The Fha 203K offers consumers the ability to purchase and renovate a house with just one settlement. This simplifies the traditional construction process, which many times involves two loan closings, high fees and balloon loan payments hat can be called at a given time.
The current economic client of foreclosures and strategic defaults has left a glut of homes for sale that need work. These homes often referred to as a fixer upper, are perfect candidates for HUD’s 203K Rehab Loans. Because they are guaranteed by HUD they are underwritten with the consumers best interest in mind. And because they fall under FHA guidelines, the approval process is clearly defined.
First time home buyers can take advantage of the 203K. The combination of depressed home values and a glut of properties that need rehabilitation should put first time home buyers in the drivers seat when discovering their options. But take my advice and only work with lenders and real estate agents that have experience with his product. The 203K Rehab Loan is not a difficult loan to close, but without experience with these loans it could turn out to be a very frustrating process. Experience is key with this product.
The 203K can be used for purchase and refinance transactions. Interest rates are very competitive with current market rates. Appraisals are based on future value. Your home ownership dreams can come to life. As with any new venture, understanding the product is key. Seek high quality mortgage advice when dealing with this product.
MARYLAND 203K LOANS - MARYLAND REHAB LOANS
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We are starting to see some small signs of life in the secondary market and that could be a good thing. We need Alt A, sub-prime and other loan options for the consumer to make a return You see not everyone fits into the cute little box we call Fannie Mae or Freddie Mac or even FHA or VA. Now that does not mean that these potential homeowners will not make their payments. It simply means they are not what our industry deems as the perfect vanilla borrower. For years the “secondary market” existed in our country that allowed borrowers to refinance and buy home with less than perfect credit, less than 20% down, or no income verification. Unfortunately, those products went away with the collapse of the markets roughly one year ago. The emergence of such products should give us at least a glimmer of hope that credit is starting to loosen up and that’s the first thing that needs to happen to get this huge machine we call an American economy the boost it needs to get back on track. I built my company supplying high quality information and delivering nothing but the facts. I can not do business any other way. If you have a mortgage related question, give us a call or visit the websitewww.happymortgage.com . We look forward to hearing from you soon. Will Steneman - President & Founder
Is that a glimmer of light?
Don’t give up hope.
It’s a viable part of the market if done right.
People ask how do I stay in business?
Happy Mortgage
877-611-happy
will@happymortgage.com
www.happymortgage.com
It is understood that loan officers, realtors and everyone else that benefits when a loan closes wants to see the fruits of their work in the form of a paycheck. But at what expense are people willing to risk making that almighty dollar. Lending guidelines have tightened like a snake in recent years, in fact, it seems as if guidelines get tighter and tighter every week. Speaking of guidelines let’s get one thing straight right now – the mortgage lenders that follow the guidelines are still in business. Shocker huh? We all want to finish with the end result of a funded loan transaction but we must keep in mind that many guidelines were put in place to protect to consumer. And now more than ever we need to put the consumer first. The demise of the mortgage and real estate market had a lot to do with the fact there really were never much guidelines when it came to mortgage lending. And the guidelines in place were extremely relaxed. An “exception” was a common request. Fast forward to 2010 ---- The guidelines are set in stone. Period! In fact, all mortgage lenders have the same guidelines. Fannie, Freddie, FHA, VA, USDA whoever, they are the ones that set the guidelines. And every loan package that gets delivered to these agencies is subject to review with a fine tooth comb. So what you say? Is it possible that an underwriter misses finding a document or simply overlooks a potential issue? Probably not in today’s world of forensic loan audits. Understanding the enormous amount of fraudulent loans that went thru our system in recent years, every loan, performing or not, is subject to a forensic loan audit. So that little rule a loan officer bent, the item an appraiser signed off on that wasn’t quite 100% complete, the small little cloud on the title that will be handled asap and never was, all these items can shut down a mortgage company. And it has nothing to do with how the borrower pays their mortgage on time. The Federal Government is shutting down mortgage shops by the handful and finding major loan decision making flaws. Underwriting and appraisal guidelines are put in place by their respective agencies for two simple reasons. 1) – To be certain the borrower can prove the ability to repay the loan. Guidelines were created with the borrower in mind. Nobody wants to set a borrower up to fail and have the loan foreclose. Nobody these days, not the banks, not the Federal Government, not me or you and especially not the borrower want an overlook to wind up being a downfall. If if a loan should go bad, we are all accountable. I built my company supplying high quality information and delivering nothing but the facts. I can not do business any other way. If you have a mortgage related question, give us a call or visit the websitewww.happymortgage.com . We look forward to hearing from you soon. Will Steneman - President & Founder
Is that really best for the client?
Don’t worry – I will find a way around that guideline…
They were a good borrower at the time…
The guidelines are here for a reason people…
2) – To PROTECT the borrower
Happy Mortgage
877-611-happy
will@happymortgage.com
www.happymortgage.com
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Maryland Mortgage Banker - Maryland FHA experts - Maryland First time home buyer - Maryland cash out refinance - Maryland direct lender - 18+ years funding loans - all loan decisions made in house
As a true correspondent lender, we make loan decisions in house and on
site. This allows Happy Mortgage to control every step of the loan process which means less hands touch your loan. The end result is one on one service and fast closings.
We offer conventional, jumbo, fha, va. 203k and reverse mortgage loans.
We’re a part of your community. Our business relies on the references you provide to your neighbors and friends. So that’s why we don’t stop working with you until your loan has been settled and you assure us that you have become another satisfied Happy customer.
In a one room office above a garage way back
in 1992 First Equity Mortgage & Title was born and quickly became a regional lender. At the height of business the company originated over 300 million annually with over 50 employees.
The company morphed into a wholesale lending operation serving the Maryland/Virginia broker community.
As the mortgage lending environment continued to change, Happy Mortgage is now directing all efforts on retail lending.
Meet Our Founder
Will is a graduate of Mt St Joe’s High School and the University of Maryland. Will grew up in Baltimore, Maryland. He has been involved in just about every aspect of wholesaling, retailing, originating and closing mortgages.
As a current resident of Anne Arundel County, Will has relationships of mutual respect with many of the region’s REALTORS and other mortgage industry professionals, and is a real part of our community. He understands the trends that affect our daily life. And he knows the chances are good that he’s going to see you strolling the streets of Baltimore or at the Inner Harbor or on the Chesapeake Bay. So what you think about your experience with the Happy Process, and what you tell your friends and neighbors is very personal and important to him. You’ll see that attitude in everything you do with us.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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