Mortgage Rates

4.25% for loans without 2.5% assistance grant*

4.75% for loans with 2.5% assistance grant

4.00% for Ohio Heroes without 2.5% assistance grant*

4.50% for Ohio Heroes with 2.5% assistance grant

4.25% for Grant for Grads 2.5% assistance grant

30-year fixed rate FHA/VA/USDA-RD loans are eligible

2-1 buy downs are permitted, please see the underwriting guidelines for specific product*

Fees

$150 transfer fee to Servicer (US Bank fee)

$ 79 tax service fee (US Bank fee) (not to exceed $90)

1% origination fee

Additional fees maybe apply to certain products

Qualified Borrowers

A First-time buyer is defined as someone who has not owned or had an ownership interest in his/her principal residence within the last three years or is a qualified military veteran.

Not a first-time homebuyer or a military veteran?

Target Area Loan applicants do not have to be first-time buyers.

All buyers must meet certain household income limits

Acreage Limitation

Up to two acres inside a municipal corporation - Up to five acres outside a municipal corporation

(Additional acreage permitted if required by local health or safety code)

Qualified Properties

Existing house: one-unit single-family dwelling and duplex up to four units, please see the Underwriting Guidelines for specific product

Spec/Nearly completed house: one-unit single-family dwelling

Modular/Manufactured house: one-unit single-family dwelling, please see the Underwriting Guidelines for specific product

Properties must meet certain sales price limits

Effective Dates

September 13, 2010 to February 14, 2011 - Origination period: Loans must close during this period.

February 21, 2011- Deliver mortgage file to master servicer by this date.

Note: The recapture tax provision applies to all loans in this program. View this IRS link (http://www.irs.gov/pub/irs-pdf/p523.pdf) for an explanation on recapture of federal subsidy.

Dear Home Owners,

Today I spoke with a buyer that owned more on their home and the current value of the home. Because of this, they thought they were unable to refinance and take advantage of today's Low, Low Rates. I was able to:

• Offer to pay any Lender and Title Company Charges
• Allow them to reduce their payment 271.40
• Have them bring to closing only $1,648.42** to build the new Tax and Insurance Escrow account, which they will receive most if not all of it back from there current lender when the loan is paid off.

I was able to do all of this with NO APPRAISAL and No Income Qualification. The only requirements were:

• Their current loan was a FHA Loan
• They still owner occupied the property
• They made their last 12 months payments as agreed
• Their middle credit scores were 640+

If your current mortgage is an FHA or VA loan, you owe more than $150,000, and your rate of interest is above 5.50%, I would like to talk with you and prepare a quote to you.

In addition, FHA has announced that Effective Sept 6, 2010 they will be changing the way they collect mortgage insurance. There are pros and cons; however, my opinion is anyone planning to keep their mortgage and home more than 4 years are better under the current MIP versus the ones that will take effect Sept 6, 2010.

Sounds "Too Good to Be True", is it worth a Phone call to see?

I welcome the opportunity to talk with you and see if you can reduce your mortgage payment and save money in today's economic times.

Tim Bradford
216-324-8113
TBradford@AMMCorp.net
Ohio MB License 007173.000
National License 250013 (In transition)

** This amount is based upon the number of months of Taxes and Home Owners Insurance are needed in your escrow account to cover future payments.

American Midwest Mortgage has been a Full Service Lender since 1978.

FHA has announced that After Sept 6, 2010 they will be changing the way FHA's MIP (Mortgage Insurance Premium) will be collected. Presently, FHA collects 2.25% of the Loan Amount upfront and can be financed, After that a monthly premium of .50% or .55% (Based upon the LTV) is collected on a monthly basis. Effective Sept 6, 2010 the upfront premium will be lowered to 1.00% however the Monthly premium will increase to .85% or .90% (Based upon the LTV).

With every change there is good and bad. For homeowners or home buyers planning on keeping a mortgage greater than 4 years the current Mortgage Insurance Structure is better. With the New Mortgage Insurance structure homeowners or home buyers can expect their monthly payment to increase about 3%.

In another post I will be promoting borrowers with a Current rate above 5.50% to research the use of a FHA RATE AND TERM STREAMLINE REFINANCE. In that post, I will explain how some home owners can refinance their current home WITHOUT AN APPRAISAL and without NO money out of Pocket.

I believe this is a link to the bill that will bring back USDA Loans. http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04899:@@@X

I am still looking for additional details.

The NAR is reporting. The program allows 30-year originations primarily for low-income families to purchase households or renovate the ones they already own with no down payment at the time of application. Loans are guaranteed by the federal government.

The legislation for Section 502 will have a few changes. It increases the guarantee fee for borrowers to 3.5%, however the fee can also be financed. This will be an increase of 1.5% to the current 2.00%.

Section 502 Rural Housing Services Single Family housing Guaranteed Loan Program, as it's formally called, was originally discontinued because in May because it had exhausted its existing funds of $13.1bn.

For consumers the shopping for the Better Loan is difficult when Lenders are quoting Different Rates. The 2010 Good Faith Estimate was intended to assist borrowers Shopping for the best Mortgage, however many lenders have chosen to develop their own "Initial Fees Worksheet" because the 2010 Good Faith Estimate is lacking

• Because it requires lenders to disclose both buyer and sellers closing costs.
• Fails to Estimate the cash that will be needed at closing
• Fails to emphasize that the "Total Origination Fees" (Line items 1 & 2 and Totaled as "A") are the most important number for comparison.
• Fails to emphasize that the"All other Settlement Services" (Line Items 3- 11 and Totaled as "B") are generally not controlled by the lender.
• Lenders can intentionally present lower "All other Settlement Services" in order to make their estimates appear better than others.
• The shopping grid instructs borrowers to show the Total Settlement Costs, Controllable and uncontrollable amounts.
• The shopping grid that is a part of the 2010 GFE gives very little instruction on how to compare different Interest rates.

I have a calculator here http://www.gfefordummies.com/OtherLoanOptions.php that can compare up to three different rates/closing cost options. Borrowers not wanting to use the calculator would want to create a table that lists closing costs and monthly payments for the loans they are comparing. They would then want to determine the difference in the closing costs and the Monthly Payment. Dividing the Closing Cost difference by the savings per month will tell them how long it will take to break Even by paying the higher closing costs.

Example: Say the difference is Closing Costs is $1,000. and the lower rate saves the borrower $50.00 per month. The break even would be 20 months. So if the borrower has the cash to pay the higher closing costs and intends to own the home longer than 20 months, it would make more sense to pay the higher cost.

The payment of higher closing costs to receive a lower rate of interest is something to discuss with your loan officer.