James Wheeler's Blog
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More Help for Struggling Homeowners Who Are Veterans
Posted Under: Financing | December 6, 2008 7:23 PM | 70 views | No commentsIf you have a conventional mortgage loan that's unaffordable and you haven't been able to refinance because the mortgage balance is too high in relation to your home's current market value, there ARE other options available. Depending on your situation, a properly negotiated loan modification can be a life saver, and we can help with that. But for struggling homeowners who are veterans, there's also a powerful new tool available with VA home loans. As part of the Veterans Benefits Improvement Act of 2008, which became law in October, the max guaranty amount for regular refinancing loans has been made the same as for purchase loans. What does that mean?
We are now able to issue VA loans for refinancing non-VA to VA mortgages for up to 100% of your home's appraised value. Historically, these loans were limited to no more than 90% of the current appraised value. This recent change will allow veterans to refi into a new VA loan up to a full 100%. Many eligible veterans have subprime loans or other conventional loans with high rates and unaffordable payments, but they've had trouble refinancing because of declines in their home's market value. Being able to refinance up to 100% in a safe, fixed-rate VA loan (a program that allows us to really help vets qualify, even if their credit profile is imperfect) is a godsend in this economy.
This new flexibility with VA home loans is also great for veterans who would like to consolidate high-interest credit cards or other debt into their mortgage, or would like cash out for home improvements or to add to their family's cash reserves in these difficult times. This is the only program in the country that will allow you to refinance and take cash out for up to 100% of your home's value. And with a VA loan, there's no mortgage insurance, and you get a competitive interest rate even if you do take cash out. By contrast, conforming loans carry much higher rates when you refinance with cash out, especially when your credit is anything but excellent. Conforming loans also require private mortgage insurance (PMI) if the new loan is more than 80% of your home's current market value, and the maximum loan amount is far less than 100% of your home's value. Bottom line? Conforming loans will typically have much higher monthly payments and much lower loan limits.
The new 100% refi limits for VA loans haven't been widely implemented in the mortgage industry yet, but we are already offering these loans as a government-approved lender and can help you reach your financial goals. Talk to us about the options that may be available to you. For more information, please call James Wheeler at 813-600-3428. -
How to Finance Repairs, Renovations, Remodeling
Posted Under: Remodel & Renovate | November 19, 2008 8:20 AM | 112 views | No commentsWith the rising tide of foreclosures on the market, many people are buying homes that need some post-closing repairs and renovations. These extra costs are usually paid from savings and credit cards. As a result, it usually takes a long time to complete these projects, the financing charges are much higher than the rate on the mortgage, and none of it is tax-deductible like mortgage interest is. That doesn't make much sense, and it should be avoided if possible. Turns out, there really is a better way to do it.
We have loan programs available that allow borrowers to combine the purchase (or refinance) of a home with the costs to renovate or remodel, in a single mortgage. The extra funds for the renovation project are escrowed at closing, and any funds remaining in the escrow account after the work is complete are used to pay down the mortgage balance. So whether you're buying a fixer-upper, or you want to renovate the home you already own, this is a great way to go from dream to reality.
As an added bonus, when your renovation project goes through the mortgage process, you have the assurance of knowing that a savvy loan officer and a team of construction lending underwriters will be reviewing the contractor's background, cost estimates, and agreements to make sure they're reasonable and customary. When you go it alone, you're on your own.
For more information or to discuss a scenario, please feel free to call me: James Wheeler, 813-600-3428
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Manufactured Homes / Mobile Homes
Posted Under: Financing | November 19, 2008 8:16 AM | 49 views | No commentsCash-out refinance up to 95% of current value for manufactured homes.
Call for more info: James Wheeler, 813-600-3428 -
Mortgage Denied or Delayed? Need a Solution Fast?
Posted Under: Home Buying in Tampa | October 22, 2008 8:30 PM | 61 views | No commentsWe have the experience and resources to give you speedy feedback and properly prepare your loan file to minimize delays and surprises. For loans we issue and fund ourselves, initial underwriting is literally hours, not days. (Currently 2 hrs for conventional loans to 80%, 6 hrs for conventional loans > 80%, and 4 hrs for government loans) We originate loans for other lenders, too, but the turn times are generally not as fast.
Despite media reports to the contrary, mortgage funding has not dried up. More often than not, it's simply a matter of working with the right people.
If your mortgage has been delayed or denied, why not give us a try, instead of giving up? We might be able to pull a rabbit out of the hat for you, and it could be the start of a great relationship.
James Wheeler
Senior Loan Officer&Mortgage Specialist
813-600-3428
Apex Lending, Inc.
FHA-Approved Lender
All Types of Government & Conventional Loans -
Mortgage Solutions... Fast
Posted Under: Financing | October 21, 2008 1:38 PM | 45 views | No commentsWe have the experience and resources to give fast, reliable feedback, and to properly prepare any of our loan files to minimize delays and surprises. For loans we issue and fund ourselves, initial underwriting is literally hours, not days. (Currently 2 hrs for conventional loans to 80%, 6 hrs for conventional loans > 80%, and 4 hrs for government loans) Same-day closes are also still possible.
We originate loans for other lenders, too, but the turn times are generally not as fast.
We do business in our home state of Florida and 30 other states. If the mortgage for your transaction has been delayed or denied, why not give us a try, instead of giving up?
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