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Investor Loan Program 1 Apply for a Commercial Mortgage
Unlimited 30, 60 and 90 day mortgage lates allowed. Bankruptcy must be discharged prior to funding. There is no time requirement since completion of foreclosure. Chapter 13 is allowed from filing date. Co-borrower must have a minimum 500 credit score. Collections, charge-offs and judgments in the past 2 years up to $4000 may remain open unless on title. 3 trade lines with a 12 month history are required. 4 trades required if stated doc. One trade line must have a 12 month history. .
Investor Loan Program 2
Credit score only is required. Mortgage lates are not considered, but borrowers cannot be any more than 30 days delinquent at closing with no 120 day lates in the past 24 months. If mortgage is not reported or rated on the credit report, maximum 2x30 lates in the past 12 months are allowed. If using VOM from a third party or 12 months bank statements from a privately held mortgagee, mortgage may be used as a trade line. Rental history is not required, but VOR from a public third party or 12 months cancelled checks from private party may be used as a trade line. There are no specific consumer credit counseling seasoning requirements and may remain open at close. Chapter 13 is allowed from filing date if paid off prior to close. Co-borrower must have a minimum credit score of 500. 2 trade lines with a 24 month history are required. Trades must be open 6 months with activity reported in the past 12 months. No trades with 12 month credit depth are required at 70% LTV and below. Consumer credit lates are not considered. Collections, charge-offs and judgments must be paid off if over $5000 in the past 12 months, if on title, and if delinquent child support, alimony or tax liens, excluding medical and utility. If LTV is 70% or less, only items on title must be paid..
Edwards Investments does not orginate mortgage loans. We can refer you to a lending institution that can meet your financing needs. This service carries a fee of .2% of the requested loan amount to be paid in advance. No warranty is expressed or implied by the offering of these services. Forward your loan requests, questiions or comments to edvest1@respectfullyyours.biz or contact a representative at (727) 481.9542.
Every year, new loan limits are announced for one- to four-family loans which may be purchased by the Federal National Mortgage Association (FNMA, or Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac). These corporations are the two largest "secondary market" agencies -- corporations which purchase closed loans from mortgage lenders.
As announced on November 30, 2004, the "conforming" loan limits for 2005 are:
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These new limits are effective for loans closed on or after January 1, 2005.
The maximum loan amounts for one-to-four family mortgages in Alaska, Hawaii and the U.S. Virgin Islands are 50% higher than the limits for the rest of the country.
"Conforming" loans are so called because the loan sizes 'conform' to the maximum loan amounts which may be purchased by the Federal National Mortgage Association (FNMA, or Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac). "Jumbos" are mortgages with loan amounts which exceed the current FNMA/FHLMC limit. (Click here for a history of conforming loan limits.)
Homebuying Tip: If you're applying for a mortgage that's just above the current jumbo limit, but falls below the new conforming limit, be sure to ask your lender about getting you into the new limits listed here. By fitting in, you could shave as much as 3/8% off the interest rate you would have been charged!
NEW ORLEANS - The U. S. Department of Housing and Urban Development (HUD) today introduced five, 20-minute computer-based modules designed to help potential homeowners understand the home buying process. The modules were unveiled at HUD's "Owning Your Future", a nationwide outreach effort to showcase the tools and resources families need to gain self-sufficiency and homeownership.
"The importance of homebuyer education cannot be underestimated," explained HUD Secretary Alphonso Jackson. "Often, the home buying experience can be extremely daunting. An understanding of the basics of the process is the key to easing those concerns and anxieties. This computer-based tool will go a long way to educate families about the process."
HUD's homeownership modules not only explain the basics of buying a home, but they also guide the user in understanding what is expected of a buyer and what they should expect from others in the home buying process. The modules, which allow a self-paced learning experience, are as follow: The ABCs of Homebuying, Elevate Your Credit, Easy to Understand Mortgage Programs, Where to Find the Homeownership Money You Need, and Ten Homeownership Facts That Will Save You Thousands.
"In 2002, President Bush challenged HUD to create 5.5 million new minority homeowners by the end of the decade. Just three years later, we are nearly halfway to our goal," Jackson said. "I believe the American Dream is within reach for every family who desires to become homeowners and these education modules will help provide the tools necessary to get them moving in the right direction."
HUD provided participants at today's "Owning Your Future" program with computer disks containing two of the modules. The disks are interactive and take the user to HUD's websites that include all five modules, which are available in both English and Spanish. The teaching modules have been launched on www.hud.gov and espanol.hud.gov.
Jackson said that his vision was to make homebuying information easily accessible so that every citizen who wanted an opportunity to own a home could do so armed with accurate information.
"Because of these modules, homebuying just became easier," Jackson, added.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
People who receive Section 8 vouchers go find their own rental housing and use the vouchers they receive from their housing agency to help pay the rent. Basically, the voucher means that the Federal Government will pay a specific amount of the rent.
If you wish to rent to Section 8 Voucher holders, you should inform the local Housing Authority of the availability of your property and also indicate in your advertising that you welcome Section 8 Voucher holders. Ultimately, it is the voucher holder's decision whether or not to rent your property. Of course, as the landlord,you would screen the Section 8 voucher holder just as you would any other prospective tenant.
Here is additional information that may help you.
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