Matt Steinmetz's Blog » Loan Programs

Energy Efficient Mortgage

Matt Steinmetz — Sat, 21 Apr 2012 20:25:04 +0000

Here is a link to a presentation I gave at the Contra Costa Association of Realtors on Energy Efficient Mortgages. There is no sound but I am happy to speak with you about the program should you have questions.

Matt Steinmetz

Envoy Mortgage
Concord, CA
Contra Costa County

House lost Value? Refinance Now!

Matt Steinmetz — Sun, 18 Mar 2012 17:07:11 +0000

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Watch Matt Steinmetz in his YouTube video about refinancing even if you owe more than your house is worth with Fannie Mae’s HARP.

Matt Steinmetz is a Branch Manager for Envoy Mortgage with offices in Concord, Walnut Creek, Capitola and Vacaville California

Leave a comment here or call Matt at 925-671-9501 x119

Mortgages for Foreign Nationals

Matt Steinmetz — Thu, 15 Mar 2012 13:44:27 +0000

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Matt Steinmetz talks about loans for foreign nationals. Foreign national loans are for people who are not U.S. citizens.

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Asset Depletion

Matt Steinmetz — Tue, 13 Mar 2012 20:36:52 +0000

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Matt Steinmetz talks about using asset accounts, that you may draw on, to help qualify for a mortgage. If you have high net worth or a lot of cash in the bank, it is possible to use that as potential income for qualifying for a mortgage.

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Non Warrantable Condos

Matt Steinmetz — Sun, 11 Mar 2012 16:39:34 +0000

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This video by Matt Steinmetz talks about obtaining a mortgage loan on a non warrantable condo.

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FHA to Change Allowable Seller Credit Amount?

Matt Steinmetz — Wed, 25 Jan 2012 23:35:15 +0000

In a separate Federal Register notice to be published soon, the FHA will propose to reduce the maximum allowable seller concession from its current level to one more in line with industry norms. The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. The revised proposal reflects public comments received on an earlier proposal published in a Federal Register notice on July, 15, 2010. The revised proposal calls for a 30 day comment period. Following an analysis of the public comments received, a final rule will be issued.

Do you think this is a good or bad idea? Let me know by commenting below (log in using your facebook or twitter account through Disqus)

Matt Steinmetz

Government Hurts First Time Buyers

Matt Steinmetz — Wed, 11 Jan 2012 01:19:15 +0000

The bill passed in Dec. 2011 that extended tax cuts had some hidden items, of course. One of them was the g fee which is a fee for conventional loans that is of course passed on to the consumer. Aside from this increasing rates and or fees, it has hit the first time buyer market. Bond programs that are widely used for this market have now said that conventional financing cannot be used with bond programs anymore due to this g fee.

As I find out more I will update this post, but what is important today is this, if you have a bond loan with conventional financing in processing, please verify it is still available.

Jumbo Loan Question

Matt Steinmetz — Fri, 23 Dec 2011 16:49:15 +0000

I am not too well versed in the servicing and secondary side of the mortgage industry so perhaps there is someone among us who can explain to me why we can’t split a Jumbo loan to be serviced by say two (or more) servicers (lenders) in order to lower risk, make money more accessible and perhaps cheaper? The cheaper part may not be realistic since there may be need for a 3rd party like a trustee or receiving party who then sends the appropriate portion to each servicer, but it seems to me that there is money to be made here.

I’d love to hear more about why this can’t be done from some industry experts. Please comment below or feel free to contact me via social media or email.

FHA Flipping Update II

Matt Steinmetz — Fri, 23 Dec 2011 08:11:27 +0000

A few short hours after my last post which says the flipping waiver will expire this month and BAM it gets extended!!!

Here is the verbiage from FHA:

FHA Extends Waiver of Anti-Flipping Regulations Through 2012:

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration (FHA) Commissioner Carol J. Galante will extend FHA’s temporary waiver of the anti-flipping regulations.

With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, FHA temporarily waived this regulation through January 31, 2011, and later extended that waiver through the remainder of 2011. The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The extension is effective through December 31, 2012, unless otherwise extended or withdrawn by FHA. All other terms of the existing Waiver will remain the same. The Waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers. The Waiver continues to be limited to sales meeting the following conditions:
·         All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

·         In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the Waiver will only apply if the lender meets specific conditions and documents the justification for the increase in value.

·         The Waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Matt Steinmetz
Concord, Ca
Contra Costa County

FHA Home Flipping Policy

Matt Steinmetz — Thu, 22 Dec 2011 22:11:00 +0000

In February, FHA extended the FHA property flipping waiver until December 31, 2011. As of now, this waiver has not been extended again and will expire on 12/31/11.
All loans that are utilizing the waiver to get around the 90 day seasoning required by FHA on flip properties (mainly being used now by investors who are fixing/flipping homes) must have a FULLY EXECUTED purchase contract and must have a FHA case number assigned on or before 12/31/11. No extensions will be given to this deadline. Any loans with case numbers & contracts January 1^st or later will require 90 days seasoning prior to the borrower making loan application, with the only exceptions being the following:

4155.2 4.7.h Exceptions to the 90-day Restriction

The only exceptions to the 90-day resale restriction described in HUD 4155.2 4.7.e are for

•	properties acquired by an employer or relocation agency in connection with the relocation of an employee

•	resales by HUD under its Real Estate Owned (REO) program

•	sales by other United States Government agencies of single family properties pursuant to programs operated by these agencies

•	sales of properties by nonprofits approved to purchase HUD-owned single family properties at a discount with resale restrictions

•	sales of properties that are acquired by the seller by inheritance

•	sales of properties by state and federally-chartered financial institutions and government sponsored enterprises

•	sales of properties by local and state government agencies, and

•	sales of properties within Presidentially Declared Disaster Areas.

If HUD decides to extend the waiver, we will notify you ASAP.

Happy Holidays!

Matt Steinmetz