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VITEK Mortgage Group
Corporate Office

3 Parkcenter Drive
2nd Floor
Sacramento, Ca 95825
Toll Free: (800) 570-5300

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Team VITEK Blog

Archive for the ‘Downpayment Assistance’ Category

Disabled Veterans Get Triple Benefits With VA Loans!

Monday, July 16th, 2012

Many Disabled Veterans are not aware of all the potential benefits they are entitled to. It is my job, as a lender, to properly interview the Veteran to determine what he or she might be eligible for, in addition to the standard VA Home Loan Benefit.

Most Veterans are eligible for the VA Home Loan Program that allows for 100% financing up to loan amounts of $417,000. Higher Jumbo Loan Limits are available with small down payments and all VA loans have no mortgage insurance.Disabled Veteran

VA Loans require an upfront, financed, Funding Fee of 2.15% on all first-time users of the VA Loan Benefit. The amount is added to the base loan amount of 100% of the purchase price, making the total loan amount 102.15% of the purchase price. Veterans with 10% or more disability rating are eligible for the VA Funding Fee to be waived. On a $200,000 purchase price, this would be a savings to the veteran of $4,300. On subsequent use of the VA Loan Benefit, the funding fee is higher and the savings would increase to over $6,600.

Many Disabled Veterans are NOT aware of the Disabled Veterans Property Tax Exemption that is available to them. A 100% Disabled Veteran in is entitled to a property tax exemption of up to $119,285 if total household income is over $53,566 per year, and up to $178,929 if household income is under $53,566 per year. Using 1.25% of purchase price, on a $200,000 home purchase the normal property taxes would be $2,500 per year. The lower income, 100% disabled Veteran would pay only $263 per year after exemption.Disabled Veteran Tax Exemption

Now we can add a Mortgage Credit Certificate (MCC) for additional savings. With Qualifying Income Limits, Veterans can get a tax credit of 20% of the amount of annual mortgage interest paid. Unlike a TAX DEDUCTION that deducts mortgage interest paid from your taxable income, a TAX CREDIT is taken right off the actual amount of federal tax due. For example, a $200,000 loan amount with an interest rate of 3.75% would provide a first year tax credit of just under $1,500. The Veteran can still write off the remaining 80% of the mortgage interest paid each year as a TAX DEDUCTION.

Other Benefits for Disabled Veterans in California include waiver of DMV registration fees, free license plates and reduced annual fees for fishing and hunting licenses. Spouses, registered domestic partners, children under age of 27 and unmarried surviving spouse of a veteran with service-connected disability or who dies as a result of service related causes may qualify for waiver of mandatory tuition and fees at any State of California Community College, California State University or University of California campus.

Veterans have put everything on the line to protect us, so it’s our responsibility to make sure that we help make them aware of all benefits to which they are entitled. They need to go to the FRONT of the line for short sales and REO’s, not the BACK of the line where they currently are in many areas. While most of us have been safe in our homes, they have been away from their families for extended periods of time, taking care of us. Now it’s time for all of us to “STEP UP” to do whatever we can to help these HERO’S to purchase a home for their families and share the American Dream. It’s the least we can do for them.

Photo of Doug Bullwinkel

Doug Bullwinkel
(800) 636-8910
Licensed – NMLS # 281609

Access – The 1/2% Downpayment Program

Thursday, April 19th, 2012

Access Downpayment Assistance Program

The Access downpayment assistance program allows low-to-moderate income homebuyers the ability to finance most of the associated downpayment through a second loan. This means buyers can purchase a home with only a 1/2% out-of-pocket funds. Best of all, you don’t have to be a first-time homebuyer to utilize the program!

Access First Time Homebuyer

Access Benefits:

  • Up to 3% of the sales price in downpayment assistance as a 2nd loan
  • NO first-time homebuyer requirements
  • FHA 30-year fixed 1st loan
  • May own other properties (Access program must be used on owner-occupied primary residences only)
  • Seller can contribute up to 6% of sales price
  • Gift funds allowed
  • Proceeds may be used for downpayment and/or closing costs

Access Guidelines:

  • Income limits apply
  • 15-year fixed rate fully amortizing 2nd loan (Monthly payment required)
  • FHA 30-year fixed 1st loan
VITEK Mortgage Group
Local: (916) 486-6900
Toll Free: (800) 570-5300

FHA Increasing MIP April 9th – Act Now!

Thursday, March 8th, 2012

FHA Increasing MIP April 1st

In today’s real estate market, many buyers are opting to use FHA financing. FHA loans allow for a minimum down payment of 3.5% – making this Government insured loan especially attractiveSacramento First-time Homebuyer to first-time homebuyers and those re-entering the housing market. Last year, the Mortgage Insurance Premiums (MIP) were increased and many homebuyers were priced out of the market as a result.

Effective April 9, 2012, FHA has increased their Mortgage Insurance Premiums again. This change shouldn’t price people out of the market, but there is an impact to their monthly payment.

After April 9, 2012, the Upfront MIP will go up 0.75% to 1.75% of the loan size and the Monthly MIP will go up 0.10% and be calculated at 1.25% of the loan size. What does this mean?

  • At $150,000 – With an Interest rate of 3.875%* (4.796% APR), the mortgage payment will increase approximately $18.
  • At $200,000 – With an Interest rate of 3.875%* (4.767% APR), the mortgage payment will increase approximately $24.
  • At $250,000 – With an Interest rate of 3.875%* (4.746% APR), the mortgage payment will increase approximately $31.

After April 9, 2012, you won’t have any choice but to accept these terms if you are obtaining an FHA mortgage. However, prior to that date, you may have a choice. As long as you are in contract prior to the effective date and your FHA Case Number has been assigned – you will be subject to the current, lower MIP calculations. You do not have to close escrow prior to April 9th. That means, if you’re thinking of buying a house in the next couple of months, and you’re using FHA financing, now is the time to act. Let’s get going! Get off the fence and keep some extra money in your pocket instead of waiting until after this important deadline!

VITEK Mortgage Group
Local: (916) 486-6900
Toll Free: (800) 570-5300
*Certain restrictions apply based on loan amount and loan to value. Interest rates is for example purposes only and do not necessarily reflect current interest rates. MIP increases based on FHA 30-year fixed rate loan at 3.875% and loan amounts of $146,197, $194,930 and $243,662. Rates valid as of 3-8-12. This is not a commitment to lend. Not all borrowers will qualify.

A Prepared Buyer is a Successful Buyer

Monday, December 12th, 2011

First-time Homebuyers

Understanding and following these guidelines will help you be a more prepared, and ultimately, a more successful buyer when applying for a home loan. Though these four sections are for educational purposes only, and may change at any time, understanding what expectations must be met in order for you to qualify for a loan will help you when purchasing a home.

All Down Payment And Closing Cost Funds Will Be Carefully Examined By The Lender:

  • You must provide detailed and accurate information to show which accounts the funds are in and where the funds are coming from
  • You must document the source of any funds that have been in your accounts for less than 2 months
  • Any changes that occur to your financial condition will need to be explained to the lender
  • Changes to your assets, employment, income or credit scores during the escrow could jeopardize your ability to qualify
  • Provide complete documents – all pages!
  • Provide documents with names, addresses and account numbers

Things Not To Do During An Escrow:

  • Do not transfer funds from one bank account to another
  • Do not make unusual large deposits into your bank account – you need to provide documentation for the source of any deposits
  • Do not buy a car just prior to buying a house or during the escrow
  • Do not spend large sums of money buying furniture or appliances
  • Do not change jobs
  • Do not apply for new credit cards
  • Do not close existing credit cards

The Lender Will Require A Letter Of Explanation and/or Support Documentation For:

  • Recent inquiries on your credit report
  • Derogatory items on your credit report
  • Recent deposits into your bank accounts
  • Recent transfers of money from one account to another
  • Evidence earnest money deposit has cleared your account

If You Will Be Receiving Gift Funds The Lender Will Require:

  • A gift letter signed by you and the gift donor
  • Evidence of the donors ability to gift the funds – a bank statement
  • Evidence of the receipt of the gift funds – a copy of the check or the wire
  • Evidence of the funds being received into your account

If you have questions on any of the above points, or would like to learn more about applying for a home loan, please contact me for more information.

Photo of Jeannie Gardner

Jeannie Gardner
Mortgage Loan Originator
(916) 482-1566
Licensed – NMLS # 281697

Government Homebuyer Stimulus –

More Generous than Last Year’s $8000 First-time Homebuyer Tax Credit!

Wednesday, August 24th, 2011

The Sacramento Housing and Redevelopment Agency has allocated new funds for the Mortgage Credit Certificate (MCC) program. What does that mean for first-time homebuyers? Well, if you purchase a $225,000 home and plan to live in the home for at least the next three years, with the tax credit savings you receive from the MCC, you will have gotten more than $8000 in stimulus money!

Here is an overview of the program and how it works:

    First-time Homebuyer

  • Provides a 20% tax credit on the interest of your mortgage (this is in addition to the other tax benefits you receive when you purchase a home)
  • You must be a first-time homebuyer
  • You must live in the home (you can only receive the tax benefits as long as you live in the home, but can receive the tax benefits for the life of the loan as long as you still live there)
  • Reserved for areas around Sacramento (contact me for a full list of eligible areas)
  • There is a $250 application fee to take advantage of the program
  • To take advantage of the MCC program, your household income must fall below these limits:
    • 1 to 2 Person Household – $75,100
    • 3 or more Person Household – $86,365

Contact me today, to learn more about the MCC program and the benefits for you, and to determine your eligible.

Photo of John Easterbrook

John Easterbrook
(916) 486-6969
Licensed – NMLS # 226555

More Generous than Last Year’s $8000 First-time Homebuyer Tax Credit!