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Brent Mendelson's Blog

By Brent Mendelson | Mortgage Broker
or Lender in Bethesda, MD
  • VA rules for Iowa same sex married couples.

    Posted Under: Home Buying in Iowa, Financing in Iowa, Military Movers in Iowa  |  March 17, 2014 8:28 PM  |  214 views  |  No comments
    Effective immediately, the Department of Veteran affairs will process and approve applications for same sex married couples where legally possible. Please note that the process for loan approval is subject to final approval from VA. Here is what we were told to do in order to gain VA approval of the loan application.

    VA requires

    (1) date and State of marriage; (2) State of residence at time of marriage; (3)State where subject property is located; (4) current State of residence; and (5) estimated date of loan closing. VA staff will then notify the lender if both spouses’ incomes may be applied.

    This next section is EXTREMELY important also.

    After we as the lender forwards the above information to the VARO <VA Regional Office> they then forward to the VA main office in Washington, DC. This could be anywhere from a 1 to 10 business day process- plan accordingly. In the meantime, loans cannot be closed until the VA Main Office sends email that the borrowers meet VA’s criteria. Borrowers MUST be married in a state that recognizes same-sex marriage AND the property is in a jurisdiction that recognizes those marriages.

    I have requested clarification on my following sentence. "If a same sex couple is married in Maryland, moves to Virginia and wants to buy a home in New York can the VA benefits be used as a married couple? My guess is yes but I do not guess on important questions like this. I'll provide an update as soon as possible and if there are any questions or scenarios please let me know. I specialize in VA loans and if I can assist in any way please let me know.

    Thank You,

    Brent Mendelson
    1st Mariner Mortgage
    Senior Loan Officer
    Licensed in all 50 states
    bmendelson@1stmarinerbank.com
    Office 240-235-5314
    NMLS#111407
  • Iowa Veterans can refinance even if the home is upside down

    Posted Under: Market Conditions in Iowa, Financing in Iowa, Agent2Agent in Iowa  |  August 16, 2012 10:55 PM  |  395 views  |  No comments

     

    I wanted to discuss a little known feature of the VA loan program. It's called the IRRL loan which stands for Interest Rate Reduction Loan.

    If you already have a current VA loan and have been current on the loan you should be eligible for the refinance program. We offer this program in 49 of the 50 states. Sorry Nevada! Soon I hope.

    Here's why the program is an incredible opportunity in general and specifically with First Mariner Mortgage.
    First Mariner has zero lender fees to obtain a VA streamline refinance. The only fees we charge are 3rd party fees for credit and flood cert. Total cost is $40 dollars.

    No appraisal is required using 1st Mariner Mortgage's direct portfolio program in most cases.
     This is HUGE if your property is upside or underwater and other lenders have said no without an appraisal.

    There are no assets required and no income documents required either. No paystubs, no W-2'S no tax returns for self employed borrowers. You basically sign the loan application, provide a mortgage statement, hazard insurance and your note and HUD-1 and that's it. The loans are MUCH faster as a result and close on average in about 3-4 weeks.

    You can go to 100% of the value of the house if need be.
    There is also no mortgage insurance for VA loans.
    If you receive VA disability there is no funding fee.
    If you do not receive disability the funding fee is lowered to .50% and the fee can either be rolled into the loan or paid for in cash with a lender credit.

    The rates are extremely low now and a very popular option is to slightly increase the rate and receive a lender credit to help pay the closing costs and thereby keep your loan low without adding all the normal closing costs for other types of loans. 

    There are also 15, 20, 25 and 30 year mortgages as well as ARMS if you are interested. 

    I specialize in VA loans and have for almost 10 years. I am proud to assist our military community in saving money and paying off their mortgage as quickly as possible. For testimonials from past clients please refer to http://reviewbrentmendelson.blogspot.com/

    It costs nothing to call and review options with a VA loan specialist.

    Any questions or anything I can do to help in any way please do not hesitate to ask. 

    Thank You,

    Brent Mendelson
    1st Mariner Mortgage
    nmls#111407

    Email-bmendelson@1stmarinerbank.com

    O-240235-5314

    C-301-412-0259

  • Iowa homeowners helped or hurt by DC, Fannie/Freddie?

    Posted Under: Market Conditions in Iowa, Agent2Agent in Iowa, Foreclosure in Iowa  |  November 23, 2011 1:42 PM  |  766 views  |  No comments

     I wrote this last week and am going to post this in all 50 states to garner maximum exposure. I fear for the future of this country in the wake of the "super committee" failure. If Congress and the President can't get something like that right then there is NO way they can possibly "fix" the housing market. Please feel free to re post if you agree with that I say. Maybe send to a member of Congress?

    Full Disclosure. I am a card carrying member of the Republican Party and did not and will not vote for President Obama. I have no problem giving the President credit when he has a good idea and does the right thing. I want him to do well and succeed. Things as a whole will improve for the nation and I love this country more than a political party.

    However the President's "plan" for underwater mortgages is incredibly lacking in urgency, details and a true sense of what the problem even is let alone how to fix it.

    When we needed true leadership we received a speech in Las Vegas that was long on promises but short on well everything else.

    This week we FINALLY had at least an outline of the new and improved "plan"

    We can't even take applications for it until December 1 and if you are underwater by at least 125% then you can't deliver the loans to Fannie until MARCH of 2012.

    Mr. President, people are hurting NOW. Giving a speech in October and offering even a sliver of help until March is 5 syallbles and one word. UNACCEPTABLE.

    The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.

    Either way to me this is unacceptable.

    Not to mention no word on appraisals as to whether they are needed. How can you not address something that simple?

    If it's left to Congress and the White House and the same groups and organizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.

    If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard

 
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