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

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

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

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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

To some it’s obvious and to others it’s not, but the following items are critical during the loan process.  If you have questions about these or are in the middle of your loan process and have to do one of these let me, or your loan officer know (always tell your loan officer) so you can be sure you are not affected negatively.

IMPORTANT

It is critical to the success of your loan package that you avoid doing any of the following until after your loan has closed escrow:

1. Do not change or quit jobs.

2. Do not switch banks, make cash deposits or move your money around.  If you do please keep a complete crystal clear paper trail that shows all money transfers and deposits between accounts.

3. Do not pay off bills. You should continue to pay the amount required, but do not assume that paying a debt off will alwasy benefit your score or loan approval.

4. Do not make any major purchases.  Adding debt can be detrimental.

5. Do not close credit accounts or apply for any new credit cards or loans.

If you must do any of the above, PLEASE CONTACT YOUR LOAN OFFICER IMMEDIATELY. Audits are done just prior to funding and you may be placing your loan in jeopardy if you do not notify your lender of any changes.

Hope that helps!  Please share and leave comments here.

Matt Steinmetz

The following items are normally needed during the loan process.  Your lender may require more or less but this gives you a basic idea of what to expect.  All of these items may not apply to you, for example if you are not divorced you can ignore that requirement.

• Most current paycheck stubs (cover 30 days) for all jobs, disability, etc
• W-2 or 1099s for years 2009 and 2010 for all employers and all income received
• Complete copies of your Federal tax returns with all of the schedules for 2009 and 2010 (page 2 signed)
• Divorce decree/marital property settlement or Legal Separation paperwork if applicable
• Most recent 3 months bank statements for all bank accounts (all pages)
• Current quarterly statements of investment accounts (retirement, 401K’s) (all pages) if being used for down payment, reserves, or for paying closing costs
• Complete bankruptcy papers, including final discharge document if applicable
• Landlord name, address and phone number for last 2 years (if you rent)
• Proof of current homeowner’s insurance policy on your home
• Mortgage statement for your Current Mortgage(s) (for all properties) and all houses
• Clear and enlarged copy of Drivers License for each borrower
• Copy of Trust paperwork if title is held in a Trust or Income comes from a Trust

Let me know if you have any questions!

Matt Steinmetz

This video by Matt Steinmetz covers some details about how tax returns affect you qualifying for a mortgage loan.

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First off this video is a little long.  I find myself pressed for time this holiday season so I shot this in one take just to be sure to get this out.  Watch it in parts if you must as it’s about 5-6 minutes long.

Click here to view the embedded video.

The updates I received are both encouraging and discouraging!   They’ll raise you up and bring you down!  Who knew loans could be so dramatic, like a Hollywood picture show!

If you prefer to read here it is:
No Loan To Value limit on “refi plus” loans- Refi Plus is a manual underwritten loan through your current servicer.
· DU refi plus loans will NOT be eligible until March 2012- DU Refi Plus loans can be originated by any licensed originator once the automatic underwriting systems are updated.  Until then you can only apply trough your current servicer.
· No Combined Loan To Value Limits- those with second loans can still qualify
· 105% LTV for fixed period (5 or greater) ARMS and 40 yr terms 2.

Refi plus u/w changes
· No late pays in past 6 months · No more than 1×30 in months 7-12 · No minimum credit score requirement when payment is not increasing more than 20%. · Re-qualify borrow if PITI is increasing by more than 20% and borrower must have/meet: 620 FICO, 45% max DTI, verify income/assets/assets to close per selling guide · If note provides for more than one payment, then use lowest payment to qualify · If payment is increasing 20% or less, than normal refi guidelines apply
Bankruptcy and Foreclosure policy-Waiting and re-establishment requirement removed on BOTH the new and existing loan 4. LLPA (Loan Level Price Adjustments)
Lender follows DU findings re: income, employment, asset, fieldwork c. Lender complies with all other requirements to the guide · When DU offers a fieldwork waiver, Fannie will accept property value estimate submitted to DU as the market value, and Lender is not required to make any rep or warrant as to value, marketability, and condition. · If Lender obtains appraisal on property, then standard reps and warrants apply · Lender not responsible for Condo project eligibility rep/war except for the requirement of the property is not in a condo/coop hotel or motel.

Other requirements with respect to the original loan:
a. the loan was eligible for sale to Fannie the first time
b. original loan was in compliance to current laws
c. No know scheme or patter of fraud involving 2 mortgages and 2 perpetrators, etc
d. Condo, coop, or PUD project must meet original requirements
e. If no new appraisal obtained, Lender must rep/war that the current value is not less than the original value from the original appraisal report.(Fannie Mae is confirming if this is accurate or not. · If a new appraisal received, then Lender must rep/war just like any other loan
· Lender not responsible for any QC findings from Fannie after the fact · Lender not responsible for any max DTI (except as stated earlier)
· Not responsible for acceptable credit history (except as stated earlier)
· Not responsible for undisclosed liabilities (except as stated earlier)

Contact me or COMMENT BELOW and share with your friends and social media 

Matt Steinmetz
www.mattsteinmetz.com
twitter:steinmetzmatt

It was said that home sales had hit bottom in fall of 2010 on a national level and 2 months earlier in CA.  Meaning CA is 2 months ahead in the eyes of recovery.  I’m sure some of you agree while others are saying YA RIGHT!  With that said I learned that current sales are at the same level they were in 2002 with the difference being that prices are lower today then they were then.   So for you Realtors that have made it through the hard times I am sure I am not the first to tell you that you are working harder for less pay today than in 2002. 

The median price in CA is now around $309,000 and on average a home sits on the market 6.2 months.  My experience in Concord, CA and Contra Costa County is that the median is slightly lower than that, maybe $285,000.  In Solano county lower again at about $250,000.

It was said that there will be a housing shortage during the 2nd half of this decade.  If that is true then we should see prices hike up and we’ll all be worried there will be another bubble.

Something I found interesting was that I read today that there will be a 3.6% decline in values in 2011, but the speaker at the seminar believes there will be a 2% increase.  Spins and perspectives are always interesting, aren’t they? 

There was also a bit of discussion on the new laws and changes to existing laws pertaining to real estate, rentals, evictions and foreclosures.  One law I found interesting was that it is now a crime not just a violation to pay an unlicensed person for doing loan activity.

At any rate these are the times for consumer protection, right or wrong, it’s what the people seem to want.  I have heard many say it’s gone overboard but just like everything, it has to go overboard before it is corrected.  Just like lending, the market (the bubble), or anything else in life. 

Let me know if you have any thoughts on this by leaving a response.

Matt Steinmetz
Envoy Mortgage

Concord, CA

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