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!

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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. 
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Personal NMLS #344608

RATE TRENDS FOR 2009

CLICK ON GRAPH TO SEE FULL IMAGE

RATE TRENDS ARE GOING UP TODAY ! CORE MORTGAGE FINANCIAL JULY 15, 2009

The bond market is currently down 16/32, this usually pushes rates up today.

Inflation HURTS the value of a bond's future fixed interest payments, in turn investors do not find these as attractive. Usually if bond prices fall, mortgage rates rise.

The average rate today is 5.25% with a loan origination fee of .70%.
I am quoting 5.125% with NO origination

WWW.COREMORTGAGEFINANCIAL.COM

NEW HVCC LENDER APPRAISAL UPDATE

I finally have some good news to report on HVCC appraisal transfer

As a result of the Freddie Mac / Fannie Mae Home Valuation Code of Conduct Policy (HVCC) must ensure certain procedures are followed when transferring appraisals from lender to lender.

Appraisal being transferred from lender to Lender
When transferring an appraisal from another Lender, HVCC will not allow the borrower to transfer directly. it has to be the mortgage professional
A signed letter from the applicant requesting the appraisal to be re-assigned is required.
Appraisal Transfer letter from the lender on their letterhead is also being discussed
HVCC Certification - we will only accept our HVCC Certification which will be posted early next week in
The client advocate for the lender will take the step to upload the file

This will save the borrowers money, time and efforts !!

www.CoreMortgageFinancial.com