Deanna Valeo
Home

You can use FHA 203(k) with House Charlotte July 1, 2011

"There are no failures - just experiences and your reactions to them." Tom Krause

 

FHA 203(k) loans can be used with the House Charlotte Program:  Please remember the total of the house price + repairs cannot exceed $147,000 total.  The rest of the rules are below.  

Recently the max. annual income limits were announced and they are as follows (total household income based upon the number of persons).

1 person $37,800   2 persons $43,200   3 persons $48,600   4 persons $54,000   

5 persons $58,300   6 persons $62,650  7 persons $66,950   8 persons $71,300


House Charlotte

  • Participation in the House Charlotte program provides assistance of up to $10,000 in challenged neighborhoods and up to $7,500 in transitioning and selected stable neighborhoods
     
  • Borrower must complete 6-8 hours of pre-purchase homebuyer education program
     
  • Families must have 85% or less of the local median income
     
  • Must not exceed maximum sales price of $147,000
     
  • Must be a family's primary residence, located in any of 87 designated neighborhoods
     
  • Employed police officers who purchase homes in designated neighborhoods are eligible for assistance up to $15,000
     
  • Funds are provided through at 10 year deferred and forgivable loan
     
  • Funds can be used for one or any combination of the following: down payment assistance, closing costs, credit repair or counseling, interest rate buy down, up to $3,000 of the funds can be used to pay medical bills on credit report

If you credit qualify and can find the right home - even if it needs repairs - this is a great first time Homebuyer Loan.

We are experts in House Charlotte loans and can help you get you in your first home with ease.

Please call us today:

 

The Valeo-Croy Team - Call today:  (704) 488-1421

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings  

 

Please become a fan of our Facebook page.                       

Facebook link: http://www.facebook.com/valeocroyteam?v=app_4949752878

The Valeo-Croy Team and New American Mortgage Bankers are Equal Housing Lenders.This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for New American Mortgage to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply.   Date: 7/1/2011

 


When You Wed Get a House Instead of a Toaster July 11, 2011

 

"I believe life is to be lived, not worked, enjoyed, not agonized, loved, not hated." ~ Leland Bartlettse


Did you know the first Bridal Registry was begun by Marshall Fields in its Department Stores in 1924? It was a great promotional tool for the company and the couple. Using a registry avoided duplicate gifts and provided a means for sharing the couples wants and needs with family and friends. 

The FHA Bridal Registry was created in 1996 to provide couples planning to get married an opportunity to amass monetary wedding gifts for the down payment on their new home. For first time buyers and for first time "move-up buyers", the FHA 30-year fixed rate mortgage has become the most popular home loan in the market today. Some of the reasons for FHA's popularity include the low 3½ % down payment, less stringent credit requirements, and higher debt/income ratio limits.

Although in recent years, cash has become the gift of choice for many newlywed couples, many gift givers prefer to give an item by which they may be remembered. Can any gift compare to helping the couple own their own home?

Lenders require that all down payments be sourced. The underwriter wants to be certain that you didn't borrow the money, as a loan has to be repaid. Also, underwriters are leery of cash.  Using the steps below will make it easier to manage the sourcing of your wedding gift funds.

FHA designed the program for maximum flexibility and simplicity. It is recommended that the FHA Bridal Registry be created prior to sending out wedding invitations. Many couples create their registry about 6 months prior to their big day. A great way to inform your guests is through a wordpress bridal page. Many couples are creating these blogs to record all the memories leading up to their wedding. By including an insert with a link to your bridal page in you invitation, your guests can learn about your FHA Bridal Registry and dream of owning your own home in a subtle way.

In order to set up your FHA Bridal Registry:

  1. Open an interest baring savings account at the bank of your choice
  2. Your friends and relatives can make gift deposits directly into the account a great way to facilitate this is to post a printable deposit slip for your new account.
  3. These gifted funds can be applied to your 3.5% deposit required by FHA.
  4. FYI you do not have to wait until after the wedding to close on your new home
  5. Also please note: anyone with an interest in the purchase cannot be party to the gift funds (i.e. seller, mortgage consultant, Realtor, etc.)

The FHA Bridal Registry will take the guesswork out of the gift selection while providing friends and relatives with the assurance they are giving the gift the wedding couple really want and need. The program provides a rare opportunity for newlyweds to own their dream home.

This program is not limited to couples intending to be marries. A similar account may be set up for any occasion where gifts are typically received. It is important to note, these funds belong to the recipient and may be used for anything of the recipients' choice.

Owning a home has never been more affordable. If you would like more information about this outstanding program, please call Deanna Valeo or Todd Croy at 704-488-1421 or 704488-7763 or you can email us at info@valeocroyteam.com

PS. For Conventional Loans:  A buyer must always have 5% of their own funds into a purchase transaction - this is outside of any gift funds.  The only exception to this rule is when the buyer puts 20% or more in down payment then 100% of the down payment funds can be gifted.  Now wouldn't that be a nice wedding present.  

Know that we are here for you.  Apply Now

The Valeo-Croy Team - Call today:  (704) 488-1421

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings  

Due to new Federal Laws we are now providing a link to Mortgage News Daily average rates for mortgages - please see the note below regarding the rates listed.

http://www.mortgagenewsdaily.com/mortgage_rates/

**Please note the rates quoted are at the absolute best loan amount, the highest credit score and lowest LTVs allowed with a 1% origination fee and indicate the absolute lowest rate possible. You should use this list as a guideline and trend indicator and get a specific quote for your project (often it may be slightly higher).
                           
Facebook link: http://www.facebook.com/valeocroyteam?v=app_4949752878

The Valeo-Croy Team and New American Mortgage Bankers are Equal Housing Lenders.This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for New American Mortgage to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply.   Date: 7/11/2011


VA has Jumbo loans - why are they a great choice? July 24, 2011

 

"Wise men don't need advise.  Fools won't take it" ~ Benjamin Franklin

 

Did you know that the VA  has Jumbo Loans read more on how they work?

VA (U.S. Department of Veterans Affairs): VA loans are guaranteed by U.S. Department of Veterans Affairs, and offer the option of 100% financing, with a maximum loan amount of $417,000. At closing, a "funding fee" of 0-3.15% is paid to the VA in lieu of mortgage insurance. This fee secures the guarantee on the loan, and may be rolled into the mortgage. Eligible borrowers include veterans, active duty service personnel, and select members of the Reserves and National Guard.

What many Veterans do not know is that VA will also guarantee Jumbo purchases.  The way this works is the veteran pays 10% of the difference between purchase price and $417,000 the VA limit. 

For Example:  On an $835,000 purchase price the difference between the purchase price and $417,000 = $418,000.  Ten percent of $418K = $41,800 or approximately five percent of the purchase price.

So in this case a qualified veteran can purchase an $850,000 home with 5% down payment; the funding fee would be 2.15% of the loan amount.  The good news is there is no monthly mortgage insurance.  Furthermore the rate on the VA jumbo loan is only slightly higher than its "below $417,000"  typical VA loan.

Always to remember to ask your home buyers and/or borrowers if they have a VA benefit even if they are buying a high priced home.  Many veterans are not aware of this benefit.

Know that we are here for you.

The Valeo-Croy Team - Call today:  (704) 488-1421

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings  

Due to new Federal Laws we are now providing a link to Mortgage News Daily average rates for mortgages - please see the note below regarding the rates listed.

http://www.mortgagenewsdaily.com/mortgage_rates/

**Please note the rates quoted are at the absolute best loan amount, the highest credit score and lowest LTVs allowed with a 1% origination fee and indicate the absolute lowest rate possible. You should use this list as a guideline and trend indicator and get a specific quote for your project (often it may be slightly higher).
                           
Facebook link: http://www.facebook.com/valeocroyteam?v=app_4949752878

The Valeo-Croy Team and New American Mortgage Bankers are Equal Housing Lenders.This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for New American Mortgage to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply.   Date: 7/24/2011