Despite the contraction of the secondary markets, there are still stated income(w/ full asset verification) programs available(currently in NJ only) to those who qualify for this type of financing in the vein of which it was originally intended: allowing for consumers who cannot prove their actual true income via their tax returns. We offer this program on a brokered basis and the terms are subject to change without notice, just like everything else in this world we live in.
The basic parameters of the loan are as follows: 70% Loan to Value (30% down) for purchases and rate/term refinances up to $750,000 for credit scores of 720 and above. 65% Loan to Value (35% down) with credit scores of 700-719. Cash-out refinances not allowed, and other qualification parameters apply as well.
Basic rates for this program are competitive: 6%-6.5% range for short term ARM financing (3/1, 5/1, 7/1) and 30 Year Fixed rates, typically with 1 discount pt.
Michael Byrne
Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender. © 2008 Gateway Funding Diversified Mortgage Services, L.P.
10. No Down payment required.
9. Most closing costs can be included in the loan amount, if justified by the appraisal.
8. One time MI Fee of 2%, then no monthly fee thereafter.
7. Loans processed locally.
6. Moderate Income required to qualify: NJ Income Guidelines
5. Many new and/or existing homes qualify.
4. Many areas qualify in NJ: NJ Area Eligibility
3. Maximum loan amount determined by repayment ability.
2. Sellers can contribute towards closing costs
1. Your client gets one of the best 100% financing deals currently available!
Michael Byrne
In today's ever tightening market, there are few products outside of the GSE and Government Loan Products. One exception to that rule is a product still available in a brokered capacity that is a No-Doc Loan. This loan is available in all counties in New Jersey, Connecticut, and Delaware. This product is also available in limited counties in Virginia, Pennsylvania, New York, Massachusetts, New Hampshire, and Maryland: contact me for details on availability.
The good news about the product is that this loan is available all the way down to a 601 credit in some cases, and can be used for Purchases, Rate/Term Refinances, and Cash-out refinances(at lower LTV's). The rates range from the mid 7's to 8% range on 3/1, 5/1 and 7/1 ARM terms.
The bad news is that the maximum Loan To Value is 65% for a purchase and 60% for a cash-out loan. LTV's get reduced down by 5% increments for numerous reasons to a 50% floor. Even at a 50% LTV, prepare for a the appraisal to be scrutinized and in most cases, reduced.
So there you have it, No-Doc loans are still available, just not quite like they were a few years ago.
Michael Byrne
Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. © 2008 Gateway Funding Diversified Mortgage Services, L.P.
While browsing the VA Mortgage website at http://www.homeloans.va.gov , I saw a press release from 6/12/2008 entitled: VA Reaching Out to Vets with Mortgage Problems. According to the release, April 2008 Foreclosures were down by more than 50% of the level they were at in April 2003. The nine regional centers which have VA Loan Counselors as well as prudent undwriting guidelines were attributed to the success of the VA loan program. Apparently, a proactive approach helps to keep deliquencies down. I saw another study that noted a surprisingly low number of delinquent conventional mortgage holders actually even make contact with their loan servicer.
It is interesting to note that most of the VA's loans are 100% financing, allow credit scores as low as 540 and delinquencies appear to be down in the current market. Using an experienced lender also can be a benefit for a veteran utilizing their Guaranty as well. Gateway Funding offers VA mortgage services with in-house Underwriting, processing, approval and closings. Gateway Funding has also been granted VA Automatic status from the Department of Veterans Affairs and has on staff underwriters with LAPP Authority to allow for faster, better, and easier appraisals
Michael Byrne
I had written in a previous blog about calculating VA Jumbo Loan Down Payments entitled VA Jumbo Loans: Calculating the Down Payment . There is good news regarding the "temporary" increase in the VA Mortgage Loan limits: the VA's maximum guarantee remains unchanged through 12/31/2009 where the principal loan amount is $417,00 or less. The VA will also continue through 12/31/2009 to guarantee 25 percent of the Freddie Mac conforming loan limit in the county in which the property is located, provided it is a single family home.
This is according to the VA Circular 26-08-16, Dated September 5, 2008, from the Veterans Benefits Administration.
This, of course, is good news to veterans looking to use their VA entitlement.
Michael Byrne
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Gateway Funding. Loan Counselor with 15 years experience. Doing business in over 40 states. Vast knowledge of FHA, Investor Financing, and automated underwriting. I pride myself as a problem solver.
15 Years experience in the mortgage business. Graduate of The University of Delaware BS in Business, 1990. Former instructor for The New Castle County Board of Realtors Continuing Education Courses in Delaware. Have served as a mentor to a dozen or so new Loan Officers to help get them acclimated to the mortgage business. I have worked as an in-house mortgage lender for several Real Estate Firms and know what an agent goes through to get a client into the right home from start to finish. I stress communication to all parties involved in the transaction and believe in managing expectations. By managing expectations, I try to "under promise" and "over deliver".
Outside of work, I enjoy playing an occasional game of rugby-at 40 I only play a few matches per year, vintage base ball- http://www.eaclub.org/ , and spending time with my family. I have written a couple of blogs about my base ball club- it is a great way to travel and stay active while enjoying America's National Pasttime. We are fortunate to play many games at town centennials and other historical events. I also enjoy getting outdoors and doing some hiking, bicycling, and other outdoor activities.
I am also a big supporter of The University of Delaware's Men's Rugby Club as well as a U of D Rugby Alum. They have been ranked as high as #6 nationally and am proud to be an alum. Go Men of Delaware! Some day, rugby will be a sport covered in the US as much as Football is today.
I have a lot of family in my immediate area including 10 nieces and nephews. I got married at the end of 2007, and have learned that relationships in one's personal life are much like relationships in professional life: be honest, upfront, caring, have empathy, listen, and follow through.
I also possess a sense of humor, and occasionally will write a blog with some attempted humor. I will limit my humor to a level of PG so as to not get in trouble with my company. My other websites are http://www.mortgageprosforum.com/ and http://www.refi-fhasecure.com My linkedin address is http://www.linkedin.com/in/fhaandinvestorspecialist Join my network today!
Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. © 2006 Gateway Funding Diversified Mortgage Services, L.P.
I specialize in a stress-free closing and take pride in my ability to exceed expectations. From seasoned investors to first-time buyers I pride myself in my ability to identify my clients specific needs. My favorite parts of the business is scoring a borrower through an automated system to get them a rate they thought impossible and finding innovative solutions to get a person into their new home/refinance their existing home. I really enjoy the feeling of knowing that I have actually helped someone attain their goals, be it through purchasing their first home, getting out of a neg am loan, or by giving them a manageable cash flow. I feel that job is to help people get on with their lives in the smoothest fashion as humanly possible. I think the most important part of being a loan counselor is listening to my clients' needs and my mantra is: "Learn to listen, and listen to learn."
I think the key to earning business is through communication and decisiveness. In our business, the best answer to give a client is "yes, we can do your loan.", the second best answer is "no, we can not do your loan", and the worst answer is "I think we can." Total communication throughout the process, along with decisiveness, are the keys to a successful transaction. I also feel educating the consumer is the key to doing good business. Letting an educated consumer make the best decision possible regarding perhaps their biggest investment is my main goal.
With our current subprime market eroding, professional loan officers with FHA, DU, and LP experience are needed to place loans properly so borrowers are not unfairly penalized. I pride myself in finding programs and ways to get borrowers into the "good credit" pool of borrowers. I think now more than ever consumers and real estate professionals alike need mortgage professionals who can satisfy their financing needs and make the borrowing process a smooth one.
My group has also started a new educational website solely for VA borrowers, outlining the benefits of the VA loan and how the VA 100% financing purchase money program works. That web address is www.vamortgageassistance.com . The VA loan program is a great way for veterans to become homeowners and acheive the american dream. Va financing is also available for refinancing as well.
As an FHA Loan Specialist and mortgage banker, Michael Byrne is an FHA lender in New Jersey, an FHA Lender in Maine, an FHA lender in New Hampshire, an FHA Lender in Connecticut, an FHA Lender in Tennessee, an FHA Lender in North Carolina, an FHA Lender in Maryland, an FHA Lender in Delaware, an FHA lender in Pennsylvania, an FHA Lender in Nevada, an FHA Lender in Virginia, an FHA Lender in Massachusetts, and an FHA Lender in Ohio. You get the picture! Additionally we can offer loans in many other states as well. With FHA Loan Limits recent increase, there are a number of new loans which can be placed under FHA guidelines. Her are some links from my own site devoted to FHA and VA Loans:
http://www.mortgageprosforum.com/fha_kiddie_condo_program.htm
http://www.mortgageprosforum.com/fha.htm
http://www.mortgageprosforum.com/fha_203b.htm
http://www.mortgageprosforum.com/fha_and_va_loans.htm
http://www.mortgageprosforum.com/fha_bankruptcy_buyout.htm
http://www.mortgageprosforum.com/fha_lending_in_new_jersey_14.htm
http://www.mortgageprosforum.com/va.htm
http://www.mortgageprosforum.com/sitemap.htm
The other government insured loan that we do quite a bit of here at Gateway Funding is the VA Loan. VA loans can be used for 100% financing for first time users and qualified applicants who are using their VA guarantee a second time as well. VA loans are also available for rate reduction refinances as well as for cash-out refinancing.
Gateway Funding also has access to many superb jumbo loan programs, with 3/1, 5/1, 7/1, and 10/1 ARM Programs available at super competitive rates for qualified borrowers. This program is available in the Eastern Pennsylvania, New Jersey, New York, and Connecticut markets only.
With the recent contraction of the secondary markets, we are currently seeing more USDA Rural Development Home Loans. This is a great product for moderate income borrowers in areas that qualify. I have written several blog entries on the USDA RD program.
Another niche I am starting to venture into is the small mixed use and commercial market. Primarily with these loans I am able to place loans for with mixed use zoning for loan amounts of up to 1 million dollars. As far as pure commercial loans, I mainly place these loans with several different investors and can place loans in amounts of up to 50 million dollars. Primarily the funding I place is for short term financing up to a 75% LTV for commercial loans.
"Michael, thank you so much! We had been turned down by 4 other lenders until you found a program for us. We weren't expecting to things to happen so fast. I will recommend you to others." Velma S. Philadelphia, PA
"michael, thank you very much !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
Michael P. Pleasantville, NJ
Please use the space below to note any special qualities that, in your opinion, set us apart from other mortgage companies:
"very quick to get loan done and closed. Courteous"
Michael J. Mooresville NC
"I look forward to referring some people to you....thanks again."
RS Baltimore, Md
"Okay Thanks Mike, this is great, we really appreciate you and your efforts to help us with this loan!!
I have worked out all my financial estimates and this will work out just fine.
Thank you!!"
FA Chester, VA
"Hey Mike, just wanted to let u know the closing last night went fine. thanks so much for the speedy process of our loan....I will not hesitate to recommend you to anyone that needs a loan. have a great summer. take care."
MC- NJ
"Hi Mike I hope you have an absolutely wonderful Vacation!! Thank you so much for all that you have done for Bill and I."
LH New Jersey
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