FHA,VA and Conventional Home Loans » Email

You Don’t Have to Be a U.S. Citizen To Apply For a FHA Loan

Rob — Thu, 05 Nov 2009 17:02:21 +0000

You Don’t Have to Be a U.S. Citizen To Apply For a FHA Loan is a post from: FHA,VA and Conventional Home Loans in all 50 States

What many people don’t realize is that you don’t have to be a U.S. citizen to apply for an FHA Loan and be approved. The following resident aliens are eligible for FHA Loans:

Permanent Resident Alien – you will only have to document your permanent residency (front and back copy of card) and provide a copy of your social security card.
Non-Permanent Resident Alien – you will only need to provide copy of valid social security card evidence you are able to work in the United States

So if you are working in the United Stated legally, you can take advantage of the wonderful FHA financing program to buy a home. Here are some highlights of the FHA Loan:

Minimum down payment is 3.5% and that 3.5% can be a gift from a relative
Non occupying co-borrowers allowed to asset in qualification
You don’t need perfect credit, so if you think you have bad credit you may still be eligible for a FHA Loan
50 year low 30 year fixed interest rates
FHA 203k Loan provides money to fix up the house you buy
3.5% down on owner-occupied duplex, triplex and fourplex
Condo’s and manufactured homes OK
FHA is NOT just for first time home buyers! You can own other homes.

Give me a call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions at all about getting approved for a FHA Loan.

Warmest Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA specialist)

858-922-7899

homeloan8@gmail.com

Update on The $8,000 Home Buyer Tax Credit – Great Chance to Get an FHA Loan to Buy a Home

Rob — Mon, 02 Nov 2009 14:09:31 +0000

Update on The $8,000 Home Buyer Tax Credit – Great Chance to Get an FHA Loan to Buy a Home is a post from: FHA,VA and Conventional Home Loans in all 50 States

I’d like to correct one of my earlier posts with more details emerging about the home buyer tax credit. Details are below. There are two new huge improvements to the credit I’d like to point out. First, the income cap for all new home buyers qualifying has been raised for $125,000 for individuals and $225,000 for couples, where previously it was $75,000/$150,000. This will include a LOT more buyers. And second, move up buyers who have lived in their house five years qualify for a $6,500 tax credit. Both of these changes make the tax credit available to tens of thousands of new buyers.

Here’s a summary of the changes for the extended tax credit:

Income caps for eligibility increases to $125,000 for individuals and $225,000 for couples.
The tax credit for first-time home buyers (anyone who has not owned in the last 3 years) stays the same as the lesser of $8,000 or 10% of the purchase price.
Eligible move-up buyers will have had to have lived in their current home for at least five years and the credit will be $6,500.
The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow, so you will have to go into contract by April 30th buy can close up to June 30th.

So getting an $8,000 check if you buy before April 30th is a pretty huge motivator. It’s pretty generous. FHA Loans only require 3.5% down, so in many cases you could replenish all of your down payment a few weeks after close when you recieve the tax credit. Or you could use the $8,000 to furnish or upgrade the property. Pretty amazing stuff!

Give me a call or email if you have any questions at all about getting approved for a FHA Loan.

Warmest Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA specialist)

858-922-7899

homeloan8@gmail.com

Using Unemployment Income To Apply For a FHA Loan

Rob — Mon, 26 Oct 2009 12:59:25 +0000

Using Unemployment Income To Apply For a FHA Loan is a post from: FHA,VA and Conventional Home Loans in all 50 States

With the current unemployment rates across the U.S. it is common for many people to be receiving some kind of unemployment compensation. There are some cases where you can use unemployment income as income when getting approved for a FHA home loan to buy a house.

Generally, to use unemployment income, you must have been receiving it for the last two years. We will ask for copies of your last two years tax returns to show that you have been receiving it. The borrowers that are generally able to unemployment income to qualify are seasonal workers who are laid off at specific times every year. For example someone who works in the fishing industry for six months and then is laid off for six months, would have a excellent chance at being able to use unemployment income to help qualify.

The FHA loan is the best loan today to buy a house with a small amount down. Here is a review of some of the highlights:

FHA loans are not credit score driven, even if you think you have bad credit you may qualify
Only 3.5% down required and that can be a gift from a relative
The seller is allowed to pay all your closing costs
Flexible underwriting standards
3.5% down also on duplex, triplex and fourplex properties
Loan amounts up to $729,000 in many areas

Please give me a call at 858-922-7899 if you have any questions or don’t hesitate to email me at homeloan8@gmail.com.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA specialist)

858-922-7899

homeloan8@gmail.com

Using “Rapid Rescore” to Improve Bad Credit When You Apply for a FHA Loan

Rob — Thu, 22 Oct 2009 16:03:06 +0000

Using “Rapid Rescore” to Improve Bad Credit When You Apply for a FHA Loan is a post from: FHA,VA and Conventional Home Loans in all 50 States

Many people throughout their lives acquire bumps and bruises on their credit. If you apply for a FHA Loan and are having difficulties because of you credit score, there is a way to improve your score incredibly quickly with something called a credit “Rapid Rescore”. This is something I can assist your with as a FHA approved loan officer.

Here’s how a Rapid Rescore works. First I will check your credit, analyze it and go over it with you. If your score is too low to get a FHA Loan or if you would like to get a better interest rate that having a higher score can get for you, we can discuss the Rapid Rescore possibilities with your credit. I have a software tool that allows me to perform a “what if” analysis on your credit. This “what if” tool allows me to change items on your credit and project how many points your score would change “if” we were able to update and correct certain items.

With the Rapid Rescore, we will identify items on your credit that we can improve, then you will take the actions needed and send me with the documentation and I will perform the rescore. The rescore allows us to make the corrections to your credit and have the scores updated within 2-5 days. Whereas it can take 45-60 days for changes you make to your credit to naturally report to the credit bureaus. With the Rapid Rescore we work directly with the credit bureaus to update the information quickly.

Some common items we might change to improve your credit score are paying down revolving balances to <30% of your credit limit or redistributing those balances to different accounts, or having derogatory items deleted off your credit that are mistakes or that you can work out with creditors. But there is much more we can counsel you to do after analysis of your credit.

Please give me a call at 858-922-7899 if you have any questions or shoot me off an email at homeloan8@gmail.com.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA specialist)

858-922-7899

homeloan8@gmail.com

Today’s Realities on Getting a FHA Loan on a Condo or Townhome

Rob — Tue, 11 Aug 2009 22:19:44 +0000

Today’s Realities on Getting a FHA Loan on a Condo or Townhome is a post from: FHA,VA and Conventional Home Loans in all 50 States

If you are thinking about buying a condo or townhouse using a FHA Loan, you will need to know if that condo or townhouse is FHA approved before making your offer. You cannot get a FHA Loan on just any condo out there (for the purposes of this post whatever applies to condo’s also applies to townhomes). The condo has to be on the FHA approved condo list. You can also get a spot approval from your mortgage company on a condo that not on the FHA approved list.

So how do you find out if a condo is FHA approved? Sometimes it will mention this fact in the listing for the property. But most likely you’ll need to ask your loan officer. Please feel free to call or email me and I can look this up for you. If the condo is on the list, feel free to make offers on that property. You should have no trouble getting a FHA Loan on the condo if you have been pre-approved for a FHA Loan.

If the condo is not on the FHA approved condo list, there is a longer and more involved process for getting the condo project approved. You can get a spot condo approval or get the entire condo project approved. Either way you will have to gather lot’s of documentation on the condo project from the HOA association. With a spot approval the mortgage company originating your loan can assist. With a full FHA approval for an entire condo project you will have to send that documentation to the FHA regional offices for approval. This process can take many weeks and will take some effort. The condo will have to adhere to FHA condo guidelines such as 51% or greater units occupied by owners, satisfactory level of cash reserves held by the HOA, no litigation, only a certain % of total loans in condo project FHA, and much more. Give us a call as we may be able to assist in this.

Starting October 1st FHA condo spot approvals will be going away. The entire condo project will have to be FHA approved. However the mortgage company originating your loan will be in charge of the approval and you will not be sending a package to FHA.

Condo’s can be the right type of property for many FHA buyers. The advantages are:

You can often find condo’s in more desirable locations where single family homes are out of reach in terms of price (close to good schools, beaches, upscale neighborhoods)
They require less maintenance than single family homes
If you travel often, condo’s can be more secure in many cases

Of course the disadvantage is that you have group ownership and a Home Owners Association (HOA). This can sometimes present issues.

Please feel free to email or call if you have any questions.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

rob@affinity-financial.com

858-922-7899

Importance of Getting a Pre-Approval Before House Shopping

Rob — Mon, 15 Jun 2009 22:33:26 +0000

Importance of Getting a Pre-Approval Before House Shopping is a post from: FHA,VA and Conventional Home Loans in all 50 States

The very first thing you should do when in the market for home is the get a full loan pre-approval. This is true regarding FHA, VA or conventional home loans. This is very important because your don’t want to waste a lot of time searching for a property until you know for sure if you can get approved and what the maximum amount you can approved for is. This can be accomplished in a matter of minutes and then you will have the peace of mind that if you make and offer on a home and it gets accepted you will have no problem closing.

Below is a list of what we will do to fully approved your for your loan:

We will go through a loan application (most often over the phone). It is best for me to talk to you and go through the application vs. having you fill one out as this way we get it right the first time and save a lot of time.
We will do a credit check
I will ask you to send me your last 1 months paystub copies, last 2 years w-2′s and bank statements documenting where you will be getting the down payment. If you are self-employed we will need your last 2 years of federal tax returns all pages.

After those simple steps I can issue you a pre-approval letter. In the call we will also discuss the maximum loan amount that you qualify for and what the total payment will be (mortgage + property taxes + home insurance).

If you have any questions or would like to get a fast pre-approval give us a call or email.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer

rob@affinity-financial.com

858-922-7899

FHA Loans and Termite Work

$8,000 Tax Credit and FHA Loans

admin — Mon, 16 Mar 2009 05:11:35 +0000

$8,000 Tax Credit and FHA Loans is a post from: FHA,VA and Conventional Home Loans in all 50 States

Please give us your Name and Email and we will
send you the Special Tax Credit Report!

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