know where to start. me and my fiance are interested in buying our first house. if you could give me some info i would greatly appreciate it.
Hello, I was wondering if you do home construction loans. If not, can you refer me to a company? Thanks Troy Heard
I had a 583 FICO in January(580, 583 and 647). I've had some items removed, and some contested since then. I'm interested in getting a home loan. Is this possible at all currently?
Hello I just received my approval through the HPAP program. I am now in need of a lender who is willing to work with me through this process. Are there particular lenders who work more exclusivly with this program.
I would like to apply for a loan so that i may buy a new home
This is the answer to the question I asked about construction to permanent loan. The land in located in Richmond, Virginia in the Varina area which is in Henrico County.
I’m EU citizen and I leave in London. I only got a temporary job, but I want to buy a house, which I’ll be renting and paying off the mortgage. Is it possible to get mortgage from somewhere, if i only put down 10% deposit? My bank wasn’t really helpful, they said I need a permanent job and I can’t get a mortgage otherwise. Please help Kind Regards Anna
Is it possible to get a mortgage and buy a home without a down payment. It would be my first home. I dont have perfect credit. The thing is, is i dont even know where to start. I have epilepsy and have a large (untrained) dog that i use for a service dog. Im sick of the whole trailer park and apartment scene and its harder than heck to find somewhere to live that will let me have a large dog. Somehow she knows that im going to have a seizure before i do. Now that im driving again it is vital that i have her. She is a necessity not a luxury. Im desperate to own my own home. Ive heard that there are grants out there for people like me. However i have no knowledge on how to access the paperwork to apply for these. Do you have any info on that? Yours tips would be greatly appreciated.
Hi I was wondering if there is any loan out for a construction to permanent mortgage. We have 1 and 1/2 arce of land and we really want to build. The land is free and clear. Not sure of the credit scores but they are not in the 700's. I also wanted to know if there FHA loans for construction as well Thanks.
just wondering if i would qualify for a home loan. is there a online application i could fill out?
I live in Mitchell, SD. I currently have owned my home for about a year and a half. I recently have been looking elsewhere career wise, and if I find a job soon I would be moving. Would it be smarter to sell my house or rent-out? Would it hurt my credit to sell already? How much would I owe the bank if I sold already? Any information on the matter would be great
I am in the military and am stationed at Fort Stewart, GA. I am being moved back to Mississippi in the summer. I own a home in Richmond Hill, GA that is under contract to be sold to a buyer with a contingency that he sells his home, (which has been a rental property for the last 7 months. His bank says that he will be approved for a my home regardless of a sell in 5 more months. 12 month rental is their policy) Now I have found a great deal on a home in Mississippi. (buying price is 234,000 with a current appraisal of 360,000. It has a seperate guest house that has been rented out for the past 2 years at 650/monthly. But I am having trouble getting a loan for it becasue I have not closed on mine in Georgia yet. I do not want to miss out on this house. Please give some advice to qualify for this home. My credit score is 780.
My credit score is pretty good-high 700\\\\\\\'s. My husbands is mid 600\\\\\\\'s. We have been working on improving his score, i added him to some of my good credit cards, he is paying off medical debt and last week he got a $1000 loan from the bank to show payment history for a personal loan. He does have a released tax lein from a few years ago on his report as well as some late payments. We plan to sell our current home in the next few months which i have financed on my own and want to buy a new home later this year jointly so we can use both our income on the loan. Chase informed me i can add him to the current home loan, if he gets approved. Should we send in an application for him to be added to the current loan if we plan on selling this home in the next few months? Would the benefits of adding him right before we sell be greater than the hit his score will take just by being ran for a mortgage and then ran again for a mortgage later this year when we buy a new home?
We live in Maryland and have a Fixed rate 20 year Mortgage at 5%. We would consider refinancing at a lower rate if very low closing costs are available. We have a sterling credit rating and thus are low risk. Do you have any offerings with low closing costs?
Can I refinance a CDA loan. Been in the house for 3 plus years, have a 6.2 interest rate and would like to refinance. I'm a school teacher and it would be nice to have a lower mortgage payment. The house is underwater by 50,000, have never missed a mortgage payment and plan on keeping the house.
Can you please tell me if there are still interest only mortgage loans? What are the interest rates for a 10/1 Arm? My husband and I are downsizing and am purchasing a short sale for $340K in Manassas. We would be looking for a loan in the amount of $272K. Thanks for your assistance!
Hi: This question is for Stuart Hall of BB&H. I would like to re-finance an AHMSI ARM underwater mortgage to a fixed rate HARP mortgage on a property I own and currently rent in South Riding VA.
Hi I would like to re-finance an AHMSI ARM underwater mortgage to a fixed rate HARP mortgage on a property I own and currently rent in South Riding VA.
Hi, We are considering purchasing a foreclosure in annapolis MD. Purchase price $630k. We are above the conforming rate of $560 and still require money to renovate. Do you have options that include renovation? We have excellent credit. We are looking to put 10% down. thanks, Melissa Wittke
I live in VA and in the process of refinancing my current mortgage. Nothing on the loan will change as far as owners or co-signers. My GFE states in Block #8 that I am required to pay a transfer tax. The company I'm going through said I may or may not have to pay it, that it was up to the state I live in. Do you know if VA requires this tax for a refinance? Thank you.
I am an international student with F-1 visa and have good credit history. I am living in US for the past five years. Can you offer mortgage?
Hello, we will be in the market to refinance but we need to finish the construction on our property now. We had a fire back in 2010 and we were underinsuraned. We are not behind on our payment but we have ran out of money to complete the contruction. We are about $55,000 short of completing the project. The least we would need is $45,000. I can send you copies of some of the receipts that we have already purchased. Keith and Lorraine Ross
I have 1st mortgage $73500 (fixed 5.5) and home equity line credit of $25,000 (variable interest). Considering refinance. Looking at lower interest rate. I have 10 yrs on lst and 9 years on equity (with option). How do I benefit from combining both?
Hello, when going to a settlement, the buyer usally pays for the title search, etc. The title co is saying the seller, I live in MD.
I'm looking to buy. Do you give downpayment help? I have good credit but little saved
Looking to refinance out of a hard money loan and place permanent financing on a two unit investment property in 20001 zip. Gross is a fully documented $14k per month and I have fair credit. I'm looking for LTV of at least 60%. No second mortgage on this property. Hard money loan term expires in July.
I have a customer who wants to purchase 6 unit investment property in Atlanta, Ga. Is there an FHA loan that only requires 15% down payment that we can apply for? All 6 units are fully occupied. Building is approx. 6 years old. Purchase price $330,000. Fico score 770.
hello, just filled out online info, have home valued through appraisal at 38,000 would like to leave the table with at least 30,000 for home improvements and small debt reduction. The home is free and clear and all other bills are less than 400/month. I would like to fast track this loan. what are the options
Curent loan with Chase(held by Fanie mae), 220K -Ist 21K IInd, 240K(appraisal) 6.25 %,Escrow waived, loan self serviced by chase , 760+, 72k ( per year). Refinance offer by CHase 4.25 with 1/2 point + 2.8k closing cost under HARP, IInd loan Heloc to be subortinated only after reducing limit to 10k. Should I accept it in current market when rates are falling. Can any one help with it for better rates or should accept it as the best.
We have an investment condo on Brickell in Miami. Bought in 2006, 20% down on a 40 year old interest only loan through BoA Fanny Mae at a 6% interest rate. The purchase price was 285000, current values are under 200000. Our tenant pays 1400 which covers the mortgage but not the $323 HOA monthly fee. We would like to refinance but BoA and Quickens wont do it as they say that Fanny Mae has a blockade on condo refinance. What can we do in order to get a shorter loan at a much lower interest rate? Are there any other lenders that would be interested?
We are considering building a house and are interested in the construction to permanent loan option. Are there any lenders that don't require at least 20% down payment for these loans? Our income and credit scores are both very good, but it would take us a while to save up 20% for a down payment. We're hoping to find a lender that only requires a 5% down payment. Thanks for your time!
I have a $665,000 mortgage, would like to refinance. I live in Randolph county NC, have a 780 credit score, but my dti is 47%. Are there any FHA loans that I would qualify for?
I'm interested in purchasing a property for the land to build a off-campus student housing mix use building. Can the land be used as collateral or is there another way to approach the financing.
Hi, I am buying a new construction home in Maryland, builder had agreed to give certain amount to closing cost. Now I am in final stage of settling and looking at the HUD statement I see they have included the State Transfer taxes that seller pays for the First time home buyers in the credit towards closing that we had agreed upon, is that right? After some research I learned the seller pays the state transfer taxes for first time home buyers in maryland, so can the builder claim this money towards the credit they had promised? Please help me , asap !!!
I refinanced with Choice Finance (Craig Coleman) many years back and I am looking at refinancing again. I have a $345,000 outstanding balance (home original price is $459,900 in 2006) at 5.75% and am thinking of a 15 or 20-year loan with 0 points. I have an 800+ credit rating. What is the current mortgage rate in HarfordCounty? Can get an estimate of closing costs?
We are a church planning to purchase land and build our church in Silver Spring. Please let us know the requirements to get qualified for e construction to permanent loan of close a a million dollars. My name is Seme Ndzana, member of the church building committee. My email is seme@africanindependent.com
Hello! My hubby and I are looking to build our dream home in Harford County MD. We have great credit and a great income. We just haven\'t saved money for a down payment. We have our VA certificate and were really hoping to find a bank that would allow us a no down payment construction loan. I know it is a long shot but if this isn\'t possible maybe some other ideas to minimize the out of pocket expenses???
If I want to refinance a property, what criteria can be used to determine or verify that it is my primary residence. Also, any advise on selecting which lenders to talk to? Historically, I\'ve stuck with the bank that I initially had the loan with (assuming it would be less hassle) and am feeling like it\'s time to look elsewhere, but no idea where to start? Don\'t want to talk to too many lenders if I can help it, but wondering if I might find better terms and a better fit by going elsewhere. Oh, my whole goal is to lower monthly costs. thanks!
I am trying to get a preapproval letter to purchase a home with a va loan. I have cleaned up my credit but my score is still low. 592. Is there anyone who will work with this?
Hi, I live and work in South Africa, I am looking to buy a second house in Atlanta Georgia area, I have a 20% down payment readily available. I will be repaying the loan with money earned in South Africa. I have a B1/B2 visa still valid to 2018. The loan amount is 200000 use. Please advise if you can help Regards Paul Kloppers
We are thinking about locking tomorrow so quick question. Is it better to keep money in bank accounts or throw it all at credit card? My husband has a high balance on his, Like 9200 with a 9500 limit. Its costing us a point with the chip loan we are using. I could throw like 500 now and next wk on it But would that help his credit enough to make a difference? My score is 722 his is 710. We are scheduled to close in late feb. also, the theory of buying down the rate...that something to consider if we are only staying in the house for less than 5 yrs?
Do any of you can work with me on HARP Loan, LTV 95%, 770, MD zip 21204. Please let me know soon
I live in charles county and im refinancing after buying almost 2 years ago. My bank is telling me i may have to pay a transfer tax of ~$3100. Is this correct?
What is your best rate on a no points/no fees 3/1 or 5/1 ARM? Property location: Cecil County, MD Credit score: 740+ Down payment: 30%+ Loan amount: $250k
Hi, I currently have a Fixed Rate FHA mortgage. Should my condo complex still be FHA approved if I am only interested in an FHA streamline option? Thanks!
Seeking no cost, under $250K, primary residence, value about $580K
I have some questions about refinancing my VA loan to lower my monthly payment.
HELLO MY NAME IS EBONEE BAKER AND I WAS TRYING TO BUY A HOUSE I WANTED TO SPEAK WITH A LOAN OFFICER BECAUSE I HAVE A FEW QUESTIONS REGARDING GETTING FINANCED THROUGH CDA CAN SOMEONE GET BACK WITH ME I CAN BE REACHED AT 410-497-2903 THANKS
I would like to refinance both my 1st and 2nd mortgage totaling 433,000. I am Carroll County MD so could I go conventional since it is below the Jumbo threshold. Median Credit Score 655, about a 96.5% ltv, would like to finance 30 years to lower payments and apply monthly saving to paying off high interest cards. What options exist? Would PMI have to be paid. I really don\'t have a ton of cash to bring to closing
purchased home in city of fairfax may 2010 with va loan....225,000 5%(SHORT SALE). In Sept 2011 I refianced with VA for 265,000 at 4.5% taking some money out (appraisel was at 365,000). I am looking into VA Interest rate reduction loan. Any info would be appreciated. I have the funding fee waived and am interested in the 6000 energy improvements.
Your website says there is no closing cost to refinance in Washington DC. Is this correct. I\'d like to refinance my property recently appraised at 658k(11/2011) outstanding mortgage $546k(1st $371K + 2nd $175K) what would the rate be and what would the cost be. Thanks.
Do you do loans to non US citizens, I would like to purchase USA property, would like to borrow up to 70% of purchase price. Ideally like to borrow 100000-250000. I am from Sydney, Australia.
My husband and I are planning to buy our first home. We will be using his credit and income. There are nine collection accounts on his credit report that we are going to pay off in the next couple of days. That will leave 2 collections that will remain on his credit report until we pay them in a few months. I tried to get a pay for delete with the collection agencies but they said no. These accounts will be paid in full. Will this better our chance to get approved for a loan? He makes a decent income. We have a car loan and 2 credit cards. We got a small personal loan from our bank to pay for the debts. Any advice will be appreciated.
I like to do 15 yr fixed ..currently I have 30 yrs...My home mortgage is $185,000 with home value of $275000. I am located in Lathrop California 95330. I am looking for best interest rates with zero fee refinance.
Hello. I am in the process of trying to buy a house in DE. I already found a house, and am under contract. The agreed sale price is $115,000. The previous mortgage company I was dealing with screwed me, after I already put money up for inspections and attorneys. My closing date is scheduled for 12/15. I have a credit score in the 635-645 range, which I was told is more then enough for a FHA loan. Can Choice Finance help me with my situation, and would we be able to meet my closing date. I already changed closing dates once.
My husband and I are looking to relocate to Delaware in late January to early February; We are currently living in Ohio. We would love to purchase a home rather than rent when we do move. We would be only putting the home in my husband's name due to my bad credit history. Now, his credit isn't where is should be either and that is where my main question lies. As of right now his highest credit score is 570. I have read that we would need at least a 640 to purchase a home. Can a loan officer help show us what we can do to help raise his score to get it where it needs to be or do we need to go to a credit agency? Also, are there loans that we can get with is low credit score? Any help on this would be great. Thanks
I am looking for someone that will loan to someone with not so good credit. I am looking for about 85,000. I am a veteran. Let me know if you can help. Thanks
good evening how much will be the monthly payment for a $360000 house today with a hoa of $110 for FHA fixed 30yrs here in virginia?
I have a VA 4.74% VA loan with a bal. of 186,400. In Feb. 2010 I filed Ch 7 BK and was discharged in July 2010. My credit score is about 625 and my house is underwater at $159,000 value according to the agent who sold these properties. Since I went BK, Citimortgage is not not reporting my payments and basically wrote off the loan. My attorney failed to get the reaffirmation form and that's why my credit report shows 0 bal. due and 0 payments since Feb. 2010. Should I refi and if so can I avoid increasing my bal. other than by adding the VA funding fee which I know I have to pay?
We are interested in doing a Streamline Re-finance of our FHA loan that is currently with another lender. We do not want to obtain cash back, just to see about lowering our current monthly payments. Our current rate is 7.25% with a balance of $164.042.000. We have had this loan with this lender since11/2007 and our history shows no late payments. This is a fixed interest rate loan and we would want to stay with a fixed rate.
My property was appraised at 700,000, I need to refinance my loan of 502,000. The property is located in Montgomery County, MD, single family house built in Dec 2009. What is the best 30 year fixed refi rate I can get with no points?
Do you offer a 0 closing cost Home Equity Line of Credit with no annual fee?
I own and rent out a condo in DC, which I am looking to refinance. I have only found one lender which advertises even the possibility of refinancing an investment property. Can you provide me with any information on where to look for competitive rates for investment property refinance? I have excellent (800+) credit, and the ability to pay down the existing mortgage to achieve 75% LTV. Thanks.
Could you tell me if there is financing available on doublewides on perm. foundation on 15 acres in Va. We only have a credit score of 654. We would like to do a fha cash out loan to pay off some credit cards and home improvements. Please advise.
What state or county (AA) fees and closing costs can be waived/reduced/avoided in a private sale between parents and children? Parents will be holding the mortgage and children will use it as an investment property?
Dear Sir/Madame I am an employee of the PG County public school and seeking additional information on the teacher next door program; additionally would like to be pre-qualified for the HUD program. I can be optionally reached at (301) 352-5427 Harold Bowens
Dear Sir/Madame I am an employee of the PG County public school and seeking additional information on the teacher next door program; additionally would like to be pre-qualified for the HUD program. I can be optionally reached at (301) 352-xxxx Harold Bowens
I am looking to see if I can secure a USDA for about $325k, my top score right now is a 656, I make 75k and another 8k in child support and my monthly costs are about 2500 with 2 cars, rent & cc pmts, I have at least 2 yrs clean payment history,and a judgment for $300 which I can clear, but my utilization is high which Im getting down to about 30% in the next 4 wks. My savings went on medical bills so my options for a down pmt are limited. The property is in 23141. 6 people in house, fiancee makes about 28k, 3 kids under 18, and 21yr old (not working). Can you guys offer any insight? Thanks.
Was just curious on what the current fixed rates were for a va mortgage loan. I'm in Ohio and currently have a 4.75% interest rate and was wondering if it would be worth it to refinance. I was told that there may be no closing costs with a va mortgage loan? Thanks for any info, Andrew Skipworth
I have a 580 credit score I need a 75000 mortgage loan I have 5% down can I get approval
Can you give me a call Mon-Fri 7AM-4PM, my work e-mail is down. It's been down for two weeks. Please use my alternate e-mail. Thank you, Ms. Ross
Can you give me a call at 804-734-7127 Mon-Fri 7AM-4PM, my work e-mail is down. It's been down for two weeks. Please use my alternate e-mail, g_love39@hotmail.com. Thank you, Ms. Ross
Does DC have a program for refinancing a loan with not closing cost?
I am looking for a Home equity loan. 90%LTV. My home is valued at $135,000. My Fico score is 729 Do you have home equity loan for 10years, and if you do what are the closing cost (if any) and rate? I\'m looking for $55,000-$60,000 loan. Thanks Mike
Do you or anyone you know finance Apartment buildings? I am an investor looking to purchase a 10 -25 unit building with existing tennants. I need to get with a lender or bank and get my financing situated. thanks for your help John
My mortgage was $1,657.73 a month and that includes my insurances and taxes paid out of it as I am on the road all the time working and racing. Fannie Mae a year ago bought the mortgage on October 1st, 2010. I received my monthly bill and it now has gone up to $1,893.52. I checked with the town of Waxhaw, NC and my taxes have not gone up and also with Union County and those taxes have not gone up. My home insurance went up $100.00 more. My Escrow is showing now from $292.00 to $593.00 a month. I am a bit puzzled here. Serterus which handles the collecting the mortgage says that is because they under estimated escrow projection and had to raise it. I have never received a letter are any intent of this. Is this legal and should I look to re-finance my home? The County Tax Office said something does not sound right.
What is interest rate ?
My wife and I would like to rent our current home which is a VA loan and purschase another home in the same city. What are the procedures/requirements in doing this?
What is the current rate for a 30year fixed NO CLOSING COST refi in Silver Spring Md. Townhouse. 80% LTV. $400,000 principal. High FICO Score. Thanks for the quote. Ray
What are your fixed fee closing costs for refinancing a 280k condo in zip code 22203 for a 30 year fixed rate and a 10 year arm? My credit score is 750
Do you do mobile home in a park loans? The price is $25,000. The mobile home has been update, but is a 1984.
I'm looking to refinance my home without closing costs. What are the current rates?
Does anyone have a program that allows the number of unit owners who are more than 30 days late on their condo dues, to exceed 15%?? If so, what is the minimum down payment requirement. Is it a portfolio product. HELP!
I would like to use a HELOC to pay off some collections, which would drastically improve my credit. Unfortunately, the banks and mortgage companies I have spoken to all say the collections need to be satisfied before they can give me a HELOC. Now what? If I had the money, I wouldn't need a HELOC. Thanks!
Are You Familer With Michigan State Housing Development Authority ( MSHDA ) ?
I am looking to purchase a second home in Florida, USA. Are you able to assist in relation to Foreign National Mortgage Loans and if you are what products are available? Many thanks.
I am looking to purchase a second home in Florida, USA. Are you able to assist in relation to Foreign National Mortgage Loans and if you are what products are available? Many thanks.
Want a 30 fixed no cost loan for 370,000 100,000 down
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All six Virginia counties considered in the DC metro area had lower days on markets and the same or better chance of selling your home than the six Maryland counties for the month of March.
To compare Montgomery county to Fairfax. In Montgomery the median price was $345,000 and the DOM was 90. Pretty much the best Maryland has to offer. Howard did edge Montgomery in median sales price by 5k but was higher in DOM by 15 days. Fairfax county is $399,000 and only 70 days from list to sale.
Frederick county MD was 108 DOM and a median price of only $227,500 while Loudon county is 64 DOM and a median price of $350,000
The fastest sales were in Prince William county and the highest median price was Arlington County at almost $510,000.
The slowest VA area was Alexandria at 78 days which still beat every county in MD and the lowest median price was Prince William at $270,000
The lowest in Maryland was a median price of $158,00 in PG and 134 days on market in Anne Arundel.
Maryland will recover as people turn to Maryland in search of more affordable housing and more inventory in the market. In Montgomery my clients are losing homes to escalation clauses and multiple offers, especially in the first time home buyer segment.
Curious to see what April numbers show. Love to hear from realtors and buyers/sellers as to first hand experiences also.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
All six Virginia counties considered in the DC metro area had lower days on markets and the same or better chance of selling your home than the six Maryland counties for the month of March.
To compare Montgomery county to Fairfax. In Montgomery the median price was $345,000 and the DOM was 90. Pretty much the best Maryland has to offer. Howard did edge Montgomery in median sales price by 5k but was higher in DOM by 15 days. Fairfax county is $399,000 and only 70 days from list to sale.
Frederick county MD was 108 DOM and a median price of only $227,500 while Loudon county is 64 DOM and a median price of $350,000
The fastest sales were in Prince William county and the highest median price was Arlington County at almost $510,000.
The slowest VA area was Alexandria at 78 days which still beat every county in MD and the lowest median price was Prince William at $270,000
The lowest in Maryland was a median price of $158,00 in PG and 134 days on market in Anne Arundel.
Maryland will recover as people turn to Maryland in search of more affordable housing and more inventory in the market. In Montgomery my clients are losing homes to escalation clauses and multiple offers, especially in the first time home buyer segment.
Curious to see what April numbers show. Love to hear from realtors and buyers/sellers as to first hand experiences also.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
I do get tired of writing about how Virginia cleans our clock but if it's true it's true. Fairfax, Arlington and Alexandria sawthe average sales price for a NEW home go over a million dollars. This is the first time that all three areas have hit that mark.
For a resold home the average in those three areas is still a whopping $693,972 on average. The smaller amount of single family homes in Arlington and Alexandria explain some of the numbers but there is no doubt the N. Virginia market is back and back strong.
That's much larger than the $755,00 a new home brings in the District and a new home in Montgomery county MD will only set you back $630,000 on average. Montgomery county is more in line with Loudon county then Fairfax according to the March numbers.
In fact the only VA county that ranked underneath all MD counties was Stafford and that's mainly due the traffic commutes from a farther away county. There is no doubt that Virginia is far ahead in most of the home categories at the current time according to the latest figures.
I'll be posting more with updated figures and why I believe this to be true in the near future.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
The headline above was NOT a typo but there is some reason for what I just typed.
In Fairfax, Arlington and Alexandria the average sales price for a NEW home is over a million dollars. This is the first time that all three areas have hit that mark.
For a resold home the average in those three areas is still a whopping $693,972 on average. The smaller amount of single family homes in Arlington and Alexandria explain some of the numbers but there is no doubt the N. Virginia market is back and back strong.
That's much larger than the $755,00 a new home brings in the District and a new home in Montgomery county MD will only set you back $630,000 on average. Montgomery county is more in line with Loudon county then Fairfax according to the March numbers.
In fact the only VA county that ranked underneath all MD counties was Stafford and that's mainly due the traffic commutes from a farther away county. There is no doubt that Virginia is far ahead in most of the home categories at the current time according to the latest figures.
I'll be posting more with updated figures and why I believe this to be true in the near future.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
Recently I read some shocking
Here's what doesn't matter.
1.Your job history
2.Your interest rate on a credit card.
3.Assets and savings
4. Your age. The highest credit score I have ever seen was on someone in their early 30's.
5. Your geographical location.
Here in a nutshell is what does matter. They are ranked in order of importance.
1. Pay your bills on time,
2. Amount owed. If your credit card is maxed out your score will drop....ALOT.
3. How long you have had credit.
4. Amount of credit you have and what type. i.e. credit cards versus a car and student loan.
5. Opening and closing accounts can also hurt you quite a bit. DON'T CLOSE accounts that you have had open for 20 years. Your score will drop....ALOT
Hope this was helpful and please let me know if there are more questions.
You may also refer to http://www.examiner.com/residential-real-estate-in-national/lender-advice-for-first-time-homebuyers-about-credit-scores
for some additional help if I am unavailable.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
Recently I read some shocking
Here's what doesn't matter.
1.Your job history
2.Your interest rate on a credit card.
3.Assets and savings
4. Your age. The highest credit score I have ever seen was on someone in their early 30's.
5. Your geographical location.
Here in a nutshell is what does matter. They are ranked in order of importance.
1. Pay your bills on time,
2. Amount owed. If your credit card is maxed out your score will drop....ALOT.
3. How long you have had credit.
4. Amount of credit you have and what type. i.e. credit cards versus a car and student loan.
5. Opening and closing accounts can also hurt you quite a bit. DON'T CLOSE accounts that you have had open for 20 years. Your score will drop....ALOT
Hope this was helpful and please let me know if there are more questions.
You may also refer to http://www.examiner.com/residential-real-estate-in-national/lender-advice-for-first-time-homebuyers-about-credit-scores
for some additional help if I am unavailable.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
Recently I read some shocking
Here's what doesn't matter.
1.Your job history
2.Your interest rate on a credit card.
3.Assets and savings
4. Your age. The highest credit score I have ever seen was on someone in their early 30's.
5. Your geographical location.
Here in a nutshell is what does matter. They are ranked in order of importance.
1. Pay your bills on time,
2. Amount owed. If your credit card is maxed out your score will drop....ALOT.
3. How long you have had credit.
4. Amount of credit you have and what type. i.e. credit cards versus a car and student loan.
5. Opening and closing accounts can also hurt you quite a bit. DON'T CLOSE accounts that you have had open for 20 years. Your score will drop....ALOT
Hope this was helpful and please let me know if there are more questions.
You may also refer to http://www.examiner.com/residential-real-estate-in-national/lender-advice-for-first-time-homebuyers-about-credit-scores
for some additional help if I am unavailable.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
I wish I was in Fenway today like I was last year for opening day but I am writing credit blogs and watching the game on the computer. Sox are up now thru 6 and hope the pen doesn't blow it.
Recently I read some shocking
Here's what doesn't matter.
1.Your job history
2.Your interest rate on a credit card.
3.Assets and savings
4. Your age. The highest credit score I have ever seen was on someone in their early 30's.
5. Your geographical location.
Here in a nutshell is what does matter. They are ranked in orider of importance.
1. Pay your bills on time,
2. Amount owed. If your credit card is maxed out your score will drop....ALOT.
3. How long you have had credit.
4. Amount of credit you have and what type. ie credit cards versus a car and student loan.
5. Opening and closing accounts can also hurt you quite a bit. DON'T CLOSE accounts that you ahve had open for 20 years. Your score will drop....ALOT
Hope this was helpful and please let me know if there are more questions.
You may also refer to http://www.examiner.com/residential-real-estate-in-national/lender-advice-for-first-time-homebuyers-about-credit-scores
for some additional help if I am unavailable.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 statesRecently I read some shocking
Here's what doesn't matter.
1.Your job history
2.Your interest rate on a credit card.
3.Assets and savings
4. Your age. The highest credit score I have ever seen was on someone in their early 30's.
5. Your geographical location.
Here in a nutshell is what does matter. They are ranked in orider of importance.
1. Pay your bills on time,
2. Amount owed. If your credit card is maxed out your score will drop....ALOT.
3. How long you have had credit.
4. Amount of credit you have and what type. ie credit cards versus a car and student loan.
5. Opening and closing accounts can also hurt you quite a bit. DON'T CLOSE accounts that you ahve had open for 20 years. Your score will drop....ALOT
Hope this was helpful and please let me know if there are more questions.
You may also refer to http://www.examiner.com/residential-real-estate-in-national/lender-advice-for-first-time-homebuyers-about-credit-scores
for some additional help if I am unavailable.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending inRecently I read some shocking
Here's what doesn't matter.
1.Your job history
2.Your interest rate on a credit card.
3.Assets and savings
4. Your age. The highest credit score I have ever seen was on someone in their early 30's.
5. Your geographical location.
Here in a nutshell is what does matter. They are ranked in orider of importance.
1. Pay your bills on time,
2. Amount owed. If your credit card is maxed out your score will drop....ALOT.
3. How long you have had credit.
4. Amount of credit you have and what type. ie credit cards versus a car and student loan.
5. Opening and closing accounts can also hurt you quite a bit. DON'T CLOSE accounts that you ahve had open for 20 years. Your score will drop....ALOT
Hope this was helpful and please let me know if there are more questions.
You may also refer to http://www.examiner.com/residential-real-estate-in-national/lender-advice-for-first-time-homebuyers-about-credit-scores
for some additional help if I am unavailable.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending inRecently I read some shocking
Here's what doesn't matter.
1.Your job history
2.Your interest rate on a credit card.
3.Assets and savings
4. Your age. The highest credit score I have ever seen was on someone in their early 30's.
5. Your geographical location.
Here in a nutshell is what does matter. They are ranked in orider of importance.
1. Pay your bills on time,
2. Amount owed. If your credit card is maxed out your score will drop....ALOT.
3. How long you have had credit.
4. Amount of credit you have and what type. ie credit cards versus a car and student loan.
5. Opening and closing accounts can also hurt you quite a bit. DON'T CLOSE accounts that you ahve had open for 20 years. Your score will drop....ALOT
Hope this was helpful and please let me know if there are more questions.
You may also refer to http://www.examiner.com/residential-real-estate-in-national/lender-advice-for-first-time-homebuyers-about-credit-scores
for some additional help if I am unavailable.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in
So you're getting married and your new wife doesn't want to live with your three college buddies who remind her of the Delta frat from Animal House. Or she says it's time to move out of Mom's basement. Completely understandable but you need an FHA loan 3.5% of the purchase price. Now in the DC area that can be alot of money. On a 250k home that's $8,750 PLUS closing costs.
So how do you make your new bride happy? (if you figure that one out please let me know) You'll be the first husband ever to do so. So OK how do you come up with that money?
Well you could ask Mom and Dad or Uncle Steve for the down payment and closing costs. Family members are allowed to give gifts. You are NOT allowed to borrow the down payment from anyone.
With the last few years economically Mom and Dad might be moving in with YOU though so maybe it's not an option or not a source for all the funds needed. There are other options as well and that's why you always should consult a seasoned loan officer with years of experience working with first time buyers and also with grants, community programs and a reputation for being creative.
Did you know that since October 2, 1996 FHA has had something called the Bridal Registry Account Initiative?
This is how it works.
Couples planning to get married contact a participating lender and request a bridal registry account be established in their names. Lenders that are FDIC insured can open the account for them. If a lender is a subsidiary of a supervised institution the parent company can set up the account.
You of course are free to set the account up anywhere you choose.
Monies can be deposited by friends and family directly into the BRAIfor a down payment on the new home. This will take all the paperwork out of the gift aspect and assurance for the donors that the funds are being used for a new home.
Couples are not required to use the money for a down payment however and retain full control in the event of not qualifying for a mortgage or not finding a home suitable to their desires. They can withdraw the funds and use it as they see fit. There is no requirement that a couple be married prior to closing the loan either.
Lenders can provide information about the account to friends and family of the couple in a few different ways.
Bottom line it's tough enough to get approved for a loan and this is just an example of a creative way to amass enough money for the down payment and closing costs AND do it in a way that fully documents the source of the funds. Depositing large sums of money right before closing is a sure fire recipe for disaster.
I hope this was helpful and please let me know if you have any questions.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
So you're getting married and your new wife doesn't want to live with your three college buddies who remind her of the Delta frat from Animal House. Or she says it's time to move out of Mom's basement. Completely understandable but you need an FHA loan 3.5% of the purchase price. Now in the DC area that can be alot of money. On a 250k home that's $8,750 PLUS closing costs.
So how do you make your new bride happy? (if you figure that one out please let me know) You'll be the first husband ever to do so. So OK how do you come up with that money?
Well you could ask Mom and Dad or Uncle Steve for the down payment and closing costs. Family members are allowed to give gifts. You are NOT allowed to borrow the down payment from anyone.
With the last few years economically Mom and Dad might be moving in with YOU though so maybe it's not an option or not a source for all the funds needed. There are other options as well and that's why you always should consult a seasoned loan officer with years of experience working with first time buyers and also with grants, community programs and a reputation for being creative.
Did you know that since October 2, 1996 FHA has had something called the Bridal Registry Account Initiative?
This is how it works.
Couples planning to get married contact a participating lender and request a bridal registry account be established in their names. Lenders that are FDIC insured can open the account for them. If a lender is a subsidiary of a supervised institution the parent company can set up the account.
You of course are free to set the account up anywhere you choose.
Monies can be deposited by friends and family directly into the BRAIfor a down payment on the new home. This will take all the paperwork out of the gift aspect and assurance for the donors that the funds are being used for a new home.
Couples are not required to use the money for a down payment however and retain full control in the event of not qualifying for a mortgage or not finding a home suitable to their desires. They can withdraw the funds and use it as they see fit. There is no requirement that a couple be married prior to closing the loan either.
Lenders can provide information about the account to friends and family of the couple in a few different ways.
Bottom line it's tough enough to get approved for a loan and this is just an example of a creative way to amass enough money for the down payment and closing costs AND do it in a way that fully documents the source of the funds. Depositing large sums of money right before closing is a sure fire recipe for disaster.
I hope this was helpful and please let me know if you have any questions.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
So you're getting married and your new wife doesn't want to live with your three college buddies who remind her of the Delta frat from Animal House. Or she says it's time to move out of Mom's basement. Completely understandable but you need an FHA loan 3.5% of the purchase price. Now in the DC area that can be alot of money. On a 250k home that's $8,750 PLUS closing costs.
So how do you make your new bride happy? (if you figure that one out please let me know) You'll be the first husband ever to do so. So OK how do you come up with that money?
Well you could ask Mom and Dad or Uncle Steve for the down payment and closing costs. Family members are allowed to give gifts. You are NOT allowed to borrow the down payment from anyone.
With the last few years economically Mom and Dad might be moving in with YOU though so maybe it's not an option or not a source for all the funds needed. There are other options as well and that's why you always should consult a seasoned loan officer with years of experience working with first time buyers and also with grants, community programs and a reputation for being creative.
Did you know that since October 2, 1996 FHA has had something called the Bridal Registry Account Initiative?
This is how it works.
Couples planning to get married contact a participating lender and request a bridal registry account be established in their names. Lenders that are FDIC insured can open the account for them. If a lender is a subsidiary of a supervised institution the parent company can set up the account.
You of course are free to set the account up anywhere you choose.
Monies can be deposited by friends and family directly into theBRAIfor a down payment on the new home. This will take all the paperwork out of the gift aspect and assurance for the donors that the funds are being used for a new home.
Couples are not required to use the money for a down payment however and retain full control in the event of not qualifying for a mortgage or not finding a home suitable to their desires. They can withdraw the funds and use it as they see fit. There is no requirement that a couple be married prior to closing the loan either.
Lenders can provide information about the account to friends and family of the couple in a few different ways.
Bottom line it's tough enough to get approved for a loan and this is just an example of a creative way to amass enough money for the down payment and closing costs AND do it in a way that fully documents the source of the funds. Depositing large sums of money right before closing is a sure fire recipe for disaster.
I hope this was helpful and please let me know if you have any questions.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
I just wanted to let as many people know the latest with me. Last week I changed lenders moving over to 1st Mariner Mortgage. I am now able to write loans in all 50 states with great rates, flexible programs and the latest in technology and support. I made this change to better serve my clients and realtor partners. Same great service I have always given will be much easier given the environment and encouragement I have received thus far.
I am excited about the change and what it offers my customers and realtors. If there is ever anything I can do to assist on a purchase or refinance please do not hesitate to ask. Questions are ALWAYS welcomed and encouraged. I look forward to talking with you soon.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
I just wanted to let as many people know the latest with me. Last week I changed lenders moving over to 1st Mariner Mortgage. I am now able to write loans in all 50 states with great rates, flexible programs and the latest in technology and support. I made this change to better serve my clients and realtor partners. Same great service I have always given will be much easier given the environment and encouragement I have received thus far.
I am excited about the change and what it offers my customers and realtors. If there is ever anything I can do to assist on a purchase or refinance please do not hesitate to ask. Questions are ALWAYS welcomed and encouraged. I look forward to talking with you soon.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
I just wanted to let as many people know the latest with me. Last week I changed lenders moving over to 1st Mariner Mortgage. I am now able to write loans in all 50 states with great rates, flexible programs and the latest in technology and support. I made this change to better serve my clients and realtor partners. Same great service I have always given will be much easier given the environment and encouragement I have received thus far.
I am excited about the change and what it offers my customers and realtors. If there is ever anything I can do to assist on a purchase or refinance please do not hesitate to ask. Questions are ALWAYS welcomed and encouraged. I look forward to talking with you soon.
Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
6903 Rockledge Drive Suite 525
Bethesda, MD 20817
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
There are MANY big changes coming for the FHA program in the next few months. One good but mostly higher fees for the borrowers. Please remember FHA is NOT just for first time buyers. Sometimes it makes sense to even refinance into an FHA loan from a conventional loan.
On April 9thany case number pulled by a lender will result in higher upfront mortgage insurance premiums and also a higher monthly mortgage insurance (MI) payment. All lenders must do this as the rules are set by FHA. So on a $250,000 loan right now the payment would be $2,500 as a one time fee that's financed into the loan over 30 years and a monthly fee of $239.58 assuming the minimum down payment of 3.5%
For any case numbers pulled after April 9th the fees would be $4,375 on the one time financed portion and $260.42 per month. Doesn't sound like alot but just on the monthly portion that's $7,502.40 cents over the 30 year period of the loan. Not to mention another $10,626 estimated in finance charges over the 30 year period. So this small change will cost the borrower $18,128.40 estimated over the life of the loan. Now that's some real money. If you borrow more you will pay more of course.
Here's the breakdown of all the changes.
For loans under $625,500 the new fees will be 1.75% upfront and 1.25 monthly if you put down less than 5% If you put down 5% or more than the fee will be 1.10% of the loan amount monthly.
On the jumbo loans those will change April 9th and further change will be made to increase fees on June 1st. I hope that people get in to a loan officer before the 9th of April. All that you have to do is get the case number pulled and then you can close in the normal time frame.
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarnierbank.com
Lending in all 50 states
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
Please see below for some shocking news on loan fraud in North Carolina. I wish the article was more in depth with what types of fraud are being found there and the other four states. Be careful as both buyers and sellers. I still think this is fairly rare in most cases.
Las Vegas Loses Standing as Mortgage-Fraud Capital
Las Vegas Review-Journal (02/29/12) Smith, Hubble
The CoreLogic Fraud Index shows that Las Vegas is no longer among the five worst U.S. regions for mortgage fraud per capita. According to the data, Nevada has been overtaken by California, Florida, New York, Illinois and North Carolina as the top-ranked states for such illegal activity. Tim Grace of CoreLogic notes that advances in fraud detection technology, coupled with a renewed focus on mortgage fraud by banks and law enforcement agencies, have curbed fraud growth that spiked in 2007; and overall fraud risk has stabilized nationally.
minimum credit score to 740 onFannie/Freddie loans with LTVs greater than 80%.
Exclusions: There is no change to the minimum credit score for:
Citigroup to Pay $158 Million in Mortgage Fraud Settlement
New York Times (02/16/12) P. B4
Citigroup has agreed to pay $158.3 million to settle claims that its mortgage unit fraudulently misled the government into guaranteeing risky mortgages. According to HUD, CitiMortgage certified 30,000 home loans for FHA backing over six years; and more than a third defaulted, triggering millions of dollars in losses due to insurance claims. Citi accepted responsibility for failing to comply with government requirements and submitting fraudulent certifications. " Has anyone asked what Citi actually did?" FHA loans were and are full doc and the rules are basically set by FHA. Not defending CITI just asking what the actual complaint and charges were.
Expect many many more stories about banks that are on the hook for settlements like that. It will be the next tobacco windfall for trial lawyers and state goverments. I believe that states and counties will see this as a possible solution to filling bare coffers.
Final impact on the mortgage industry remains unclear but generally large settlements are not good for the lenders. It could depress stock prices and confidence in these institutions. Impact for the borrowers also remains unclear but my guess is it would be a slight impact on rates. NOTHING seems to drive rates up as I write this. One thing that it will do is increase the regulatory burden and lead to a further tightening of the rules. THAT'S never good for borrowers. Too many good people are already shut out of the system and unable to take advantage of the super low rates. The paranoia in the industry will only increase. It's a vicious cycle. Reminds me of that old Vietnam war quote; '"It became necessary to destroy the town in order tosave it"
The US mortgage industry is not Ben Tre though and we will all pay the price if the banks and the government don't back off somewhat.
TWO OPTIONS- 30 Year FIXED INTEREST RATES - Zero Point OPTIONS AVAILABLE
OPTION 1: 3.625%
OPTION 2: 4.0% With 3% PURCHASE ASSISTANCE LOAN
For Down payment and Closing Cost (DO NOT HAVE TO WORK IN MONTGOMERY COUNTY)
Debt collectors have a tough job. No doubt about it. They hear it all, the excuses, the lies, sometimes even the truth. None if itmatters to them. They have jobs to do and bills to pay. It's not personal just business. That being said theyhaverules to followand there are ways tosave money on your debts. These are a few things I have learned and an article I read a few months ago.
1. If theycall before 8:00 AM or after 9:00 PM, threaten or swear at you make sure you report them to your state attorneys general office. www.naag,org or the FTC www.ftc.gov
This is violation of the Fair Debt Collections Act
2. Check and see if the debt has expired due to statue of limitations. http://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php
If it's expired they can't sue or put it on your credit. WARNING-if you make payments or even admit the debt is yours than the clock will usually start again. Sometimes even taking a call from them can start the clock over. It's not cut and dried at 7 yrs like most people think.
3. They ARE allowed tocall you at work. It's a pressure tactic. If you ask them to stop calling you at work they must however respect that. They will never admit it though.
4.Don't ask for a manager. Just hang up and call back and talk to the next person.
5. They play good cop, bad cop all the time by getting another debt collector on the line to ask "what can you pay right now"
6.The more money they get from you they bigger the bonus for the collector. Top performers get up to $10,000 or more.It's better to call at the end of the month because they are looking to finish strong and will usually come down more.
7.They have the power to erase an amazing amount of debt for you. Credit card debt can be 15-35% on a one time settlement rate. Have the cash ready to go when the offer is made though.
8.Bad debt is bought for pennies on the dollar so start very low on a settlement offer. ALWAYS try and get whatever payment is made to be accepted as "paid in full, zero balance". They will say it's not possible. It is possible. In fact ask for it to be removed once paid. It is possible. If they play tough ask them for a number and then work down from there.
9. They've heard it all before. Telling them the hard luck story might make you feel better but it's a simple numbers game from their end. Try and remember that.
10. They will recommend ANYTHING to get the bill paid. None are usually a good idea. Put old debt on a new credit card, borrow from friends, borrow against your retirement etc. Think about it carefully and weigh the pros and cons.
Last piece of advice. If you are buying or refinancing NEVER admit that's why you are calling. They will know they have the upper hand and it will cost you more money. I hope this helps keep the bills down when you do pay at least part of the debt. We need debt collectors. There are over 10,000 companies that do this and collect 8 billion in old debt. The industry employees many people and make valuable contributions to the economy and companies.
Just make sure they play by the rules, and that when you do pay whatever agreement you struck that they live up to it. Get it all in writing, names, dates, amount etc. Hope this was helpful.
Thanks,
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
I was in a sales meeting today and was briefed on some information for VA loans. 2012 loan amounts on VA loans were lowered around the country.
In DC and surrounding counties the limit is 417k for conforming and $625,500 for jumbo. In the Baltimore area the limit is much lower $494,500 Keep that in mind. For some reason the limit in say Howard county is down to $478,400. It doesn't make much sense but check with a good VA loan officer who knows these limits. You can borrow above the limits but not at 100%
The funding fees changed also on November 21, 2011, the President signed H.R. 674. Section 265 of the law raises fundingfees for VA loansThe fees are valid through September 30, 2016.
If the veteran receives disability from VA for a service related issue the funding fee is waived.
First Time Use
Second and Subsequent Use
The 80% of Area Median Income website is: www.huduser.org then click income limit data on the right side, click FY2012 Income limits, access individual income limits areas, click here for FY 2012 IL Documentation, put in your state and county and you need to look at the bottom of the chart where it shows Low (80%) income limits, then pick the right number of persons in household.
OR Just contact me and I'll walk you thru the FHLB grant money process before it's all gone.
Remember this program is NOT for everyone it is income restricted. Looking forward to GIVING away $1,000,000 this year to South Carolina first time buyers.
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
The 80% of Area Median Income website is: www.huduser.org then click income limit data on the right side, click FY2012 Income limits, access individual income limits areas, click here for FY 2012 IL Documentation, put in your state and county and you need to look at the bottom of the chart where it shows Low (80%) income limits, then pick the right number of persons in household.
OR Just contact me and I'll walk you thru the FHLB grant money process before it's all gone.
Remember this program is NOT for everyone it is income restricted. Looking forward to GIVING away $1,000,000 this year to North Carolina first time buyers.
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
I have just finished my webinar with FHLB.We will be up and running to accept new applications Tuesday Jan 17th. The changes to the program are that there is now a max of 5,000 per borrower.We are capped at $1 million.
The 80% of Area Median Income website is: www.huduser.org then click income limit data on the right side, click FY2012 Income limits, access individual income limits areas, click here for FY 2012 IL Documentation, put in your state and county and you need to look at the bottom of the chart where it shows Low (80%) income limits, then pick the right number of persons in household.
OR Just contact me and I'll walk you thru the FHLB grant money process before it's all gone.
Remember this program is NOT for everyone it is income restricted. Looking forward to GIVING away $1,000,000 this year to Virginia first time buyers.
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
I have just finished my webinar with FHLB.We will be up and running to accept new applications Tuesday Jan 17th. The changes to the program are that there is now a max of 5,000 per borrower.We are capped at $1 million.
The 80% of Area Median Income website is: www.huduser.org then click income limit data on the right side, click FY2012 Income limits, access individual income limits areas, click here for FY 2012 IL Documentation, put in your state and county and you need to look at the bottom of the chart where it shows Low (80%) income limits, then pick the right number of persons in household.
OR Just contact me and I'll walk you thru the FHLB grant money process before it's all gone.
Remember this program is NOT for everyone it is income restricted. Looking forward to GIVING away $1,000,000 this year to DChome buyers.
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
I have just finished my webinar with FHLB.We will be up and running to accept new applications Tuesday Jan 17th. The changes to the program are that there is now a max of 5,000 per borrower.We are capped at $1 million.
The 80% of Area Median Income website is: www.huduser.org then click income limit data on the right side, click FY2012 Income limits, access individual income limits areas, click here for FY 2012 IL Documentation, put in your state and county and you need to look at the bottom of the chart where it shows Low (80%) income limits, then pick the right number of persons in household.
OR Just contact me and I'll walk you thru the FHLB grant money process before it's all gone.
Remember this program is NOT for everyone it is income restricted. Looking forward to GIVING away $1,000,000 this year to Maryland home buyers.
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
nmlsr#111407
Congress Looks to Fannie Mae, Freddie Mac to Raise Federal Funds
Bills offered by Democrats and Republicans to extend an expiring payroll tax cut would, for the first time, divert fees charged by Fannie Mae and Freddie Mac to the U.S. Treasury instead of using them to backstop defaulted loans.
Legislation written by Democrats in the Senate and Republicans in the House would raise as much as $38 billion over 10 years to offset the tax cut by increasing the rates that the two government-controlled mortgage companies charge lenders to guarantee principal and interest on home loans. Until now, all of the revenues from those guarantee fees have gone to Fannie Mae and Freddie Mac to cover mortgage defaults.
As Congress struggles to reach agreement on the payroll tax cut before the end of the year, some lawmakers, mortgage industry trade groups, and even the companies? regulator are raising concerns about the revenue plan. They question whether it is appropriate to siphon funds from Fannie Mae and Freddie Mac to feed general government accounts at a time when members of both parties are pushing to reduce the government?s role in the two companies, known as government-sponsored enterprises.
?Relying on long-term revenue from the enterprises as an offset for short-term tax cuts seems inconsistent with the need to end the conservatorships and reform our housing finance system,? Edward DeMarco, acting director of the Federal Housing Finance Agency, said in an e-mailed statement. ?FHFA will implement whatever Congress directs but I hope final resolution of the conservatorships occurs much sooner than 10 years from now.?
Guarantee Fees
Fannie Mae and Freddie Mac buy mortgages and package them into securities with guaranteed payments of principal and interest. To guard against losses in case of default, they charge lenders premiums commonly known as ?g fees.? Lenders typically add the fees, which average about 27 basis points, to a home loan?s interest rate.
The House and Senate bills would add an additional 10 basis points onto the guarantee fees.
The increases, if lenders pass them along to homebuyers, would cost a borrower with a $200,000 mortgage about $4,000 over the life of the loan, according to the Mortgage Bankers Association.
Critics of the proposals say they would cause a drag on the housing market. Furthermore, they say, fee increases are misguided at a time when the two companies have drawn $170 billion in aid from the U.S. Treasury to stay afloat.
?Slipping By?
?My concern is that this is just slipping by most of America with little awareness as to the real impact,? David Stevens, president of the Mortgage Bankers Association, said in an interview. ?To divert these fees as though they were a piggy bank for arbitrary tax policy that has no relationship to the risks of these institutions is disgraceful.?
The concept of using guarantee fees to help solve federal budget problems arose from the negotiations of the congressional supercommittee that was charged with forging a bipartisan deficit-reduction plan this year. Though the supercommittee said in November that it could not complete its task, the fee increase received bipartisan support.
?Raising g fees will help the private market compete on a level playing field, reduce Fannie Mae?s and Freddie Mac?s market share over time, and limit taxpayer exposure from the GSE conservatorships,? a group of House Republicans wrote in a letter to the panel.
Lending Risk
FHFA?s DeMarco has previously said he that he agrees that the guarantee fees need to be raised to better reflect lending risk. He said at a Dec. 1 congressional hearing that Fannie Mae and Freddie Mac would increase their rates gradually throughout 2012. The government-owned mortgage companies? pricing for credit guarantees ?is less than one would observe in a purely private, competitive market,? he said during a speech in September.
Massachusetts Democrat Barney Frank, the ranking Democrat on the House Financial Services Committee, said he does not like the idea of using guarantee fees to pay for a tax cut, but for different reasons. He has other plans for the money, he said.
?I think it is legitimate to take some percentage of that to fund affordable rental housing,? he said in an interview. ?If you keep it in the housing area, you?re not hurting the housing piece of the economy.?
Congress Looks to Fannie Mae, Freddie Mac to Raise Federal Funds
Bills offered by Democrats and Republicans to extend an expiring payroll tax cut would, for the first time, divert fees charged by Fannie Mae and Freddie Mac to the U.S. Treasury instead of using them to backstop defaulted loans.
Legislation written by Democrats in the Senate and Republicans in the House would raise as much as $38 billion over 10 years to offset the tax cut by increasing the rates that the two government-controlled mortgage companies charge lenders to guarantee principal and interest on home loans. Until now, all of the revenues from those guarantee fees have gone to Fannie Mae and Freddie Mac to cover mortgage defaults.
As Congress struggles to reach agreement on the payroll tax cut before the end of the year, some lawmakers, mortgage industry trade groups, and even the companies? regulator are raising concerns about the revenue plan. They question whether it is appropriate to siphon funds from Fannie Mae and Freddie Mac to feed general government accounts at a time when members of both parties are pushing to reduce the government?s role in the two companies, known as government-sponsored enterprises.
?Relying on long-term revenue from the enterprises as an offset for short-term tax cuts seems inconsistent with the need to end the conservatorships and reform our housing finance system,? Edward DeMarco, acting director of the Federal Housing Finance Agency, said in an e-mailed statement. ?FHFA will implement whatever Congress directs but I hope final resolution of the conservatorships occurs much sooner than 10 years from now.?
Guarantee Fees
Fannie Mae and Freddie Mac buy mortgages and package them into securities with guaranteed payments of principal and interest. To guard against losses in case of default, they charge lenders premiums commonly known as ?g fees.? Lenders typically add the fees, which average about 27 basis points, to a home loan?s interest rate.
The House and Senate bills would add an additional 10 basis points onto the guarantee fees.
The increases, if lenders pass them along to homebuyers, would cost a borrower with a $200,000 mortgage about $4,000 over the life of the loan, according to the Mortgage Bankers Association.
Critics of the proposals say they would cause a drag on the housing market. Furthermore, they say, fee increases are misguided at a time when the two companies have drawn $170 billion in aid from the U.S. Treasury to stay afloat.
?Slipping By?
?My concern is that this is just slipping by most of America with little awareness as to the real impact,? David Stevens, president of the Mortgage Bankers Association, said in an interview. ?To divert these fees as though they were a piggy bank for arbitrary tax policy that has no relationship to the risks of these institutions is disgraceful.?
The concept of using guarantee fees to help solve federal budget problems arose from the negotiations of the congressional supercommittee that was charged with forging a bipartisan deficit-reduction plan this year. Though the supercommittee said in November that it could not complete its task, the fee increase received bipartisan support.
?Raising g fees will help the private market compete on a level playing field, reduce Fannie Mae?s and Freddie Mac?s market share over time, and limit taxpayer exposure from the GSE conservatorships,? a group of House Republicans wrote in a letter to the panel.
Lending Risk
FHFA?s DeMarco has previously said he that he agrees that the guarantee fees need to be raised to better reflect lending risk. He said at a Dec. 1 congressional hearing that Fannie Mae and Freddie Mac would increase their rates gradually throughout 2012. The government-owned mortgage companies? pricing for credit guarantees ?is less than one would observe in a purely private, competitive market,? he said during a speech in September.
Massachusetts Democrat Barney Frank, the ranking Democrat on the House Financial Services Committee, said he does not like the idea of using guarantee fees to pay for a tax cut, but for different reasons. He has other plans for the money, he said.
?I think it is legitimate to take some percentage of that to fund affordable rental housing,? he said in an interview. ?If you keep it in the housing area, you?re not hurting the housing piece of the economy.?
Congress Looks to Fannie Mae, Freddie Mac to Raise Federal Funds
Bills offered by Democrats and Republicans to extend an expiring payroll tax cut would, for the first time, divert fees charged by Fannie Mae and Freddie Mac to the U.S. Treasury instead of using them to backstop defaulted loans.
Legislation written by Democrats in the Senate and Republicans in the House would raise as much as $38 billion over 10 years to offset the tax cut by increasing the rates that the two government-controlled mortgage companies charge lenders to guarantee principal and interest on home loans. Until now, all of the revenues from those guarantee fees have gone to Fannie Mae and Freddie Mac to cover mortgage defaults.
As Congress struggles to reach agreement on the payroll tax cut before the end of the year, some lawmakers, mortgage industry trade groups, and even the companies? regulator are raising concerns about the revenue plan. They question whether it is appropriate to siphon funds from Fannie Mae and Freddie Mac to feed general government accounts at a time when members of both parties are pushing to reduce the government?s role in the two companies, known as government-sponsored enterprises.
?Relying on long-term revenue from the enterprises as an offset for short-term tax cuts seems inconsistent with the need to end the conservatorships and reform our housing finance system,? Edward DeMarco, acting director of the Federal Housing Finance Agency, said in an e-mailed statement. ?FHFA will implement whatever Congress directs but I hope final resolution of the conservatorships occurs much sooner than 10 years from now.?
Guarantee Fees
Fannie Mae and Freddie Mac buy mortgages and package them into securities with guaranteed payments of principal and interest. To guard against losses in case of default, they charge lenders premiums commonly known as ?g fees.? Lenders typically add the fees, which average about 27 basis points, to a home loan?s interest rate.
The House and Senate bills would add an additional 10 basis points onto the guarantee fees.
The increases, if lenders pass them along to homebuyers, would cost a borrower with a $200,000 mortgage about $4,000 over the life of the loan, according to the Mortgage Bankers Association.
Critics of the proposals say they would cause a drag on the housing market. Furthermore, they say, fee increases are misguided at a time when the two companies have drawn $170 billion in aid from the U.S. Treasury to stay afloat.
?Slipping By?
?My concern is that this is just slipping by most of America with little awareness as to the real impact,? David Stevens, president of the Mortgage Bankers Association, said in an interview. ?To divert these fees as though they were a piggy bank for arbitrary tax policy that has no relationship to the risks of these institutions is disgraceful.?
The concept of using guarantee fees to help solve federal budget problems arose from the negotiations of the congressional supercommittee that was charged with forging a bipartisan deficit-reduction plan this year. Though the supercommittee said in November that it could not complete its task, the fee increase received bipartisan support.
?Raising g fees will help the private market compete on a level playing field, reduce Fannie Mae?s and Freddie Mac?s market share over time, and limit taxpayer exposure from the GSE conservatorships,? a group of House Republicans wrote in a letter to the panel.
Lending Risk
FHFA?s DeMarco has previously said he that he agrees that the guarantee fees need to be raised to better reflect lending risk. He said at a Dec. 1 congressional hearing that Fannie Mae and Freddie Mac would increase their rates gradually throughout 2012. The government-owned mortgage companies? pricing for credit guarantees ?is less than one would observe in a purely private, competitive market,? he said during a speech in September.
Massachusetts Democrat Barney Frank, the ranking Democrat on the House Financial Services Committee, said he does not like the idea of using guarantee fees to pay for a tax cut, but for different reasons. He has other plans for the money, he said.
?I think it is legitimate to take some percentage of that to fund affordable rental housing,? he said in an interview. ?If you keep it in the housing area, you?re not hurting the housing piece of the economy.?
Congress Looks to Fannie Mae, Freddie Mac to Raise Federal Funds
Bills offered by Democrats and Republicans to extend an expiring payroll tax cut would, for the first time, divert fees charged by Fannie Mae and Freddie Mac to the U.S. Treasury instead of using them to backstop defaulted loans.
Legislation written by Democrats in the Senate and Republicans in the House would raise as much as $38 billion over 10 years to offset the tax cut by increasing the rates that the two government-controlled mortgage companies charge lenders to guarantee principal and interest on home loans. Until now, all of the revenues from those guarantee fees have gone to Fannie Mae and Freddie Mac to cover mortgage defaults.
As Congress struggles to reach agreement on the payroll tax cut before the end of the year, some lawmakers, mortgage industry trade groups, and even the companies? regulator are raising concerns about the revenue plan. They question whether it is appropriate to siphon funds from Fannie Mae and Freddie Mac to feed general government accounts at a time when members of both parties are pushing to reduce the government?s role in the two companies, known as government-sponsored enterprises.
?Relying on long-term revenue from the enterprises as an offset for short-term tax cuts seems inconsistent with the need to end the conservatorships and reform our housing finance system,? Edward DeMarco, acting director of the Federal Housing Finance Agency, said in an e-mailed statement. ?FHFA will implement whatever Congress directs but I hope final resolution of the conservatorships occurs much sooner than 10 years from now.?
Guarantee Fees
Fannie Mae and Freddie Mac buy mortgages and package them into securities with guaranteed payments of principal and interest. To guard against losses in case of default, they charge lenders premiums commonly known as ?g fees.? Lenders typically add the fees, which average about 27 basis points, to a home loan?s interest rate.
The House and Senate bills would add an additional 10 basis points onto the guarantee fees.
The increases, if lenders pass them along to homebuyers, would cost a borrower with a $200,000 mortgage about $4,000 over the life of the loan, according to the Mortgage Bankers Association.
Critics of the proposals say they would cause a drag on the housing market. Furthermore, they say, fee increases are misguided at a time when the two companies have drawn $170 billion in aid from the U.S. Treasury to stay afloat.
?Slipping By?
?My concern is that this is just slipping by most of America with little awareness as to the real impact,? David Stevens, president of the Mortgage Bankers Association, said in an interview. ?To divert these fees as though they were a piggy bank for arbitrary tax policy that has no relationship to the risks of these institutions is disgraceful.?
The concept of using guarantee fees to help solve federal budget problems arose from the negotiations of the congressional supercommittee that was charged with forging a bipartisan deficit-reduction plan this year. Though the supercommittee said in November that it could not complete its task, the fee increase received bipartisan support.
?Raising g fees will help the private market compete on a level playing field, reduce Fannie Mae?s and Freddie Mac?s market share over time, and limit taxpayer exposure from the GSE conservatorships,? a group of House Republicans wrote in a letter to the panel.
Lending Risk
FHFA?s DeMarco has previously said he that he agrees that the guarantee fees need to be raised to better reflect lending risk. He said at a Dec. 1 congressional hearing that Fannie Mae and Freddie Mac would increase their rates gradually throughout 2012. The government-owned mortgage companies? pricing for credit guarantees ?is less than one would observe in a purely private, competitive market,? he said during a speech in September.
Massachusetts Democrat Barney Frank, the ranking Democrat on the House Financial Services Committee, said he does not like the idea of using guarantee fees to pay for a tax cut, but for different reasons. He has other plans for the money, he said.
?I think it is legitimate to take some percentage of that to fund affordable rental housing,? he said in an interview. ?If you keep it in the housing area, you?re not hurting the housing piece of the economy.?
Congress Looks to Fannie Mae, Freddie Mac to Raise Federal Funds
Bills offered by Democrats and Republicans to extend an expiring payroll tax cut would, for the first time, divert fees charged by Fannie Mae and Freddie Mac to the U.S. Treasury instead of using them to backstop defaulted loans.
Legislation written by Democrats in the Senate and Republicans in the House would raise as much as $38 billion over 10 years to offset the tax cut by increasing the rates that the two government-controlled mortgage companies charge lenders to guarantee principal and interest on home loans. Until now, all of the revenues from those guarantee fees have gone to Fannie Mae and Freddie Mac to cover mortgage defaults.
As Congress struggles to reach agreement on the payroll tax cut before the end of the year, some lawmakers, mortgage industry trade groups, and even the companies? regulator are raising concerns about the revenue plan. They question whether it is appropriate to siphon funds from Fannie Mae and Freddie Mac to feed general government accounts at a time when members of both parties are pushing to reduce the government?s role in the two companies, known as government-sponsored enterprises.
?Relying on long-term revenue from the enterprises as an offset for short-term tax cuts seems inconsistent with the need to end the conservatorships and reform our housing finance system,? Edward DeMarco, acting director of the Federal Housing Finance Agency, said in an e-mailed statement. ?FHFA will implement whatever Congress directs but I hope final resolution of the conservatorships occurs much sooner than 10 years from now.?
Guarantee Fees
Fannie Mae and Freddie Mac buy mortgages and package them into securities with guaranteed payments of principal and interest. To guard against losses in case of default, they charge lenders premiums commonly known as ?g fees.? Lenders typically add the fees, which average about 27 basis points, to a home loan?s interest rate.
The House and Senate bills would add an additional 10 basis points onto the guarantee fees.
The increases, if lenders pass them along to homebuyers, would cost a borrower with a $200,000 mortgage about $4,000 over the life of the loan, according to the Mortgage Bankers Association.
Critics of the proposals say they would cause a drag on the housing market. Furthermore, they say, fee increases are misguided at a time when the two companies have drawn $170 billion in aid from the U.S. Treasury to stay afloat.
?Slipping By?
?My concern is that this is just slipping by most of America with little awareness as to the real impact,? David Stevens, president of the Mortgage Bankers Association, said in an interview. ?To divert these fees as though they were a piggy bank for arbitrary tax policy that has no relationship to the risks of these institutions is disgraceful.?
The concept of using guarantee fees to help solve federal budget problems arose from the negotiations of the congressional supercommittee that was charged with forging a bipartisan deficit-reduction plan this year. Though the supercommittee said in November that it could not complete its task, the fee increase received bipartisan support.
?Raising g fees will help the private market compete on a level playing field, reduce Fannie Mae?s and Freddie Mac?s market share over time, and limit taxpayer exposure from the GSE conservatorships,? a group of House Republicans wrote in a letter to the panel.
Lending Risk
FHFA?s DeMarco has previously said he that he agrees that the guarantee fees need to be raised to better reflect lending risk. He said at a Dec. 1 congressional hearing that Fannie Mae and Freddie Mac would increase their rates gradually throughout 2012. The government-owned mortgage companies? pricing for credit guarantees ?is less than one would observe in a purely private, competitive market,? he said during a speech in September.
Massachusetts Democrat Barney Frank, the ranking Democrat on the House Financial Services Committee, said he does not like the idea of using guarantee fees to pay for a tax cut, but for different reasons. He has other plans for the money, he said.
?I think it is legitimate to take some percentage of that to fund affordable rental housing,? he said in an interview. ?If you keep it in the housing area, you?re not hurting the housing piece of the economy.?
Congress Looks to Fannie Mae, Freddie Mac to Raise Federal Funds
Bills offered by Democrats and Republicans to extend an expiring payroll tax cut would, for the first time, divert fees charged by Fannie Mae and Freddie Mac to the U.S. Treasury instead of using them to backstop defaulted loans.
Legislation written by Democrats in the Senate and Republicans in the House would raise as much as $38 billion over 10 years to offset the tax cut by increasing the rates that the two government-controlled mortgage companies charge lenders to guarantee principal and interest on home loans. Until now, all of the revenues from those guarantee fees have gone to Fannie Mae and Freddie Mac to cover mortgage defaults.
As Congress struggles to reach agreement on the payroll tax cut before the end of the year, some lawmakers, mortgage industry trade groups, and even the companies? regulator are raising concerns about the revenue plan. They question whether it is appropriate to siphon funds from Fannie Mae and Freddie Mac to feed general government accounts at a time when members of both parties are pushing to reduce the government?s role in the two companies, known as government-sponsored enterprises.
?Relying on long-term revenue from the enterprises as an offset for short-term tax cuts seems inconsistent with the need to end the conservatorships and reform our housing finance system,? Edward DeMarco, acting director of the Federal Housing Finance Agency, said in an e-mailed statement. ?FHFA will implement whatever Congress directs but I hope final resolution of the conservatorships occurs much sooner than 10 years from now.?
Guarantee Fees
Fannie Mae and Freddie Mac buy mortgages and package them into securities with guaranteed payments of principal and interest. To guard against losses in case of default, they charge lenders premiums commonly known as ?g fees.? Lenders typically add the fees, which average about 27 basis points, to a home loan?s interest rate.
The House and Senate bills would add an additional 10 basis points onto the guarantee fees.
The increases, if lenders pass them along to homebuyers, would cost a borrower with a $200,000 mortgage about $4,000 over the life of the loan, according to the Mortgage Bankers Association.
Critics of the proposals say they would cause a drag on the housing market. Furthermore, they say, fee increases are misguided at a time when the two companies have drawn $170 billion in aid from the U.S. Treasury to stay afloat.
?Slipping By?
?My concern is that this is just slipping by most of America with little awareness as to the real impact,? David Stevens, president of the Mortgage Bankers Association, said in an interview. ?To divert these fees as though they were a piggy bank for arbitrary tax policy that has no relationship to the risks of these institutions is disgraceful.?
The concept of using guarantee fees to help solve federal budget problems arose from the negotiations of the congressional supercommittee that was charged with forging a bipartisan deficit-reduction plan this year. Though the supercommittee said in November that it could not complete its task, the fee increase received bipartisan support.
?Raising g fees will help the private market compete on a level playing field, reduce Fannie Mae?s and Freddie Mac?s market share over time, and limit taxpayer exposure from the GSE conservatorships,? a group of House Republicans wrote in a letter to the panel.
Lending Risk
FHFA?s DeMarco has previously said he that he agrees that the guarantee fees need to be raised to better reflect lending risk. He said at a Dec. 1 congressional hearing that Fannie Mae and Freddie Mac would increase their rates gradually throughout 2012. The government-owned mortgage companies? pricing for credit guarantees ?is less than one would observe in a purely private, competitive market,? he said during a speech in September.
Massachusetts Democrat Barney Frank, the ranking Democrat on the House Financial Services Committee, said he does not like the idea of using guarantee fees to pay for a tax cut, but for different reasons. He has other plans for the money, he said.
?I think it is legitimate to take some percentage of that to fund affordable rental housing,? he said in an interview. ?If you keep it in the housing area, you?re not hurting the housing piece of the economy.?
Congress Looks to Fannie Mae, Freddie Mac to Raise Federal Funds
Bills offered by Democrats and Republicans to extend an expiring payroll tax cut would, for the first time, divert fees charged by Fannie Mae and Freddie Mac to the U.S. Treasury instead of using them to backstop defaulted loans.
Legislation written by Democrats in the Senate and Republicans in the House would raise as much as $38 billion over 10 years to offset the tax cut by increasing the rates that the two government-controlled mortgage companies charge lenders to guarantee principal and interest on home loans. Until now, all of the revenues from those guarantee fees have gone to Fannie Mae and Freddie Mac to cover mortgage defaults.
As Congress struggles to reach agreement on the payroll tax cut before the end of the year, some lawmakers, mortgage industry trade groups, and even the companies? regulator are raising concerns about the revenue plan. They question whether it is appropriate to siphon funds from Fannie Mae and Freddie Mac to feed general government accounts at a time when members of both parties are pushing to reduce the government?s role in the two companies, known as government-sponsored enterprises.
?Relying on long-term revenue from the enterprises as an offset for short-term tax cuts seems inconsistent with the need to end the conservatorships and reform our housing finance system,? Edward DeMarco, acting director of the Federal Housing Finance Agency, said in an e-mailed statement. ?FHFA will implement whatever Congress directs but I hope final resolution of the conservatorships occurs much sooner than 10 years from now.?
Guarantee Fees
Fannie Mae and Freddie Mac buy mortgages and package them into securities with guaranteed payments of principal and interest. To guard against losses in case of default, they charge lenders premiums commonly known as ?g fees.? Lenders typically add the fees, which average about 27 basis points, to a home loan?s interest rate.
The House and Senate bills would add an additional 10 basis points onto the guarantee fees.
The increases, if lenders pass them along to homebuyers, would cost a borrower with a $200,000 mortgage about $4,000 over the life of the loan, according to the Mortgage Bankers Association.
Critics of the proposals say they would cause a drag on the housing market. Furthermore, they say, fee increases are misguided at a time when the two companies have drawn $170 billion in aid from the U.S. Treasury to stay afloat.
?Slipping By?
?My concern is that this is just slipping by most of America with little awareness as to the real impact,? David Stevens, president of the Mortgage Bankers Association, said in an interview. ?To divert these fees as though they were a piggy bank for arbitrary tax policy that has no relationship to the risks of these institutions is disgraceful.?
The concept of using guarantee fees to help solve federal budget problems arose from the negotiations of the congressional supercommittee that was charged with forging a bipartisan deficit-reduction plan this year. Though the supercommittee said in November that it could not complete its task, the fee increase received bipartisan support.
?Raising g fees will help the private market compete on a level playing field, reduce Fannie Mae?s and Freddie Mac?s market share over time, and limit taxpayer exposure from the GSE conservatorships,? a group of House Republicans wrote in a letter to the panel.
Lending Risk
FHFA?s DeMarco has previously said he that he agrees that the guarantee fees need to be raised to better reflect lending risk. He said at a Dec. 1 congressional hearing that Fannie Mae and Freddie Mac would increase their rates gradually throughout 2012. The government-owned mortgage companies? pricing for credit guarantees ?is less than one would observe in a purely private, competitive market,? he said during a speech in September.
Massachusetts Democrat Barney Frank, the ranking Democrat on the House Financial Services Committee, said he does not like the idea of using guarantee fees to pay for a tax cut, but for different reasons. He has other plans for the money, he said.
?I think it is legitimate to take some percentage of that to fund affordable rental housing,? he said in an interview. ?If you keep it in the housing area, you?re not hurting the housing piece of the economy.?
Congress Looks to Fannie Mae, Freddie Mac to Raise Federal Funds
Bills offered by Democrats and Republicans to extend an expiring payroll tax cut would, for the first time, divert fees charged by Fannie Mae and Freddie Mac to the U.S. Treasury instead of using them to backstop defaulted loans.
Legislation written by Democrats in the Senate and Republicans in the House would raise as much as $38 billion over 10 years to offset the tax cut by increasing the rates that the two government-controlled mortgage companies charge lenders to guarantee principal and interest on home loans. Until now, all of the revenues from those guarantee fees have gone to Fannie Mae and Freddie Mac to cover mortgage defaults.
As Congress struggles to reach agreement on the payroll tax cut before the end of the year, some lawmakers, mortgage industry trade groups, and even the companies? regulator are raising concerns about the revenue plan. They question whether it is appropriate to siphon funds from Fannie Mae and Freddie Mac to feed general government accounts at a time when members of both parties are pushing to reduce the government?s role in the two companies, known as government-sponsored enterprises.
?Relying on long-term revenue from the enterprises as an offset for short-term tax cuts seems inconsistent with the need to end the conservatorships and reform our housing finance system,? Edward DeMarco, acting director of the Federal Housing Finance Agency, said in an e-mailed statement. ?FHFA will implement whatever Congress directs but I hope final resolution of the conservatorships occurs much sooner than 10 years from now.?
Guarantee Fees
Fannie Mae and Freddie Mac buy mortgages and package them into securities with guaranteed payments of principal and interest. To guard against losses in case of default, they charge lenders premiums commonly known as ?g fees.? Lenders typically add the fees, which average about 27 basis points, to a home loan?s interest rate.
The House and Senate bills would add an additional 10 basis points onto the guarantee fees.
The increases, if lenders pass them along to homebuyers, would cost a borrower with a $200,000 mortgage about $4,000 over the life of the loan, according to the Mortgage Bankers Association.
Critics of the proposals say they would cause a drag on the housing market. Furthermore, they say, fee increases are misguided at a time when the two companies have drawn $170 billion in aid from the U.S. Treasury to stay afloat.
?Slipping By?
?My concern is that this is just slipping by most of America with little awareness as to the real impact,? David Stevens, president of the Mortgage Bankers Association, said in an interview. ?To divert these fees as though they were a piggy bank for arbitrary tax policy that has no relationship to the risks of these institutions is disgraceful.?
The concept of using guarantee fees to help solve federal budget problems arose from the negotiations of the congressional supercommittee that was charged with forging a bipartisan deficit-reduction plan this year. Though the supercommittee said in November that it could not complete its task, the fee increase received bipartisan support.
?Raising g fees will help the private market compete on a level playing field, reduce Fannie Mae?s and Freddie Mac?s market share over time, and limit taxpayer exposure from the GSE conservatorships,? a group of House Republicans wrote in a letter to the panel.
Lending Risk
FHFA?s DeMarco has previously said he that he agrees that the guarantee fees need to be raised to better reflect lending risk. He said at a Dec. 1 congressional hearing that Fannie Mae and Freddie Mac would increase their rates gradually throughout 2012. The government-owned mortgage companies? pricing for credit guarantees ?is less than one would observe in a purely private, competitive market,? he said during a speech in September.
Massachusetts Democrat Barney Frank, the ranking Democrat on the House Financial Services Committee, said he does not like the idea of using guarantee fees to pay for a tax cut, but for different reasons. He has other plans for the money, he said.
?I think it is legitimate to take some percentage of that to fund affordable rental housing,? he said in an interview. ?If you keep it in the housing area, you?re not hurting the housing piece of the economy.?
1. FHA deems units subject to the Montgomery County MPDU program as eligible for FHA insurance.
2. FHA has stipulated:
a.
This approval only applies to Montgomery County?s MPDU program, and3. HOC has extended the current interest rates until FEBRUARY 29, 2012.
TWO - 30 Year Fixed INTEREST RATES - zero point OPTIONS AVAILABLE
OPTION 1: 3.625%
OPTION 2: 4.0% With 3% PURCHASE ASSISTANCE LOAN
For Down payment and Closing Cost
DO NOT HAVE TO WORK IN MONTGOMERY COUNTY
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
www.brentmendelson.com
nmlsr#111407
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
1. HOC has extended the current interest rates until JANUARY 31, 2012.
TWO 30 Year Fixed INTEREST RATE zero point OPTIONS AVAILABLE
OPTION 1: 3.625%
OPTION 2: 4.0% With 3% PURCHASE ASSISTANCE LOAN
For Down payment and Closing Cost
DO NOT HAVE TO WORK IN MONTGOMERY COUNTY
Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
www.monarchmtg.com/bmendelson
www.brentmendelson.com
nmlsr#111407
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
Oh and GO RED SOX!! :)
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
I wrote this last week and am going to post this in all 50 states to garner maximum exposure. I fear for the future of this country in the wake ofthe "super committee" failure. If Congress and the President can't get something like that right then there is NO way they can possibly "fix" the housing market. Please feel free to re post if you agree with that I say. Maybe send to a member of Congress?
Full Disclosure. I am a card carrying member of the Republican Party and did not and will not vote for President Obama. I have no problem giving the President credit when he has a good idea and does the right thing. I want him to do well and succeed. Things as a whole will improve for the nation and I love this country more than a political party.
However the President's "plan" for underwater mortgages is incredibly lacking in urgency, details and a true sense of what the problem even is let alone how to fix it.
When we needed true leadership we received a speech in Las Vegas that was long on promises but short on well everything else.
This week we FINALLY had at least an outline of the new and improved "plan"
We can't even take applications for it until December 1 and if you are underwater by at least 125% then you can't deliver the loans to Fannie until MARCH of 2012.
Mr. President, people are hurting NOW. Giving a speech in October and offering even a sliver of help until March is 5 syallbles and one word. UNACCEPTABLE.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414. It was their idea after all.
And most importantly GO RED SOX!! :)
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414 also.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onappraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andorganizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard.
