Mortgage

Credit Lock

143 Million Americans credit has been compromised. Equifax took 6 weeks to notify anyone after they discovered the hack. (if you don't think this is a big deal remember - 3 Equifax senior executives allegedly sold off millions in holdings prior to releasing the hack info)

Here are links to the 4 credit bureau sites where you can apply a free credit lock to your identity. With the recent hack of Equifax this is an important step to maintain control over your credit. Please note that if you apply for a loan you will need to unlock until your loan officer has pulled your credit.

Also be aware that you want to "uncheck" the box which says the can send you spam - This is very im...

Some tips for reverse mortgage loans 

• Repayment of a home equity loan balance may be deferred until the last borrower or non-borrowing spouse has died, moved, or sold the home. ( we have seen banks try to force non borrower spouse into moving or handing over title)

• Prior to the home becoming vacant through death moving or selling the borrower can make repayments voluntarily at any point to help reduce future interest due and to allow for a larger line of credit to grow for subsequent use

• Typically no penalty is due for early repayment.

• When the final repayment is due, the title for the home will remain with the heirs. Make sure there is a will in place !!!  

• Should ...

Pre-approved or Pre-qualified

by Matt Mieras Atlantic Bay Mortgage

Getting your mortgage approved before you find the right home vs a verbal prequalification

 Lending can often be synonymous with frustration, four letter words, and horror stories that often defy logic. The root of many lending issues starts with the pre-approval process because pre-qualifications & pre-approvals are based on verbal conversations and not the actual facts. Compounding the problem is a buyer’s reluctance to speak with a lender and provide the lender with the documentation required to make an informed decision.  Unfortunately this leads to rushed decisions by the lender, over qualifying buyers, missed deta...

In case you haven't heard, FHA has once again decided to change its guidelines in relation to upfront MIP (Mortgage Insurance Premium). This time they decided to add another kick in the tail by changing guidelines related to the LTV (Loan to Value) and how long a borrower would have to pay MIP.

Here are the basics of what FHA is doing:

• increasing the annual MIP percentage;
• revising the period for assessing the annual MIP;
• removing the exemption from the annual MIP for loans with terms of 15 years or less and Loan to Value (LTV) ratios of less than or equal to 78 percent at origination; and
• increasing the annual MIP on all forward mortgages except single family forward streamline ref...

Hello Marshall.

Enclosed is a report to help shed light on the FHA vs HomePath confusion.

Many applicants call us thinking that the HomePath loan program has a better rate than FHA.  As you know the rate is higher. 

The main benefits of HomePath are no appraisal requirement, no required repairs (unless home requires a HomePath Renovation Loan), low down payment, and more flexible guidelines with underwriting.

HomePath offer a lower down payment (3.0% vs 3.5% for FHA).  However HomePath has a higher rate when only placing the minimum 3.0% down payment.

The higher rate is how Fannie Mae "self insures" the mortgage insurance risk....by not requiring mortgage insurance.  Fannie ...

Charleston, South Carolina Real Estate Trends

The Charleston, South Carolina real estate market is heating-up with buyers looking for

Palmetto Heros

Police, Fire Fighters, Teachers and EMS can qualify for a new 2010 Palmetto Hero Program

SC State Housing Authority is excited to announce a 2010 initiative for “Police Officers – Fire Fighters – EMS - Teachers”. Borrower(s) must meet State

Housings First-Time Homebuyer requirements. The program Features a reduced mortgage interest rate and down

payment assistance is available. The Funding will be limited to $40 million. Loans are available on a first come first

served basis and borrowers must have an accepted sales contract on a home prior to reserving funds. All State

Housing loan policies and procedures will be in affect for this program.

FULL ARTICLE HERE - CLI...

Joanne Terrel's Mortgage Comment week or 02/01/10

Mortgage bond prices fell last week pushing mortgage interest rates slightly higher. Most of the data early in the week was bond-friendly. Unfortunately the Fed’s reminder that their purchases of mortgage bonds would cease after the first quarter sent bond prices tumbling Wednesday afternoon. This was followed by stronger than expected gross domestic product, employment cost index, and PCE price data Friday morning. Bonds were helped Friday afternoon as stocks remained jittery. Interest rates rose by about 1/8 of a discount point for the week.

The employment report Friday will be the most important event this week. Income...

The FHA, which is supporting the housing market by insuring thousands of new mortgages, is expected to announce on Wednesday that it is tightening standards.

Borrowers who get an F.H.A.-insured loan will soon have to pay a higher initial insurance premium. The new premium will be 2.25 percent of the value of the loan, up from 1.75 percent.

Starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent.

Borrowers who want to put the minimum down will now be required to have credit scores of at least 580

The new measures are aime...

The past two weeks we have seen mortgage rates fall for a few days to the low points we saw back in January only to jump back up to the current level rates started last week at. The base line for conforming 30 year fixed rates with no origination fee seems to be sitting at 5.0%. There are days you can get it below and days it is higher, but what appears to be the base is 5.0%. The comparable 5/1 ARM runs about 1% lower typically and has been following this same path with the 30 year fixed rate. Jumbo loan rates have seemed to stabilize as well with 30 year fixed holding around 6.0% and the 5/1 jumbo ARM holding about 5.25%. While there are loans that we can get lower rates, these are case...

Two meticulous housekeepers would like to sell their beautiful townhome. The light-filled and cathedral-ceilinged downstairs has a large kitchen, dining room, living room and master suite with a large walk-in closet. Upstairs you'll find a second master, a third bedroom and two private reading nooks. The attached garage accesses the kitchen through the laundry room. Precut storm shutters convey to the Buyer. A great value.

Click on picture for more media!

The city of Charleston Renewal Community (RC) is hosting a Tax Incentive and Technical Assistance Workshop for business owners and developers looking to reduce their federal tax obligations. The tax incentives to be discussed include

• Renewal Community employee tax credits
• Work Opportunity Tax Credits (WOTC)
• Increased Section 179 deductions
• Zero Capital Gains taxes
• Commercial Revitalization Deductions (CRD) or accelerated depreciation

The workshop will provide information about the tax incentives and provide guidance abo...

Our program is a CRA based, 1st time homebuyer loan with a minimum of 5% down payment which can come from a gift or grant, requires no mortgage insurance, and no minimum credit score. The credit does need to be clean and I can also use alternative credit if necessary, cell phone, utility, insurance bills, etc. The rate is the market Fannie Mae 30 year fixed rate minus .25%. They are required to have a minimum of 3 months reserves. Ultimately, this is common sense loan which will be approved by a local person.

We only have a limited amount of funds left so please let me know if you have someone interested.

Michael A. Chase, CMPS

Area Manager-Charleston/Hilton Head

NBSC - Synovus Mortga...

As a follow up to a previous blog regarding short sale scams Fannie Mae has issues this article on what to watch for and are now calling it Mortgage fraud!! watch Out!!

Click here for PDF article

1)  No Employment Seasoning for W-2 salaried and Full-Time Hourly Employees
        a)  Only count base pay, no overtime/commissions/bonus income
        b)  Need only two current pay stubs
        c)  New job can be in a different field/career than prior job

2)  Second/Vacation Homes Up To 80% LTV/CLTV
        a)  Maximum loan amount on first mortgage is $500K (dependent on credit score)
        b)  Maximum loan amount on second mortgage is $100K (dependent on credit score)
        c)  Total U.S. Bank CFD loans/lines can not exceed $500K
        d)  Not available in Tier-1 states

3)  Manufactured Double-Wide Homes Up TO 80% LTV
        a)  680-mid for all borrowers
        b) Maximum loa...

If a buyer wants to purchase a condo one must first find out what type of financing one has an approval for. If you are approved for FHA or FHA/SC State Housing then there are only 18 FHA approved condos in Charleston (you can check other Cities by searching here https://entp.hud.gov/idapp/html/condo1.cfm )

Dan Buts Weekly Mortgage Update

Click here to view!

Chain-of-Title: A chain-of-title is required covering the preceding 12-month period. The property seller must have been the "owner-ofrecord"
for at least the preceding 90 days in order to be eligible for FHA-financing. Properties that have transferred ownership within
the preceding 91-180 day period may require a second appraisal report. If the current re-sale price of the property exceeds the previous
sales price by more than 100%, a second appraisal report is required to support the current transaction value and may require additional
documentation such as improvements to the property, etc. The cost of the additional appraisal report cannot be borne by the borrower.
The following catego...

I have been using this sysyem for about 3 years now and it has saved me ffrom losing data and most importantly all our family photos on 2 occasions...priceless protection!!

Marshall

Introduction to Charleston

CLICK HERE TO SUBMIT

Marshall Walker is proud to present Free of Charge a Comprehensive 72 page Charleston relocation and newcomers guide to introduce you to our wonderful city of Charleston -Filled with well written descriptions of the different areas to live, where to go, what to to and sights to see. I have also included lists of area restaraunts, hotels and golf courses to play during your visit as well as hospitals,utilities and other Charleston area services.

 I even include an area map so that you will be able to get your bearings prior to a move or visit!

CLICK HERE TO SUBMIT

Equal  Housing Oppurtunity

A free service of The MarshallWalker.com ...