Fannie Mae, Freddie Mac Officially Announce 3% Down Payment Options For Homebuyers

The Fannie Mae announcement explains that the 97% loan-to-value (LTV) mortgages will still have to meet all of its other eligibility requirement including underwriting, income documentation, and (like all loans with LTV above 80%) some form of risk sharing such as private mortgage insurance. At least one of the co-borrowers has to be a first-time homebuyer, although some homeowners with a Fannie Mae-owned mortgage will be able to refinance their existing mortgages under the new rules on a limited cash-out basis.

Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) program is similar, although it isn’t limited to first-time homebuyers (who have to take part in a borrower education program to qualify for the program). Also, Freddie Mac is only allowing refinancing under the program on a no-cash-out basis. Freddie Mac estimates that borrowers should expect to pay between $40 and $80 per month for every $100,000 that they have borrowed until they have built up 20% equity in the home, at which point they can cancel their PMI.

Bob McCormick, President
Visit us at www.McCormickLendingGroup.com

AZMB#0903631 / CFL #603J043 / Nmls #175743 Equal Housing Lender

"Don’t Overpay for your Mortgage"

             

Having worked for a few of the large banks and mortgage banking firms prior to starting Mortgage Quest in May 2000, I learned how and why these mortgage companies need to mark-up their rates that are offered to the public: large overhead expenses including office salaries, commissions, large rent/office space, several layers of management, extra quality control costs due to large staffing, etc.
Mortgage Quest was established with a business model that has reduced these large expenses so that our operating margins are the lowest in the industry and the need to mark-up interest rates was eliminated:

• By being the sole-owner/ loan originator for Mortgage Quest our pricing model is the lowest in the industry. Generally saving our clients up to .25%-.50% or more on their rate versus the competition.

The majority of conventional home loans are sold to Fannie Mae/Freddie Mac.  We receive wholesale rates which when not overly "marked up" to pay for the above expenses allow us to offer ultra competitive rates.

Feel free to contact me anytime at 800-328-0144 or MortgageQuest@cox.net with any questions or a quick mortgage quote.

Bob McCormick, President

www.McCormickLendingGroup.com

Arizona/Orange County/San Diego

AZMB#0903631 / CFL #603J043 / Nmls #175743 Equal Housing Lender

Close 1 day after short sale!

  

New Loan Program Just Released!

Close 1 day after short sale!

580+ fico score!

20% down payment!

30 year fixed rate!

For any questions please contact me:

Bob McCormick, President

   www.McCormickLendingGroup.com

 

Arizona 14362 N Frank Lloyd Wright Suite 1000 Scottsdale, AZ 85260 Office: (480) 905.1135 Fax: (888) 570.6740 Toll Free: (800) 328-0144

California 23 Corporate Plaza Suite 150 Newport Beach, CA 92660 Office: (714) 362.4740 Fax: (888) 570.6740 Toll Free: (800) 328-0144

OK to add in pool, kitchen/bathroom remodel, landscaping into your resale purchases!

OK to add in pool, kitchen/bathroom remodel, landscaping, etc. into your resale purchases!

• Up to 95% loan to value based on after completion value
• 620 minimum fico score
• Occupied, Second Home and Investment Home
• Purchase or Refinance
• No Minimum Repair Amount
• SFR's, Condo's and PUD's

Please contact me with any questions on this exciting program!

Bob McCormick, President



Visit us at www.McCormickLendingGroup.com

nmls 175743 cadoc cfl 603j043  

Residential-Commercial-Portfolio-Private Loans

As a reminder we are a full service mortgage company.  We were established almost fifteen years ago to offer our customers a local source for any loan scenario on any property type.  We have always operated with the lowest operating costs and margins in the industry. Thus,  we are able to offer unmatched interest rates and costs.

Our rates are generally up to .25% or more lower than our competition!

We are not limited in what programs we can offer:

Conventional Conforming Loans (Fannie Mae/Freddie Mac)

FHA/VA/USDA Loans (Down to 550+ Fico)

Jumbo Loans up to 90% Ltv, Interest Only and up to $3,000,000

Bridge Loans for Purchasing a New Home

Portfolio Lending (Non-Fannie Mae or Freddie Mac)

Commercial and Multi-Family Financing (Non- Bank Commercial Underwriting)

Land/Lot

Construction and Rehab Loans

Reverse Mortgages

Asset Depletion

Subprime and Private Money Loans

Bob McCormick, President

www.McCormickLendingGroup.com

Arizona 14362 N Frank Lloyd Wright Suite 1000 Scottsdale, AZ 85260 Office: (480) 905.1135 Fax: (888) 570.6740 Toll Free: (800) 328-0144

California 23 Corporate Plaza Suite 150 Newport Beach, CA 92660 Office: (714) 362.4740 Fax: (888) 570.6740 Toll Free: (800) 328-0144

Bridge Loans Available!

Bridge Loans Available! We are able to fund bridge loans for your clients that are currently trying to sell one home and need the equity to purchase a new home! Please call or email with any questions I established Mortgage Quest over a decade ago with a business model that operates on very low operating costs and margins so the interest rates that I can offer are unmatched and generally up to .25%+ lower than the competition  (see more about us at www.McCormickLendingGroup.com) If you have any clients,  family, friends or co-workers that would like a loan comparison or have questions regarding a mortgage scenario I would greatly appreciate the opportunity to offer a rate and fee quote so that they "Don't Overpay For Their Mortgage".

Bob McCormick, President   Toll Free 800-328-0144    www.mccormicklendinggroup.com  Lending in California and Arizona "Don't Overpay For Your Mortgage"   mb0903631 nmls175743 nmls179756 Cadoc603J043

Non-Warrantable Condominium Financing OK!

Non-Warrantable Condominium Financing

We are able to close loans for condominiums that do not meet Fannie Mae guidelines or that are not HUD approved!

Please contact me for more information.

www.McCormickLendingGroup.com

Bob McCormick, President

Lending in Arizona and California

Arizona 480 905-1135

California 714 362-4740

Toll Free 800-328-0144

Email  mortgagequest@cox.net

Fresh Start Program - 1 year After Short Sale OK!

As of August 16th, 2014 Fannie Mae increased the waiting period for homeowners whom had a previous short sale from two to four years.  Our "Fresh Start" Program will still grant approvals seasoned at least one year!

Being that each loan scenario is different the best option is to contact us so that we can go over all options and questions.

Www.McCormickLendingGroup.Com

Bob McCormick, President

Lending in Arizona and California

Toll Free 800-328-0144

Email  MortgageQuest@Cox.Net

Alternative Loan Programs- Stated Income, Asset Depletion, Equity Based and Non-Warrantable Condo's

Alternative Loan Programs that don't fit normal guidelines are available!

Stated Income, Asset Depletion for income qualifying, Equity Based and Non-Warrantable Condominium Loan Programs have returned.  Each program has specific parameters, but we are always available to help answers any of your questions!



www.mccormicklendinggroup.com

Bob McCormick, President

Toll Free 800-328-0144

Email   MortgageQuest@Cox.Net

August 16th Fannie Mae Guideline Change Regarding Short Sale Timeframes On Purchasing

Deed-in-lieu of Foreclosure and Preforeclosure Sale Message Updates (Fannie Mae)

"The waiting period requirements for borrowers who have had a previous deed-in-lieu of foreclosure or preforeclosure sale are being updated to now require a four-year waiting period; though a two-year waiting period will be permitted if the event was due to extenuating circumstances and the loan complies with all requirements specific to a deed-in-lieu of foreclosure or a preforeclosure sale due to extenuating circumstances, as specified in the Fannie Mae Selling Guide. The loan-to-value restrictions previously tied to different waiting period timeframes are also being removed."




Currently, the waiting period is only 2 years with an 80% loan to value (4 years is 90% loan to value).  This will change to 4 years on August 16th.  However, after 4 years the guidelines are changing to a minimum 5% down payment and a 620 Fico Score.




If you have any buyers that may be affected this may be the time for them to hurry up and buy their home.


We are always here to preapprove your buyers!




Bob McCormick, President




www.mccormicklendinggroup.com


"Don't Overpay For Your Mortgage"

$20,915

Did you know that on a $400,000 loan a .25% higher interest rate costs a borrower an extra $20,915 over the course of their loan?

  

Having worked for large banks and mortgage bankers at the beginning of my mortgage career I saw how rates are marked up to make up for high overhead.  I have eliminated that! 

 

  Being the sole-owner/originator, combined with very low overhead and margins, I am able to save my clients up to .25% or more on their rate (with same fees as my competitors)!

If you would like a loan comparison for yourself or a client I would greatly appreciate the opportunity to offer a fee worksheet.

"Don't Overpay For Your Mortgage"

Bob McCormick, President

 

Arizona
14362 N Frank Lloyd Wright
Suite 1000
Scottsdale, AZ 85260
Office: 480.905.1135
Fax: 888.570.6740

California
23 Corporate Plaza
Suite 150
Newport Beach, CA 92660
Office: 714.362.4740
Fax: 888.570.6740

 www.mccormicklendinggroup.com

mb0903631 nmls175743 nmls179756 Cadoc603J043

Update on Heloc's and Second Mortgages and conversion to fully amortizing payments in 2015

Update on Heloc's and Second Mortgages and conversion to fully amortizing payments

A lot of second mortgage loans (Heloc's) were taken out in 2005 and have interest only payments for the first 10 years then they fully amortize for the remaining 10 years (20 year term total).

In 2015 a loan payment on $100,000 second mortgage may go from $300 per month to $1,000 per month!

With home values higher now and interest rates lower we have seen more activity in combining these two loans into a low fixed rate first mortgage - Taking the risk and "payment shock" away.

Feel free to contact me with any questions.

Thanks!

Bob McCormick, President

www.mccormicklendinggroup.com

Jumbo Loan Options

Jumbo Mortgage Options


*As low as 660 Fico! 

*10% down payment available!

*Loan amounts up to $3,000,000! 


 Ask us how our rates are up to .25%+ lower than the competition- visit us at 

www.mccormicklendinggroup.com

The True Facts About Reverse Mortgages

Reverse Mortgage Facts Borrower(s) need to be at least 62 years old. The lender or bank does NOT own the home. A reverse mortgage can be used to purchase a home. There are no income or credit score requirements to qualify for the interest rate. No monthly mortgage payments are required. The home does not have to be free and clear or have a lot of equity. There is no limitation on how the funds can be used. Funds can be received in monthly payments structured as needed, line of credit (with a growth rate), lump sum, or a combination of these. Social Security and Medicare are not affected because it is a loan, and not considered income. Borrowers can stay in the home as long as it is their primary residence. At the time of sale if the home is sold for more than the loan balance, the borrower(s) or their heirs receive the difference, not the bank. The loan is non-recourse which means there is no personal liability to the borrower or their heirs. Borrowers are responsible for property taxes and insurance, association dues (if applicable). As borrowers use the funds/equity and are not making monthly payments the loan balance increases (interest bearing). Closing costs are comparable to a conventional mortgage. FHA offers and insures reverse mortgages through HUD making it the most highly regulated mortgage available. If you have any questions please contact me. I am able to complete a breakdown for review very quickly. Your referrals are greatly appreciated!!! Bob McCormick, President www.mccormicklendinggroup.com