What’s new with government loans

092809 USDA Suspension  USDA's fiscal year will come to an end on September 30, 2009. Funds for fiscal year 2010 have not yet received Congressional approval. Because of this situation, Mountain West Financial will be temporarily suspending the funding of USDA loans that do not have a conditional commitment from USDA before October 1, 2009. Effective immediately locks will only be accepted for USDA loans which have a valid USDA commitment. Commitments issued "subject to funds" are not eligible.

Heads up,  Mortgage insurance companies will be requiring 760 fico scores soon. Government loans will be the HOT ticket in 2010 once all these cash buyers are gone. Watch for asset managers and Bank REO agents to make a sudden shift in the future to "LOVING" Government loans because it's the only way they'll sell their inventory. Wait for it.................. it's coming......

WE are now approved for the Vista HOME and HELP down payment assistance programs. They're awesome and they have money.  If your buyer qualifies it will be on their approval letter. 

FHA 203K loans are hot, Some lenders have a self help program with up to 15K for improvements and the buyer can be paid the money with no contractor involved. 

FHA requires 90 days after an investor buys a home before they can sell that home to an FHA buyer. .NOTE... Conventional is quickly going to 6 months!  Watch for this change soon.

Be aware that some lenders are following the "Buy and Bail" rule for VA.  Most are not. We can still do VA loans without regard to whether the veteran has equity in his/her current home.

All Government loans now require 620 Fico score. This is unfortunate and should change in time. 

The Department of Veterans Affairs is now allowing Veterans to refinance thier current conventional or subprime loan into a VA loan for up to 100% of the current value of the home. This is very good news. 

USDA has improved their programs. This loan will become more and more valuable in the future.

CalHFA programs: All CalHFA programs have been at least temporarily discontinued as of December 22nd.  Merry Christmas.

The new Temecula First Time Home Buyer program can provide up to 20% or $65,000 toward down payment or closing cost assistance.  There are income limits to this program.

Did you know that you can buy a HUD foreclosure with an FHA as a non-owner occupied purchase?  HUD has to approve it but in today's market, this is likely to occur.

Did you know that you can buy a 2nd home with a VA loan?

Did you know that the buy and bail rule that states that if you don't have 25% equity in the home your leaving you can't use the rental income to qualify for your new home doesn't apply to VA loans at all?

Did you know that the USDA loan is just like the VA loan with no mortgage insurance and 100% financing? 

Did you know that the FHA 203K loan can provide funds to remodel a home at the time of purchase? You can buy a home at a discount because it is in need of repairs yet move into a completely remodeled home?

Did you know that in every county in every state there are discounts on property taxes for disabled veterans?

Did you know that 90% of mortgage loan officers can't do, aren't qualified to, or simply don't know how to do a VA loan? How can they advise you?

Did you know that Temecula City has a First Time Home Buyer program that can provide up to 20% or 65,000 toward down payment and closing cost assistance?

Did you know that there is an Inland Empire First Time Home Buyer program that gives a grant of up to $22,000 dollars?

Did you know that my team can close a VA or FHA loan in 30 days or less and we close 97% of our loans on time?

Did you know that the USDA loan allows a buyer to qualify for a loan on a 2/1 buydown at the start rate?

Did you know that you can buy a home in the community that your child goes to college on an FHA loan with 3% down payement? Did you know that your child doesn't have to be on the loan? Did you know that it can be a multi-unit property? Do you know how cool that is?

Did you know that you can buy a HUD repo property on an FHA unit as Non-Owner Occupied with 10% down?

Did you know that Uncle Sam is your partner and if you pay your home off too fast you hurt yourself in many cases?

Did you know that the right executive summary can overcome almost anything in a VA loan?  If I can start my summary with Mr. Jones is a disabled combat veteran......  I can get almost anything approved!

http://www.youtube.com/watch?v=_MGT_cSi7Rs

http://www.youtube.com/watch?v=RbkEAR2GgiA

http://www.youtube.com/watch?v=YGnZMGDG4k4

http://www.youtube.com/watch?v=_CcFdjXvjvE

http://www.youtube.com/watch?v=9nU3fNh-PRk

http://www.youtube.com/watch?v=4n5dKztd96k