HARP 2.0 - lower your rate/payment even if you are underwater

Harp 2.0 is HERE.  If you have been making your mortgage payments, but your property value is lower than your mortgage balance, help is here.  Under the new Home Affordability Refinance Program, endorsed by the federal government, homeowners can now take full advantage of the historically low rates starting in the low 3 percent range for shorter terms and mid to high 3 percent range for 30 year fixed.   Many borrowers can save thousands each year on their payment or pay about the same amount and cut many years or even decades off their repayment period.  Call today for more details.  Our company is a Mortgage Banker with very low rates on the HARP 2.0 product and we are licensed in many states.

Brent A. Wood  Direct 702-629-9555  brentawood@hotmail.com   

Licensed Mortgage Agent  10 years Mortgage Industry Experience  NMLS# 327581

All Western Mortgage  770 Coronado Center Dr. #200 Henderson, NV  89052 

NMLS# 370640  Corporate 702-938-3566

$100 Down Home Loans - NATIONWIDE

$100 Down Home Loans are still available, nationwide, and the rates and terms are great. 

The loans are the same as FHA loans which typically require 3.5% down.  The difference is that you must buy a HUD owned home.  Typically this is a home that was insured by the U.S. Department of Housing and Urban Development's Federal Housing Administration. 

For a list of HUD owned homes in your areas, visit:

http://www.hudhomestore.com/HudHome/Index.aspx

203k Home Improvement loans are allowed.

For more information, contact me at 702-629-9555
or email brentawood@hotmail.com.  I have a great Realtor for the Las Vegas area that I would be glad to put you in touch with.

203k (REFURB) loans are EASIER thank you think VIDEO

If you are like most people, you want a home that is a great investment, which means you want to find a bargain.  But many of the best bargains in today's market have issues that must be addressed to make the home  ready to occupy.  FHA 203K mortgages solve that problem.  Keep in mind, 203k loans are FHA mortgages with the same down payments, liberal credit requirements and features as traditional FHA loans.

In the past, FHA 203K loans were very difficult to navigate and often transactions didn't close on-time or repairs weren't made properly.   Now with the new Streamline 203k and a team of experienced professionals, the loan should close in 40-60 days and the repairs should be completed in a month or so.

For more information about 203k mortgages, call Karl Holt at 702-629-0716 or email kholt@awmlv.com

 

Best regards,

Brent A. Wood
702-629-9555
brentawood@hotmail.com

Welcome VIDEO

Welcome to our Blog about Mortgage and Real Estate Finance.  Karl and I are excited about the present opportunities available to those who are armed with the information they need to take advantage of today's Real Estate Market and Mortgage/Finance options.  Please feel free to contact us or post your comments and additional tips for clients and industry professionals.

Best regards,

Brent A. Wood
702-629-9555
brentawood@hotmail.com

To begin a mortgage application with Karl Holt, simply visit karlholt.myallwestern.com/  or call him at 702-629-0716

Mortgage Myth #3 - Hard Money (Private Investor) Loans

2012 MORTGAGE MYTH #3

Hard Money (aka Private Investor) Loans are a bad deal –  Opportunity abounds for Real Estate investing throughout the country.  In certain areas, like Las Vegas, property values are disproportionately low, compared with rents.  So even with a Hard Money Loan at 12% interest, the interest only payment can still be very favorable.  Take this example:  A client buys a rental property for $80,000 with 25% down.  The payment is 1% interest only - $600 per month.  Assuming taxes and insurance are $120 per month and the home rents 11 out of 12 months each year for $1,000, the home would have a positive annual income of $2,360/year.  Assuming $12,000 in acquisition costs and initial repairs, the total initial investment is $32,000.  The resulting Return on Investment is 7.375%.  This is for illustrative purposes and it shows a realistic scenario where even a Hard Money Loan can be beneficial to a client.  Of course all investments have risks and clients should consult Professionals before investing.

Mortgage Myth #2 - can't buy a house for years after Foreclosure, BK or Short Sale

2012 MORTGAGE MYTH #2

You can’t buy a home for several years after a Foreclosure, Bankruptcy or Short Sale. 

That is true for Conventional and HUD home loans, but there are alternatives.  In fact, you can contact Karl Holt at kholt@awmlv.com for info. about his 2^nd Chance Home Loan that can finance a home after only one year after Short Sale, Bankruptcy or Foreclosure.   As with all loans, there are restrictions and a larger down payment between 15% and 25% is required.  

Also, hard money loans are also available where credit isn’t a factor, at all and there is no waiting period after a Bankruptcy, Foreclosure or Short Sale.  Ability to make the payments is the most important factor in Hard Money Loans (aka private investor loans).  Down payments are typically 25-30 percent and it is extremely important to be sure you have a payment that is affordable and terms that will give you the time necessary to refinance into a traditional mortgage.  Also, watch out for interest rates above 12 percent and up front fees in excess of 10 percent.   Karl Holt has is a great source of information for these loans, as well.  kholt@awmlv.com   As with all mortgages, read the fine print.