Contact VITEK

Contact us for any questions you might have! We are here for you!

* Required Field

Questions/Comments/Feedback?

I would like to:

Speak with a mortgage loan originator

Schedule a consultation


Mailing Address

VITEK Mortgage Group
Corporate Office

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

Language of your Mortgage Loan Originator:

Customer Login - Coming soon!

You will be able to log in for up-to-the-minute updates on your loan in processand easily submit needed documentation to us to help ensure a faster transaction for you.This new state-of- the-art communication system will also support our efforts toward complete paperless transactions and helps us further our Think Green initiatives!

Team VITEK Blog

Archive for the ‘FHA’ Category


Have you refinanced? Act now before rates increase further!

Wednesday, January 6th, 2016

Refinance and feel like a financial genius

On December 16th the FED raised interest rates by 0.25%. This is the first of several FED interest rate increases we anticipate going forward.

If you’ve been thinking about refinancing your home loan, now’s the time to act. Just a 1% increase in interest rate can mean a substantial difference in monthly savings for you.

Refinance Example

That’s a monthly savings of $180, big ones , Benjamins , bones , clams , (you get the idea).

Even if you are not currently looking to refinance, you may know someone who is. Share this information with them.

Now’s the time to act – refinance and feel like a financial genius!

*Interest rates and annual percentage rates (APRs) quoted are based on a FICO score of 740 and were available on 12-23-15. Interest rates are subject to change without notice. Payments are estimates only and do not include taxes and insurance which will make the actual payment obligation higher. Payments are based on a $300,000, 30-year conventional loan at 75% loan-to-value (LTV). This is not a commitment to lend. Not all borrowers will qualify.


Do Buyers See Value In Eco-friendly Upgrades?

Wednesday, July 8th, 2015

A recent study conducted at the University of Texas and published by the Appraisal Journal found that more prospective buyers saw value in eco-friendly upgrades on a home which could potentially provide them a financial savings to their bottom line.

If you’re thinking of making energy efficient improvements to your home, an Energy Efficient Mortgage (EEM) may be a great option to consider. You may be able to finance up to 100% of the energy saving improvement costs into your FHA home loan.*

*The value of energy saved must be greater than the cost of improvements, according to FHA guidelines. Cost may be added to the mortgage amount per FHA’s maximum calculations. Contact your VITEK Mortgage Loan Originator for details.

Infograhic on Home Eco Friendly Features


Platinum Grant – Now Use With Conventional 97%

Tuesday, January 27th, 2015

Platinum - Now Use with Conventional 97%

With the rollout of the new Conventional 97% home loan program, first-time homebuyers now have a great home financing alternative to FHA. Up until recently, though, borrowers had to use FHA financing if they wanted to utilize the Platinum Grant down payment assistance program. Thankfully, that changed this week!

The Platinum Grant down payment assistance program is now available on conventional (Fannie Mae) 1st loans. This is great news for borrowers that prefer to purchase a home using conventional financing rather than FHA financing. Below are a few benefits and things to know about the Platinum Grant program.

Platinum Grant Program with Conventional 97%*:

  • Grant for up to 3% of conventional first mortgage loan amount (Up to 5% of first loan amount is available when used with an FHA or VA home loan)
  • Does not require any repayment
  • Proceeds may be used for down payment and/or closing costs
  • Eligible properties include: single family residences, agency approved condominiums, and planned unit developments (PUDS)
  • Income restrictions apply

*This is not a commitment to lend. Not all borrowers will qualify.

To learn more about Platinum and how it can help
make homeownership possible, contact your VITEK
Mortgage Loan Originator or contact us today!
(800) 570-5300


New Reduced FHA Mortgage Insurance Premium

Wednesday, January 21st, 2015

We recently shared that President Obama announced a reduction to FHA’s annual mortgage insurance (MI) premium from 1.35% down to 0.85%.

This change has now been officially approved and will become effective for new FHA mortgage loans as of January 26th, 2015. If you currently have an FHA home loan that was closed after May 31, 2009 you may be able to refinance and take advantage of the new lower MI and reduce your monthly payments as well!

We are very excited about this news, as borrowers utilizing FHA finance will save a significant amount of money every month. Below is an example showing the savings the new lower annual FHA mortgage insurance cost will offer over the current annual MI cost.

Example of Change to FHA Monthly MI
(FHA 30-year Fixed Rate Loan)

 


Current FHA MIP


New FHA MIP

1/26/15

Purchase Price:
Down Payment Requirement:
Interest Rate / APR*:
Monthly MI Factor:
Loan Amount:

$350,000
3.50%
3.250% / 4.278%
1.35%
$343,660

$350,000
3.50%
3.25% / 3.987%
0.85%
$343,660

PITI Payment
Principal & Interest:
Hazard Insurance:
Property Taxes:
Monthly MIP:
Total Payment:

$1,495.63
$100.23
$364.59
$376.50
$2,336.95

$1,495.63
$100.23
$364.59
$237.06
$2,197.51

Monthly Savings:

($139.44)

Annual Savings:

($1,673.28)

* Interest rates and annual percentage rates (APRs) are based on a FICO score of 719 and are for example purposes only. This is not a commitment to lend and not all borrowers will qualify. Interest rates quoted were available on 1/20/15, but are subject to change without notice.

If you would like to learn more how FHA’s new lower annual MI could benefit you, talk with your VITEK Mortgage Loan Originator or contact us today.
(800) 570-5300


HUD Eliminates Post-payment Interest Charges on FHA Home Loans

Tuesday, January 20th, 2015

VITEK News Flash

There have been several important revisions to FHA home loans the past two weeks. Besides lowering the monthly mortgage insurance premium by 0.50%, HUD just announced another change that will positively impact borrowers of FHA home loans.

For all FHA insured mortgages with a Note date on or after January 21, 2015, borrowers will no longer be required to pay interest charges for the entire month in which the FHA home loan will be paid off. Borrowers will only be required to pay interest charges through the date of the mortgage being paid in full.

This is good news and will save potentially hundreds of dollars for borrowers looking to refinance or sell a home that was financed with an FHA home loan.


If you have any questions on how this new change may impact you, talk with your VITEK Mortgage Loan Originator or contact us today.
(800) 570-5300