| Effective February 01, 2010 FHA will no longer offer spot approval on Condominiums. All current condominium that are presently approved will not be approved effective February 01, 2010, except those approved after October 01, 2008. Present condo's will need to be approved under the new options. All condo projects will require a recertification every two years. There are two (2) approval options for Condo's:
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HUD has taken a lot of losses on large condominium projects and has been determined for a long time to get out of the approval process.
The latest guidelines are described in two separate HUD/FHA documents: (i) Mortgagee Letter 2009-46B (the revised guidelines for FHA approval of residential condominium projects); and (ii) Mortgagee Letter 2009-46A (temporary guidance for condominium approvals).
In short, Mortgagee Letter 2009-46B replaces Letter 2009-19. The temporary guidance (Letter 46B) acts as a buffer to ease transition from the old to the new regulations.
Look for all Condo sells to be nearly impossible for the coming future. HUD/FHA is not know for their speed, and Homeowner's Insurance are not know for their organization. HUD will obviously be flooded with approval packages. Getting a condo project back on the approved list (keep in mind the old ones will be removed from FHA Connection) will be a slow and painful process. Until a condo appears on the list FHA financing is not an option.
The public can search for approved Condo projects from HUD.gov's website.
Don't forget to check out my main blog at: JeremiahWean.com
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Through the benefit of tax deductibility of mortgage interest and property taxes the amount you pay to own a home ends up being a lot less. Savings can be approximately $200 on a $180,000 loan. You can also start the savings earlier than the end of the year. |
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There are Six items that you must know on your journey to homeownership. To help in realizing the dream of owning your own home you should schedule a "Pre-Approval" Consultation with Jeremiah Wean at Lakewood Lending Group, LLC. I will answer all your questions and concerns about: 1. Credit.... |
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The U.S. Department of Agriculture (USDA) offers a guaranteed home loan program that helps people who want to buy homes in rural communities find lenders. The USDA will work with all qualified borrowers looking for homes in rural communities – not just first time homebuyers. The program requires NO money down. While the U.S. Department of Agriculture assists home buyers obtain a loan through easier qualifications and financing options than the traditional mortgage, they do not actually fund the loan. In all states, the USDA has partnered with a few lenders who provide the mortgages because of the repayment guaranty from the USDA. The guaranty means if the mortgage defaults, USDA pays it – which gives lenders more confidence to provide home loans to candidates they may not otherwise lend to, but who still meet the USDA underwriting guidelines and qualifications. For individuals and families looking for rural property within the state of Indiana – there is only one county in the entire state that does not qualify for USDA guaranteed home loans! |
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There are a number of benefits of using a USDA guaranteed loan to purchase your rural home, including:
· Borrowers can finance up to 100% of the appraised home value, and are not required to put a down payment on the home. The USDA guaranteed mortgage program is one of the few 100% financing options for home loans available.
· Borrowers can receive gifts or grants and use it toward closing costs.
· The US government guaranty's the loans which means lenders can offer lower interest rates on 30 year fixed home loans.
· Flexible guidelines that allows individuals with imperfect credit to qualify for home loans.
· No expensive mortgage insurance premiums (PMI – Private Mortgage Insurance) such as those required by the FHA guaranteed home mortgage programs.
· If purchasing a handyman special or homes that need repairs, you may qualify to include the cost of those repairs in the home loan mortgage.
· No maximum purchase price for home mortgages – the amount you can borrow will be based on your ability to repay.
Any individual or couple looking to buy and live in a home that is located in a USDA eligible rural area can qualify for a USDA Rural Development mortgage, if income verification is sufficient. While you don't need to have a spotless credit history, you will need to show you have the ability and willingness to make your mortgage payments, yet be considered to have insufficient financial resources to qualify for a traditional home loan.
If you have previous foreclosures or bankruptcies on your record, they need to be at least 12 months old to qualify for a USDA mortgage.
In addition to the borrower meeting certain criteria for eligibility, the property itself must also be eligible for a USDA loan. Generally, to be considered a rural property, it will be located in open country and in a town with a population of less than 10,000 people.
You can determine if the property or location you are considering is considered USDA eligible by visiting http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do and reading under Property Eligibility for the type of property you hope to purchase.
If you are interested in purchasing a home in a rural area, you will want to contact an approved lender. Visit www.lakewoodlendinggroup.com/usda to start the process of getting qualified for a USDA loan.
Learn why now is the perfect time to buy!
Don't miss out on this excellent opportunity to get your questions answered. Hurry the $8,000 tax credit ends December 01, 2009; and the Federal Reserve is scheduled to stop buying Mortgage Backed Securities December 31, 2009 (which could lead to rates in the mid 6's).
Lakewood Lending Group, LLC satisfies more home owners each year by focusing on home owners’ needs and providing superior customer service.
Allow us to introduce ourselves, Lakewood Lending Group, LLC, begun in 2008, has several distinguishing qualities which have given it a reputation for excellence. This corporate biography is designed to help you understand why that is so.
Our Price/Our Products
Lakewood Lending Group, LLC is a mortgage broker approved with over 300 national lenders. The benefit to you is the most competitive price on your selected mortgage product. Through our relationship with these investors, they are able to keep their overhead low, thus passing the saving on to you.
Lakewood Lending Group LLC. offers a complete selection of products including jumbo, conforming fixed rate, adjustable rate mortgages, as well as many other innovative mortgage solutions.
Our Performance
When you apply for your financing through Lakewood Lending Group, LLC you can count on a pleasant memory, because we are committed to the following performance standards:
Our People
It's no coincidence our employees are polite, gracious, and courteous. That's our practice and our history. Our stockholders are our employees, so they're highly tenured, self-motivated, and incentive-bonused. And, the ten year year average industry tenure per employee is an impressive statistic considering there really is no substitute for experience in such a technical field. Lakewood Lending Group, LLC is a member of the Central Indiana Better Business Bureau, and is certified complaint free.
Summary
Lakewood Lending Group, LLC represents quality and financial strength. We offer an old-fashioned kind of service from well-qualified, caring individuals. Our goal is to be worthy of your confidence and deserving of the referral of family and friends. So contact us today, and turn your mortgage concerns over to us. Our next compliment may just be yours.
Why Use Me?
I have been in the Banking/Mortgage Industry for 12 years. I started in Finance right out of Indiana University, my concentration was Finance and International Economics.
Getting potential buyers qualified is my business. I make it my mission to present your buyers with a wide array of products and solutions, and to ensure thier loans close on time and with no surprises!
I can create custom marketing tools for the homes you have listed in order to keep your name in front of those potential buyers who walked through your open house "just to look" and do not yet have a realtor, but have been thinking about the possibility of buying a home!
I am easily accessible to both my Real Estate Agents and their potential buyers! The majority of my new homeowners have told me that they were glad they were referred to me because they had been turned down elsewhere, were told they needed to wait 2 more years to buy, or worse yet.....thought they were going to have to buy a Manufactured Home and live in that for the next 15 years!
I understand the market, the industry, what underwriters and lenders look for, and how to get a denial turned into an approval. I can work with potential buyers on their detrimental credit and get them on the path of homewonership, keeping them in your short term pipeline!
If I am not getting at least one referral a month from you, then you are leaving money on the table every month! So many clients call, get turned down and you never hear from them again. If I get that referral, I build that relationship, bring them to closing table, and then they are customers for life for the both of us! And a happy customer refers family, friends, co-workers, etc.....It's because you took the time to work with them and helped them achieve the American Dream when no one else could!
This business is going through major changes. You need to align yourself with someone who has experience, can adapt to changes and can create more opportunities for even more business!
Together we both achieve more.
Lakewood Lending Group, LLC offers home purchase loans, mortgage refinance, home equity loan financing and debt consolidation mortgages presently only in the following state: Indiana – IN (Lakewood Lending Group, LLC - NMLS #132141), Jeremiah M. Wean - NMLS # 132221.
Lakewood originates conforming loans that meet the underwriting criteria required for a mortgage to be purchased by Fannie Mae or Freddie Mac. Borrowers of conforming loans typically have good credit payment histories and relatively low levels of consumer debt. Many of the loans Lakewood originates are non-conforming loans. The non-conforming loans are generally made to borrowers that have equity in the secured property and good credit histories. In many cases, non-conforming loans tend to have higher loan-to-value ratios and are made to borrowers with higher debt-to-income ratios than conforming loans. These borrowers may include individuals who have good credit histories, but who, due to self-employment or other circumstances, have difficulty verifying their income. Non-conforming borrowers are generally willing to pay higher loan origination fees and interest rates. Lakewod also originates jumbo loans, which are mortgage loans with an original principal balance exceeding $417,000. Jumbo loan borrowers typically have a high net worth and an excellent credit rating, are highly sensitive to changes in interest rates and have a high propensity to refinance.
Mortgage Banker or Broker?
"Mortgage Bankers" typically are not able to place a wide variety of loans due to their limited product line. As a full service Mortgage Broker, Lakewood Lending Group, LLC has the ability to deal with hundreds of lenders from across the industry. Dealing directly with these lenders on your behalf allows us to do the research and find the best deal that meets your exact financial needs.
Peace of Mind
We work harder to earn your business. We pride ourselves on being able to obtain competitive rates possible, saving you hundreds of dollars per month on your mortgage payments. Our rapid turn around time and personalized service will amaze you.
We can help if you want to:
When you contact me there's never a cost or an obligation to see what you may qualify for.
(Testimonial from customer at my former employer)
I want to take this time to tell you about my experience with Ace Mortgage Funding. After trying three mortgage companies, Ameriquest, Home 123, and Oak Street Mortgage Services, I was almost ready to give up. I was on the phone with one of the above telling me they couldn't not help me, when my son brought in the mail. I had been very prayerful about this. Nearly ready to give up, I picked up the card from Ace Mortgage.
When I held the card in my hand, I sad to myself, "Okay, Lord one more time." I know very little about cards, mind you, but God reminded me that HE Is #1, and of course in a deck of cards, you can use the ace for a 1, but on the other hand, the Ace will trump a jack, queen, or king. In my heart, HE is the KING of KINGS. If my religion offends you, then so be it.
Okay, I called Ace and spoke with Jeremiah. I faxed everything from the other companies, and he looked at it. I have never in my life had anyone work as hard for a client. Despite obstacle after obstacle after obstacle, my husband and I closed last Friday night.
I am absolutely. Recommending Jeremiah to all of my friends, and if I ever want to buy more property, will definitely use him again. Pat yourself on the back for hiring such a brilliant, generous, hardworking, and very patient employee. He worked very hard for us, and I am so thankful to have "made his acquaintance." We have definitely developed a lasting friendship!
Sincerely,
Mrs. Marsh
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