Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant


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Rumor: Loans Are Hard to Get

rumors

I receive phone calls on a daily basis from people looking for a mortgage. They want to get prequalified to purchase a home and most want to have the rumor “It’s hard to get a loan nowadays” dispelled. There are a lot of mortgage options available:

1. Conventional conforming loans- up to 97% loan to values to $417,000 or higher depending on area of the country loan is placed
2. FHA loans- 96.5% loan to values
3. VA loans- 100% loan to values for veterans & military personnel
4. Jumbo loans- loan amounts over conventional conforming loan limits
5. UDSA- 100% loan to value rural area loans
6. Private/hard money loans
7. Home Equity loans

So where is this bad information coming from? Media, banks, mom & dad, professionals in your life? Getting a loan is not that hard. You need decent credit (not super excellent), a job, and cash for a down payment and closing costs potentially, depending on the type of financing you are eligible for.

Many times the clients I talk to are referred from agents that were supposed to take the client out to look at a rental. If they can afford an $800-$3500 rent payment for example, they may be able to buy a home.

It is important for the consumer to get re-educated on the market today when they are looking to make any kind of move, renting or purchasing, so they know their options and have a plan in place. Many people are surprised when I tell them you can qualify to purchase now. With the market improving and interest rates at historic lows still, now is a great time to buy a home! If you have any questions or comments, I would love to hear from you. I can be reached at Ingrid.quinn@cobaltmortgage.com or http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.


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HARP Has Been Extended Through 2015

ImageThe Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to extend the current expiration date for the HARP refinance program until December 31, 2015. The program was set to expire the end of 2013.

The program has provided many homeowners the opportunity to refinance an underwater or high loan to value mortgage to a lower rate. Over 2 million homeowners have taken advantage of refinancing since the program inception in 2009.

 Am I eligible? To be eligible, you must have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac, sold to those agencies on or before May 31, 2009. The current loan-to-value ratio on the mortgage must be greater than 80%. Borrowers cannot have missed mortgage payments in the past 6 months and cannot have had more than one missed payment in the past 12 months.

How do I take advantage of HARP? The first step homeowners should take is to see whether their mortgages are owned by Fannie Mae or Freddie Mac.

Homeowners can log on to:

https://www.knowyouroptions.com/loanlookup to look up on Fannie Mae’s website

https://ww3.freddiemac.com/corporate/ to look up on Freddie Mac’s website.

If you are still unsure contact your servicer and ask. Any comments please feel free to email me at ingrid.quinn@cobaltmortgage.com or visit www.scottsdalemortgageexpert.com.


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Financing Your Home with a HomePath Mortgage

what-is-the-HomePath-mortgage-loan-option A HomePath Mortgage allows a buyer to purchase a Fannie-Mae owned property with a low down payment. The down payment can be as low as 3% for an owner occupant. It is a conventional loan. Investment properties can be purchased with a HomePath loan also without the typical 20-25% down payment. Down payments for an investment property can be as little as 10% down.

Other benefits of purchasing a HomePath property are:
*Private mortgage insurance is not required when the down payment is less than 20%
*An appraisal is not required which reduces the buyers closing costs over $400
*Owner occupant purchasers are given a First Look opportunity. When a new listing comes on the market, an owner occupant buyer has the first 15 days to make an offer before Fannie Mae opens the property up to investor buyers.
*Fixed-rate & Adjustable Rate mortgage options available based on down payment
*Seller contributions allowed for closing costs
*Gifts from immediate family members for owner occupied buyers allowed

HomePath also offers a mortgage option which is for renovation purchases. Some of the benefits are:
*Renovation amount based on appraisal “as completed value”
*Available for primary residence, second homes, and investment properties

When doing a home renovation mortgage through HomePath you are able to purchase a home that needs light renovations. The loan amount will include both funds for the purchase as well as the work to be done. This is only up to 35% of completed value and no more than $35,000.
For more information and to see properties available, login to http://www.homepath.com. I also recommend that buyers have a realtor represent them in a HomePath purchase. If you have questions about this information, please contact Ingrid Quinn at http://www.ScottsdaleMortgageExpert.com or email Ingrid.quinn@cobaltmortgage.com.