If you have ever been through a short sale, you may now be wondering “how long after a short sale can I get a new mortgage?”

In the case of Sharon Johnson-Smith, Academy Mortgage and Steve Alonso were able to get them into a new home with financing only one year after a short sale.

Have you had a short sale in the past and now want to get a mortgage? Contact Steve today to find out how.

Get a Mortgage One Year After a Short Sale

From: Sharon Johnson-Smith
To: Steve Alonso
Sent: Friday, January 13, 2012 11:12 AM
Subject: Endorsement

Hi Steve,

Here is our endorsement – and we mean it sincerely. -Sharon and Pinkie.

—–
And they said it couldnt be done My husband and I began to have our doubts, but Steve Alonso pulled it through.

We are elated about being able to get financing on a home after only ONE year since our short sale closing.

I was particularly doubtful after talking with several other realtors who were sure that it takes 2-3 years after a short sale before any lending institution will finance a mortgage.

I had serious second thoughts about going through with purchasing our new home, after talking with a couple of mortgage brokers who saw it highly improbably we would get financing this year.

However, Steve with his This will be done, attitude, actually did it. Thank you Steve for performing what was considered an impossible feat!

Sharon Johnson-Smith, REALTOR
480-893-0600
Fax:888-400-1956
West USA Realty
sjsmith100@hotmail.com
sjsrealestate.listingbook.com

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If you are out shopping for a new VA loan, or any other mortgage for that matter how do you know if you are getting a good deal or not? You know how you get a good deal with a mortgage by comparing apples to apples or comparing good faith estimates to good faith estimates.

The good faith estimate spells out consumer paid fees versus lender paid fees, origination fees, discount points, any third party fees, and the prepaids or escrows. Along with your good faith estimate you will want to ask for a truth in lending statement or ask about the APR or annual percentage rate.

Once you get all of these in hand you want to compare them from three different loan officers that you call to talk to about getting a loan. In order to know what you’re looking at you should have a basic understanding of some of the mortgage terms you will come across.

Let’s first talk about the APR. In mortgages, the APR is a bit tricky to understand just know that it will be higher than the interest rate that you were quoted. In the event that you’re doing a VA loan and you are looking at super low VA rates, you will also see a corresponding low APR that will be slightly higher than interest rate you were quoted.

Origination fees – origination fees are fees paid by you or the lender to your mortgage company. This is how your loan officer makes money they get paid origination fees. There are two types of origination fees consumer paid or lender paid. Your loan officer can only get paid from one of these two sources.

Discount points – discount points are fees paid to your loan officer from the lender for the interest rate that they sell you. Loan officers are given wholesale rates from their lender’s and they can either sell you wholesale rates and charge you up of the to keep the rate down or they can sell your higher rate to keep your fees down. It’s rather simple. You just need to understand that that is what is happening.

Prepaids and escrows – prepaids and escrows are the same no matter which mortgage company you use. Real estate taxes, title insurance, attorney fees, prep fees all of these fees are basically the same between any lender. Sometime these fees are negotiable depending on who you go through and sometimes are not you’ll just have to ask.

This covers some of the basic information you’ll need to shop for new VA loan or any mortgage for that matter. Just keep in mind if you have questions make sure you ask them. Your loan officer cannot answer you unless you asked the question.

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As America gets older, many families are faced with the reality that grandma is moving in with them – permanently. The latest numbers reveal that somewhere close to 50 million people in America live in a situation where they are living with an extended family member and with the rising costs of health care, I don’t think anyone would be surprised to see those numbers rise over the coming decade.

Are you in a situation where you are considering moving junior out of his room so grandma can move in?

You may be in luck – one homebuilder has started designing solutions with this problem in mind — Lennar Homes.

Lennar Homes has recently introduced the Next Gen Casita option to some of it’s communities here in the Maricopa county area and with the number of senior citizens who already call Arizona home, don’t be surprised to see many other home builders attempt to copy this idea. Just a few of the features of the Lennar Next Gen Casita include:

• Larget Kitchenette including dishwasher, full-size fridge, full-size sink and microwave
• Private patio with room for a BBQ
• Laundry space for washer and dryer
• Private 1 car garage with direct access to the casita
• Private bedroom and bathroom
• Private living room
• Private porch area great for relaxing

If you are in the situation where you may be having an elderly parent live with your family, the Next Gen Casita home provides a unique solution to an increasingly-common occurrence. Learn more about your home-buying options and see what it takes to get qualified to buy one of these homes that are designed for your expanded family needs.

Lennar Next Gen Casita: More Information

Lennar Phoenix

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Many people in Arizona are considering a strategic default and are wondering “what exactly happens in the foreclosure process?”

Kevin Hardin from Thomson Law did a nice job of laying out exactly what happens in the foreclosure process in Arizona.

Highlights from the video:

“It was the most purchases that we have had in about 7 years out of this office.”

We have never seen rates this low or prices this low – it is a great opportunity.

“The best thing that happend this month was that Corbin had a baby. The worst thing that happened this month was we had a loan that didn’t go that should have went.”

“I hate you! Ok, I worked on sixty files this month.”

“I worked on 50 files this month and yes it was easy.  Yes, that is my cell phone music on.”

“We got about 2,500 calls in our call center this month.  We referred out 416 calls out to our Realtor partners this month off of all lead sources.”

“Our grand opening in Scottsdale office was awesome – we had fun!”

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Recently, Kevin Hardin at Thomson Law revealed 7 secrets about Arizona loan modifications that most people won’t tell you.  If anyone could explain the ins-and-outs of loan modification, I think Kevin can – his firm has helped thousands of Arizona residents understand the process of getting an Arizona loan modification over the past couple of years.

Permanent Loan Modifications Not Permanent?

Here is the #2 secret Kevin revealed about loan modifications – permanent loan modifications are not permanent.

Highlights in the video include:

We hear in the news about getting a trial mod.  Lenders will get you on the phone, tell you they understand that you are behind on your payment and then offer for you to pay $600 a month for the next three months while they get all the paperwork “taken care of”.

The problem with this is that it is a trial loan modification and there are no contracts that you have signed, there are no legal documents and after a six month period and you end up getting denied, you are going to be very upset.

Hardin further goes on in the video to talk about what happens if you actually get a “permanent” loan modification.

Let’s say that you actually get awarded a “permanent” loan modification. You are excited and think that you finally got your permanent loan modification.  Well, it is not permanent.  When you read the loan modification documents, you are going to find that your new interest rate is going to start at something like 2 or 3 percent — for the first year. Then after another year, it goes up another percent.  Until it gets to a market rate – and let’s say that market rate is 5.5%.   At that point, it is going to be a fully-amortized payment (PITI) and so you want to ask yourself today: could you afford a fully amortized payment on the home you own today.

Odds are, you probably can’t.

Which means with a loan modification situation like this all you will have achieved is to get a very temporary solution to a permanent problem.

Have more questions about loan modifications? Contact the Arizona loan modification experts.

Thomson Law PLC
2701 East Camelback Road, Suite 150
Phoenix, Arizona 85016
602.774.3757

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VA loans offer a wonderful mortgage feature called the VA Streamline Refinance. The VA Streamline is actually like it sounds – it is a streamline program that allows a Vet who has a VA mortgage to take advantage of low VA streamline rates with minimal paperwork to refinance.

Now, let’s get into the three key features and benefits of the VA Streamline Mortgage

First of all, the VA streamline mortgage requires that you have not missed mortgage payments over the past 12 months. If you have missed a payment and have a good reason why – you may be able to get an exception. Most likely you’ll have to had something happen that caused you to miss the payment that you can explain and that you have taken corrective action to fix such that it won’t happen again. Make sure you speak to your loan officer about your payment history if you have any questions.

Next, under perfect conditions, and per VA loan guidelines, you won’t need to get an appraisal on your property like you did when you purchased your home. While this can be good given the case where your home won’t appraise high enough to cover a loan amount large enough to payoff your mortgage – the VA would still do your loan. However, and this is where it gets a little stick in today’s weak housing market, many VA lenders are requiring an appraisal because of their investor requirements. There is no telling exactly which lenders are requiring an appraisal so you will have to pick up the phone to make some calls to different VA mortgage lenders. It is worth the effort.

The last feature we’re going to cover in this post is that you can get some payment relief with the VA streamline because it is possible to defer up to 2 payments before you have to make your first payment. You will also be in line to receive a refund on your current escrow account from the mortgage that is being paid off which could be up to nearly a full year’s worth of real estate taxes. Make sure you talk to your VA loan specialist about this feature if you want to use it. They won’t just set up the deferment unless you ask for it.

The bonus feature of this program is that as long as you have been making your mortgage payments on time, it is possible that you will not be asked to provide any income or credit report information. Again, the VA doesn’t specifically require this information for the streamline refinance, but the individual VA lenders may and some do. With this in mind, you will need to make some calls to different lenders if you have a concern about this to find out your best options.

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There is an interesting program helping people get into homes called the Neighborhood Stabilization Program and it is supported by many Arizona banks. It is possible to get a $15,000 zero interest, no monthly payment loan to use toward closing costs and down payment to help you purchase a home in established neighborhoods within the Phoenix city area through one of the following programs:

• Move-in Ready – Homes have been purchased and improved by the city of Phoenix to meet HUD Housing Quality Standards.
• Home Improvement - Purchase your own unoccupied, foreclosed home that need a little TLC and receive up to $40,000 in addition tot he $15,000 loan to use toward eligible repairs to the home.
• Homeownership Assistance Program – Buyers purchase any foreclosed home within the city of Phoenix; receive credit counselingand homebuyer education plus $15,000 in closing cost and down payment assistance.

Phoenix Neighborhood Stabilization Program Requirements

Homebuyers annual household income can’t exceed the amounts below based on household size (anyone living in the house). In determining income, all wages and salaries of all household members age 18 and older are considered, as well as other sources of income for the total household. Program income requirements are different than Lender income requirements.

Other eligibility criteria for thehomebuyer includes:

• Contribute 50% of the required down payment or a minimum of $1,000 (whichever is greater) from personal funds
• Cannot be on the title of any residential property
• Must be a legal U.S. resident
• First mortgage terms can be a 15 or 30 year term
• Purchase price can’t exceed 95% of the FHA mortgage limit for one unit
• Funds will be secured by a promissory note and recorded subordinate deed of trust
• Funds will be paid directly to the title company and excess funds will be applied to the balance of the first mortgage

Neighborhood Stabilization Program Home Improvement Program Requirements

The Home Improvement program is designed for homes that are in need of a little TLC and are as follows:

• The mortgage must be an FHA 203k loan
• Home must fail a Housing Quality Standards (HQS) inspection by the city and require at least $5,000 in rehabilitiation but not exceed a maximum of $40,000. We recommend using $35,000 as a maximum to allow for a cushion on unforeseen costs.
• Purchase price cannot exceed 99 percent of the “as is” appraised value of the property as determined by an appraisal conducted within 60 days prior to closing.

The Neighborhood Stabilization Program is popular with people who are interested in buying a home – and with the different programs available within the NSP program, many houses are put in reach of people who may otherwise be left out.

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Choosing the right mortgage for you, as either a Veteran or someone with a VA certificate of eligibility, takes some investigation. Of the different types of Veteran’s mortgages, there are sites for VA Fixed Rate, Adjustable Rate and VA Hybrid reviews. A look into all these types of mortgages can help you pick the right one for you. You should also check out what your loan possibilities are concerning FHA financing as well as using Fannie Mae and Freddie Mac for a conventional mortgage.

The VA home loan program is possibly one of the best mortgage deals on the real estate market right now. Despite that, there are some other steps you should take before buying a new home.

When getting a VA loan for any home, remember that part of the process is getting a VA appraisal. The VA appraisal has fairly rigid guidelines for the appraiser to follow and only determines whether the property meets VA standards for a mortgage and the market value of the house you wish to buy.

With respect to looking at safety issues etc. that aren’t covered by the VA appraisal, you should also think about getting an inspection of your prospective home. It is always in your interest to know the condition of the home, and what potential problems owning it might present. You could also get a roof inspection, a termite inspection, and an HVAC (heating and cooling system) inspection, as well as others. In some cases you may even have to get a potable water test if you are purchasing a home that has a well. Make sure that you speak to your real estate agent for some guidance for what types of inspections are recommended.

Most sellers will let you get your own inspector and arrange for all these types of inspections. Finding repairs that need to be performed can help you negotiate the cost of repairs into the final home price. Make sure that you have some contingencies built into your sale contract in the event that you find some problems and you can’t get them resolved with the seller.

With all home loans, not just VA loans, you as the buyer have the responsibility to get a home inspection to insure that you avoid problems in the future with your new home. Remember the saying – buyer beware.

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Popular among VA mortgage lenders is the VA Streamline Refinance. The VA streamline refinance program in its purest sense is a great program for those who already have a VA loan because it doesn’t require an appraisal or a credit underwriting package. However, with the current state of declining home values across most of the US in 2011, many of the approved VA lenders are requiring appraisals and credit information.

Now let’s look at some other aspects of this loan program to see if it is right for you.

In just about every case, you can only use the VA streamline loan if you are lowering your current mortgage interest rate. Only in the case that you are going from a VA adjustable rate mortgage to a fixed rate will the VA allow you to increase your interest rate.

Unlike the case when you got your first VA loan, you do not have to live in the property to get a VA streamline refinance.

Your new loan amount may not exceed your existing Va loan balance, except for allowable fees and closing costs, the funding fee, and up to 2 points. You may also add to your new balance up to $6,000 for qualified and approved energy efficiency upgrades to your home.

You cannot use the streamline refinance for a cash back or cash out loan. You may only use it to refinance your current first mortgage balance. This means that if you have a second mortgage you cannot use the VA streamline refinance program to pay it off.

Any VA lender who offers VA loans may offer you a VA streamline refinance. This also means that you do not have to do your refinance with your current lender. Rather you will have to do your VA streamline refinance with another approved VA lender.

Hopefully some of these tips and suggestions shed some light on this very important loan program for those homeowners who have VA loans and want to refinance.

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