Upside Down Mortgage Help for Homeowners #td #mortgage #calculator

#upside down mortgage


Upside Down Mortgage Help for Homeowners

As of August 2010, when this article was published, approximately 11 million homeowners were upside down in their mortgage loans. Much of this results from the housing crisis that came to a head in 2008. In the wake of that financial crisis, property values began dropping all across the country. In places like California, Arizona and Florida, they dropped considerably.

This leaves many homeowners scratching their heads over what to do next. What can you do about an upside down mortgage loan? Can you sell or refinance the home when you re in this boat? Is there any help for upside down homeowners? These are the questions we will address below.

A Resource for Upside Down Homeowners

As the number of upside down homeowners has grown, so too have the number of programs available to them. But this creates a dilemma. With so many program updates and announcements, the average consumer is left feeling overwhelmed and confused. There is help for homeowners with upside down mortgage loans it s just hard to find the right path. Our goal is to compile information and resources related to upside down mortgage loans. We will update this page as needed, to ensure it stays current.

The Upside Down Mortgage, Defined

What is an upside down mortgage loan? Here s a simple definition. If you owe more on your mortgage than your home is currently worth, you are upside down in the loan.

Here s an example. If my home is worth $185,000 in the current market, but I owe $195,000 on my mortgage loan, I am upside down. My loan balance exceeds the value of my property. This is also referred to as being underwater in the loan. The two terms are interchangeable.

Why Is This a Problem?

Upside down homeowners have a hard time selling or refinancing their homes. If you sell the house for less than what you owe to the lender, you ll probably have to pay the difference out of pocket. On the refinancing side, the lack of equity makes it hard to qualify for a mortgage refinance loan. Upside mortgage loans can create a situation where the homeowner is stuck can t sell the house, can t refinance the loan.

When homeowners plan to stay in the home for a long time, being upside down is less of a concern. They can simply stay put, continue making their mortgage payments, and hope that their property values rise again in the future. But for those who want to sell or refinance their homes, an upside down mortgage will put up a financial roadblock.

Refinancing Options Through the FHA

Underwater homeowners are often unable to refinance their homes. They lack the equity that most lenders require. But there is help for upside down homeowners who want to refinance.

In May 2010, the Department of Housing and Urban Development (HUD) announced changes to the FHA s loan-backing program that would make refinancing possible for underwater homeowners. This new program will be rolled out in the fall of 2010. To qualify, homeowners must (1) have a loan that is not currently insured by the FHA, (2) be current on their mortgage payments, and (3) be upside down in their mortgage loan. TARP funds are being used to give incentives to lenders, encouraging them to participate in the program.

This program is being referred to as the FHA short refi for underwater homeowners, and you can learn more about it through the links below:

Other Programs to Help Homeowners

If your mortgage loan is currently owned or guaranteed by Freddie Mac or Fannie Mae, you may have additional options for underwater refinancing. This would be through the federal government s Making Home Affordable program. Here again, you need to be current on your mortgage payments to pursue this option.

You can learn more through the links below:

Upside Down Mortgages in the News

It is our goal to make this resource page as useful as possible. So we will be tracking the various programs and topics mentioned above. Here is some recent (2010) news regarding upside down mortgages and help for homeowners.

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Locking In Peace of Mind #commercial #mortgage #calculator

#mortgage marvel


The New York Times

Mortgages – Locking In Peace of Mind


WITH mortgage rates inching higher, some borrowers might want to consider a lock-in agreement, which freezes the terms of a loan while it is being processed, potentially saving borrowers thousands of dollars over the life of the mortgage.

This guarantee may be especially important for those who are refinancing, where even a quarter of a percentage point could skew a borrower’s calculations and make a refinancing less financially desirable, said Keith T. Gumbinger, a vice president of a financial publisher in Pompton Plains, N.J.

Rates for the 30-year fixed-rate mortgage averaged 3.95 percent nationwide in March, up from 3.89 percent in February, according to Freddie Mac, though that is still significantly lower than the 4.84 average rate in March 2011. The average rate was 3.98 percent on Thursday, versus 3.99 percent the week before.

“We expect fixed-rate mortgages to gradually move higher over the next six months to about 4.25 to 4.5 percent as the country’s economic condition improves,” said Frank Nothaft, Freddie Mac’s vice president and chief economist. “This would be a move from the all-time record low rates we’ve experienced over the last few months but still at historically low levels.”

Rate lock-ins can provide buyers with some peace of mind, not to mention one less thing to think about in an otherwise onerous application process.

Lenders typically will give loan rate guarantee agreements when a borrower has a purchase agreement, but a few will provide them to those who are preapproved for a mortgage, said Rick Allen, the chief operating officer of Mortgage Marvel, an online site.

While shopping for a mortgage lender, Mr. Allen suggests inquiring about loan locks, too. “Get a copy of the rate lock agreement,” he said, noting that this would help borrowers better understand how the process works.

The cost of reserving an interest rate depends both on the duration of the lock and the amount of the loan. “The longer the lock, the more costly it is,” said Mark Lazar, an owner of Allied Financial Mortgage in River Edge, N.J. Most locks are for 30, 45 or 60 days, but some lenders will go as long as six months.

Most lenders offer some version of a free lock, Mr. Gumbinger said, though it may be only for 30 days. Others charge points — or fractions thereof — based on the loan size, which could amount to several hundred dollars. (A point is equal to 1 percent of the loan amount.) Sometimes these charges are refundable at closing, Mr. Gumbinger said.

Borrowers may want to skip a rate lock-in, or delay taking one, if they are unsure when their home purchase will close.

“You need to have a pretty good idea of your closing date,” Mr. Lazar said.

Knowing how long to lock in a rate requires a clear picture of the mortgage process, and a good estimate from your lender on how long it will take to approve the loan and complete all the paperwork and other requirements. For some lenders handling refinancing, this can be 15 or 20 days; others take longer.

Mr. Gumbinger said some lenders may extend an interest rate guarantee for a day or two, but if you need an additional 10 to 15 business days to close, it might cost you a few hundred dollars or a one-quarter point fee. On a $300,000 loan balance that would work out to $750.

Mr. Lazar noted that some lenders will extend a rate lock-in agreement for free, especially if interest rates are unchanged.

What happens if your loan doesn’t get approved by the underwriters? Borrowers will need to inquire about whether the lock fee is refundable, and under what circumstances they could receive their money back.

“Most lenders will refund it if the loan is denied,” Mr. Allen said. If the deal falls apart for circumstances beyond your control, such as a failed home inspection, many lenders will refund the fee, he added. If you decide to back out, expect the lender to keep your cash locked up.

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Ann Arbor, MI Mortgage Lender #mortgage #modifications

#arbor mortgage


Affordable Mortgages in Ann Arbor, MI

If you’ve been dreaming about owning a piece of real estate in which you can build equity, you may want to apply for a mortgage with Beth Maybee at Huron Valley Financial. I’ll be by your side throughout your entire loan process helping you find the ideal mortgage solution.

I will offer helpful advice that lets you understand your options. I’ll also work to find low rates and remove any errors from your credit report. Since I believe that I can find the perfect mortgage for your buying requirements, I’m here to help you get approved for:

  • USDA Rural Development loans
  • Fixed-rate mortgages
  • Jumbo mortgage loans
  • Construction loans
  • 203k rehab loans

To facilitate your approval, Beth Maybee can quickly respond to your initial requests and start your application as soon as possible. I’m happy to help you achieve your homeownership goals, and if you’re ready to apply for Ann Arbor, MI, mortgages, call me.


1st time home purchase loan, exceptional service!

Beth is everything you could ever want, need, and even dream of to be a part of your home purchasing team! I was a first time home purchaser when Beth and I were working together. Beth went above and beyond, much like these other clients contest to, to ensure the most stress-free process as possible while instilling 100% confidence with her work. Beth made my experience, as a first time homeowner/purchaser, one to remember. Beth even reached out to a coworker of hers, that lives in my new neighborhood, so I could have a friendly neighbor from day 1 in my new place! It was a privilege to work with Beth, a true blessing. Thank you, so much, for all you do Beth!

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Mortgage Marvel Rate Trends Shows 30-Year Fixed Rates Fell in April #mortgage #bad #credit

#mortgage marvel


Mortgage Marvel Rate Trends Shows 30-Year Fixed Rates Fell in April

MEQUON, WI–(Marketwire -05/02/12)- Mortgage Marvel Rate Trends™, a daily survey of more than 1,000 lenders, shows conforming, 30-year, fixed rates fell in April, closing out the month at 3.96 percent. Late in the month, the economic news from Europe continued to be negative, which led investors to seek the safety of U.S. Treasury notes. Increased buying drives down interest rates on these notes, and mortgage rates track these rates closely. This is clearly good news for those looking to buy or refinance a home.

“Most economists are indicating that rates will continue to stay low,” said Rick Allen, chief operating officer of Mortgage Marvel. “The housing market is warming up and mortgage interest rates are staying low, which runs counter to most expectations. Consumers should consider acting now if they are looking to refinance a mortgage or purchase a home.”

30-Year Fixed Rate – As of April 30, 2012

The 30-year fixed rate on April 30 was 0.31 percent lower than the 6-month high of 4.27 percent reached on Oct. 30, 2011.

30-Year Fixed Rate – Highs Lows

*Change based on difference from current rate

Other popular products

Fifteen-year fixed rates also headed lower in April, closing out the month at 3.2 percent after reaching a high of 3.35 percent on April 4. 5/1 ARMs fell as well to 3.18 percent on April 30 after hitting a high of 3.33 percent on April 2. The rates for 30-year, fixed rate jumbo loans (typically loans over $417,000) closed the month at 4.74 percent after reaching a high of 5.02 percent on April 5.

For comparison sake, displayed rates feature 0 discount points unless otherwise indicated. The assumed loan amount and loan-to-value ratio are $500,000 and 66% for jumbo loans and $187,500 and 75% for all other programs.

For more detailed information, including an interactive graph and state-level detail, go to .

About Mortgage Marvel Rate Trends

Mortgage Marvel Rate Trends pulls rates every day directly from the live product and pricing database of more than 1,000 national, regional, and local banks and credit unions across the country. Mortgage Marvel Rate Trends includes average rates for conforming (i.e. loans below $417,000) and jumbo loan programs across all common fixed and adjustable rate products. Mortgage Marvel Rate Trends also separately tracks rates for purchase, rate term refinance, and cash-out refinance transactions for every product and program, and for every state and region in the U.S.

About Mortgage Marvel and Mortgagebot

Mortgage Marvel ( ) presents free, accurate, up-to-date mortgage quotes from multiple lenders in an easy-to-understand display. It further enables borrowers to link directly to their preferred lender — where they can complete a mortgage application and get approved with full disclosures, all in about 20 minutes or less.

Mortgage Marvel is operated by Mortgagebot LLC ( ), the industry-leading, Inc. 5000 company that provides the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions. Mortgagebot blends deep mortgage experience with innovative “cloud-computing” technology to create scalable and affordable Web sites for nearly 1,000 banks and credit unions nationwide.

Upside Down Mortgage – Upside Down Mortgage (home) #biweekly #mortgage #calculator

#upside down mortgage


Welcome to Upside Down Mortgage!

Are you upside down on your mortgage? Do you owe the bank more than your house is worth? Welcome to the most comprehensive help resource website on upside down mortgage problems. This problem is not new, many people found themselves in upside down mortgage situations each day.

If you are in an upside down mortgage situation, we can help you. There are many resources and help out there to get you out of being upside down on your mortgage. Our company offers solutions to homeowners in upside down mortgage situations.

Behind On Your Mortgage Payments? Contact Us for a Free Consultation!

Free consultation on upside down mortgage

We offer risk free, free and confidential consultation for homeowners with an upside down mortgage. During this free consultation on upside down mortgage, our experts will show you ways to remedy the upside down mortgage situation. If you have an upside down mortgage, the chances are that we have solutions for you. Click here to use our free consultation form or find out how much how home is worth by clicking on the link below.

Get educated on options available for homeowners with upside down mortgage

Although, our company can help all homeowners with upside down mortgage and we will walk the homeowner through every step of the solutions available to them, we are a firm believer of educating homeowners as much as possible. Some homeowners like to read resources online so we have put a lot of valuable information on upside down mortgage on our Upside Down Mortgage website for educational purposes.

If you have questions or comments, please use our contact form to contact us. You can use the link below to bookmark this page.

Refinance Your Mortgage: Compare Online Refinance Lenders #amortization #tables

#online mortgage lenders


Credit Cards






Credit Cards






Compare the Best Online Refinance Lenders

Available in all 50 states and Washington DC.

NerdWallet s Online Mortgage Refinance Marketplace

The lenders on NerdWallet s refinance marketplace are members of a growing group that s changing the way homebuyers get and refinance mortgages. They re cutting out middlemen, automating parts of the process and making it shorter and easier to understand. That means refinancing can be cheaper, faster and more transparent. Some have eliminated origination fees, and many handle parts of the refinance — obtaining employment and pay records for instance — that you used to have to do yourself. You ll still have to meet credit requirements and demonstrate that you can pay back your loan before these lenders will approve your refinance.

When should I consider a mortgage refinance?

When you refinance your mortgage, you pay off your existing home loan and replace it with a new one with new terms. The goal is usually to lower your monthly payment, pay off your loan sooner or, if you’ve built up some equity in your home, to get cash back to pay for a home improvement project. Whether a refinance can work for you and how much you can save depend on your credit score, your home’s market value and other factors.

A refinance can also be used to consolidate higher-interest debts, which can save you money on interest payments or pay for a college education. However, it can be risky to finance short-term obligations with long-term debt, and prudent borrowers think carefully before using a refinance for those purposes.

How do I find the best mortgage refinance lender?

We’ve said it so many times, you can probably recite it with us: To get the best mortgage refinance rate. you have to shop multiple lenders. It can save you thousands of dollars over the long run. That’s why we stand on this little green NerdWallet soap box and say it so often. It’s also why we’re compiling an objective resource you can consult.

This is where you’ll find just what kind of refinance loans a lender offers: 15- or 30-year, fixed or variable rate, FHA-backed loans and all the rest. Plus, you’ll find other essential information, like the minimum credit score preferred by each lender, whether the lender charges an origination fee and other key facts.

How do I get the best refinance rate?

First, it’s a good idea to run some numbers with our mortgage refinance calculator. That will give you an idea of how things might shake out for you. Then, take the following steps:

  • Make sure your credit history is in good shape and error-free.
  • Know your credit score so you ll have realistic interest rate expectations.
  • Shop multiple lenders within a two-week period to minimize the impact on your credit score.
  • Consider contacting a local lender or two, to compare their rates with the results you find here.

Mortgage glossary

Fixed-rate mortgage: Fixed-rate mortgage loans have a set interest rate over the life of the loan, which can last five, 10, 15, 20, 25, 30, 40 or even 50 years. The most common is the 30-year fixed rate mortgage. They’re good if you want to avoid the uncertainty of interest rate changes and if you plan on staying in your home for at least seven years.

Adjustable-rate mortgage: ARM loans have an interest rate that’s fixed for an introductory period, after which it can fluctuate annually over the loan’s remaining life span. The initial interest rate, sometimes called the teaser rate, is lower than what you’ll find on fixed rate mortgages. ARM types include 3/1, 5/1, 7/1 and even 10/1. The first number is how long, in years, the teaser rate applies; the second number shows how often the rate can reset. So for a 5/1 ARM, the loan’s teaser rate is set for five years, and then the rate resets every year. An ARM might be right for you if you plan on moving before the introductory period ends or if you think your income will increase.

Conventional loan: Insured by private lenders, conventional mortgages adhere to dollar limits set by Fannie Mae and Freddie Mac, two government-sponsored companies that provide money for the housing market. Conventional mortgages can be adjustable or fixed. Good credit scores and higher down payments are required.

Jumbo loan: Loans that exceed the dollar limit — usually $417,000 — set by Fannie Mae and Freddie Mac. You may need a jumbo loan if you’re buying a house in a large city with a hot housing market. They often come with higher interest rates, down payment, credit score and income requirements.

VA mortgage: Insured by the Department of Veterans Affairs and distributed by private lenders, such as banks or mortgage companies, VA loans are available only to veterans or current members of the armed forces, and in some cases, service members spouses. There are no money down or private mortgage insurance requirements, though in many cases there will be a funding fee, which can be financed as part of your loan.

FHA loans. Federal Housing Administration loans are made by private lenders and insured by the government. The insurance protects lenders in case you default on your mortgage. They can be a good option if you’re a first-time homebuyer or have a lower credit score. Down payments can be as low as 3.5%. You’ll have to make an upfront mortgage insurance payment, as well as monthly premium payments thereafter.

FHA streamline refinance: If you’ve built enough equity in your home and have an FHA loan, this refinance program can be a quicker way to lower your interest rate, often without an appraisal. It can be a good idea if you want to save money, but not if you want cash back.

USDA mortgage: The U.S. Department of Agriculture mortgage program is for homeowners in rural and suburban areas who fall under a certain income threshold. No money down and low interest rates are the norm.

HARP: The Home Affordable Refinance Program is a federal government program that helps homeowners refinance their mortgage at a lower rate. The median income of your county is taken into consideration. The program is good if you don’t have much equity built up in your home. This program expires Dec. 31, 2016.

Interest-only mortgage: With this loan, you have the option of paying just the interest for a fixed term, after which you’ll make payments on both interest and principal. These are often taken out for more expensive homes. You’ll want to exercise caution though, because the payment will get higher once the interest-only period ends.

Cash-out refi: Cash-out refinancing allows you to take out a loan against your home equity, but not always at a lower interest rate. The original mortgage is refinanced with a larger loan, and you receive the difference in cash. Think carefully before embarking on this kind of refinance — you’re putting your house on the line. It’s best to use the extra cash for things that add value to your home. Don’t use a cash out refinance to buy a car or pay for a vacation.

More from NerdWallet

Primary residential mortgage #mortgage #broker #license

#primary residential mortgage


Thank you for taking the time to visit with us. Our P r imary goal is to provide every

borrower with professional, courteous and timely mortgage services.

Primary Residential Mortgage Incorporated (PRMI) is a National Mortgage Lender with

branch offices across the United States. In April 2000, a small group of career

mortgage professionals opened the Hawaii branch of PRMI. Today, we are a full-

service Branch with local processing, underwriting and closing. Our growth is due to

the trust and support of the thousands of families we helped.

The growth and success of PRMI Hawaii is a direct result of our primary operating

philosophy: We do what’s right. Our Loan Officers and Support Staff receive

continuous training on loan programs, federal and state compliance and ethics

education. Your best interest always comes first at PRMI.


As a National Mortgage Lender, we fund most of our loans with our own money – this

allows us to offer competitive rates and faster service. Loan decisions and closings are

handled by our in-house staff – so when we say you’re approved, you really are approved!


When you decide to buy a home or refinance a mortgage, it’s a big step. You can trust

us to find the loan program that’s best for you.

The mortgage process can be a source of anxiety, frustration. and a huge sense of

accomplishment. You didn’t pick the house that was best for someone else, you picked

the one that’s right for you! Trust our professionals to find the mortgage loan that best

fits your needs. “Less paperwork and more personal attention” means you enter a

frustration-free zone from application to closing.

Our mortgage professionals give you the personal attention you deserve and treat you

with respect due a valued customer. We understand you’re making a big commitment.

So we make a commitment to you: We will help you qualify, apply and be approved for

a mortgage that’s right for you.

Exceptional service and competitive rates. You deserve nothing less.

Please navigate our website to learn more about us, what we do, and how easy it is to

get started. Or better yet, call us today at 585-9888. Thank you in advance for allowing us to

introduce our company to you.

Hawaii Department of Commerce and Consumer Affairs
Division of Financial of Financial Institutes HI-3094

Primary Residential Mortgage, Inc.

745 Fort Street Mall, #609 Honolulu, HI 96813

a Equal Housing Lender

Licensed in the State of Hawaii

DISCLAIMER: Some products and sevices may not be available in all states. Credit and collateral are subject to approval.
Terms and conditions are subject to change without notice.

Primary Residential Mortgage, Inc.
(808) 585-9888

745 Fort Street Mall
Suite 609
Honolulu, HI 96813

Primary Residential Mortgage. Inc.
(808) 585-9888

745 Fort Street Mall
Suite 609
Honolulu, HI 96813

Primary Residential Mortgage, Inc. 745 Fort Street Mall, Suite 609, Honolulu, HI 96813

Phone: Toll Free Phone: Fax:

Copyright 2016 Primary Residential Mortgage, Inc.
Portions Copyright 2016 Pipeline ROI, inc.
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Reverse mortgage information #bank #rates #mortgage

#reverse mortgage information


HUD/FHA Reverse Mortgage Guide

Included in your reverse mortgage guide:

  1. 28 Page FHA Reverse Mortgage Guide. Gain complete understanding of the reverse mortgage.
  2. How to Avoid Five Costly Mistakes. Learn to easily avoid these pitfalls and save thousands in your home’s equity.
  3. Reasons Not to Get a Reverse Mortgage. Learn the three reasons avoiding the reverse mortgage may be the correct choice.
  4. Four Cash Out Options and which may work best for you to maximize your financial future.
  5. 7 Myths debunked. Get the right information – not misinformation.
  6. How benefits of program may be shrinking soon…
  7. New! Bonus Informational Kit Lists Typical Costs and Fees. Now included with your guide, along with 9 important questions to ask your lender.

This website is used for the primary purpose of educating those seeking information regarding the reverse mortgage. Obtaining a reverse mortgage is a big decision in one’s life and getting the proper balanced education prior to that decision is of the utmost importance. After receiving your reverse mortgage guide, our system will automatically send you a series of 15 educational emails. Thereafter, you will receive no more correspondence from us unless you sign up for our reverse mortgage newsletter, in which case you will receive the email newsletter once per month. Your personal information will not be sold or shared with any other company.

What is FHA and why is it important to the mortgage industry? The Federal Housing Administration (FHA) was established in 1934 to facilitate homeownership in the United States during the depression of the 1930’s. Its primary role was and is to insure FHA approved mortgage lenders, thereby adding stability to the marketplace. With the backing of this governmental agency lenders can more confidently loan money in cases that, without this backing, the lender would not normally consider.

Traditionally, FHA insured mortgages were obtained as a low down payment option for first time homebuyers and others with little cash as down payment. Though once considered the ugly sister to the more popular conventional mortgage products, since the financial collapse of 2008, the number of new FHA insured mortgage has surged dramatically.

What is an FHA insured reverse mortgage?In 1988, President Reagan signed the FHA Reverse Mortgage Bill into law which placed FHA an insuring and regulatory body in the reverse mortgage industry. Since 1988, FHA has insured over 200,000 reverse mortgages and FHA reverse mortgages account for at least 98% of all reverse mortgages in the U.S.

Very much like regular forward mortgages, FHA insures reverse mortgage lenders against foreclosure losses, thereby opening up the market to more possible reverse mortgage borrowers than would normally exist without FHA involvement.

Furthermore, acting as the regulatory body, FHA sets the rules for the entire industry and actively and prodigiously audits FHA approved lenders for compliance reasons.

At least 10% of all FHA loans are eventually audited by FHA for compliance purposes. Those lenders failing to comply with the set rules are subject to heavy fines and if problems persist a lender can be stripped of its FHA approved status. For most lenders, the latter penalty is tantamount to expulsion from the mortgage industry.

Phone: (855) 469-7383. Ext. 802 • Fax: (972) 332-4135

iReverse Home Loans • 6060 N. Central Expwy. Ste. 500 • Dallas, TX 75206

NMLS #773830 | Corporate NMLS #810502

State of Texas Disclosures:
iReverse Home Loans, Inc. is licensed under the laws of the state of Texas and by State law is subject to regulatory oversight by the Texas Department of Savings and Mortgage Lending. Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at A toll-free consumer hotline is available at 1-877-276-5550 .

The Department maintains a Recovery Fund to make payments of certain actual out of pocket damages sustained by borrowers caused by the acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the deparment’s website at .

This information is not from HUD or FHA and was not approved by HUD or any government agency.

iReverse Home Loans, LLC originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin.

Arbor Mortgage in Grand Rapids #mortgage #approval

#arbor mortgage


Arbor Mortgage

Reviews Sort by: Most Recent | Rating Write a review

I was very impressed with the team at Arbor Mortgage. Billie was very available, efficient and answered questions with clarity. The team there worked extra hard allowing me to close over a week earlier than more I was very impressed with the team at Arbor Mortgage. Billie was very available, efficient and answered questions with clarity. The team there worked extra hard allowing me to close over a week earlier than first estimated.

As I was promised the day I decided to go with Arbor Mortgage, the process could not have been easier. I barely had to do anything and that was in addition to the best interest and closing cost options (I more As I was promised the day I decided to go with Arbor Mortgage, the process could not have been easier. I barely had to do anything and that was in addition to the best interest and closing cost options (I shopped 6 lenders). I really enjoyed working with Darcey and will go back to her in the future.

My experience with Arbor Mortgage was the best refinancing experience I have ever had. Mike was friendly, knowledgeable and always available to answer questions. They were very fast, honest, and their interest more My experience with Arbor Mortgage was the best refinancing experience I have ever had. Mike was friendly, knowledgeable and always available to answer questions. They were very fast, honest, and their interest rates are competitive. I felt like they really did have my best interests in mind, unlike other mortgage companies I have worked with in the past. I would highly recommend them to all my family and friends.

FHA 203k loan rehab guidelines and requirements #mortgage #online

#203k mortgage


HUD FHA 203k loan rehab program

Search for a 203-k Consultant

The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer’s credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

The FHA 203k loan program is the Department’s primary program for the rehabilitation and repair of single family properties. Basically a home improvement loan. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that FHA 203k loan is an important program and they intend to continue to strongly support the program and the lenders that participate in it.

Lenders have successfully used the FHA 203k loan program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine the FHA 203k loan with other financial resources, such as HUD’s HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs, specifically for use with FHA 203k loan and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.

HUD also believes that the FHA 203k loan program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). HUD is committed to increasing homeownership opportunities for families in these communities and Section 203(k) is an excellent product for use with CRA-type lending programs.

This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

� To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.

� To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.

� To refinance existing indebtedness and rehabilitate a dwelling;

To purchase a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property and the loan proceeds (other than rehabilitation funds) must be available before the rehabilitation begins.

To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it, the mortgage must be a first lien on the property; however, loan proceeds for the moving of the house cannot be made available until the unit is attached to the new foundation.