Posts Tagged ‘conventional’

Purchase and Refinance Home Loans with No Appraisal Required!

Thursday, November 16th, 2017

No Appraisal Required - Purchase or Refinance

Borrowers may now be able to purchase or refinance a home using conventional financing with no appraisal required. This can potentially save you money and time on your next home loan!

  • One-unit properties – Single-family homes and condos
  • Loan must receive approval from Fannie Mae or Freddie Mac’s automated underwriting system to be considered for the appraisal waiver1
  • Purchase – Primary residence and second homes with a down payment of 20% or more2
  • Limited Cash-out Refinance – Up to 90% loan-to-value with Fannie Mae and 80% loan-to-value with Freddie Mac2

1Restrictions apply. Appraisal waivers are offered at the discretion of Fannie Mae and Freddie Mac and not all loans may qualify. To be considered for the appraisal waiver, a prior appraisal must already exist in their database for the same property and borrower. 2If an appraisal waiver has been offered to the borrower, the borrower may still choose to obtain an appraisal. If the borrower has chosen to obtain an appraisal, once it has been ordered, the appraisal must be used on the loan and the borrower cannot revert back to accepting the appraisal waiver.

Bounce Back and Buy a Home Again…
…Quicker Than You Might Think!

Friday, May 27th, 2011

Losing a house through a short sale or foreclosure doesn’t have to mean the end of the road to purchasing a home again. You may be able to bounce back and buy a home once again quicker than you think!* In fact, if you haven’t owned a home in the last 3 years, you might even be eligible to purchase a home as a ‘first-time homebuyer’ and only need 3.5% down*!

Depending on your particular situation the following time frames must pass in order to be eligible for a new home loan*:

Previous Short Sale

3 Years to apply for an FHA
1 Year to apply for a VA
2 Years to apply for a Conventional*

Previous Foreclosure

3 Years to apply for an FHA
2 Years to apply for a VA
7 Years to apply for a Conventional

In all cases, satisfactory re-established credit must be shown. There are sometimes exceptions on the above restrictions when there has been a life event that has occurred, allowing for shorter time frames to qualify. A life event would be considered a death, but would not include a job loss or divorce.

In addition, you may also qualify for a Federal Income Tax Credit* based on a percentage of the mortgage interest paid each year.

Contact me today for a personal qualifying and planning evaluation!

Photo of Jennifer Remedios

Jennifer Remedios
(916) 486-6954

* Restrictions apply. Not all borrowers will qualify. This is not a commitment to lend. Program guidelines may change without notice. VITEK Mortgage Group always encourages you consult the advice of a tax professional for tax related programs. VITEK Mortgage Group is licensed by the Department of Corporations under the California Residential Mortgage Lending Act.

Thinking of Buying a Home? Tip 7 of 10 to Help.

Wednesday, May 11th, 2011

Today I’m posting tip #7 of a 10-part series on things you need to know before you start your house hunt.

TIP #7. Choose your loan, before you shop for your home.

There are two main types of loan categories; Conventional Loans and Government Loans. The loan options available to you will be determined by:

  • Down Payment
  • Loan Amount
  • Loan to Value or need for Mortgage Insurance
  • Credit Score
  • Property Type

Down payment: If your assets allow a down payment of 10% or more, then a conventional loan may be a worthwhile consideration. The mortgage insurance (MI) costs will be lower and it may be possible to remove the mortgage insurance earlier than on government loans.

Loan Amount: If your loan amount will be $417,000 or lower and you are buying in the continental US, an FHA, VA, USDA or Conventional loan are all options for you. If over $417,000, then your transaction would fall into whats called a JUMBO loan. September 2011 is the latest that FHA loans may be funded up to the $417,000 loan amount. We will have to wait and see what the new maximum loan for FHA will be after that date.

Loan to Value: If your down payment will be less than 10%, then you will want to look at securing a government loan like FHA, VA or USDA. FHA still requires a 3.5% down payment, all of which could be a gift, or a combination gift/grant, etc. VA requires no down payment from qualified Veterans with full eligibility. USDA also provides 100% financing, however, the property must be located in a less populated or rural area.

Credit Score: Credit scores play an important role in your options for home-loan financing. The better your credit score is, the better your loan pricing and options will be.

Property Type: Not all loans are available for all types of properties. Most notably, condominiums. Condos need to meet certain requirements for both FHA and conventional loans. The approval requirements are quite stringent. Some condo’s meet FHA standards, some Fannie Mae, some both or some VA. Most condos will not be in an area that conforms to USDA requirements.

For all of the above reasons it is wise for buyers to start early with an informed lender before beginning their home search. It is important to work with a lender that will help you understand all options available to you. Getting pre-approved first, is as much about finding the right loan options available to you, as it is about satisfying the home sellers that you have the necessary financing in place to successfully and quickly close your home loan.

As always, I am here to answer any of your home-loan questions!

Photo of Ingrid Pierson

Ingrid Pierson
(530) 885-1545
Licensed – NMLS # 233666

From Vision to VITEK

Wednesday, June 9th, 2010

I am pleased to announce that Vision Mortgage has joined forces and merged with VITEK Mortgage Group. Vision Mortgage has been serving the real estate finance needs of area homeowners since 1998. Although the name has changed from Vision to VITEK, the branch location in Cameron Park remains the same.

As the owner of Vision, I am pleased to say, with VITEK, my team and I will continue to be committed to providing excellent service to our friends and customers. VITEK is a perfect fit for us because they are also a local lender with headquarters in Sacramento for over 23 years. Our “vision” is congruent with VITEK’s guiding principles found in their name: Value, Integrity, Teamwork, Excellence, and Knowledge. VITEK has a solid reputation in the local community and they allow us to operate with even more control as a mortgage banker. With FHA, VA, USDA and conventional loan products, competitive rates, and in-house underwriting and funding, we can continue to be the area’s lender of choice.

Tony Patsfield
Branch Manager
(916) 486-6954

We'll walk you through each step of the loan process.
Contact us today to get started!