Mortgages Made Simple with Rick Gundzik

The State of the FHA Streamline Program

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 01 Oct 2009 16:49:07 PDT

Today we welcome a guest blogger... Brandon Laughridge from MortgageLoanPlace.com

Mortgage refinance applications continue to pour in nationwide as homeowners look to take advantage of falling rates.

As a whole, mortgage applications in mid-September hit their highest level since May, with refinancing applications increasing 17 percent from the week prior, according to data from the Mortgage Bankers Association.

"The steady improvement in housing is continuing," Joel Naroff, chief economist at Naroff Economic Advisors Inc., told Bloomberg News after the MBA figures were released. "This sector is likely to start adding to growth rather than holding back the economy."

The MBA's index of applications rose 13 percent for the week ending Sept. 18. The association's refinance index jumped almost 23 percent, the largest single jump since March.

With interest rates now hovering near 5 percent, there's no better time to consider a refinance. That's especially true for FHA loan recipients, who can take advantage of one of the most flexible and economically efficient refinance programs on the market.

The Federal Housing Administration administers several refinance options. Borrowers can get a cash-out refinancing, although this option is typically geared toward those whose properties boast significant equity and rising market value.

A more common and popular approach is the FHA's streamline program, which has helped thousands of Americans refinance during the last 20 years.

The program has a few basic criteria:

You must have an FHA mortgage
You must be current on your mortgage
The refinance must lower the monthly principal and interest payments
You cannot receive cash

Some qualified borrowers can obtain no-cost refinances. In some cases, closing costs can be rolled into the cost of the refinance.

Borrowers can get a streamline loan without getting their home appraised, but remember that the refinance cannot be for more than the original loan.

This article was written by Brandon Laughridge of Mortgage Loan Place. Learn more about FHA Loan Requirements and FHA vs. Conventional Loans at MLP today!

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Capital gains and Equity Sharing - September 17, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 17 Sep 2009 10:00:00 PDT

On this week's show we handle two interesting equity questions. The first is "You have a property that has substantial amounts of equity, you want to sell the property and move to another property, can the equity from Property A follow you to Property B without having to pay any capital gains? What other alternatives does this person have for using the equity?"

And the second question is "You've located a property that has lots of equity, you're intention is to take control of the property before someone else does. So you locate the listing agent, you team up with a money partner to fund the deal, you say to that person, hey I have a property under contract that has lots of equity. I need X amount of money to close the deal, would you like to be part of it? Would this be considered equity sharing or a deal structure for locating a private lender?"

The fist question is a capital gains tax question. Unfortunately, you can't transfer equity. But the tax law allows you to take up to a $250,000 capital gain without paying tax, $500,000 if married, on your primary residence. If the property is an investment property you can sell it and put the gain into a new property with no capital gains tax in a 1031 tax exchange.

The second question deals with an equity sharing type deal which were more common in the past but are almost unheard of today. Essentially you match up a borrower who doesn't have enough cash for a down payment with an investor who would like to share in the price appreciation of real estate without having to worry about tenants. In this case his tenants have an interest in the home so they have a reason to make the payments on time.

In today's environment lender guidelines are much stricter on where the down payment is coming from. This would more likely be a deal for a private lender, who is not as concerned with where the money is coming from just as long as it's there. If you wanted to structure this for conventional financing they would have to be co-borrowers but they must have some type of prior relationship. There is a website that matches up these types of people, but I'm not sure how or if they can obtain conventional financing.

Listen to "Capital gains and Equity Sharing"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

Please consult your tax adviser for tax advice.

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Non Recourse loans and Cash Out Refinances - September 10, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 10 Sep 2009 10:00:02 PDT

What's the difference between a recourse and a non-recourse loan? and How much equity should one have in a property before considering a cash out refinance? This week we answer these two listener questions.

A recourse loan allows the lender to try to collect the money they lose on a foreclosure or short-sale from the homeowner in what's called a deficiency judgment. A non-recourse loan, on the other hand, doesn't allow the lender to collect any money on their loss. This is the most common type of residential loan.

A cash out refinance now requires a homeowner to have at least 20% equity depending upon certain loan characteristics. Jumbo loans, loans over $417,000, require more equity. The problem in the current lending environment, however, is if your credit scores are below 740 the rate is increased. So it might be better to contact a local bank for a 2nd in order to get a better interest rate.

Listen to "Non Recourse loans and Cash Out Refinances"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Pay off Your Mortgage Faster - September 3, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 03 Sep 2009 10:00:02 PDT

This week we answer another listener question; "How does one know if they're paying just interest or they're paying down principal? Would their mortgage payment be just the interest or would it be substantially more? Who decides what gets applied to the mortgage payment once the interest has been calculated and figured out by the lender?

Mortgage loan payment schedules are based upon a formula that is heavily favored toward paying interest. Very little principal is paid during the first 10 years or so of a loan. An old rule of thumb is if you make 1 extra mortgage payment per year you will decrease your loan term by 8-9 years on a 30 year fixed rate loan. Try for yourself with the link below or email us and we'll help you out.

Listen to "Pay off Your Mortgage Faster"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

Amortization Schedule

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MDIA - August 27, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 27 Aug 2009 10:00:03 PDT

Do all lenders provide a term sheet when they originate your loan, what is a BPO and what is a seller 2nd? This week we answer 3 more listener questions.

All lenders must provide a term sheet within 3 days of starting your loan. These are commonly referred to as your Good Faith Estimate and Truth In Lending disclosures. These disclosures estimate what fees you will be charged and what your effective interest rate will be.

A BPO is a Broker's Price Opinion. BPO's are performed by real estate agents. Banks and mortgage bankers use the real estate agents to get estimates of value on houses they are doing short sales on. A BPO is cheaper and faster than an appraisal.

A seller 2nd is when a seller gives a 2nd trust deed from their equity to a buyer of their home in lieu of a down payment. These are unusual now due to many sellers having little or no equity.

Listen to "MDIA and more"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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FHA Loans - August 20, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 20 Aug 2009 20:43:06 PDT

How long does an FHA loan take to close and who are they best suited for? What is a letter of intent used for and what are FHA 221-D and 223-F loans for? Today we're answering these 3 listener questions.

FHA loans usually take 30 days to close and are suited for people who don't have a large down payment and may have a marginal credit history. FHA loans only require a 3.5% down payment. Also, the credit guidelines are more lenient.

A letter of intent is generally used to initiate proceedings to purchase or lease commercial property.

FHA 221-D and 223-F loans are rehabilitation loan programs for 5 unit or more properties.

Listen to "FHA Loans and more"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Conduit Loans - August 13, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 13 Aug 2009 10:00:07 PDT

Conduit Loans, what are they and are they any good? This week we answer a listener's question. The name Conduit just referred to a big mortgage company that bought loans from smaller mortgage companies.

When Alt A and Sub-prime loans were around there were many conduits; Chase, Countrywide, Bear Stearns, etc. But now that most loans are underwritten to Fannie Mae, Freddie Mac and FHA guidelines most of those conduits have disappeared.

Listen to "Conduit Loans"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Latest Housing Statistics - August 6, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 06 Aug 2009 10:00:02 PDT

I enjoy looking through View Magazine in Orange County California. This week's headline got my attention "Real Estate Remains Hot in Orange County." I didn't know it was hot so I researched the references.

First the median home price is up 14%. It is but it's still 35% below the peak and I think the rise is due to Fannie Mae raising it's loan limits to $729,000.

And second Case-Shiller predicts home prices to rise 6.6% in 2010. That's good news but we're down 48% from our highs.

The article says now may be the best time to buy before home prices continue to rise. My caution is this, if you need to buy a home and you plan to live there 10-15 years, this a great time to buy. If you're planning to flip houses and invest short term, stay away. I think prices have a little more downside to come.

Listen to "Latest Housing Statistics"

OC View Magazine
New Home sales surge in the West
OC Median home prices $50,000 off bottom
California seen as top market in 2010
Is Nightmare over for O.C. Brokers

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Hope for Homeowners, is it working? - August 4, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Tue, 04 Aug 2009 10:00:03 PDT

We had a couple more listener questions and we like to keep up to date on them since it's a good indication of what the public thinking is today and we like to treat you well since we care what you think.

The first question was "Can a lender pursue a homeowner for the loss they incur on a short sale?" The short answer is No and certainly not in this current recessionary environment.

The second question was "Is the Hope for Homeowners act working?" Unfortunately, No. It was rumored to have helped 1 person, that's right ONE. The lenders really haven't come up with a quick way to modify loans. They put most people through an entire qualifying process, HELLLLLLOOOOOO, most people don't qualify. Until they just modify their entire loan portfolios we still have some pain ahead. The Making Home Affordable plan, launched this Spring is having much more success, but it's still slow.

Listen to "Hope for Homeowners, is it working?"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Bridge loans and APR - July 30, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 30 Jul 2009 10:00:01 PDT

We had 2 listener questions this past week. The first was "How do bridge loans work?" and "What is par pricing and APR.

Bridge loans are simply a temporary loan when a person is buying a new home and hasn't sold their old home yet, that enables them to get a loan on the equity in their current home to use as the down payment on their new home. These loans were never popular due to their risky nature and barely exist now.

Par just means there are no points being charged to the borrower. APR is, of course, the annual percentage rate. You'll see this quoted all the time alongside the interest rate, and it is supposed to allow you to compare rates from different lenders. The theory being that APR takes into account the fees being charged on the loan. A 5% loan with 1 point will have a lower APR than a 5% loan with a 2 point cost.

Listen to "Bridge loans and APR"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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What's up with the Economy - July 28, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Tue, 28 Jul 2009 10:00:02 PDT

Recently several banks released their earnings, and while on one hand they were all showing billions of dollars in profits, on the other hand they were cautioning that they had potentially 5 times as much in credit card defaults. So their losses are being held back in order to show high earnings now.

I also came upon one analyst's 3 indicators to signal housing has reached a bottom in price, housing starts, months supply of homes for sale and the home affordability index. When housing starts bottom and start to rise and months supply tops and begins to decrease home prices start to stabilize and rise within 12 months. And The home affordability index is the best it has been in 40 years. This is due to low home prices and low interest rates.

While it may be a good time to buy your first home, in my opinion we'll see low home prices for many years. Only buy if you plan on living in your new home for 10-15 years, this is not a time to speculate on housing prices rising. Be careful out there.

Listen to "What's up with the Economy"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Making Home Affordable, is it working? - July 23, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 23 Jul 2009 10:00:00 PDT

We received a good question this past week...."What do you think about the Obama administration and their latest expansion of the "home affordable" refinance program that was recently outlined. Will it help those tens of thousands of owners whose houses are seriously "underwater"?

Unfortunately, it's not working fast enough. Instead of requiring an appraisal and having the borrower qualify for the refinance loan, they should have copied the FHA Streamline program. An FHA Streamline does not require the borrower to qualify or an appraisal. This would allow millions of homeowners to lower their monthly house payment quickly and easily.

Listen to "Making Home Affordable, is it working?"

To find out if your loan is eligible visit
MakingHomeAffordable.gov
Fannie Mae Lookup
Freddie Mac Lookup
or email us and we'll help you out.

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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125 LTV Refi Plus - July 21 , 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Tue, 21 Jul 2009 10:00:01 PDT

Fannie Mae announced on July 1, 2009 that the Refi Plus program was being expanded to allow a homeowner to refinance up to 125% of their home's value.

Listen to "125 LTV Refi Plus"

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Purchasing a Home, Appraisals - July 16, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 16 Jul 2009 10:00:03 PDT

In Part 3 of our "Purchasing a Home" series we're going to discuss the latest Appraisal issues arising from the new HVCC or Home Valuation Code of Conduct law.

As of May of this year the HVCC law , which was passed to eliminate pushing values artificially high on appraisals, has created a little bit of a stir in the real estate industry. The 2 biggest issues are delays in receiving appraisals and appraised values coming in too low.

The delays are being caused because the appraisal must be ordered by the lender doing your loan. So your appraisal isn't being ordered until your loan officer decides where to send your loan. Then the lender orders the appraisal after your loan is reviewed by the lender's underwriter. Also, the people ordering the appraisal are doing too many jobs and the remaining appraisers are backed up, so with all of these obstacles now in place the appraisal can take up to 2-3 weeks to get.

The second issue is values are coming in low because appraisers unfamiliar with the areas are being used.

So be aware your appraisal may take a couple weeks to get and the value may be lower than expected. Hopefully your real estate agent did their homework and has the ability to help out the appraiser.

Listen to "Purchasing a Home, Appraisals"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Stated income and low down payments - July 14, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Tue, 14 Jul 2009 10:00:04 PDT

We had two listener's questions this past week. The first question was "Are there any loans that allow only 5% down?"

FHA loans allow only 3.5% down, so that is the best option for a low down payment loan.

The second question was "If I am putting 25% down, can I do a stated income loan?" Stated income loans, where you don't need to verify your income essentially disappeared in the last 2 years. There are some private investors that offer stated income loans, but the interest rates are extremely high. The best option might be an FHA loan with a co-borrower.

Listen to "Stated Income and low down payments"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Purchasing a Home, Credit Scores - July 9, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 09 Jul 2009 10:00:03 PDT

In Part 2 of our "Purchasing a Home" series we're going to discuss credit score requirements.

The good news is FHA loans don't require much of a credit score at all. However, the major lenders require a 620 credit score. So keep that number in mind. You'll have more options available if your credit score is above 620. On a conventional loan you can also go as low as 620, BUT, it's a big but, your interest rate will be higher if your credit score is lower than 720. So if your credit score has got the blues, think FHA.

Also, if you have a bankruptcy or foreclosure they must be 4 years old. And a short-sale counts as a foreclosure with most lenders.

Collection accounts and charge-offs can sometimes create problems and may need to be paid off if they're not already taken care of.

When it comes to credit it's pretty straight forward. But if you need help reviewing it we're here to help.

Join us in our next "Purchasing a home" series for Appraisals, what's up with those.

Listen to "Purchasing a Home, Credit Scores"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Purchasing a Home - July 2, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Fri, 03 Jul 2009 08:53:54 PDT

We're making a few changes to our blog to better serve all of you. We're going to be moving toward a more text based blog. And we'll also be increasing the number of weekly posts as we're getting a new sponsor.

Today we are starting a "Purchasing a Home" series and what things to consider now that so many things have changed in the real estate industry. We'll cover qualifying for a loan with the new guidelines, appraisal issues, credit score requirements and many other issues.

The podcast version will contain much more wit but if you find it more convenient to read our blog you'll receive all the main points we want you to grasp to navigate your way through the mortgage market.

The first major change over the past year has been the elimination of "stated income" loans or "liar loans" as people not familiar with the mortgage industry call them. When these loans first became available that I remember was in the early 1990's, they served a useful purpose; they allowed people with excellent credit to obtain a loan quickly and easily. There was no need to get tax returns, w2's and paystubs. We asked the borrower how much money they made and we believed them. We didn't increase their income if it was too low, we simply told them to buy a cheaper house they could qualify for. Unfortunately, the subprime industry changed that mindset.

Now if you're self employed and write-off a lot of your income, you will have a hard time getting a loan today. So if you're planning to buy a home in the future, you must claim your income on your tax returns.

To qualify for a loan make sure your house payment is no more that 1/3 of your income. The house payment includes your taxes and homeowner's insurance or HOA dues if you're buying a condo. This is a real conservative rule-of-thumb but it's easy to calculate quickly. If you find that this qualifies you for too small of a loan, give us a call and we can fully pre-approve you for a loan. Here is a handy calculator to help you out.

Join us next time in our "Purchasing a Home" series for credit score requirements.

Listen to "Purchasing a Home - Stated Income"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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4.5% Mortgage Rates, Get Over it - June 25, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 25 Jun 2009 22:40:45 PDT

We're making a few changes to our blog to better serve all of you. We're going to be moving toward a more text based blog. And we'll also be increasing the number of weekly posts as we're getting a new sponsor. The podcast version will contain the same content but if you find it more convenient to read our blog you'll receive all the main points we want you to grasp to navigate your way through the mortgage market.

Today's topic is "Why aren't mortgage rates at 4.5% like somebody promised", or as I titled it "4.5% Mortgage Rates, Get Over it." Attempting to avoid a political debate, because there is no winner here, I'll suffice it to say that everyone thinks President Obama promised 4.5% mortgage rates. I don't think he did, maybe Ben Bernanke did, but I don't remember either of them quoting an exact interest rate. One man, nor government can control the free market, especially the bond market. Granted, Bernanke wields a lot of influence when he says the Fed is buying mortgage backed securities, but once the Fed stops buying, rates go up. And ever since the Fed announced they would be buying mortgage backed securities early this year, rates have gone up and up. (A lot of people buying mortgage backed securities lowers rates, while selling raises rates due to supply and demand influences. Sorry it's Economics 101 all over again.)

In any case, my point is this....if you can benefit from refinancing your home now, do it! I've seen predictions for mortgage rates to go as low as 3.5% or as high as 8% in the next 12 months, the fact is nobody knows.

Do this simple test, rates are essentially 5.5% today for a 30 year mortgage for a loan amount of $417,000 or less. Take your rate now, let's say 6.75%. Take the difference in those two numbers in 1/8ths. In our example, there are 10 1/8ths between 5.5 and 6.75. For each 1/8 difference in interest rate, there is about an $8 difference in your monthly payment for every $100,000 of money borrowed. So if you have a $300,000 mortgage at 6.75% you could save approximately $240 per month by refinancing. (8 x 10 x 3 = 240) For most people that makes sense, and if rates go to 3.5% you can do it again. But by all means don't miss the boat if you can save money.

P.S. You can use a mortgage calculator too, but this is more fun.

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Upside down on Your Mortgage and Jumbo Loans - June 18, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Fri, 19 Jun 2009 22:17:54 PDT

This week we're replaying a podcast where we answer 5 more questions from loyal listeners.

1. If someone is upside down in there mortgage, what advice would you give them?
2. Could you explain what it means to be upside down in a mortgage?
3. Can a person use the equity from there property as a down payment on another property?
4. Is there capital gains on borrowed money?
5. Why is difficult to get jumbo loans today? What are they?

Listen to "Upside down on Your Mortgage, Jumbo Loans and More Listener Questions Answered"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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FHA Streamline Refinance - April 23, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 23 Apr 2009 07:10:00 PDT

FHA Streamline refinances are the best thing since sliced bread. They allow you to refinance with no appraisal, no paystubs and essentially no qualifying. Make sure your loan officer isn't charging any points and you'll be lowering your monthly payment in a pretty easy, hassle free loan refinance.

To find out if your loan is eligible email us and we'll help you out.

Listen to "FHA Streamline Refinance"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Refinance vs. Loan Modification - April 16, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 16 Apr 2009 08:18:01 PDT

Is it better to do a simple refinance or a loan modification? I, of course, prefer a refinance. It's straight forward, actually cheaper and it's a sure thing. And with President Obama's MakingHomeAffordable.gov plan, refinances should be easier if you have a loan that is owned by Fannie Mae or Freddie Mac.

To find out if your loan is eligible visit
MakingHomeAffordable.gov
Fannie Mae Lookup
Freddie Mac Lookup
or email us and we'll help you out.

Listen to "Loan Refinance vs. Loan Modification"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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$8,000 Tax Credit and More - March 26, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 26 Mar 2009 07:32:00 PDT

Is the $8,000 tax credit going to help you out? Find out on today's podcast if it will and we give details on California's new home tax credit.

$8,000 tax credit details:
Must be a 1st time homebuyer, haven't owned a home in the prior 3 years
Must live in house 3 years, or you must pay it back
Dollar for Dollar tax credit on income tax owed
Eligible on homes purchased between Jan 1, 2009 and December 1, 2009
Tax credit is 10% of value of home purchased or $8,000, whichever is less

Listen to "$8,000 Tax Credit and More"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Upside down on Your Mortgage and Jumbo Loans - March 19, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 19 Mar 2009 07:04:00 PDT

This week we answer 5 more questions from loyal listeners.

1. If someone is upside down in there mortgage, what advice would you give them?
2. Could you explain what it means to be upside down in a mortgage?
3. Can a person use the equity from there property as a down payment on another property?
4. Is there capital gains on borrowed money?
5. Why is difficult to get jumbo loans today? What are they?

Listen to "Upside down on Your Mortgage, Jumbo Loans and More Listener Questions Answered"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Seller Financing, What is it and More Listener Questions - March 12, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Fri, 13 Mar 2009 23:27:23 PDT

This week we answer 6 more questions from loyal listeners.

1. There are 3 phases of development, undeveloped, pre-construction and developed. What type of financing is available for the purchase of raw land. If there's financing available, what do lenders look at?
2. There's so many ways to fund real estate today using creative thinking, one that I can think of is seller financing. What is it?
3. You have spoken before about using the equity out of one's property to add value. Why is it that one can't take out more than 80% loan to value when doing a cash out refinance? The money is going right back into the property to increase it's value potential.
4. When does one pay PMI,(Private Mortgage Insurance)? Is it bad or good for the borrower ? Once you have it, can it be removed?
5. In your previous episode of "Mortgage Made Simple",you mentioned the wrong ways to use equity such as purchasing an RV, ,jet skis, boats, cars, etc. These are clearly a depreciating asset. Now, if I decided to use the equity from my property to purchase an appreciating asset, such as investing in real estate. Would this be a good idea?
6. If I ever got into the wrong loan product. Would I be able to refinance?

Listen to "Seller Financing, What is it and More Listener Questions Answered"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Tags: podcast podcasting mortgages loan loans bank home finance money mortgage

FHA, VA origins and Low Down Payment loans - March 5, 2009

mortgagesmadesimple@gmail.com (Rck Gundzik) — Thu, 05 Mar 2009 07:38:00 PST

This week we answer 6 more questions from loyal listeners.

1. Will FHA Loan limits apply when house prices start to stabilize?
2. How Did FHA and VA loans develop?
3. In pre construction is a construction loan used by developers?
4. Are there any high leverage loans available that require a low down payment?
5. What is the difference between stated income and "No Doc" loans and are they still available?
6. There have been a lot of changes made recently in the mortgage industry, what changes have you seen?

Listen to "FHA, VA origins, Low Down Payment loans and More Listener Questions Answered"

If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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Tags: podcast podcasting mortgages loan loans bank home finance money mortgage