JULY 6TH, 2010
By MATT STEINMETZ
Treasury Launches New Mortgage Help for Unemployed in July « HousingWire.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Hiring experienced Loan Originators, Ask me for info.
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
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FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
APRIL 25TH, 2010
By MATT STEINMETZ
From Fannie Mae Announcement SEL-2010-05
Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a pre foreclosure event (pre foreclosure sale, short sale, or deed-in-lieu of foreclosure).
The “waiting period” – the amount of time that must elapse after the pre foreclosure event – is changing and may be dependent on the LTV (loan to value) ratio for the transaction and whether extenuating circumstances contributed to the borrower’s financial hardship (for example, loss of employment). In addition, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event.
In the past a borrower would have to wait 4 years after a deed in lieu of foreclosure to get a Fannie Mae loan. Now with 20% down that time frame is 2 years, otherwise it’s still 4 years and capped at 90% LTV.
Pre foreclosure sales and short sales are 2 years, with the same LTV restrictions.
Extenuating circumstances may allow a borrower to get a loan up to 90% after just 2 years.
Borrowers must show they have re-established credit and show good payment history and good fico scores.
After a foreclosure borrowers still have to wait 5 years to buy again under Fannie Mae, but FHA is 3 years and VA is 2.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Hiring experienced Loan Originators, Ask me more.
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Follow me on Twitter
Apply for a loan online
FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
MARCH 29TH, 2010
By MATT STEINMETZ
Details of HAMP Improvements and New FHA Refinance Program.
the link above will give you a few details. Here are some details:
- Temporary assistance for unemployed homeowners while they search for re-employment. Payments reduced to affordable level for a minimum of three months, and up to 6 months for some borrowers, while eligible homeowner looks for new job.
- All servicers (who you make the check to) are requirement to consider alternative principal write-down approach and increased principal write-down incentives. This pertains to borrowers who owe more than 115% of the homes value
- Other implementations are to reach more consumers and help those going through foreclosures by making the process smoother.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Hiring experienced Loan Originators, Ask me for more info.
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Follow me on Twitter
Apply for a loan online
FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
JULY 15TH, 2009
By MATT STEINMETZ
Reuters says U.S. Officials are weighing a plan to allow borrowers who are falling behind on their mortgage payments avoid eviction by surrendering their home to their lender and paying the lender rent. This is in the think tank because Obama’s Hope for Homeowner’s Plan is not working as they’d hope. This way those who cannot afford their home can still ive in the home for several years. Do you think this is a good idea? Comment where you see “Responses” and at the top right.
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The article goes on to say that 1 in 5 homeowners owe more than their property is worth and with record unemployment today, the Treasury Dept. is looking at ways to save jobless homeowners from losing their home.
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Matt Steinmetz
Envoy Mortgage
Concord, CA Contra Costa County
