Posts Tagged ‘ca’

Helping Make the Holidays a Little Brighter for the Children of the Sacramento Children’s Home

Monday, December 18th, 2017

There is something special about being able to make a positive difference in the life of a child in need. For the past 12 years VITEK has teamed up with the Sacramento Children’s Home to provide Christmas gifts for children in the home.

The holidays can be hard time for many of these kids, and we are so grateful to our amazing team that, year after year, continue to make the holidays a little brighter for these children. We are happy to report that our employees stepped up once again in a big way to help fulfill these children’s Christmas wishes. Together, our team fulfilled 60 Wish Stars providing 45 gifts and 15 gift cards to children in the home.

No Appraisal Required - Purchase or Refinance

No Appraisal Required - Purchase or Refinance

No Appraisal Required - Purchase or Refinance

No Appraisal Required - Purchase or Refinance

A Dream Come True

Friday, August 7th, 2009

Have you found a home that you love but it is in need of some TLC? You love the “bones” of the home, but it is missing appliances, the floor is torn up, lights are pulled out, there is graffiti on the walls and possibly even other damage.

That is what my very dear client found when she spotted a great buy in the area she wanted to live. The price was just right, but how was she going to afford all of the home repairs to make this property a nice place to live? The answer for her was the FHA Streamline(k) home loan program. This program is an ideal solution for homebuyers who need to finance non-structural basic repairs into their FHA home loan. It has been a top loan program for buyers looking to purchase one of the many bank-repossessed homes that are priced right but need repairs done to them.

Click this link to watch a news video clip that aired about the above client’s transaction.

If you are interested in learning more about the FHA Streamline(k) loan program, and how this wonderful loan can help you turn an ugly duck into a shining star contact me today. I can even provide you a list of eligible repair items.

As a Mortgage Loan Originator here at VITEK Mortgage Group for over 12 years, when you meet with me, I will listen to your needs and wants and help you find the right home loan program to fit them.

Make your dream come true, call me today!

Marlena Olson
(916) 486-6931

New Government Lending Regulations – What They Mean to You

Tuesday, August 4th, 2009

It’s no surprise lending and real estate regulations have changed as a result of the credit crisis. We have already seen tightened lending practices that resulted from rising mortgage delinquencies, and now our legislators in Washington have enacted new laws changing the way lenders do business today.

If you are a home buyer or real estate agent, there are two significant pieces of legislation impacting lending that should be considered, especially when determining closing dates for purchase transactions.

Home Valuation Code of Conduct – Now all conventional home buyer loan applications sold to Fannie Mae or Freddie Mac must be compliant to new important changes. In an effort to help safeguard and reinforce appraiser independence and ensure the soundness of appraisals, lenders must be in full compliance with the HVCC. One of the main changes is the manner in which the appraiser is selected and engaged. Under these new regulations, loan originators are not allowed to have any communications with an appraiser to have impact on valuation, and home buyers have the right to “promptly” receive a copy of the appraisal.

The code is intended to reinforce the independence of the appraiser. Lenders no longer have the ability to help facilitate the appraisal process on conventional loans. Because our company VITEK Mortgage Group is not satisfied with the poor performance and appraisal reports we’ve received using the recommended national and regional Appraisal Management Companies, we are about to unveil our solution to better serve our customers with quality and timely appraisals. Expect to receive more in future blogs about our solution. In the meantime, it is important to note that these new regulations DO NOT affect government loan programs such as FHA, VA, CalVET, reverse mortgage, and USDA loan programs. They do affect CalPERS loans and some jumbo home loans.

Housing and Economic Recovery Act – Real estate agents, buyers, and sellers beware. The recently enacted Housing and Economic Recovery Act (HERA) amends and impacts several aspects of obtaining a mortgage, including the disclosures required for borrowers and the timing of their delivery. When applying for a loan, a borrower is provided a Truth in Lending (TIL) statement that details the total expected costs that could be incurred over the life of the loan. Should anything change in the loan application causing the APR to increase more than 0.125%, a new TIL must be reissued to the borrower.

The new rules may adversely affect the minimum time required to close, especially if changes are made to a loan application. When changes are made to the loan application that cause the APR (Annual Percentage Rate) to increase more than 0.125%, re-disclosures are required to be sent to the applicant. There is now a minimum of three business days wait from the time of any re-disclosure to when the borrower can sign their final loan documents which may delay the subsequent closing date. Also, for rush situations now the earliest a loan can close is 7 business days after the initial disclosure is issued! Examples of things that can cause the APR to increase are loan product changes, loan amount changes, interest rate changes, good faith estimate of loan cost changes, and even changes of the planned closing date!

In addition, lenders may not accept any additional fees from a homebuyer until the fourth business day after the initial disclosures have been provided to or mailed to a borrower, other than paying for a credit report. This has the potential to delay several aspects of the application process, especially the appraisal ordering process.

Now more than ever, for peace of mind it is important to work with a lender like VITEK Mortgage Group that understands the new lending rules and acts appropriately to avoid unnecessary delays in your purchase transactions. For starters, we recommend you work with home purchase contracts that have sufficient time frames to account for possible delays if the terms of the loan application are not certain and the interest rate lock is still undone. Also make sure your loan terms are locked at least seven days prior to closing to avoid any unnecessary and time delaying re-disclosure requirements. The new HERA rules do not apply to home refinance loans.

Philip Duncan
Executive Vice President

The Brand New

Wednesday, May 6th, 2009

It is finally here! After several months of hard work and dedication, the brand new website is complete. Our new site is filled with powerful tools, industry resources and up-to-date information to provide you answers to your home loan questions. For the last two decades VITEK has been focused on “delivering solutions with simplicity and certainty” to our clients, and we believe our new site will continue to support that commitment.

On our new site you will find mortgage calculators to help you compare the cost of renting vs. buying a home and estimate what your payments will look like. Visiting our Industry News section will keep you in the know on what is happening in the mortgage/real estate industry.

Whether you are buying your first home, looking at the option of refinancing, or considering the benefits of a reverse mortgage, now more than ever it is important that you take the time to become educated on your options. We have designed our site to be user friendly to help you find the information you are looking for when you need it. As always, if you want to talk with an experienced Mortgage Loan Originator, you can contact us today.

We hope you enjoy the new site and will stop by the site Blog periodically as we would love you hear from you and your experience working with VITEK. If you would like to make suggestions for improvements to our new site, let us know.

Harry Duncan
Company President

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