105% Residential Financing – In Today’s Housing Market…

Well, today after sitting through our routine mortgage lending and banking meeting, at 9:00am – I find that all the idea’s you could imagine possible in lending now exist.

So, can you believe  this:- The new mortgage guideline(s) put into print by our government Stimulus Package; will allow,  you  – to recapture some of your equity lost through refinancing at a lower rate. How?

Well, if you have made consistent payments on your home loan for the past year with maybe one late payment – this will apply to you. 

Say that your current mortgage rate is above 5.5% APR and you need some financial relief being that the incomes and credit standings in your home have lessened; or you have tried to refinance and do to the banking guideline(s) it was made difficult do to a lower credit scoring; or your house sits in one the few depressed markets and your values has decreased, yet you have mortgage insurance suited for the past loan value; even better, you have a second on your home and it is a little tough keeping with the payment(s)…

The NEW Stimulus Package – says; being so, I am the candidate eligible to refinance/purchase and straighten up my lending turmoils…

The government has put into place a mortgage plan that will allow me to make the necessary adjustments in my lending based upon our economic, credit and/or equity standings. Well, all the government bank lending and/or bailouts have arrived at your door step. Through its TARP support of our national banking institutions those funds have been allowed with purpose through the government to negotiate with the banks to directly or indirectly give relief to many existing home owner(s); and/or future home owner(s) by lowering the mortgage rates and losening up the lending guideline(s)…

Home Owner(s) and Home Purchasing Prospect wanting to Buy (Buy NOW and find a low rate), your time has arrived… Refinance up too..105% of your current market value.. If you have current mortgage insurance it will remain at the standard issuance; and if you do not have mortgage insurance it will not be applied. This is – HOME AFFORDABLE PROGRAM!!!

Let’s work together – Today…  Do not hesitate – give me a call; then get your item(s) to Close put together?

Calvin Kyles, Mortgage Broker                                                                                                                                                                                                                                          Sunset Mortgage Co                                                                        www.sunsetmortgageco.com                                                                                       ReferralCode:482                                                                                                                                                 503-975-2769 Direct  503-972-2719 Desk                                       ckyles@mtglender.com

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Do You have what it takes – to CLOSE?

It has come to past that quite a few of our most favorable client(s); have yet to realize what it really takes, too: 

1. Buy;  2. Refinance;  and/or, complete a  – 3. 1031 Exchange into a Investment Property; 4. Investment Properties Purchase(Foreclosure/REO’s):

For all intents and purpose, I will use a scenario – Foreclosure REO’s ; and, ficticious name – Mr/Mrs. Jones… If this is by coincidence your last name it was not designed for you. That does not mean the situation and/or information does not apply…

In our current market, Mr/Mrs Jones believed; that – they had what it took to purchase a few Foreclosure Properties. Quite naurally – their income being above average, Debt to Income (DTI) ratio’s at an assumed 39% , and all the other mortgage(s) on credit had was paid on time. So, making an offer with a meager(No Real State Agent) purchase agreement and substantial financial committment dated at 30 days out from the signed agreement – that they CLOSE. Hey, we are on our way to financial success and the market is looking a bit gloomy for most out there; but, we (Mr/Mrs Jones) have it made. The properties are at 58% LTV and a 62% CLTV… Now we need too – CLOSE, this deal!

Well – in short Mr/Mrs Jones, being twenty-five (25) days into there process; with, the contract laying on the desk collecting dust just gave us a call!

In the process of  – 1. Buying; 2. Refinance; 3. 1031 Exchange; 4. Investment Property Purchase(Foreclosure/REO’s); your steps in application process should go as follows:

Contact your Mortgage Broker/Bank regardless of what you believe your finances and/or credit too be and figure out what dollar amounts you can presumably get pre-approved for… Pre-Qualified, because it will take the items below and several day to establish the appraisal and the receive a final approval from a lender with the correct program and guideline(s) to match the situation.

You will be asked for the basic copies of: Driver License, Soc Sec Card, 3 Pay Stubs( and/or Financial), 3 – 12 current Bank Statements; Current Home Owners/Rental Insurance Binder; Current Mortgage Payment Stub and/or HUD-1; 24/36 month of  Taxes. There may be other things; such as: Child Support Doc (Minimum 3 years), Alimony Order Doc (Minimum 3 years); Pension Statement (Minimum 3 years); 401K and/or IRA(consider – Reserves) to help prove you are financially able to acquire and manage the payment(s) and/or a Utility Bill with your Name and Current address listed…

For your best results – give about 24/48 hours– that we(Calvin/Sunset Mortgage Co) can review several programs available to match the needs of your purchase. Be patient and relax; as we want your business and will communicate in a timely manner. Do call if necessary, it human.. If it is your personal Bank whom you inquire and has your basic information already: They will need to update a few things, but – it will require you to present several of those things stated above also. Your Bank, can and may be able to answer immediately. The problem with that is when in haste any Broker/Bank answers on the spot, chances are; you will – experience several changes throughout the application process. Your expectation should not be any less pop ups will occur… Brokers/Bankers are human as well; but, let’s clear the air of mis-trust and potential deceit. With what I have prepared you with there should be limited flaws in your application process; that you execute your commitments in a timely manner.

Well, Mr/Mrs Jones – ended up losing there deposit and the great investment – and why: 1. question(s) raised by the lender concerning payment history and delay in delivering necessary document(s); 2. The contract Seller would only extend the agreement for 10 days where the things in question and/or to be delivered would not get presented at Title until 25 days out to CLOSE and fund. The Seller, took less of an offer from a different purchaser that was prepared with a Pre-Approval and abilities to gaurantee there CLOSING

Do you have what it takes to – CLOSE? If not, and would like to contact me – Today:

Calvin Kyles, Originator/Broker                                                                                                                                                                                                                                Sunset Mortgage Co.                                                                                                                                                                                                                                                        6400 SW Canyon CT #100                                                                                                                                                                                                                                               Portland, OR 97221                                                                                                                                                                                                                                                       Desk 503-972-2719 Cell 503-975-2769                                                                                                                                                                     ckyles@mtglender.com  or www.sunsetmortgageco.com  Source Code: 482

Mortgage Rate(s) at a ALL TIME – LOW!!! 4.975 APR

Looking at the adjustments today and based upon the increase in the Stock Market. Home Mortgage Rate(s), are at –                   ALL TIME LOWS: 4.975% APR…

Eventhongh, as of April 1st, 2009 – FHA will reduce there loan limits from 95%, too: That will be determined in the AM.. Stay tuned!

Mortgage Rate(s) March 29th, 2009 – 4.88% PARR w/ 5.125% APR…

In our worst market you can now get a bit of relief… With the government buy up the bad loans and completing its stimulus recovery. Families now have the opportunity in saving there homes. April 4th, 2009 Fannie Mae will deliver its “Home Affordable, guideline(s)” which are to allow those in need of refinancing; but suffer from lost of job or other finance etc, to do so. They will be offering two methods to the borrower, so let’s be basic today:

1. Modification 2. Refinance –

#1. will help through you bank and/or Non-profit entity which you have contacted and begun the application process with;

#2. will work through your Broker of choice… This is recommended, as your broker/bank has the abilities to research and cultivate a loan that would be more viable to the individuals lending needs. Conventional Lending Institutions only have one source of guideline – being there own and can not move beyond there limits. A brokerage firm, in high standings with the ability to complete Government and/or FHA Lending in house or through its resources can deliver multiple option(s) from several different financial resources. Having the ability to manage the resource to fit the clients needs is what makes the Brokerage use in programs and/or lender guideline(s), worthwhile. What makes this a benefit to me is that the Brokerage Firm “Sunset Mortgage, Co.” has lending relationships with both conventional and independent lender who are ready and willing to review my file and its performance potentials…

Remember your Broker is only as good as the client allows… Even with all the knowledge, he still need me to deliver all the correct documents in a timely manner, in order for my goals to be met…

The other great situation with lending today: The First Time Homebuyer Tax Credit – this is an incentive for 2009; and will allow for the purchaser of there new home to deduct as much as $8000.00, in the first year. If your tax liability in the first year is only $6000.00; this is what is called a “refundable credit” and the IRS will deliver the purchase the $2000.00 difference. If you are a Buyer or Realtor refer to the IRS Tax Liability Table… Both the Buyer and Realtor will have a reason to become motivated throughout the Buying and selling process..

I know that there will be other question(s) that arise… So, let’s talk. The Home Affordable, program is coming soon. It is expect to have a completion time of 4 to 6 weeks and get longer if you wait to submit your documents to us..