PROGRAM HIGHLIGHTS FOR FHA DOWN PAYMENT ASSISTANCE

• Roll out date.  August 1st, 2009.
• Down Payment and/or closing cost assistance in the form of a 2nd up to 3% of sales price.
• CLTV up to 99.5%
• 2nd loan is amortized over 15 years at a fixed interest rate of 8.25%.
• FHA financing with LTV’s up to 96.5%.
• NO first time home-buyer restrictions.
• Conforming and Jumbo loan amounts.
• Seller can pay all closing costs.
• CA properties only.
• FICO scores below 620, even NO fico score permitted for qualified buyers

Income restrictions:

Can make no more than 120% of HUD AMI (based on qualifying income). To find out what the county’s medium income is:  visit www.huduser.org/datasets/il.html .. Click- 2009 Income limits, Access Individual Income Limits, click state and county. Use the medium income number and multiply by 120%. Or Just give us a call and we will do it for you based on your situation.

Contact us for the best service and rates.

By Eddie Stokes California Mortgage 714-681-8209

Is 2009 a good time to buy?  

Stocks surged today after the Federal Reserve signaled there’s virtually no chance of a interest rate increase in 2009. For the first time in months, the Fed did not say the economy is contracting, an acknowledgment of signals that a recovery is forming. Instead, the Fed said that “economic activity is leveling out.” Nonetheless, it added that “substantial resource slack is likely to dampen cost pressures.” So, the central bank “expects that inflation will remain subdued for some time.”In other words, no interest rate increases until at least next year. Stock investors appeared to be pleased. The Fed left its federal funds rate at 0% to 0.25%. The fed funds rate is what banks charge each other for overnight loans and is the key determinant of U.S. interest rates.

As the Fed agrees “economic activity is leveling out” and mortgages are still cheap, who knows what the new year will bring. However one things for certain, as home sales pick up the fed will control the inflation with raising interest rates. For you first time buyers you need to buy in 09 to take advantage of the $8,000 tax credit.

Eddie Stokes California Mortgage. Contact us for the best interest rate

Current Loan programs as of 8/5/09

• -FHA LOANS WITH NO MINIMUM FICO REQUIREMENT

• -FULL DOC 90% FINANCING PRODUCT-NON FHA

• -STATED INCOME PROGRAM HAS MAJOR CHANGES

FULL DOC TO 90% W/ MI, NON FHA PRODUCT

CONVENTIONAL QUICK AND EASY–ONLY 3 DAYS IN UNDERWRITING, VERY LOW RATES!!

• GREAT FOR BORROWERS THAT NEED/WANT TO AVOID FHA OR PROPERTY IS NOT FHA APPROVED
• 10%+ DOWN
• CONDOS OK
• 720 FICO REQUIREMENT
• 41% DTI
• RATES CLOSE TO 5%
• NO MORTGAGE INSURANCE REQUIRED W/ MINIMUM 20% DOWN PAYMENT

WE ARE FHA/VA APPROVED!!!!

• NO MINIMUM FICO SCORE REQUIREMENT ON FHA–HUGE NICHE PROGRAM!!!!
• 5 DAYS FROM SUBMISSION TO LOAN APPROVAL
• ONLY 3.5% DOWN ON FHA– VA OFFERS 102% FINANCING
• WE ARE FHA APPROVED SO THERE IS NO THIRD PARTY DELAYS–WE ARE FHA SPECIALISTS!! DONT WASTE TIME ON OTHERS!
• DOWN PAYMENT ASSISTANCE PROGRAM NOW AVAILABLE!! buyer may qualify for zero down,zero cost loan!! call or email for more details

LOAN AMOUNTS UP TO $1.5 MILLION

• FULL DOC INCOME AT 45% DTI
• RATE/TERM, CASH OUT, PURCHASE
• QUALIFYING LTV GOES HIGHER AS LOAN AMOUNT GOES DOWN
• INTEREST ONLY OPTION AVAILABLE AND RATES START AT 4.85% ON A 5 YEAR FIXED
• ONLY A 680 FICO REQUIREMENT

STATED INCOME LOAN

• WAGE EARNERS ONLY-NO SELF EMPLOYED
• W-2 AND PAYSTUB REQUIRED TO PROVE EMPLOYMENT
• ONLY 20% VARIANCE INCOME ALLOWED FROM WHATS STATED ON W-2–4506T IS EXECUTED TO VERIFY ACTUAL INCOME(email for further details)
• LOAN AMOUNTS UP TO $625K
• 80% LTV WITH A MINIMUM OF 700 FICO SCORE
• UNDERWRITING AT 10+ BUSINESS DAYS
• VERY SMALL WINDOW FOR THOSE THAT QUALIFY

VOE ONLY PROGRAM

• WAGE EARNERS ONLY- NO SELF EMPLOYED
• LOAN AMOUNTS UP TO $417K
• INCOME VERIFIED THROUGH EMPLOYER WITH WRITTEN VOE
• CURRENTLY HAS 24 HOUR UNDERWRITING
• OWNER OCCUPIED ONLY
• MAX LTV AT 80%
• 620 MINIMUM FICO REQUIREMENT ON PURCHASE OR RATE/TERM
• DOWN PAYMENT GIFTS OK

PROGRAM HIGHLIGHTS FOR FHA DOWN PAYMENT ASSISTANCE

• Roll out date.  August 1st, 2009.
• Down Payment and/or closing cost assistance in the form of a 2nd up to 3% of sales price.
• CLTV up to 99.5%
• 2nd loan is amortized over 15 years at a fixed interest rate of 8.25%.
• FHA financing with LTV’s up to 96.5%.
• NO first time home-buyer restrictions.
• Conforming and Jumbo loan amounts.
• Seller can pay all closing costs.
• CA properties only.
• FICO scores below 620, even NO fico score permitted for qualified buyers!

Income restrictions:

Can make no more than 120% of HUD AMI (based on qualifying income). To find out what the county’s medium income is:  visit www.huduser.org/datasets/il.html .. Click- 2009 Income limits, Access Individual Income Limits, click state and county. Use the medium income number and multiply by 120%. Or Just give us a call and we will do it for you based on your situation.

By Eddie Stokes California Mortgage 714-681-8209