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Posts Tagged ‘purchase’


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.


HOMEBUYER TAX CREDIT EXTENDED AND ENHANCED

Thursday, November 12th, 2009

If you have been thinking about buying your first home, or making a move from your existing home, the time has never been better! Already, the combination of historic low interest rates and affordable homes are enough to make home buying a good financial decision. With the government just recently extending and enhancing the homebuyer tax credit, now is the time to jump in!

The newly approved tax credit legislation extends the benefits of the initial $8,000 tax credit until June 30, 2010 and enhances it by increasing the income eligibility. The new bill also includes a $6,500 tax credit for repeat or move-up buyers.

It is important to note that a ‘tax credit’ is different from a ‘tax reduction’. A ‘tax credit’ is a dollar for dollar reduction in what you as the taxpayer owes. If you owe less in taxes than the allowable tax credit, the government will pay you the difference! You can begin to ‘cash in’ on the credit early, even before buying if you are certain to make the purchase in the required timeframes, by reducing your income tax withholding. This can also allow you more money from your paycheck to begin saving for your next purchase.

Although we strongly encourage you to seek qualified and legal tax counsel, here is a summary of the important features and qualifying guidelines to the new legislation:

$8,000 FIRST TIME HOME BUYER (FTHB) TAX CREDIT:

•Up to $8,000 tax credit for homes purchased (closed) before June 30, 2010
•Binding purchase contracts must be in effect before April 30, 2010
•Must not have owned a home for at least 3 years prior to new purchase
•Income limitation of $125,000 for single taxpayer/ $225,00 for married filing joint taxpayers (additional $20,000 income for either single or joint taxpayers is allowable but with modified and reduced tax credit)
•If tax credit exceeds your tax liability, the difference is ‘refundable’ to you
•Home purchase must be your principal residence
•Bonus: Co-mortgagor parents income does not count against children’s eligibility for tax credit

FTHB Tax Credit Restrictions:

•Home purchase from relative including spouse, parent, grandparent, child or grandchild
•Non-resident aliens
•Separated spouses (possible to claim repeat buyer tax credit– consult professional tax advice)
•Adjusted gross income exceeding $145,000 for single taxpayer and $245,000 for joint taxpayers (see above)

$6,500 REPEAT/MOVE-UP BUYER TAX CREDIT (NEW)

•Tax credit is equivalent to 10% of home’s purchase price
•Maximum $6,500 tax credit for homes purchase (closed) before June 30, 2010
•Binding purchase contracts must be in effect before April 30, 2010
•Must have owned and resided in a home for at least 5 years of the past 8 years prior to new purchase
•Income limitation of $125,000 for single taxpayer/ $225,00 for married filing joint taxpayers (additional $20,000 income for either single or joint taxpayers is allowable but with modified and reduced tax credit)
•New home does not have to be more expensive than prior home to qualify

Repeat/Move-up Buyer Tax Credit Restrictions

•Home purchase from relative including spouse, parent, grandparent, child or grandchild
•Non-resident aliens
•Adjusted gross income exceeding $145,000 for single taxpayer and $245,000 for joint taxpayers (see above)
•No tax credit allowed for home purchases over $800,000

It is important to note the tax credit may have to be paid back if the new residence ceases to be your primary home within three years from purchase. For more detailed information and necessary tax forms, go to www.irs.gov or contact your tax professional. Now is time to take advantage of this program before it goes away for good!

Philip Duncan
Executive Vice President


You May Soon Lose Buying Power!

Monday, October 26th, 2009

Starting December 12th, 2009 homebuyers may lose up to 20% of their buying power. More importantly, current clients are not going to be ‘grandfathered’ into the current underwriting guidelines.

Automated Underwriting has given our clients the ability to push their buying power over standardized debt-to-income guidelines. Debt-to-income ratios represent the ability for a borrower to repay a debt by dividing their monthly debt by their monthly income. While industry standard ratios are 36% to 41%, lenders have been accepting ratios in excess of 55% with an Automated Underwriting Approval. The new changes to the Automated Underwriting system will reduce the maximum debt-to-income ratio to 45%. There are some provisions allowing ratios up to 50% with compensating factors (i.e. great credit, a large amount of savings and/or a large down payment).

So you’re thinking, “Yeah, so what, what does this have to do with me?” If you are buying at the top of your qualification this could end up hitting you hard! If you currently are approved to buy a home for $200,000, this could reduce your buying power to $160,000. WOW! It is definitely hard to get fired up about finding a home that’s $40,000 less than you have been looking at purchasing.

“So what should I do”, you ask? If your pre-approval amount is decreasing, you either need to close escrow before December 12th at the higher amount or accept looking for a home with a lower sales price range from there on.

With the gap closing quickly to the December 12th deadline, now is the time to close on your loan. Contact me today, and together we will work to meet that deadline!


Monty Maxwell
(916) 515-1626 x 108
mmaxwell@teamvitek.com


Calling All Realtors®!

Thursday, October 15th, 2009

THE ZERO PAYMENT LOAN!
FOR PURCHASE OR REFINANCE

Sound too good to be true?
It’s not thanks to the government insured reverse mortgage.

Make More Money!
Generate More Listings and Sales!
Make a Difference in People’s Lives!
Create More Referrals and Repeat Business!

Do You Know Seniors That …?

• Want to downsize, move closer to family, or a senior community?
• Want to put dormant equity to work by buying an investment property?
• Want to help children or grandchildren with their down payment to buy a home?
• Want to eliminate their current mortgage payment?

To learn more please attend our Reverse Mortgage Seminar
October 22nd
VITEK Corporate Office (Click for directions)
9:30a.m. – 11:00a.m.
Please RSVP by October 20th. Seating is limited.

Call our Reverse Mortgage Division Manager Roxanne McAlpine to reserve a seat today!

The information in this website is not from HUD or FHA and was not approved by HUD or a government agency.