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Team MOVE Blog

Your mortgage loan experts

By Russell Smith | Mortgage Broker
or Lender in Whiteville, NC
  • Already have an FHA or VA mortgage and need another?

    Posted Under: Home Buying in Wilmington, Financing in Wilmington  |  April 22, 2012 5:15 AM  |  317 views  |  No comments
    Did you know that if you currently have an FHA mortgage you can purchase using an FHA loan again if the prior FHA financed property is more than a reasonable commute from the new property? 

    The same applies for a VA mortgage and you can this by potentially accessing your 2nd tier entitlement.

    If you have mortgage scenarios or questions, contact me.

    Give this blog a thumbs up or comment if you found this helpful!
  • Comparing a conventional loan with 5% down, FHA, and USDA

    Posted Under: Home Buying in Wilmington, Financing in Wilmington  |  April 22, 2012 4:59 AM  |  1,532 views  |  No comments

    Comparisons of a Conventional Loan with 5% down, an FHA Loan, and a USDA loan:

    · Conventional loan has lower monthly payment than FHA with choices of monthly 
    pmi, split premium pmi, and single premium pmi (we can pay this cost for 
    borrowers at a slightly higher interest rate or the buyer can pay out of pocket for a 
    lower rate. 

    · Today’s conventional pmi gives a great payment advantages over FHA

    · Conventional loan pmi is even cheaper at lower LTV’s such as 90% and 85%

    · Conventional loans are a great option for higher score, higher income borrowers 
    that earn more than the USDA income limits and that are not VA eligible

    ·  USDA has a smaller monthly pmi and can finance 100% of the purchase price (If 
    seller pays all closing costs and pre-paid items, the buyer can finance 100% of 
    everything)

    · USDA is 100% financing and still has a much lower payment than FHA

    · USDA pmi is for the life of the loan and decreases by a minor amount each year, 
    FHA pmi must stay on the loan for at least 5 years minimum and and until the 
    balance is under 80% of the price (the borrower must request pmi be dropped), 
    and conventional pmi can be removed once under 80% of the price (the borrower 
    must request pmi to be dropped)

    · USDA and FHA are generally more lenient on credit than a conventional loan with 
    pmi

     

    Comment to me any questions you may have or if you like this blog.

    Russell Smith - Your Mortgage Lending Expert

    NMLS # 78989

  • Searching for Property Taxes or Property Tax Rates in New Hanover County

    Posted Under: Home Buying in Wilmington, Financing in Wilmington, Property Q&A in Wilmington  |  April 14, 2012 4:00 AM  |  472 views  |  No comments

    To look up property tax bills paid or due for New Hanover County and Wilmington, Carolina Beach, Wrightsville Beach, and Kure Beach, click here.  You can search New Hanover property tax bills by owner name, parcel ID, street name, or bill number.  To search for property tax value and history, click here and click on “property records” at the top, click on “agree”, and then enter your search criteria.  You can then view sales history, year built, legal description, etc.  These sites are very helpful if you are looking to purchase in Wilmington or New Hanover County.  If you have any questions, please contact us.


  • Success stories this week

    Posted Under: Home Buying in Wilmington, Financing in Wilmington  |  April 6, 2012 5:56 AM  |  264 views  |  No comments
    • First time buyer approved by underwriting for a 100% USDA loan with a 624 credit score
    • Clear to close on a USDA 100% loan for a first time buyer purchasing a foreclosed home on the courthouse steps
    • Closing a purchase on Monday with a conventional loan and a non-occupying co-borrower to help in income qualifying

    SWISS ARMY KNIFE OF MORTGAGE LENDING – Don’t listen to press saying you can’t borrow!

    · Our recent and closings coming up include

    HomePath purchase with no pmi and appraisal, NC Housing First Home Loans with 100% financing for first time buyers, MCC tax credit purchases, Permanent loan for new construction, Fannie Mae 125% LTV refinance, 75% / 15% purchases, Conventional & FHA purchases where buyers close prior to starting their new jobs, USDA loans with buyers getting most or all of earnest money back at closing, VA purchase with less than 2 year bankruptcy discharge, 3/1 ARM purchase, manufactured home purchases at 96.5%, 80% cash out refinances, Credit score from 579 – 634 in one month to close no money down, refinance with no appraisal needed, 2nd home purchase, refinance to have ex-spouse removed from mortgages and deed, 4 borrowers that were referred to credit repair that were able to close, denied loans from other lenders to closing with us, 75% jumbo refinance on a 2nd home combining 2 mortgages to a 30 year fixed, Escrow holdback for repairs less than $5000, HomePath Renovation purchase with 3% down escrowing for repairs, USDA 100% purchase with MCC tax credit and escrow for repairs, USDA 100% purchase with escrow for hvac install & foundation repair, new modular home construction/perm purchases, 90% LTV refinance with single premium pmi to keep payment lower, 2nd home condo refinancing, rental properties rate/term refinance, VA Streamline refinance without appraisal, Log home refinance with 1 log home comparable, 2nd home condo refinance at 95% with no pmi with Fannie Mae Refi Plus.

     



  • Help for homeowners who are struggling to pay their mortgages due to job loss or other temporary hardship

    Posted Under: Financing in Wilmington, Foreclosure in Wilmington  |  April 3, 2012 5:12 AM  |  281 views  |  No comments
    NC Housing Finance Agency is a great source if you are struggling to pay your mortgage due to a job loss or temporary financial hardship, they have the "NC Foreclosure Prevention Fund".   This fund can provide an interest free loan of up to $36,000 to pay your mortgage and other related expenses for up to 36 months while you search or retrain for employment.  This is a great resource if you are facing trying times like this.  Learn more by clicking here and you may also call toll free at 888-623-8631.
     
    The State Home Foreclosure Prevention Project helps North Carolina homeowners who are facing foreclosure for any reason.  It offers free housing counseling, access to legal services for people with lower incomes, and help with your mortgage servicer.
     
    To watch a video of how NC Housing's counselors can help, watch the video below

     
  • Do you want to buy or sell a property in need of repairs or renovations?

    Posted Under: Home Buying in Wilmington, Home Selling in Wilmington, Financing in Wilmington  |  April 1, 2012 10:51 AM  |  350 views  |  No comments

    Especially with the high number of foreclosure properties for sale, programs allowing for the escrow of repairs after closing is important to have access to.  We have the following options for escrowing for renovations and improvements:

    • Escrow repairs up to $5000 or 10% of the loan amount, whichever is less, on FHA loans - only repairs mentioned on the appraisal as necessary repairs for the property to meet HUD minimum standards are allowed to be escrowed.
    • Escrow repairs up to $10,000 or 10% of the loan amount, whichever is less, on USDA loans - only repairs mentioned on the appraisal as necessary repairs for the property to meet HUD minimum standards are allowed to be escrowed.
    • FHA 203k which will lend up to 96.5% of the purchase price and total improvements to be made on primary residences
    • Fannie Mae Homestyle Renovation loan will lend up to 95% of the purchase price and total improvements for primary residences.  Homestyle Renovation may be used for 2nd home and investment property purchases as well
    • Homepath Renovation can be used to purchase Fannie Mae foreclosures and borrow up to $35,000 in improvements.  Borrowers can borrow up to 95% on a primary residence, 90% on 2nd homes, and 75% on investment properties

    Click here for more information on the Escrow Holdback process

    Comment and give a thumbs up if you find this blog helpful
  • When can my pmi come off of my mortgage loan payment?

    Posted Under: Home Buying in Wilmington, Financing in Wilmington  |  April 1, 2012 10:49 AM  |  259 views  |  1 comment

    This is a popular question and a few years ago pmi could get removed rather quickly because of home values increasing so quickly.  In the past, one could request a review of their mortgage to appraised value ratio and if the new appraisal came back where the borrower owes less than 80%, the pmi was removed.  Recent declines in values have made this method not work so one must plan on the worst case scenario.  Each loan type has a different set of rules.  FHA pmi has to stay on the loan a minimum of 5 years and once the balance is under 80% of the original price (or value on a refinance) the borrower must request that the pmi come off.  At 78% the pmi will be removed automatically by the lender.  Effective October 1, 2011 USDA loans have a yearly mortgage insurance fee due which lenders collect this from the borrower monthly in the mortgage payment.  The pmi is very low compared to FHA but it will continue for the life of the loan, decreasing a very little bit each year.  VA mortgage loans do not have monthly pmi which make them a very good option if the borrower is eligible.  On conventional mortgage loans pmi will need to stay on the loan until the borrower notifies the lender when under 80% of the original price (appraised value on refinancing) or when the balances is under 78%, the lender will automatically remove it.  Keep in mind that the lender may request an appraisal, at the borrower’s expense normally, to make sure that the value has not decreased before removing the pmi.  PMI is always looked at as a negative thing:  “PMI only protects the lender” for instance.  But you have to remember that a borrower wouldn’t be able to borrow 95 or 100% of the price without it.  That is a very helpful thing to a borrower.  For more information, please contact me.

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