Naples Mortgage / Poor credit program

Core Mortgage Financial poor credit mortgage program requires a middle credit score of 580.We do have lender restrictions to allowable negative credit history and unacceptable negative credit history. My lender understands that sometimes unwarranted or unknown derogatory trade lines can appear on applicants credit reports without their knowledge. Naples mortgage lender portfolio is solely designed for poor credit borrowers.

Below are the items that are Allowable Naples mortgage negative history:
1. Medical collections ( small dollar amounts owed)
2. Late payments past six months
3. Mortgage late within the past twelve months
4. BK or foreclosure discharged more than three years old
5. Short sale if the lender agreed to show the debt as paid in full

Naples Mortgage poor credit applicants need establish positive credit history on other existing accounts. This program is designed for borrowers that have been late a few times but overall have showed ability repay debts/liabilities.

The Naples mortgage lender also has guidelines that will cause a denial of the mortgage application.
1. Any type of Tax lien. ( IRS. State, county etc) need to be paid prior to closing
2. Large dollar amount collections over $1,000.
3. Recent collections or negative trade line within six months
4. Not having at least two open positive accounts for a twelve month history
5. NO payment history or reestablished credit history since the delinquency.

In order to obtain financing you will have to prove income and assets. The debt to income ratios are higher than traditional loans to due the lenders risk. Naples mortgage poor credit lender also requires three months of payments in the bank after down payment and closing costs. The lender wants to ensure you are not "stretched to thin" after closing. Reserves after closing demonstrates the ability to  make three mortgage payments after closing.

We can provide all types of loan programs for Naples mortgage poor credit clients. Government and Conventional financing is offered. Give Core Mortgage Financial a call today to discuss your current situation.

Core Mortgage Financial
239-514-2673
www.coremortgagefinancial.com

Helpful Terms Defined:

Mortgage:
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

Note:
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

Disclaimer:
NMLS #849597 NMLS #344608. All rates, programs, guidelines are subject to change without notice. Please call your mortgage advisor a personalized quote.

Naples Reverse Mortgage

Core Mortgage Financial has several Naples reverse lenders in our portfolio. Reverse mortgage for seniors is a viable option depending on the applicants financial situation. Senior reverse mortgages are designed to cash out of existing equity or to purchase a new home. Naples reverse mortgage borrowers never have to make a mortgage payment, but are required to pay their taxes and insurance separately.

Naples reverse mortgages are FHA insured and guarantee you will receive expected loan payments in a lump sum or a line of credit. If the borrower has any type of foreclosures or government debt this could be an issue in getting approved.

Naples reverse mortgage purchase money transactions can be very beneficial for certain borrowers. Under the current Naples reverse mortgage guidelines, lenders are not making decisions solely on income and credit.

Core Mortgage Financial believes in providing reverse mortgages to all seniors who qualify.
Please check out our website for more information on reverse mortgages.
Watch this short youtube VIDEO on Reverse mortgages.

Click Here for Naples reverse mortgage information !

Core Mortgage Financial
239-514-2673 office
www.coremortgagefinancial.com

Disclaimer:
This blog is informational purposes only. Rates, programs, guidelines are subject to change without notice. NMLS #849597 / NMLS #344608

Naples Condotel/ Non-Warrantable condo financing

Core Mortgage Financial recently released a condotel/non-warrantable condo financing program.
Naples Condo financing sometimes can be difficult to approve due to tight condo lender restrictions. A majority of Naples condo mortgages follow Fannie Mae and Freddie Mac guidelines in order to be sold to these government-sponsored entities ( GSE"s). An example of a non-warrantable condo would be as follows:
The Naples condo development has weekly rentals with a employee at the reception area. This would immediately eliminate standard condo financing and require condo hotel (condotel) lenders. Most warrantable condo's would have a property manager and would require annual rental whereas condotel would allow nightly or short seasonal rentals.

The first step in figuring out if a condo is approved for traditional financing through the GSE's is to approach the HOA. We recommend getting a condo questionnaire (condoQ)  filled out by the homeowners association or property manager.  Below is a sample of questions you might see on a condo Q:

1. How many units are investors owned VS owner occupied of second home?

2. What percentage are delinquent on their home owners assocation dues?

3. Does more than one person own 10% of the total project units?

5. Has the developer turned over the project to the HOA?

4. Do you have budget reserves in place?

Above are the standard questions that usually get Naples condo's not approved if they fall short of the Fannie Mae/Freddie Mac guidelines. Give Core Mortgage Financial as call about the answers to these questions above. Naples condo mortgage experts will assist you in determining the viablity of your financing options.

Condotel/non-warrantable financing you will have a higher interest rate due to the lenders risk level. Standard down payment is 30% with current loan products only having adjustable rate mortgages. ( 3/1, 5/1, 7/1 Arms) Naples Condo mortgage lenders currently do not have traditional long terms 30 or 15 year fixed programs. Please call us as things do change daily in the Naples condo mortgage arena.

Thanks for your time and good luck on your quest to find the right condo for purchase.

Core Mortgage Financial

239-514-2673

Disclaimer:

Company NMLS #849597 / personal NMLS #344608. Rates, programs, guidelines are subject to change without notice. This is not a commitment to lender or approval as this blog is for informational puroses only. Each applicant situation is different, please call for a customized loan proposal.

Naples Refinance HARP 2.0

Home Affordable Refinance Program will undergo some major changes this year. Late last year the administration announced changes that take effect in March 2012. Naples Refinance clients will be able to refinance their Naples home without any equity. Naples Refinance borrower that are currently"underwater" on their mortgages can refinance. The current program only allows 125% loan to value caps on existing mortgages. The original mortgage needs to be prior 5/31/2009 and currently owned by Fannie Mae or Freddie Mac.  An example of 125% loan to value (LTV) would be as follows: You currently owe $125,000 and your home appraises at $100,000.

You can check to see if your mortgage is owned by Fannie Mae or Freddie Mac by clicking on the highlighted portion of the text.

 Being able to refinance your Naples mortgage will have a drastic impact on keeping your home while reducing your monthly payment.  This will reduce foreclosures and defaults for homeowners.

The GSE ( Government Sponsored Entities) also known as Fannie Mae and Freddie Mac believe this program will cut down on delinquency rates. This program will let Naples refinance homeowners lower their monthly payments considerably while impacting our economy in a positive way.

Home Affordable Refinance Program ( HARP) is currently available for borrowers with restrictions. The limitations are so great that many cannot refinance their Naples homes due to not being qualified. Below are the major changes that will effect Naples Refinance market:

1. The ability be re-subordinate a current second mortgage or home equity line of credit.
2. Removal of the 125% cap making a refinance available for anyone that is "underwater" on their current mortgage.
3. Elimination of higher adjustments to the rate for higher loan to value ratios.

These new rules will make it possible to complete a successful Naples Refinance.

Naples HARP 2.0 has been extended until the end of 2013. The SWFLA market home equity was hit considerably over the past six years. HARP 2.0 should have an impact on certain borrowers.
Core Mortgage Financial has Naples Refinance HARP 2.0 loan originators that can assist you in determining if you qualify for this new product. The entire program will be rolled out in March 2012. We plan on releasing another informational blog on Naples Refinance HARP 2.0 next month. Please don't hesitate to contact us at 239-514-2673 with any questions!

Core Mortgage Financial
239-514-2673 office

Below are some helpful terms defined:

Loan to Value Ratio (LTV)

The relationship, expressed as a percentage, between the amount of the proposed loan and a property's appraised value. For example, a $75,000 loan on a property appraised at $100,000 is a 75% loan-to-value.

Mortgage:
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

Note:
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

NMLS #849597
NMLS #344608
Rates, Programs, Guidelines are subject to change without notice. This blog is for informational purposes only. Please contact your mortgage advisor for further details.

Self Employed Borrower 1YR Tax Return

Core Mortgage Financial has a new loan program that only requires one year tax return for self employed borrowers. The borrower must have at least two years self employment. Self employed borrowers can either be 1099 independent contractors or business owners.  If your personal return incurred write-offs and your adjusted gross income was drastically effected for 2010, that's OK !If  you do not expect write offs for 2011, we have a loan program for you. Now is a great time to take advantage of this unique loan program. Let us assist you with the debt vs income ratios.

Who is a self employed borrower?
A self employed borrower has at least 25% ownership in their business. If the borrower receives 1099  income from their employer, they are also eligible if they file a schedule C.
Core Mortgage Financial has licensed loan originators standing by to assist you now. Please call today so we can evaluate your current situation!

Thanks for reading our blog!

Core Management Team !
239-514-2673 office
855-554-2673 toll free

Mortgage:
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

Note:
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

Rates, Programs, guidelines are subject to change without notice. Consult your tax advisor for any tax related questions. 
Business NMLS #849597
Personal NMLS #344608

Florida VA Home Loan

Core Mortgage Financial is proud to serve all Veterans with VA mortgages. Florida VA Home Loans are not easy to complete. It takes a loan officer with VA experience to understand the complicated VA process and procedures. Florida VA Home Loan credit scores below 600 are readily available in our lender portfolio. If you have a credit score below 620, we need at least three open accounts for twelve month period, with no late payments. If you have a credit score above 620, we only need two open accounts for twelve months.

Veterans administration does not specifically have any credit score requirements. Recently, veterans have been raising the same concern to include borrowers passionate plead over the phone with me about this particular issue. The VA is known for having very liberal guideline requirements, but this does not necessarily mean you can get a loan. Please remember the VA only guarantees the mortgage and does not lend directly to the veteran, spouse or service or service member.  Florida VA Home Loan lenders have overlays to protect themselves from losses for defaults.

Most lenders for Florida VA Home loans have at least a 620 minimum credit score requirements. Their investors have developed a model showing a higher default rate for lower credit score for Florida VA Home Loan clients. We have a few niche lender that can possibly go all the way down to a  560 credit score as a manual underwrite. Please give Core Mortgage Financial a call to discuss your options with very low scores.

Florida VA home loan has eligibility requirements. These include the following:

90 days or more of active duty service during wartime

181 days or more of active duty service during peacetime

Service member was discharged for circumstances that were not dishonorable

You are currently active duty personnel and have 90-181 days

Widow of a Veteran who died during service or because of service-related injuries and have not remarried.

A veteran must have been honorably discharged and served a minimum of 90 days in war time periods or 180 days in peacetime. For National Guard members, the requirement is a minimum of 6 years service. Spouses of deceased veterans (with a service-related death) can qualify if they have not remarried.

 Lenders like to see two steady years of employment in the same industry. We can waive the two year rule getting a private sector job in the same line of work as you career in the Military. We also can use college schooling as years worked in the industry.  An example of this would be a nurse in school for two years but lets say only been working for six months, this is not a problem and can get a Florida VA Home Loan.

We hope this blog has been helpful for all you Veterans seeking Florida VA Home Loans!
We are here to serve you, please do not hesitate to contact me with any questions!

Call us toll free today at  855-554-2673 (CORE)
Core Mortgage Management Team
Company NMLS #849597



Helpful Terms Defined:
Mortgage:
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.
Note:
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

203k Home Improvement Loan Part 1 of 2

203k Home Improvement Loan Part 1 of 2