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Rob Spinosa's Blog

By Rob Spinosa | Mortgage Broker
or Lender in Mill Valley, CA
  • Surviving the Short Sale Seasoning Status Shift

    Posted Under: Home Buying in California, Financing in California, Foreclosure in California  |  July 23, 2014 10:12 PM  |  19 views  |  No comments

    Surviving the Short Sale Seasoning Status Shift

     

    All alluring alliteration aside, I wanted to get serious (there I go again...) about the recent changes to the waiting periods that are required when a buyer attempts to re-enter the mortgage market.  "How long do I have to wait after a short sale?"  That's been a question that our industry has faced since the downturn.  This blog post is going to focus specifically on jumbo loan amounts and RPM's time requirement for buying a home after a short sale.

    Up until just recently (July, 2014), many of us in the industry had become intimately familiar with the guidelines: 

     

    Rob Spinosa Mortgage California

    Conforming Loans

    • A 2-year wait if the new loan-to-value (LTV) is 80% or less.
    • A 4-year wait if the new loan-to-value is between 80% and 90%.

    FHA Loans

    • A 3-year wait at all LTVs.

    Jumbo Loans

    • Dependent on investor, but mostly a 7-year waiting period.

     

    As of July, 2014, the conforming waiting period after a short sale has been changed to no less than 4 years, regardless of LTV.  This implies that between years 3 and 4, if a buyer wishes to re-enter the purchase market, he or she will be subject to FHA's hefty mortgage insurance premium.  That is....unless the loan amount exceeds $417,000.  

    RPM has all along retained an investor who has a 3-year seasoning period for a short sale AND we can start at loan amounts as low as $417,001.  Here are some of the other requirements and features of this program:

    Rob Spinosa California Home Loan

     

    • 80% LTV to $1.5MM with a 720 FICO
    • 70% LTV to $1.5MM with a 700 FICO
    • 15 and 30-year fixed, along with 10/1, 7/1 and 5/1 ARM programs
    • 43% maximum debt ratio (DTI)
    • Great pricing!

     

    Re-entering the real estate market after a short sale can be a challenge when your scenario calls for a jumbo mortgage.  But if your short sale happened 3 years or more in the past and you're looking to purchase a home in California, I may be able to assist you right now. 

     

    Rob Spinosa
    Mortgage Loan Originator
    NMLS: 22343  CalBRE: 01297944
    Cell:  415-367-5959     Fax:  415-366-1590
    rspinosa@rpm-mtg.com     www.rpm-mtg.com/rspinosa 
    1058 Redwood Highway, Frontage Road, Mill Valley, CA  94941

     

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    RPM Mortgage, Inc - BRE# 01818035 – NMLS# 9472 - CA Bureau of Real Estate, Real Estate Corporation License. Equal Housing Lender.

     

  • Back to the Future: Mortgage Options Post BK, Foreclosure & Short Sale

    Posted Under: Home Buying in California, Financing in California, Foreclosure in California  |  February 7, 2014 8:19 AM  |  255 views  |  No comments

    Back to the Future: Mortgage Options Post BK, Foreclosure & Short Sale

     

    In the year 2007.  War is surging in Iraq.  The iPhone is unveiled.  Barry Bonds clocks 756 and people still choose to think it's the broccoli that's doing it.  La Scala's walls will never again reverberate to Luciano's tenor and you foreclosed on your home.  Fast forward to 2014 and you are again eligible for a conforming loan.

     

    In the year 2009.  Barack Obama is President.  We hope the economy changes.  Madoff's Ponzi "fin e' fatto."  Michael Jackson checks into Neverland for good, but it's Chesley Sullenberger who ultimately proves you can walk on water.  You either had a bankruptcy or foreclosure and you now need a jumbo mortgage.  You're in business.  Oh, wait, it wasn't just one BK, but multiple bankruptcies?  You may now qualify for a conforming loan too.

     

    In the year 2010.  Wiki's leaking secrets like BP's leaking oil.  Chilean copper miners strike golden sunshine after 70 days.  Katy Perry's persistent presence in the Top 20 and puts a lot of ears in the Hurt Locker.  You had a Chapter 7 bankruptcy or a short sale, but you may now be eligible to get a conforming home loan, up to 90% of the property's value.

     

    In the year 2011.  An Arab Spring is rising, a Euro Zone is sinking.  Everything else is Occupy'd.  William and Kate marry as if nothing ever happened.  "Sic semper tyrannis," Osama.  Did the Cardinals really win the World Series if nobody saw it happen?  If you short sold you might now qualify for a jumbo loan.  And if you're below jumbo limits, maybe an FHA program will work for either your foreclosure or short sale.

     

    In the year 2012.  Wait, how is this two years ago already?  Fiscal Cliffhanging. The SCOTA upholds ACA.  Neil Armstrong slips the surly bonds to touch the face of God, and my wife and I welcome our first, Robert Orion.  If you experienced a short sale you may be able to get back in the market with 20% down (conforming).  If you had a Chapter 7 bankruptcy, perhaps FHA is an option for you now.  And if you had a Chapter 13 BK?  A conforming mortgage might fit here too.

     

    It's only last year, for heaven's sake.  If you don't remember what happened your memory is worse than mine.  But if just one year of your Chapter 13's payout period has elapsed, FHA is an option.  And I know you've heard that short sales may also work, but the hurdles here are quite high so call if you have questions about dipping your toe into these waters.  

    Not you, Sully, we know you can swim.

    Hopefully, a little humor goes a long way to helping with an understanding of the waiting periods required after bankruptcy, foreclosure and short sales.  The timeline above might paint a clearer picture if you've been asking yourself "How long do I need to wait to get a mortgage (happily ever) after..."

     

     

    Rob Spinosa
    Mortgage Loan Originator
    NMLS: 22343  CA BRE: 01297944
    Cell:  415-367-5959     Fax:  415-366-1590
    rspinosa@rpm-mtg.com     www.rpm-mtg.com/rspinosa 
    1058 Redwood Highway, Frontage Road, Mill Valley, CA  94941

     

        Google+

     

    RPM Mortgage, Inc - BRE# 01818035 – NMLS# 9472 - CA Bureau of Real Estate, Real Estate Corporation License. Equal Housing Opportunity.

  • The Long View on Short Sales

    Posted Under: Home Selling in California, Financing in California, Foreclosure in California  |  June 28, 2012 2:54 PM  |  617 views  |  No comments
    California Mortgage Apply Online
    The Long View on Short Sales

    A local real estate agent asked me last week if I could contribute to her newsletter a short article about financing short sales. After some thought and discussion, we decided that perhaps a more refreshing angle on this would be one that took a "long view" on the financing aspects. That is, we decided to answer the question, "How can I short sell so that I can regain my financial footing the quickest?"

    Here are three key points we agreed matter:

    What They Don't Know Can Hurt YOU

    That's right. Your Realtor is your best ally in this process, but he or she can only work with what's known. Short sales do not often happen in a vacuum and often there are other financial hardships that have been pushed to the back burner. It's important to make sure they don't come back to undermine your sale. Liens that can be attached to the title of the home may delay or prevent a short sale, so tell your Realtor if you think the IRS, a contractor who was not paid, or some other entity may be lurking in the shadows. Dealing with these issues proactively is always the best way. What your agent doesn't know, he or she can't help with, so keep them informed. Be honest and forthcoming --- it helps.

    Property Condition Counts

    It goes without saying that you should attempt to keep your home in the best physical shape possible. Seven out of ten homebuyers will need a mortgage to buy your home, and all of those seven will therefore need an appraisal to get the loan. If an appraiser notes obvious damage or safety hazards, the buyer's loan may fall through. By definition if you're in a place of financial hardship, there's probably not a lot of money to put into the home --- and why would you if you plan to get rid of it anyway? That's the common logic, but remember, the more eligible buyers, the more demand. The more demand, the more selling price the bank may get. The more they get, the more they are likely to approve the sale. All of these outcomes benefit you, the seller.

    Your Next Loan

    By short selling as quickly and as efficiently as possible, you set yourself up best for future eligibility to purchase a home. That may seem inconceivable now, but many short sellers from 2008 and 2009 are already homeowners again and managing their new properties just fine and within their budgets. If you do things right, within two to three years (loan program depending), you may be perfectly able to apply for, and approve for, a new mortgage. A foreclosure can have a much greater waiting period, so why deliberately go down that road?

    Short Sale Horizon


    Your Realtor is your front line resource for navigating the short sale waters. But realize there is a lot you can do too. If you have any questions, get in touch with either of us today.

    To learn more about the loan process and get fast answers to some of the most common home finance questions, you can view Rob's short, educational videos on YouTube by clicking HERE.

    Robert J. Spinosa
    Home Finance Professional
    CA: 01297944 NMLS: 22343
    1058 Redwood Hwy, Frontage Road
    Mill Valley, CA 94941
    877.270.5959 | direct
    415.367.5959 | cell
    415.366.1590 | fax
    rspinosa@rpm-mtg.com
  • California Mortgage Rate Update: 04/02/12

    Posted Under: Home Buying in California, Financing in California, Foreclosure in California  |  April 2, 2012 12:23 PM  |  317 views  |  No comments
    California Mortgage Apply Online

    California Mortgage Rate Update for the Week of 04/02/12:

    The week is off to a good start and rates are making a move to recover some of the losses from a few weeks ago. Last week had some good days and I suspect this week will too. The theme emerging is lock on the strong days and be mindful of how bad the bad days can be. Somewhere between this Heaven and Hell is where you need to be unless you truly enjoy the stress of market volatility.

    Economic highlights for the week: This week there are some potential market moving reports, but definitely all eyes will be on the non-farm payroll report that will come out on Good Friday. A good number will cause rates to move higher, and a bad number probably won't do much until the stock market opens again on Monday. But either way, there is good reason to reiterate the strategy to perhaps take advantage of strong rate days as they evolve. Europe is quitely moving back to the fore (good for rates, generally), as is a groundswell that the Fed will do more quantitative easing (apparently good for rates, but maybe counterintuitively manifested as bad for rates due to inflation concerns).

    Lock advice: I am switching back to a LOCK position unless you can risk another setback with rates. There is just not enough reason to hold out, and you have to understand the significance of the ground we gained back. If you believe lower rates are in the future, a better strategy is a "no cost" approach, which I outlined last week. You'll take a slightly higher rate now, but if things go lower in the future, you can ratchet down again and the move will pay you back. If things only go higher from here, well, you've locked in most of your gains and your rate will still be excellent.

    Remember, we now offer the HARP2.0 refinancing options for those who are underwater on their homes. Contact me with any scenarios.

    For specific pricing on your scenario, or to get pre-approved without obligation for any of these loan products below, you can:

    To learn more about the loan process and get fast answers to some of the most common home finance questions, you can view Rob's short, educational videos on YouTube by clicking HERE.

    Robert J. Spinosa
    Home Finance Professional
    CA: 01297944 NMLS: 22343
    1058 Redwood Highway, Frontage Road
    Mill Valley, CA 94941
    877.270.5959 | direct
    415.367.5959 | cell
    415.366.1590 | fax
    rspinosa@rpm-mtg.com
  • How to Finance Foreclosures and Short Sales

    Posted Under: Home Buying in California, Financing in California, Foreclosure in California  |  January 6, 2012 1:54 PM  |  667 views  |  No comments
    How to Finance Foreclosures and Short Sales

    The short video below covers the basics of getting a mortgage to purchase a foreclosure or short sale property.  Also we go into the definition of both foreclosure and short sale, and I provide a few tips on how to work with either type of distressed property and still have a closing that is on time and as free from stress as possible.  Terminology like "underwater," "reo," "bank-owned," etc., is explained as well.

    Foreclosures and Short Sales

    For more information or to begin the pre-approval process, contact Rob Spinosa at rspinosa@rpm-mtg.com or by phone at 877-270-5959. Rob is a mortgage banker at RPM Mortgage in Mill Valley, California, just north of San Francisco. He is able to assist anyone in the state of CA, and can be found on social media platforms as below:

    http://www.facebook.com/homefinancefundamentals
    http://www.youtube.com/HomeFinanceFund
    http://www.linkedin.com/in/robspinosa
    http://www.twitter.com/robspinosa
  • What Is a HARP Refinance?

    Posted Under: Financing in California, Foreclosure in California, Credit Score in California  |  November 3, 2011 3:41 PM  |  740 views  |  No comments
    What Is a HARP Refinance?

    The short video below covers what you need to know about the Home Affordable Refinance Program, also knows as HARP.  With President Obama's presentation on October 24, 2011, we learned that a forthcoming expansion of this refinance program would permit a greater number of homeowners the ability to take advantage of current low interest rates.
     
    This 2-minute video covers three main points:
     
    1. What is a HARP refinance?
    2. Am I eligible for a HARP refinance?
    3. How do I begin the HARP process?
     
    I also provide two helpful links where you can find out if a loan is owned by Fannie Mae or Freddie Mac, and I discuss the requirements for getting a HARP mortgage.  While borrowers who are underwater on their homes are potential candidates for a HARP loan, you'll note that those delinquent on their payment, or facing foreclosure are not.
    What Is a HARP Refinance

    For more information or to begin the pre-approval process, contact Rob Spinosa at rspinosa@rpm-mtg.com or by phone at 877-270-5959. Rob is a mortgage banker at RPM Mortgage in Mill Valley, California, just north of San Francisco. He is able to assist anyone in the state of CA, and can be found on social media platforms as below:

    http://www.facebook.com/homefinancefundamentals
    http://www.twitter.com/robspinosa
    http://www.linkedin.com/in/robspinosa
  • California Mortgage Rate Update: 10/12/11

    Posted Under: Home Buying in California, Financing in California, Foreclosure in California  |  October 12, 2011 11:34 AM  |  439 views  |  No comments
    California Mortgage Apply Online
    Below are today's interest rates for RPM's loan programs. For specific pricing on your scenario, and to get pre-approved without cost or obligation for any of these loan products below, simply call 877-270-5959, send an e-mail to rspinosa@rpm-mtg.com or APPLY ONLINE.

    Access The Mortgage Dictionary on YouTube to view short videos that define and explain the most important terms and concepts in home financing.

    All pricing below is at 0 points unless otherwise noted:

    Conforming Loans (up to $417,000)
    30-Year Fixed
    Rate:  4.250%
    APR:  4.274%

    15-Year Fixed
    Rate: 3.625%
    APR: 3.659%

    7/1 ARM
    Rate: 3.625%
    APR: 3.841%

    5/1 ARM
    Rate: 3.250%
    APR: 3.461%

    FHA 30-Year Fixed (96.5% Financing)
    FHA 30-Year Fixed
    Rate: 4.000%
    APR: 4.607%

    Agency Jumbo Loans (max amounts per County limits)

    30-Year Fixed
    Rate: 4.500%
    APR: 4.524%

    15-Year Fixed
    Rate: 4.000%
    APR: 4.034%

    5/1 ARM
    Rate: 3.625%
    APR: 3.992%

    Traditional Jumbo Loans (Everything above $625,500)

    30-Year Fixed
    Rate: 5.125%
    APR: 5.149%

    15-Year Fixed
    Rate: 4.250%
    APR: 4.284%

    10/1 ARM (I/O avail.)
    Rate: 4.500%
    APR: 4.781%

    5/1 ARM (I/O avail.)
    Rate: 3.625%
    APR: 3.812%

    Assumptions

    *40 day rate lock.
    *Debt ratio less than 45%.
    *Fully documented income.
    *FICO score of 760 or greater.
    *Loan-to-value of 70% or less.
    *Primary home, PURCHASE TRANSACTION.
    *Other programs available upon request, just ask!

    Robert J. Spinosa
    Home Finance Professional
    CA: 01297944 NMLS: 22343
    591 Redwood Highway Ste.1150
    Mill Valley, CA 94941
    877.270.5959 | direct
    415.367.5959 | cell
    415.366.1590 | fax
    rspinosa@rpm-mtg.com
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