Josh David Purchase Specialist... www.joshdavid.us

Below are SOME key guidelines for the HARP 2.0. Keep in mind the BIG 4 can and will have overlaying guidelines on top of the Fannie/Freddie version. But here is what we have thus far....

Here are some key aspects of HARP:

• The original program was designed to help borrowers with a balance on their first mortgage of up to 125 percent of the current value of their home.

• So far, it has helped relatively few homeowners refinance their loans nationwide, and fewer still in Nevada.

• It was originally set to expire in 2012. It is now being extended through the end of 2013.

• The new program will roll out in phases, starting with loan applications dated Dec. 1, 2011, or after. For borrowers who are more than 125 percent underwater, the start date will reportedly be in the first quarter of 2012.

• In most cases, homeowners participating in this new program will no longer be required to obtain an appraisal on their home.

• To qualify, homeowners must have paid their mortgage payments on time for at least the last six months. They must not have missed more than one payment in the past year.

Borrowers can't be in foreclosure and must not have filed for bankruptcy. (This limits the impact in the Florida area, where we have one of the nation's highest foreclosure rate and many distressed homeowners have stopped paying their mortgage, sometimes based on advice from attorneys or others who have been hired to help them seek loan modifications.)

• The existing mortgage on the home must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

• The original loan can't be a subprime loan or a pay option adjustable-rate mortgage (or "pick a pay") loan.

The program could help some troubled real estate investors refinance a second home or investment property. The property can be a single-family home or a condo.

It's also worth noting that lenders don't have to participate in this program. The nation's four largest mortgage lenders have indicated that they may participate, but each bank can make changes to create its own version of the program.

This may confuse and complicate the process. We should know more by Nov. 15, when the Federal Housing Finance Agency has promised to release more details about HARP.

Meanwhile, to find out if your loan is owned by Fannie Mae or Freddie Mac, you can email me directly at j.david@MyBBMC.com or call directly at 813.400.0402 (if you receive my voice mail, please leave a message)

This program can relieve a major amount of negative equity and provide a more affordable fixed mortgage payment by lessening the principle balance).

I will be expecting your call.
JD

P.S. This loan is offered in 34 of 50 states with my bank!!

First off, i want to thank all of the Veterans out there for taking care of business and making the United States a very safe and admirable country. Because of this the "Veterans Administration" has provided a VA Loan that will allow past, current, and active service men/women to qualify for a 100% VA Loan.

INTEREST RATES ARE EXTREMELY LOW currently, and now is the time to buy if you have been thinking about it!! Currenlty we are accepting applications with a 640 credit score, but as of 11/15 we will be able to provide VA loans 100% financing DOWN to a 580 (restrictions apply). In this market we advise all apply, even if you are unsure of where your credit rating stands.

Josh David
Senior Loan Officer
813.400.0402

Good morning Myrtle Beach and surrounding areas! Today is going to be a great day, I am so excited! I wanted to start the morning right with a blog about "New Construction". You ask yourself why would someone buy a new constructed home in this market when there are sooo many great deals out there right now? With the down payment requirements the same on new construction as they are with existing home sales, "Why wouldn't one buy a foreclosure/shortsale over new construction" I''ll tell you why:

• How do you know Mr. and Mrs. Homeowner did not do anything detremental to the property you are about to buy? Possibly they clogged the pipes with a substance that eats them away?
  
• Or maybe they have shoved items down the toilet to screw up the plumbing?
  
• Possibly they did something to the vents in the home so the air that comes through is harmful to you and your family?

This may seem extreme, but you have to understand these people have been stripped from their home. This is the biggest asset of their lives and they are going to go out fighting, punching, kicking, and screaming.

So I ask you again, why would you purchase a home that you know people have lived in and the possibility of it being damaged is 50/50?

New Construction in Myrtle Beach is booming. With over 17,000+ lots on the market unfortunetely builders have come to a stand still. Builders are skeptical to fund new construction home projects themselves due to the risk of the market. The major banks (JP Morgan Chase, Citi, Bank of America, Wells Fargo, Wachovia, BB&T, SunTrust, etc) all require 20%-25% down for a "Construction to Perm" mortgage. THIS IS ABSURD!~!

Bridgeview Bank Mortgage Can offer Construction financing with as little as 3.5% down for an FHA construction loan! THIS IS UNHEARD OF IN ANY MARKET!!

I hope you see the advantages of a brand new home vs. an existing foreclosure/short sale.

Make it a great day!

Hello I work in the "New Construction and Builder Division" within "American Home Bank", we are a direct lender for builder's and developers' retail buyers and we offer our builder partners an "industry best" construction to perm loan. Typically in this market the builder is not wanting to fund the cost of construction, this is where we step in.

FHA 2 x close- 96.5% LTV

•· 660 credit score required

•· 3.5% down (can come from a gift from relative, employer, fiancé`)

•· 3% Interest Reserve required at 1st closing (this is a cash funded interest reserve that is used to pay for the construction I/O payments during construction)

•· Pay off lot at 1st closing

•· Up to 75% construction loan disbursement

•· 6% seller contributions

•· $150 fee per draw- $125 final draw

•· Customized Draw schedules

•· Base LTV off of the lesser of the appraised value or purchase price

Conventional 1x close- 95% LTV

•· 700 credit score required

•· 5% down (can come from a gift from relative, employer, fiancé`)

•· 3% Interest Reserve required at 1st closing (this is a cash funded interest reserve that is used to pay for the construction I/O payments during construction)

•· Pay off lot at 1st closing

•· Up to 100% construction loan disbursement

•· 6% seller contributions under 80% LTV, 3% over 80% LTV

•· $150 fee per draw- $125 final draw

•· Customized Draw schedules

•· Base LTV off of the lesser of the appraised value or purchase price

Thank you,

JD

Josh David (JD) | Builder Alliance Division
American Home Bank | a division of First National Bank of Chester County
1025 West Trade St. Charlotte, NC 28202

Email: jdavid@bankahb.com

Office: 704.669.5985

Cell Phone: 704.998.7609

eFax: 877.732.9423

Website: www.josh-david.com