Current Events in Gainesville Mortgages

Please see the attached flyer for all the information regarding the HomePath Loan Guidelines.  Please call me with any questions at 352-339-5012.

COMPLETE MORTGAGE SOLUTIONS

2135 NW 40^th Terrace, Suite C

Gainesville, FL. 32605

Mortgage Brokerage Business License# MBB0800337

Mortgage Broker License# MB0835559

Borrowers and Realtors can locate a property on www.homepath.com

The benefits include:

· Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)

· You may qualify even if your credit is less than perfect

· Available to both owner occupiers and investors

· Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer

· No mortgage insurance*

· No appraisal

Important- We can only finance homes that display this exact logo on the Home Path website.

We Cannot Finance Homes that display this logo on the Home Path website. These homes require the Home Path renovation loan that we don't offer.

Primary Residence	Investor	Second Homes
No Mortgage Insurance No Appraisal $500.00 Minimum Investment. Balance of Downpayment Can Be Gift (Flex Program) Max LTV 97% with 660 Score (Flex Program) Max 95% with 660 Score (Standard Program) Max LTV 80% with 620 Score Max CLTV 105% (Flex Program) Max CLTV 95% (Standard Program) DU Approve Eligible or EA1 Required Conforming and High Balance Loan Sizes 30 Year, 15 Year, 5/1 and 7/1 Libor Arms Single Family, 1-4 Units, Condos OK Work Permits OK with SS # No Tax ID #s Allowed Foreign Nationals not allowed 30 Day Mortgage Lates OK < 12 Months NO 60 or 90 day mortgage lates <12 Months 6% Seller Contribution 75%-97% 9% Seller Contribution <75% Gifts OK with Borrower Minimum Investment (Flex Program) Maximum 4 Financed Properties Including Subject Property 6 Months Reserves Required If Vacating Current Primary Max LTV with EA1 Approval is 80%	No Mortgage Insurance No Appraisal Max LTV 85% with 660 Score Max LTV 80% with 620 Score 2-4 Unit Max LTV is 75% Max CLTV 85% DU Approve Eligible or EA1 Required Conforming and High Balance Loan Sizes Max High Balance LTV is 65% 30 Year, 15 Year, 5/1 and 7/1 Libor Arms Single Family, 1-4 Units, Condos OK No Florida Condos Allowed as Investors Work Permits OK with SS # No Tax ID #s Allowed Foreign Nationals not allowed 30 Day Mortgage Lates OK < 12 Months No 60 or 90 day mortgage lates <12 Months 2% Seller Contribution 75%-95% Gifts Not Allowed Maximum 4 Financed Properties Including Subject Property 6 Months PITI Reserves Required EA1 Not Allowed	No Mortgage Insurance No Appraisal Max LTV 90% with 660 Score Max LTV 80% with 620 Score 2-4 Unit Not Allowed Max CLTV 90% DU Approve Eligible or EA1 Required Conforming and High Balance Loan Sizes Max High Balance LTV is 65% 30 Year, 15 Year, 5/1 and 7/1 Libor Arms Single Family, 1-4 Units, Condos OK No Florida Condos Allowed As Second Homes Work Permits OK with SS # No Tax ID #s Allowed Foreign Nationals Not Allowed 30 Day Mortgage Lates OK < 12 Months No 60 or 90 day mortgage lates <12 Months 6% Seller Contribution 75%-95% Gifts Allowed With Borrower 5% Investment Maximum 4 Financed Properties Including Subject Property 2 Months PITI Reserves Required Max LTV with EA1 Approval

I have some GREAT news on a NEW loan program to help someone interested in buying a Fannie Mae Foreclosure home.

Here are the details:

-3% Down Payment but the buyer only has to put down $500.00 of their own money.  Seller can pay the rest.

-640 minimum credit score.

-No Appraisal Needed.

-Must be a Fannie Mae Home in Foreclosure.

-NO Mortgage Insurance.

If you are interested call me at 352-339-5012

Members of the Military who are in a hardship and facing a short sale now have a new tool to assist them with this hardship.  Homeowners Assistance Program also known as HAP is being offered through the Department of Defense.

This program was expanded in 2009, by congress when they passed the American Recovery and Reinvestment Act of 2009.  This act covers almost every military personnel involved in a Short Sale.  They are able to obtain financial help when they find that they owe more then their home is worth when they must sell because of a mandatory permanent transfer.

HAP is managed by the U.S. Army Corps of Engineers with their primary goal of assisting eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined due to bases being closed or realigned.  This has been been managed under Section 1013 of the Demonstration of Cities and Metropolitan Development Act of 1966.  However, in 2009 The American Recovery and Reinvestment Act temporarily expanded the legislation to Department of Defense employees who find themselves in financial difficulty and facing a short sale of their primary residence.

To find out all the information about HAP, guidelines for using this legislation and who is eligible log on to http://hap.usace.army.mil

Home Affordable Foreclosure Alternatives Program also known as HAFA for short is only one of many options you have as a homeowner.  If you are currently facing foreclosure you have choices and you have rights as a home owner.  Don't go down without a fight!  Many homeowners are not being told the whole story in regards to their homes being foreclosed upon.  They have many rights but unfortunately many do not have the money nor resources to know these rights.  Additionally, many homeowners are unable to seek the advice of an attorney for the fact that it cost even more money.  Therefore, it is easier to be naive and try to do it on your on without all the facts.  This website gives you invaluable insight to the options that you have and what you are able to do. 

As a Realtor and a Mortgage Broker I would be more then happy to assist you in any way that I can.  If you have questions or need more information on this program or your rights as a home owner give me a call.  While I am not an attorney I can lead you in the right direction and give you the knowledge I have to make this a much easier endeavor. 

It is not going to be an easy road but you can navigate the muddy waters and achieve the results you want.  I can be reached at 1-877-518-4853 or by email at gregg@greggmartin.com

For more information on HAFA visit this websites:

https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

https://www.hmpadmin.com/portal/docs/news/hampupdate113009.pdf

The Federal Deposit Insurance Corporation (FDIC) has recently released a free tool kit on Foreclosure Prevention.  This kit is meant to help a large number or sectors including borrowers, community stakeholders and the banking industry.  The hope is that this initiative will avoid unnecessary foreclosures and stop foreclosure companies that promise to "rescue" you and those that give you false hope from losing your home. 

This kit will help you navigate the waters of this very dynamic situation.  It will give you necessary information on who you should contact, the documents that you will be required to have to apply for a loan modification that could potentially save your home from foreclosure.  It will also show you many warning signs to look for that are currently hindering many Americans who really do need a loan modification but have been unable to obtain one.  It will also provides way to report these scammers and prevent fraud which in the end saves us all a great deal of time and money. 

You can access the tool kit at http://www.FDIC.gov/foreclosureprevention.

(Make sure you do not place com, org or gov after the dot.  Follow the link above directly to the tool kit.)

The items listed below are all items that could drastically effect what interest rates do over the next week.  Some are more critical then others but all have a role in the interest rate.  These key reports determine what rate is being offered and it largely depends on what the reports show versus what was expected. 

Zillow has released its numbers for Homes values in Gainesville, Florida.  This number is not related to the National or Florida Association of Realtors report due out in a few weeks.  Home Values in Gainesville fell in September by .1% from the previous month, .3% from the previous Quater, and 6.4% from the Previous year.  I will be sure to upload the number from the National Association as I get them.

Follow this link for further review.

http://www.zillow.com/local-info/FL-Gainesville-home-value/r_24821/?scid=emm-2007143Q309ReProCity-bab

As previously discussed on my blog law makers have indeed extended the current $8,000 Tax credit until April 30, 2010.  However, Buyers will have until July 1, 2010, to close the transaction.  Many people ask how can it be over April 1 if they are going to allow closing until July.

This is very simple!  Many large banks are taking 45 to 60 days to close purchase transactions which in my opinion is a very long time.  My average time is 30 days and this is a great questions to ask when you are looking for a mortgage.  Many contracts have fallen through due to the amount of time it is taking to obtain financing with larger banks.

With that said, no new contracts can be written after April 30, 2010 but those written up until that point have until July 1, 2010, to close.

Another piece of great news is lawmakers passed another part to the tax credit.  Buyers are eligible for a tax credit of $6,500 if they have lived in their primary residence for the past five years.  The two credits can not be combined.  It is in your best interest to contact your CPA or tax preparer regarding all the rules of these credits before buying.

One point of frustration for many home owners is not being able to access the tax credit early and use it as part of the down payment on their purchase. While HUD has approved the use of the tax credit as down payment, many lenders as we have seen all too often, have refused to allow buyers the use of the tax credit for down payment. Third parties had been advancing borrowers money to use as down payment in some reported cases but of course their is a cost involved. This is still not widely accepted by lenders and borrowers have had to wait until tax time to receive their credit.

Act now for your free money!!  If you are in need of help with a mortgage or need the assistance of a Realtor please give me a call and I will be glad to help.

You can always send me an email from here or apply online at www.cmsbrokers.com

Lawmakers are set to meet this week to possibly extend the current $8,000 tax credit which is set to expire November 30, 2009.  This extension would allow the program to continue until April 30, 2010, and it would then give an additional 60 days to complete the transaction.  The extension would also open the door for more people to qualify for this tax credit by allowing people who meet income limits and have lived five out of the past eight years in their home to qualify.  The income limits have yet to be set.

Many people are wondering if the tax credit ends on April 30, 2010, if the extension is passed why are they giving 60 additional days to close the transaction.  Many lawmakers have been bombarded with emails and letters from frustrated borrowers, builders and Realtors from across the country at the time many big banks are taking to get these deals closed.  Many people have said it is taking 45 to 60 days to get these deals completed with banks such as Wells Fargo, Bank of America and Countrywide to name a few. 

Many deals have even been canceled due to the ongoing problems with the big banks.  What many people fail to ask of these lenders is the amount of time it is currently taking them to complete such a transaction.  This is a very important question especially in the event that you have a deadline to meet. Many banks have multiple levels of people handling your file.  It starts with a loan originator and then it leaves their hands and goes to an Underwriter.  At that point you are just another file in the process and you have a number and they will do their best to get to you.  It is very easy to get lost in the shuffle.

Mortgage Brokers handle your file from start to finish and can tell you every step of the way the status of your transaction.  Many of my files close in 30 days or less but you have to make your clients your priority and this is where big banks lose their way.  This is a great topic for another day however.  One last thing on big banks compared to mortgage brokers.  Big banks offer you retail interest rates.  These are the rates with their overhead included and their benefits also included.  Mortgage Brokers offer Wholesale rates.  This means you get the lowest rate or what is called par rate.  Often you are charged a point but that point still represents a much smaller cost to you then a higher interest rate.  Also you can have it where the lender pays the Mortgage Broker.  This is your choice and at Complete Mortgage Solutions we tailor your loan to fit your needs.  No two loans are the same. 

Now back to the tax credit, if it is indeed passed I will be sure to let you know about it and any changes in the rules.  This is a great thing for Americans and hopefully one that can help stimulate the housing market. 

Be sure to check out my website, www.cmsbrokers.com  and you can even fill out an online application.  If you have any questions please feel free to ask.

Gregg L. Martin

Don't forget you have until November 30, 2009, to take advantage of your $8,000 take credit for First Time Home Buyers.  Make sure you read the rules of the program or consult with your Tax Preparer or Realtor to ensure that you qualify for this program.  This is FREE money and you deserve it. 

You can find the rules of the program at: http://www.federalhousingtaxcredit.com/2009/index.html

There are ongoing efforts to get this tax credit extended until at least 2010 but this greatly depends on our elected officials. 

Please feel free to contact me with any questions you may have.  I will be more then happy to help.