Category Archives: Real Estate Mortgage

Hello U.S. Veterans

First off if you are a U.S. Veteran that served this country I want to say “Thank You” I appreciate your dedication in protecting and serving this Country.

If you are a Veteran, with an existing VA Mortgage, you are entitled to refinance that property with a VA Streamline Refinance program, also known as an Interest Rate Reduction Refinancing Loan (IRRRL).  This VA IRRL as we will call it from here on out in this blog allows you to lower the interest rate on your VA mortgage with few or no out-of-pocket costs.

It must be a VA to VA refinance, and it will reuse the VA Certificate of Eligibility.

The VA IRRL is the probably the best option for you if you want to refinance your existing loan with a lower interest rate and monthly payment. .

The biggest VA requirement for the VA IRRL is that you lower your current rate to a lower rate or converting an ARM to a fixed rate.

Benefits of a VA IRRL: 

  • You Will NOT need to provide bank statements, W2s or paycheck stubs
  • You cannot receive any cash at closing
  • Refinancing without an appraisal is possible
  • You must be current on your existing VA mortgage and not have had ANY 30-day late(s) on your mortgage the last 12 months.
  • An IRRRL can be a fixed rate loan or an adjustable rate loan.
  • An IRRRL must be at a lower interest rate than your current mortgage loan unless you are refinancing from an adjustable rate mortgage loan.
  • The VA has a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

Bonus of a VA IRRL:

  • Within 30 days of closing, you will receive the money that was held in your old escrow account because a new escrow account will be set up with your new loan

No loan other than the existing VA loan may be paid from the proceeds of an IRRRL.  If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.

A VA IRRL can be accomplished faster and with less documentation than a typical home refinance loan.  Do you currently have a VA Loan?  Do you want to reduce your monthly mortgage payment?  What are you waiting for…? Contact Me and let’s get started with reducing your monthly debt by refinancing you in a VA IRRL.

Blessings,

Cindy Seely

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

Do you feel Flooded in your Current Mortgage? Is your current loan an FHA?

Do you feel Flooded in your Current Mortgage?  Is your current loan an FHA?

If you said “Yes” I have Great News…..  An FHA Streamline Refinance might be what you need!

One of the biggest advantages of an FHA Streamline is that no appraisal is required!  For many homeowners the current value of their home is what has held them back from refinancing.  FHA allows you to use your original loan amount as the value regardless of what your home is worth today.

Advantages of FHA Streamline vs. Regular Refinance

  • Appraisals NOT Required
  • Income is not verified but Current Employment is confirmed
  • Your Mortgage needs to be paid as agreed the past 12 months
  • The refinance must have purpose – this means reducing your mortgage payment by 5% or more.
  • Loan Balance Can NOT Increase (only the FHA Up Front Funding Fee  + Pre-paid interest can be added to the new loan)*
  • Closing costs cannotbe added to the new loan, the only items that can be added on an FHA Streamline are:
    • Up Front Funding Fee & Pre-Paid interest (# of day’s interest you pay ahead on your HUD1).
      • Leaving you (the borrower) with 2 options:
        1. A “Borrower Credit”  from the lender towards closing costs & pre-paids (real estate taxes and homeowners insurance) to receive a “Borrower Credit” your interest rate would raise but only slightly or
        2. You can bring the money to close.

Additional Advantages!

Earlier this year the government made changes (Positive ones) to the FHA streamline refinance program.

  • The new fees/costs only apply to FHA loans originated prior to June 1st 2009 which are being refinanced through the FHA’s streamline refinance program.
  • For eligible loans, the upfront FHA Up Front Funding Fee is being reduced from the current 1% of the loan amount to .01%.
  • The monthly FHA insurance premium is being rolled back to .55% of the loan amount per year.  Down from the current 1.15% (soon to be 1.25%)

Lower FHA fees and lower mortgage rates mean lower monthly payments which, in theory, lead to fewer loan defaults.

To get the full fact sheet http://portal.hud.gov/hudportal/documents/huddoc?id=FACTSHEETHSGRelieftoVets.pdf

A Reduction yes REDUCTION in FHA fees for the FHA Streamline borrower!  These fees can save the typical FHA borrower thousands of $$$ per year!  And that is not taking into consideration taking advantage of lower interest rates!

Do you have an FHA Loan that was closed and funded before June 1, 2009?  What are you waiting for; contact me.

Till Then,

Cindy Seely

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

 

Department of Justice Stands up for the Veterans!

Recently I have heard several stories where “Active” military personal have had their homes foreclosed on and it irritates me greatly!  I mean think of the stress levels that both spouses experience during the foreclosure process; not to mention the family having to move during a time that the husband / wife and dad is fighting overseas.  That is heartbreaking.

First off how can the bank foreclose on someone who is actively serving this country?  Second off in most situations foreclosing on an active military person is breaking the Service Members Civil Relief Act (SCRA) formally Soldiers & Sailors Civil Relief Act (SSCRA).  So why have the “Banks” been foreclosing on the one’s serving this country?  They must have been ignorant to the laws! Not to mention sitting there and clicking their computer screen to begin the foreclosure process while the veteran is putting his life on the line to protect this country.

Great news today!

The Department of Justice has made a stand for those military people! Thomas Perez, Assistant Attorney General for the Civil Rights Division said “The men and women serving our nation should not have to worry about a bank foreclosing on their home while they bravely serve our country,” BAC Home Servicing will pay a total of $20,000,000 as compensation for those military people who were illegally foreclosed on.

Military personnel whose homes were improperly foreclosed upon will each receive at least $116,875 from BAC Home Loans Servicing, a subsidiary of Bank of America, for the bank’s alleged violation of the (SCRA).   For details o the SCRA law http://www.military.com/benefits/content/military-legal-matters/scra/servicemembers-civil-relief-act-overview.html

I hope we all continue to stand up and support those serving this country.

Blessings,

Cindy Seely

P.S. yes I do VA loans

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

Ownership Transfer of Your Mortgage Loan

Happy HouseVery often today your mortgage loan is sold / “Transfer of Loan Ownership”.  I am going to explain a few things that it you need to be aware of.

Your home is one of the most expensive items you will buy in your lifetime that is why it is important to understand several aspects of your loan even after it closes.  The aspect I am going to talk about today has to do with the sale of your note (mortgage).

First off if or when your note is sold your rate and term cannot change!  That part of the note is set in stone and recorded in your local county records.  The lender / note holder can sell the note or have a 3rd party do the servicing (receiving payments, paying escrows etc.) of the note.  If the note is sold the old note holder has to disclose 15 days prior to selling the note and the new note owner has 15 days after purchasing the note to disclose.  The letter of the new note owner will include: name and address for the new note owner and the effective date of the note sale.  These disclosures will be sent to you in snail mail.

At my loan closings I always bring this up and tell my borrowers that if their loan is sold they will receive a “Hello” and “Good-Bye” letter.  The “Hello” letter comes from the new note holder notifying the homeowner that their loan has been sold and where to send their monthly payments.  The “Good-Bye” letter from the old note holder will notify the homeowner that their note has been sold.  If you would by chance only receive one of the letters let’s say you receive a “Hello” letter but not a “Good-Bye” letter I would recommend that you contact your old lender to verify.  There has been some fraud going on in this area so it is best to have your backside covered.

Here are some additional suggestions that the FTC (Federal Trade Commission) makes to help protect yourself:

  • Read all notices from your mortgage company / mortgage servicer carefully!
  • If the servicer ask for proof of homeowners insurance, or tax records.  Send it promptly and keep a record, I personally would send it registered mail to make sure you are fully covered.
  • Maintain records of all payments (cancelled checks, billing statements and bank account statements)
  • Thoroughly read all your mail from your lender.
  • If you have a problem and are not able to find a clear resolution with your lender then either contact the FTC or ask your lender for their Ombudsman contact information.

For more information go to Federal Trade Commission or download the FTC MORTGAGE SERVICING

 

Respectfully,

Cindy Seely 

Senior Loan Analyst 

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

HomePath Mortgage

 

 

If you are interested in buying real estate as either a home or investment;  have you heard about the HomePath Mortgage Program?

What are the benefits of HomePath Mortgage; how is it different from other mortgages programs like FHA, VA, USDA?

  • No appraisal required
  •  No Mortgage Insurance (upfront or monthly)
  • Seller paid closing cost up to 6% of the sales price
  • Low down payment
    • Owner Occupied & Second Homes – 97% Loan to Value
    • Investors – 90% Loan to Value

The largest benefit of the HomePath is No monthly mortgage insurance or Up Front Funding fees.

Up front funding fees for USDA and VA is 2% of the loan amount (example on a $100,000 loan amount the up front funding fee would be $2,000).

Monthly mortgage insurance on a FHA loan is 1.1%/12 (example on the same $100,000 loan amount the monthly mortgage insurance on an FHA would be $91.67.  That would come out to “typically” paying $5,500 in 5 years.

Check out the properties at www.homepath.com .  As of today there are 1,500 in Missouri and 397 in Kansas listed on the web site.

Properties offered through HomePath include single family homes, townhouses and condominiums.  The properties are owned by Fannie Mae and are sold “As Is” and buyers should obtain a home inspection from a licensed inspector.  If you need a good one give me a call I know several. J

Does the HomePath interest you?

If you have any questions or are looking to buy contact me (816) 728-1384.

Blessings,

Cindy Seely

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777