Well, it's about time......real estate investors can once again own and finance up to 10 individual properties. The restriction reversal does come with new minimum requirements, however.
Homeowners buying properties 5 - 10 must meet the following standards, as set forth by Fannie Mae:
1. 720 credit score
2. 25% down payment for a 1-unit (30% for a 2-4 unit)
3. No mortgage delinquencies in the last 12 months
4. 6 months of reserves for each investment property
Fannie Mae is re-opening lending for real estate investors with good credit, a sizable down payment and ample reserves.
According to Fannie Mae, the change rationale is that experienced investors can “play a key role in the housing recovery”. Until now, foreclosure auctions have gone at less than full speed because investors unable to pay cash have been halted by the existing 4-property Fannie Mae limit.
Going forward, expect a more expedient foreclosure liquidation nationwide which should, in turn, provide further support for the housing market.
And lastly, not to be forgotten, homeowners with more than 4 properties can finally participate in the ongoing conforming mortgage refinance Boom. Until now, they’ve been limited by the 4-property restriction.
The CalPERS Member Home Loan Program offers members security, protection, and choice when purchasing or refinancing a home.
All active, inactive, and retired members of CalPERS, the Legislators' Retirement System, the Judges' Retirement System, and the Judges' Retirement System II are eligible to participate.
The program offers both fixed and adjustable rate loans, 100% loan financing, special loan programs, rate lock options, and more.
The 100% Financing Option was created to help members who qualify secure a down payment who would otherwise not be able to purchase a home.
The guidelines require a CalPERS Conventional Mortgage Loan, or a CalPERS Government Mortgage Loan in conjunction with a CalPERS Personal Loan.
The 100% Financing Option consists of two loans, a CalPERS Fixed Rate Loan and up to a 5% CalPERS Personal Loan for the down payment.
The advantages are endless with the CalPERS Home Loan Program.
Qualified borrowers receive:
To get pre-approved give me a call:
Julie Chroust
Prospect Mortgage
Direct: 925-516-5809
Here's How the New $8000 Tax Credit Can Help 1st Time Home Buyers:
The American Recovery and Reinvestment Tax Act of 2009, which is the part of the stimulus law that deals with the first-time homebuyer tax credit, changes the tax credit that is currently in place. Here are the details:
Here's how a buyer can take advantage of the new credit:
New FHA regulations allows a buyer to get the down payment from a relative. The buyer can receive the down payment and then give it back to their relative when they get the tax credit. The down payment for an FHA loan is only 3.5%, so the $8,000 will cover the down payment for a house with a purchase price up to $228,500.
Last night I get a panic call from my buyer who purchased her home in September 2008. She purchased her home for half of the previous owners purchase price. So of course my buyer is subject to pay the property tax rate of the previous owner until the county reassess her value down to what it should be.
In the meantime her lender is collecting impounds on what she SHOULD be paying based on her purchase price, but they are paying the property tax bills based on the previous owners value. She gets a letter from her lender saying that there is a very large deficit in her impound account because of this. The lender is raising her impound account by over double to pay for future property tax bills and then raising it even more to make up for the deficit. Long and short of it.... her monthly payment is increasing by $616!! 
My client tells me that she called the county assessors office to find out when they will be re-assessing her house and she is told that it would happen some time in August or September... seriously???? A full year after she purchases her house?? Yes, of course she will be getting a very large refund from the county when that finally happens, but that doesn't help her now and dealing with her monthly payment skyrocketing! She tells me that this is causing hardship for her.
My suggestion to her: Go down to the county assessors office and demand that they re-asses now! Tell them that this is causing a hardship.
I find it absolutely disgusting that the county is taking this long to re-asses...... Do you remember the days 5 years ago when buyers were purchasing houses for much more than the previous owners purchase price? Sure enough their houses were re-assessed within a couple months of buying their home.... Boy, when the county wants their money they want it now.
I will do a followup post on her success after visiting the assessors office.... You Go Girl!
Good credit is critical when it comes to obtaining the best
interest rates and terms on a mortgage.
1. Don't Apply For New Credit. Every time that you have your credit pulled by a potential creditor or lender,
you can lose points from your credit score immediately.
2. Only Pay Off Collections or "Charge Offs at the Recommendation of your Loan Officer." If you want to
pay off old accounts first make sure that the debt is yours. Request a "letter of deletion" from the creditor.
3. Don't Close Credit Card Accounts. If you close a credit card account, it may appear that your debt ratio
has gone up. Closing a card will affect other factors in the score, including credit history.
4. Don't Max Out or Over Charge Credit Card Accounts. Try to keep your credit card balances below 30
percent of their limit during the loan process. If you pay down balances, do it across the board.
5. Don't Consolidate Your Debt. When you consolidate all of your debt onto one or two credit cards, it will
appear that you are "maxed out" on that card and you will be penalized.
6. Don't Do Anything That Will Cause A Red Flag To Be Raised By The Scoring System. This includes
adding new accounts, co-signing on a loan or changing your name or address with the bureaus.
7. Do Join a Credit Watch Program. Then, you may check your own credit reports regularly (you won't get
dinged for a "hard" inquiry). Plus, if something unexpected does show up, you can address it promptly.
8. Do Stay Current On Existing Accounts. Like your mortgage and car payments, one 30-day late notice
can cost you.
9. Do Continue To Use Your Credit As Normal. Red Flags are raised easily with the scoring system. If it
appears that you are changing your pattern, it will raise a red flag and your score could go down.
10. Do Call Your Loan Officer. Your loan officer may be able to supply you with the resources you need to
stop any derogatory reporting to the bureaus. Ask for details.
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Preferred Lender for Fannie Mae's Homepath REO Loan - lending in all 50 states. We strive to provide the finest experience in the business and to continuously provide the best in mortgage services.
Julie searches the market for all possible financing scenarios, seeking highly competitive financing for the first time home buyer to the multi-million dollar investor. Underwriting, drawing documents and funding "in-house" for escrows that close "on time", every time.
Julie joined Prospect Mortgage, with a commitment and a strong desire to always do what is right for her clients. She is committed to exceeding your expectations during and after your mortgage loan experience. With a wide range of programs, she will ensure that you will always obtain the loan that is just right for you, addressing your specific financial needs while delivering quality service and honesty.
In October of 2002, Julie took her business to a whole new level, she conducts business as a "By-Referral-Only" Mortgage Consultant. What this means is that she invests 100% of her time delivering 1st class service to her clients. As a result, her valued customers, suppliers, and friends refer their family members, co-workers, neighbors and other people they know to her for advice when getting a home loan. She is interested in building strong, life-long relationships one person at a time. Julie has developed an exclusive program, Road to Wealth, in which she has deliberately focused on serving the financial needs of those who want to make the most of owning a home and using their mortgage as a financial tool rather than an obligation. She is insightful and compassionate to the needs of each client.
"In addition to working as a mortgage consultant, I devote energy to my beautiful son- Ridge, my twins- Gage and Marki Lynn and my wonderful husband, Mark as well as continuing my education. I believe a well balanced life is a state of well-being that you can reach that allows you to manage effectively multiple responsibilities in your career, your family, your physical health, and your spirituality".
- Julie
Amelia Vornhagen - "Phenomenal Mortgage Professional"-That's Julie Chroust. Julie not only has the necessary work ethic and industry knowledge that should be required of all mortgage personnel, but she has the integrity and care necessary to guide and help protect her clients and their future investments.
Juanita Mims - Julie has become a friend over the 5 years that I have known her. She helped me with a re-finance that took over 3 years to complete due to some personal problems that I had. She has always been professional and courteous each time that I had questions and concerns. I would highly recommend her services to anyone who needs to purchase a home or re-finance an existing loan.
Donnie Rath - In my experiences in working with Julie, she treats her clients and business partners with honesty, respect, and integrity. Her clients always have good things to say about their experiences in working with her.
Greta Gissel - Julie is the hardest working woman I know. She is extremely knowledgeable, courteous, conscientious and always willing to go the extra mile for a client. She exemplifies what a person would want in a mortgage expert. She is honest, and has incredible integrity. Julie is not only a wonderful person to work with, but she is a strong and incredibly amazing person. I am a better person from knowing her.
Bruce Burrows - Julie displays the highest level of integrity and professionalism; always putting her clients first and researches her industry constantly. And, she's a very nice person.
Austin Butler - I truly think Julie is a very honest and wonderful person. She is also a very hard worker, who is very adaptable at what she does. Any job she takes on she gives it her best.
Sam Mahshi - In this day and age of mortgage financing, it is pertinent to seek honesty and integrity in a loan consultant. She offers a wealth of knowledge and experience in real estate lending. Julie exceeds expectations as a consultant in providing current information and great service overall.
Rose Cortes - Seriously, Julie was amazing, patient and just so supportive during the whole process of refinancing. I can't thank her enough for what she has done for me. She is a wonderful loan officer. Words are just not enough to describe how kind she was and how efficient she was and the service she provided.
Chet Caballero - Julie Chroust is what we need in the real estate & financing business. She is trustworthy, professional & knowledgeable in her field of work.
Casey Minister - Julie made the home-buying experience much less stressful. She was very knowledgeable and always returned our calls and emails very quickly. She is honest, straightforward and she also got us a great loan. Thanks Julie!
Chris Lince - Julie stands out in the mortgage industry as one of the most knowledgeable and honest individuals I know. She keeps herself educated and up to date with all the changes in the mortgage industry. She consistently communicates with all parties in the transaction so no one is ever left out or wondering what is going on. Julie Chroust takes her career very seriously, as this is one of the largest investments people make in their lives. She works long and hard to make sure she delivers all the information properly so her clients can make the best financial decision for themselves.
She is absolutely the best Loan Consultant I know.
Marjorie Birky - I have been fortunate to have worked with Julie for several years. She is one of the hardest working women I know, and I have a tremendous amount of respect for her. Julie is a beautiful person inside and out. Three words to describe her way of doing business, and the only way she knows how, with Integrity, efficiency and honesty.
Zach Chop - She was very helpful and extremely professional. She made the entire loan process understandable and easy. She encouraged questions and her attentiveness to our needs was well known.
Zipporah Andrews - Julie is a true professional in her business. She looks out for what is best for her clients and continually educates herself and her clients. Julie is honest and has strong integrity.
Shiela Davis - Juile is hard working professional in her lline of work, with a lot of knowledge in the Mortgage industry. She is very willing to answer any questions for you or your clients. Even if there is no benefit to herself. She has many years in this feild and I would highly recommend her to any of my friends and family.
Ed Jeffry - I've known Julie for just under a year now and I would endorse her as an honest person of the highest integrity.
Julie Chroust is proud to have served family, friends, and neighbors throughout California for more than 8 years. Julie is firmly rooted in the area and is committed to maintaining the community-oriented culture. Julie takes a personal interest in each of her clients, striving to truly understand their needs and goals, and to exceed their expectations.
With combined real estate and mortgage experience, Julie strives to exceed your expectations, to be worthy of your trust, and to earn your repeat and referral business.
Julie has the advantage of offering a wide range of loan programs to customers: Fannie Mae Loans, Freddie Mac Loans, FHA Loans, FHA Renovation Loans, Veterans’ Administration (VA) Loans. CalPers, CalSters, CalHFA and Fannie Mae's HomePath REO loans.
Julie is a mortgage leader because Prospect Mortgage is a mortgage banker, in addition to being brokers. With Prospect Mortgage, you're working directly with the bank so you'll experience streamlined processes, instant access to the best rates and loan programs, the fastest turnaround time possible, timely communication and warm personalized service.
Julie specializes in First Time Home Buyer Programs such as the Homeownership Program through the California Housing Finance Agency. The mission of Homeownership Program is to provide affordable housing opportunities by offering below market interest rate mortgage programs to very low-to-moderate income first-time homebuyers. There are several unique features and programs offered which may fit the need of the prospective buyer.
DOWN PAYMENT ASSISTANCE LOAN PROGRAMS
Julie is also the leading provider of mortgage services for individuals seeking a residential mortgage, and Prospect Mortgage is an exceptional company for qualified mortgage loan professionals seeking a professional office in which to succeed.
Julie knows what it takes to be a successful leading mortgage banker and broker, and she passionately and consistently does what it takes. In addition to her strong commitment to the communities she serves, she delivers superior service throughout all phases of the mortgage process, creating exceptionally satisfied customers and successful industry professional partners in the process.
Prospect Mortgage lending in all 50 states.
Only Prospect Mortgage customers benefit from
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