Do you know someone who was just turned down for a mortgage? Perhaps I can help.
Many Retail Lenders and Banks have guideline overlays which limits the debt to income ratios, credit scores and many other guidelines. And, there are times when they will take complicated self-employed borrowers and figure the income incorrectly.
Many buyers have been told they are pre-qualified and entered into a contract on a home, only to be told "I'm sorry you do not qualify for the loan". Now they and their Realtor are scrambling to find someone who possibly can help.
Fortunately, Mortgage Brokers have a variety of wholesale lenders and credit unions, and a wide variety of programs to chose from which allow for higher debt to income ratios because of no overlays in the guidelines. We also know how to calculate self-employed tax returns properly and have direct contact with underwriters who are only a phone call away for any additional clarification, up front.
Some of those buyers find my website and contact me. I have been able to help lots of buyers who were denied a loan by a Bank or Retail Lender, and I am able to get those borrowers approved and fund their loans quickly.
What do you have to lose? If you find yourself or your buyer in this position, give me a call. Let's see if I can help. 941-504-1445 or check out my website: www.SherryBitner.com
I have had a number of calls from loan originators who work for Retail Lenders or Banks who have loans they cannot get approved. I have been helping them with ideas on how to get the file approved or else they are referring the loan to me because I have lenders without guideline overlays, or other loan programs, and even private lenders, that meet the borrowers' needs that they do not have access to, since our company is a Mortgage Broker.
I have also heard from Realtors who are having issues with their buyers loan being turned down and I have been able to help some of those buyers as well.
If you have something falling apart, please feel free to give me a call, Sherry Bitner, 941-504-1445, or visit my website: www.SherryBitner.com I will certainly be glad to talk with you and see if we can put our heads together for a solution. After all, it is the time of giving, so let's work together to help a few more dreams come true this Holiday Season!
I recently have had a few retail lenders refer me clients who were not qualified for Conventional and FHA loans (Prime Loans) who were self employed. They referred them to me because they needed a Bank Statement loan to prove income.
What are bank statement loans you ask?
These are perfect for the self-employed that do not report all their income on their tax returns.
The bank statement loans require 12 or 24 months of either personal or business bank statements. Income is derived from deposits into these account rather than using pay stubs or tax returns. They require a 10% down payment and the rates are about 2% to 3% over the conventional rates. They are a 30 year term loan that is fixed for the first 5 years and then roll into a one year adjustable, or for a little higher rate, you can get the term fixed for the entire 30 years.
For more information on how bank statement loans work, please give me a call, text, or email.
941-504-1445 - Cell/Text Sherry@SherryBitner.com
I have been working with a past client to help with financing a new investment property. She recently sold an investment property in another State and wanted to delay paying capital gains on the proceeds from the sale, so she decided to do what is called a 1031 Exchange.
When she closed on the property the proceeds went into an account managed by what is called a "Qualified Intermediary". This is a company that is either a Title Company or a special legal entity who will manage the money during the Exchange.
She then had 45 days from the sale of the property to identify 3 properties she would possibly purchase and have one of them under contract. She then had 180 days to close on the new property. The new property had to be a "Like Kind" property, or simply put, another investment property.
The purpose of this type of purchase is to delay paying capital gains on the proceeds from the sale of her old property by purchasing another and transferring to a similar sale price and loan amount to what she had originally owned.
So, if you are an investor, or a Realtor who has clients that might benefit from a 1031 Exchange, give me a call and let's discuss this further. Sherry Bitner 941-504-1445
There are better options than the government FEMA flood Insurance program. Anywhere it rains it can Flood, and not just here in Florida! FEMA's insurance pays claims on the depreciated value of your damaged items. Private companies pay on the replacement value of your damaged items. Costs are about the same for FEMA and private companies but the coverage is extremely different.
Contact your insurance broker and learn the difference. If you need a referral to an insurance broker, I will be glad to assist in referring a few. Sherry@SherryBitner.com
Sherry Bitner, MP, LISA, NMLS #197312, Branch Manager, RE Financial Services, Inc., NMLS #1641732, 941-504-1445 - Office, 677 N. Washington Boulevard, Suite 35, Sarasota, FL 34236
FHA vs. Conventional loans...Why one versus the other?
FHA has increased their Mortgage Insurance Premiums again by 10 basis points, and it now remains on the loan, for the life of the loan. This will increase the payment for a $250,000 loan by $20 per month. In reality, FHA has increased the Mortgage Insurance Premiums for a loan of this type by $154 per month since 2010. The down payment required is 3.5%.
The Conventional lenders have come up with new products to take away some of the FHA business and put it back in their hands. Private Mortgage Insurance now saves the borrower from $111 up to $220 a month over the FHA Mortgage Insurance Premium, depending on whether the borrower will put 3% down or 5% down. The other benefit options offered with the Private Mortgage Insurance is that the premium will drop off after the loan amount reaches 79%, and it can be tax deductible.
To reap the full benefits of the Conventional Private Mortgage Insurance the credit scores need to be a minimum of 680.
Planning is the most important step for the best loan products, so contact me and let's start with your new home adventure today! Sherry Bitner 941-504-1445, NMLS#197312.
If you are looking to purchase a foreclosure, these Fannie Mae (FNMA) HomePath properties are an excellent opportunity. We have a special FNMA HomePath program for financing these properties as well.
There is no Mortgage Insurance on the loans.
There is no appraisal required.
Owner Occupied properties are 97% Loan to Value (LTV), or a 3% down payment is all that is needed. (Less than an FHA down payment of 3.5%.)
Second Homes and Investor properties are 90% LTV, or a down payment of only 10%. Investor programs are normally a maximum of 80% LTV, or 20% down.
FNMA will pay a portion of the closing costs as well.
If the property needs repairs, you can add up to $10,000 to the mortgage, sign the loan documents, and then do the repairs.
To locate properties on the web, go to www.homepath.com enter in the county and state and search.
If you like what you see, give me a call because you will want to have a pre-approval before you go looking at these homes. They go fast and your Realtor will want to make sure you are ready to write an offer as soon as you find a home you like. Make sure you also bring your checkbook because you will need to make a deposit when you write the offer.
Call me today for more details - this is an excellent opportunity - while it lasts! It's a jungle out there...I am your guide!
Sherry Bitner, 941-504-1445 - your Mortgage Loan Originator, NMLS#197312
You are cordially invited to our Homebuyers Workshop! Come and learn the latest happenings in Real Estate, Home Inspections and Mortgage Lending.
August 21, 2012 or August 28, 2012
7pm to 8pm
Blue Skye Lending Office
8130 Lakewood Main Street, Suite 205
Lakewood Ranch, FL 34202
Guest Speaker: Teri Girimont, Coldwell Banker
Tom Mahoney, Home Inspection Team
Sherry Bitner, Blue Skye Lending
Please RSVP - Seating is limited. Sherry@SherryBitner.com or call 941-504-1445. We look forward to seeing you!
If you are planning on purchasing a home in the near future, you need to do some extra planning when purchasing a home that needs Flood Insurance.
You see, the National Flood Insurance Program is up for approval in Congress. And, we all know what that means! They are only approving the program for a 60 day extension and plan to debate a more substantial bill in June to overhaul the entire program. Some issues up for debate are whether or not to cover second homes or vacation homes, and other topics such as how much the premiums will increase. Oh my...now what?
So, for the present time, you will be required to fill out an application for flood insurance, pay the premium, and wait for the approval of the insurance from the government (which can take up to 30 days) prior, yes you heard me, PRIOR to closing! You had better plan to have a closing date of at least 60 days built into the sales contract if you are buying a home in a flood zone. If it takes less time, you can always close sooner. But if the government gets backed up with applications...well, you don't want to loose the house before you even buy it, do you? It is always better to be safe, than sorry.
If the property you are purchasing is not in a flood zone, you do not need to purchase flood insurance as a requirement to close your loan. BUT...and this is a big BUT...you may want to consider purchasing it anyway. Ask your insurance agent why you may need this...and he will tell you what your homeowners insurance doesn't cover. You can also go to www.FloodSmart.gov if you are considering purchasing flood insurance.
Moving is a perfect time to prepare for a disaster...it really is! As you unpack, inventory your home, room by room. Take photos or videos to support any claims in the future. Scan your documents and photos and keep them on your flash drive in a safe deposit box and send a copy to a family member or friend who lives in another part of the country.
Then, in the future, when you purchase something new, add a scanned copy of the invoice and photo to your documents and you will be updated in case of a disaster. You have to unpack anyway, so add a pen and pad of paper (and the camera) to the "open first box" when you move!
Informing you of how to protect your dreams once they come true is our life long endeavor!
Let's get started making those dreams come true!
Well, at least for a couple of special lenders on our list! We represent a large number of lenders and this type of loan is not available with every lender. But, we have closed several of these rare "animals" in the past few months. If you have a special need, let's talk!
Knowing our lenders, and what they do, is our best asset! Call me today and let's talk about how I will be able to help you!
Sherry Bitner, M.P.