In this video I discuss how Envoy Mortgage has rolled out their own FHA 203k Streamline product that is funded by Envoy and the servicing rights retained by Envoy.  This means Envoy Mortgage has control of the process form start to finish and beyond.  Servicing means you will make your payments to Envoy and not have your loan sold around to other lenders.  Let me know what you think by leaving comments below and sharing with your communities.

Thank you,
Matt Steinmetz nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520
Visit Envoy925.com
Office: 925-671-9501 x119

Down Payment Assistance*FHA*VA*HomePath*FHA 203K*Less Than 90 Day Flips*USDA                         Condo Approvals*Escrow Holdbacks*and now Up to 8 Financed Properties

Matt Steinmetz

Envoy Mortgage
Concord, CA
Contra Costa County
 

This Thursday is a forum for the FHA 203K and 203K Streamline along with Fannie Mae Homepath.  You can come and ask questions or just listen and learn about these great programs.  The event is in Contra Costa County, near downtown Concord.   See the link above for more info. 

Thank you,

 Matt Steinmetz   nmls# 221315

Branch Manager

 Envoy Mortgage 

2151-A2 Salvio St.

Concord, CA 94520

Office: 925-671-9501 x119

FHA*VA*HomePath*FHA 203K*Less Than 90 Day Flips*USDA*Condo Approvals*Escrow Holdbacks*and now Up to 8 Financed Properties

Follow me on LinkedIn , Facebook , or Twitter 

Let’s look at the option of refinancing into a FHA 203K loan.

Most home loans use the homes current appraised value to determine the loan amount.  In today’s world that leaves many of us with very little, if any equity at all.  This makes it very difficult (impossible) to use your homes equity to fund renovation projects or remodels. 

What if there was a home loan that took the future value of the home after the improvements were made?  THERE IS!  

You must have at least 2.25% equity in your home before the refinance, so this does not help those of us underwater.  How ever if you do or are close enough to pay the loan down to get to that point then the FHA 203K or 203K streamline may be right for you. 

Most of us don’t have extra cash laying around for renovations and as mentioned it is difficult to tap your homes equity.  We don’t see equity lines as an answer any more as the credit standard have tightened.  Equity lines and most other home loans have restrictions on the loan to value at which they will lend.  At today’s levels they are not very helpful to the mass public.  At least in terms of getting cash out to repair and modernize your home. 

The FHA 2o3K allows you to wrap in the costs of the loan, your renovation costs and pay off your existing loans on the house.  This leaves you with one shiny new loan up to 97.75% of the value and a beautiful home.  Keep in mind this is 97.75% of the value after the remodel is completed so the loan amount will be higher than your current loan.  The 203k is a 30 year fixed so there are no adjustment to worry about.  Your taxes and insurance will be paid with the monthly payments, so if you do not have this currently you’ll need to consider how much your monthly obligation goes up, but if you find it manageable then this may be the answer you have been looking for. 

Appraisals will show the underwriter any repairs needed.  Normally someone would need to repair any issues before the loan can close.  This would me self financing the repairs.  With the 203K these repairs can be financed in the loan and completed after the loan closes!  Other restrictions and qualifications apply so contact me for more details, BUT this loan may just be an answer for a lot of people who would like to use their equity to complete renovations/modernizations to their home and cannot self finance the costs.

Thank you,
Matt Steinmetz  nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520

Office: 925-671-9501 x119
Fax: 925-671-9512

FHA * VA * HomePath * CalVet * FHA 203K * Less Than 90 Day Flips * USDA * Condo Approvals * Escrow Holdbacks * and now Up to 8 Financed Properties

Follow me on LinkedIn, Facebook, or Twitter

We offer many loan products like FHA, VA, CalHFA,and more. We do Flips, meaning we lend on homes that have been owned for less than 90 days. We can approve condo complexes for Fannie Mae and FHA financing and we have down payment assistance for those who qualify.

Give me a call and ask what products are right for you. Do not assume that you don’t qualify for this or that, I have seen amazing things happen. In most cases I can assist with fixing credit issues as well. 

Most of our loans close in less than 30 days and our normal underwriting time from submission to approval is 2 business days. Envoy Mortgage can fund your loans fast! Guidelines and conditions must be met for all loan programs so call me, Matt Steinmetz, to see if your scenario works.

Thank you,
Matt Steinmetz  nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520

Office: 925-671-9501 x119
Fax: 925-671-9512

FHA * VA * HomePath * CalVet * FHA 203K * Less Than 90 Day Flips * USDA * Condo Approvals * Escrow Holdbacks * and now Up to 8 Financed Properties
Follow me on LinkedIn, Facebook, or Twitter

Thank you,

Matt Steinmetz

NMLS# 221315

Envoy Mortgage

2151-A2 Salvio St.

Concord, CA 94520

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Just in case you were not aware of this little program here is some information about the the Energy-Efficient Mortgage.
-Finance up to 15% of an existing home’s value or 5% of a new homes value
-The monthly energy savings are added to your income, to help you qualify
-There is a 3% minimum investment required by you, but rebates and other incentives from the governmanet may be applied toward your contribution.

Some items you can use the money for are:

• Windows and Doors
• Heating and Cooling
• Insulation

If you’d like to know more, contact me today.

Also, feel free to Share or Comment

Thank you,

Matt Steinmetz
Envoy Mortgage
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Fax 925-940-9639

Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online

Contra Costa County, home loans, mortgages, Concord, CA, refinance, rahab loans, 203K, FHA 

The FHA Streamline 203K loan can be used on purchases or refinances.  This loan allows  you to get extra money above the payoff amount or cost of the home to handle repairs or upgrades.  This is great for buying fixer uppers or putting windows in your existing home, plus much more. 

Loan amounts can go up to the maximun FHA loan limits in your county.  For Contra Costa County that limit is $729,750.  The maximum for repairs is $35,000 but a portion of that is not available to you as it is kept as reserves and then returned to the bank if unused, which reduces the balance on your loan. 

The borrower gets 50% of the improvement proceeds at the loan closing and the other 50% after the repairs are completed.   The repair work can be financed over and above the contracted sales price or appraised value with the total being added to the final loan amount, up to 110% of the value.  Any repairs over $15,00 do require an inspection upon completion.

Let me know your thoughts on this by commenting below, and feel free to use the share button to pass this along.

Matt Steinmetz
www.mattsteinmetz.com

This is not all doom and gloom as this should help mortgage rates improve along with the fact that the Dollar is getting stronger and oil prices are going down again. Oil prices going down pressures the entire stock market to sell off, and we know from earlier posts that when stocks sell off, that money usually ends up in bonds. This also helps rates improve.
With that said, where the bond market is today, the last time it sat here it reversed for the worse. Since rates are tied to the bond market, we certainly hope this doesn’t happen again. With the markets closing early today and closed tomorrow, a sell off would not be uncommon. You can see why it is impossible to know what rates will do, so many factors involved.

Watch for my next post about the FHA 203K laon for rehabing or repairing your home, or a home you want to buy.

Matt Steinmetz