Current home owners that have little or no equity anymore may be eligible to get a lower interest rate, saving you money every month under this program.  Contact us today to see if you are eligible to save money every month under this program.  The process is simple and it only takes a couple of minutes. 

There are two types of 203K loans, the Streamline and the full version.   How do you know if you will only need the streamline instead of the full version of this loan?  Simple, if your repairs are under $35,000, you are not doing any structural changes, and the work can be completed in less than ninety days, then the streamline is for you.  If not, you will need to use the full version of the 203K which gives you more time to complete repairs or changes, you’re not limited to $35,000 in changes, and you will need to take on a 203K consultant to assist in managing the project. 

203K loans can be a great option when buying a home that needs some repairs as so many homes currently in the market do.  As construction financing has generally dried up, this remains a terrific option when considering doing improvements on your existing home. 

For more information please contact us.

Advantage Lending Corp

248-608-9120 x230

www.AdvantageLendingCorp.com

Some lenders are still not accepting loans for this program because they simply have not realized it’s back up and running.  Rest assured that this loan is available.  Borrowers can still buy homes with zero money down, no PMI, and great interest rates. 

Daniel Litvin

While the country remains fixated on the problems of the overall housing market, many people are facing a

much more personal issue - what to do with their own home when a change is needed. Whether it is the birth of

a child, an elderly parent moving in, a job change, or just time for something different, making the decision to

move or remodel is rarely an easy one. With the overall housing market not as healthy as it was a few years ago,

the questions move beyond the number of bedrooms, the local schools, and local amenities. One must consider

how long it may take to sell the home, especially if the needs are pressing. Additionally, will there be improvement

projects to complete that would make the house easier to sell. Remodeling has its own set of questions,

including how long you might need to stay in the home to recoup the investment from a major project.

Whether remodeling or moving is in your near future, some significant mortgage analysis will be required.

Two of the most important issues will be the equity in your home and your credit situation. Generally, the

more equity in your home, the greater your options become. Your home’s equity can be accessed for a remodeling

project either through cash-out refinancing of your current

mortgage or a second mortgage or line-of-credit. When selling

and buying a new home, your equity can be used for your new

home’s down payment and closing costs. Your credit situation

will impact what type of interest rate you’ll pay, how much you

can borrow, and the type of loans you should consider.

Given current market conditions, an honest and thorough analysis

of your financial situation should be completed before you

get serious about moving or remodeling. Please give me a call

to schedule a time for us to meet. I’ll help make sure that you

understand all the financial options available to you.

Mortgage rates again moved downward as European debt concerns continued to mount. In addition to

Greece’s issues, Spain saw its debt downgraded last week. All of this continues to drive a major

international “flight-to-quality” with US treasuries seen as one of the safest places to stash money.

Economically, our recovery does appear to be gaining some traction. While GDP was adjusted down

slightly, we still have significant strength in manufacturing. Additionally, government stimulus has

kicked home sales higher, with hopes that it can continue to hold its own without more intervention.

While consumer moods have a long way to go to recovery, we’re seeing better readings.

Mortgage rates could easily move either way this week, or not at all. Analysts are expecting to see

both ISM indices remain strong, and consensus estimates are calling for 500,000 new jobs to have

been created last month. However, even with great domestic economic news, we could have

continued concerns over Europe’s debt situation holding mortgage rates low.

www.AdvantageLendingCorp.com

We all relish the milestones our children achieve: their first steps, the first day of kindergarten, high school graduation. The day they leave for college is an emotion-filled day followed by another a few years later as they attain a college degree and the amazing opportunity to live at home again! According to the Pew Research Center, multi-generational households bottomed out in the 1980’s and have been growing ever since. While there are many groups driving this trend, including immigrant groups where multigenerational households are common and parents moving in with their children, the largest group is young adults returning to live with their parents. For many, the choice to move back in with parents is part of a plan to achieve homeownership.

Experts encourage parents to help mentor their children through the process of buying their first home. Shortly after graduating and beginning a new job, a formal meeting with a mortgage professional is advised to review the graduate’s situation and to lay out each of the steps necessary to purchase a first home. This will include a review of the child’s credit report and financial situation. Having a professional explain the details of how to strengthen and maintain a good credit score is as important as executing a plan to save for a down payment. Depending on the situation, there may be assistance programs that could benefit the future homeowner. Parents can help accelerate the process in many ways, including helping the child build credit, providing down payment assistance as either loans or gifts, and, of course, there is always the option of buying the home together.

If you have a recent graduate living at home, or know of anyone looking to buy their first home, please give me a call. I can help develop a specific plan for that first home purchase. Perhaps we can even make it a reality before you thought possible.

Although FHA is changing, Rural Housing loans backed by the USDA are not!  Rural Housing still allows borrowers to buy a home without a down payment, and will allow 6% seller concessions to pay for the buyers closing costs.  Many times borrowers buying a home with a Rural Housing loan get into the home with little to no money out of pocket.  So for now, the zero down home loan is here to stay!

The new good faith estimate does a good job letting the mortgage applicants know what the lump sum of all possible costs may be for a specific transaction, but it fails in other critical areas.  First, nowhere in the 2010 GFE does it let the borrower know how much money they will need to bring in to closing.  Next it does not show the borrower what their combined mortgage payment will be (Principal + interest + taxes + insurance).  Lastly there isn’t even a place for the borrower to sign the 2010 GFE. 

The new 2010 GFE is also now binding.  What this means to the consumer is that your rate or costs will not increase at all from this initial GFE.  What this means to the lender is that they have gotten to be razor sharp with knowing every cost (80% of them third party fees) or they will end up paying them on behalf of the borrower  / seller if they are above what was stated in the initial 2010 GFE.  Basically this means to a lender “Pad it or Pay it”. 

Since the company’s inception in July 2007 Advantage Lending Corp has been growing and heading in the right direction.  HUD’s approval of Advantage Lending Corp as a FHA lender proves this.