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  1. #1
    Jim
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    Default Mortgage Professionals...lets talk

    Do you ever need to get information and don't know exactly where to turn?

    Do you ever want to discuss problems with ethical friends?

    Do you ever run accross some business information which would be helpful to your fellow?

    Then, LETS TALK!!

    I would like to hear about some programs which you've recently run accross which are unique to the market place.

    Any Loan Officers out there who are attempting to find a program? Ask here.

    Lets see if we can make this a resource for good loan officers to share ideas and insights which benefit our clients.

    Who out there is just starting out in the mortgage industry?

    Who knows an excellent program?

  2. #2
    Jim
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    anyone... anyone..?

  3. #3
    Gus
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    Dad, thanks for starting this topic. I wish there were more loan officers and real estate professionals like yourself open for discussion.

    The lack of talk on the subject is telling about the industry.

    I'm sure most loan officers think, “why should I tell you about my mortgage programs?”

    These are the same people who keep their clients in the dark.

    Thanks for helping demystify the loan process. You've written many great articles about the mortgage industry. I hope others here will read some of your posts; and come back to talk.

    Dialogue and open communication can make a difference in our quality of life.

    Keep up the good work!

  4. #4
    Jim
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    You guys are a little bit quiet ..so I thought I may post about a recent offering from GreenPoint Mortgage.

    Anyone heard of a 5 year Option Arm which guarantees the monthly payment to be 3% under the prevailing interest
    rate?

    It's a product worth asking your GreenPoint Wholesale Rep about. :bug:

  5. #5
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    I am not a mortgage professional, I'm a Realtor, however I do know the mortgage process well enough to secure a smooth closing for my transactions. Unfortunately there are some mortgage nonprofessionals that I have had to deal with, which seem to be doing this part time and not taking it very serious. I've had to follow up with insurance companies and condo associations on there behalf just to confirm documents have been transmitted, and have had to actually take control and transmit these documents myself. In other words do their job for them but do it right.
    On the bright side, my aunt is the Mortgage Professional I usually work with and she's great, shes a true professional, and her goal is get these deals closed.

    There is a great program that I used for my brother in law. He is a 2 year teacher, first time buyer, with great credit (gotta have good credit). This program allows the qualified buyer to finance 100% of the deal, 80% of the loan is fixed at a low rate, and the payments on the 20% are deferred for 5 years, at which point they come in at a 0% rate. Wow, pretty awesome huh? His closing costs on a 250k deal were less than 5k. This loan is not available year round and when it does become available its on a 1st come 1st serve basis. We timed it so we had everything ready to go by the onset of this grant, so he was one of the early ones to get the money. I think its like 5 million in funds that the government actually allocates for these grants. Anyways, there's my input guys!!!

  6. #6
    Jim
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    Very nice, and your aunt does that? Would auntie like to post the particulars or are we keeping it under wraps?

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    Albert, thanks for posting that information. The loan sounds like a great deal! Is it only offered to first time buyers? Do you know when it becomes available, same time every year?

    Gus and I were just discussing the other day that it seems customary for people to put 20% down. When you're talking about a $400,000 property (and that won't get you much in Miami as we all know), that's a lot of dough to come up with.

  8. #8
    Jim
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    Nice rescue Michelle. Wake me up when auntie posts the details :down:

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    Michelle, regarding the 20% down, yeah its customary and it definitely makes your offer stronger but its not necessary. Especially in todays market, buyers have the edge. As a seller, I would consider entertaining a 10% even a 5% in some cases assuming the other terms (closing dates, deposits, inspections) are favorable. If you can finance, lets say 450k-475k, you can get a home in Biscayne Gardens or certain parts in Miami Shores. Those are 2 really nice communities. Or you can get a really nice condo for that price. But if its a house, those are the areas I would suggest.

    It's a government loan which comes from Housing Finance Authority Mortgage Revenue Bond Program , which is at the bottom of the page once you copy and paste the link. My "auntie" had nothing to do with it. http://www.floridacdc.org/affordable.htm, so she wont have anything to post :P .....


    ps
    Pink Floyd Rocks!!!!

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    Also I dont think the lack of talk on the subject is only because people dont want to post, maybe there are no other loan professionals in these forums, which works out great for Jim. The busiest forum on this site, seems to be the Food and Restaruant forum. I love this site. It is a shame we dont have more Real Estate and Mortgage guys like Jim, Lyle, and myself posting there opinions but I say give it time. I found you guys through a google search by mistake. Lets get the word out..

  11. #11
    Jim
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    en boca cerrada no entre ....la mosca

  12. #12
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    ....el pez muere por su boca

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    my family relocated a year ago and have since been renting in kendall. We are looking to buy and I have explored all around Kendall but find that I am not getting what I want for the money. I also find a lot of traffic. My husband works downtown so we have to be in distance of that and I want good schools. Can anyone suggest some neighbourhoods where I can feel I can get a good deal. I will check out the two already mentionded...any others? I don't mind older neighbourhoods either. I am particulary unfamiliar with the southern broward county.

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    I would suggest Miami Shores & Biscayne Park. These are two great communities to consider especially in Miami Shores. Both of these neighborhoods are right off Biscayne Blvd, and there are a shortcuts that will get you right to Downtown in minutes. I dont have children yet but I have heard many send there kids to private schools and there are many good ones in these areas. The starting home in Miami Shores is around 400-450. Biscayne Park 375 and up. Visit my site and you will find more info on these areas, including links to school pages and city halls. I dont know too much about South Broward. I dont blame you for wanting to leave Kendall though, that traffic is pathetic. Life is too short to spend a quarter of your day stuck in traffic. Kendall is great otherwise. Hope that helped...

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    Whats up Jim, I'm in the mortgage industry, I'm pretty new here, but enjoy it.
    World Savings the originator of the option arm has some awesome programs.We were using Ownit alot until its demise. We use WMC alot are you familiar with the industry?

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    Excuse my idiotic question I hadn't read your post well. I'm very interested in what you have to offer Jim. I will touch base.

  17. #17
    Jim
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    Thanks for posting...calcdv8shun...

    If you're going to "touch base" make sure it's before the fat lady sings.

    I have today been involved with some interesting clients and the theme seems to be 100% financing.

    These 80/20 conforming mortgages are sweet right now; and, Fifth 3rd will even do 80/20's on new construction as long as the credit score is 660 or better.

    That means, build your own and Fifth 3rd will pick up the tab for the lot and the construction.

    Do you think anyone can find a lot and build on it for say under $500,000 in Miami/Dade?

    If they can, come see me.

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    "Thanks for posting...calcdv8shun…

    If you're going to “touch base” make sure it's before the fat lady sings.

    I have today been involved with some interesting clients and the theme seems to be 100% financing.

    These 80/20 conforming mortgages are sweet right now; and, Fifth 3rd will even do 80/20's on new construction as long as the credit score is 660 or better.

    That means, build your own and Fifth 3rd will pick up the tab for the lot and the construction.

    Do you think anyone can find a lot and build on it for say under $500,000 in Miami/Dade?

    If they can, come see me."
    No the thanks should go to your son Gus for creating this forum for creative thinkers to express and share ideas. I just wish people my age were a little more interactive in subjects of the sort. By the way I just turned 25 and really enjoy sharing ideas, perspectives, and experiences with other like-mined individuals, so thank you.

    It's a definitely 100% financing across the board and almost always some sort of seller contribution if not the full 6%.

    Wow i really appreciate that tid-bit of information regarding fifth 3rd, we are not approved with them yet, we just opened last month I'm the office manager under the two owners who happen to be close enough to consider family. JVS Mortgage is the name of the company and we work out of the Doral. But I'm putting it in my planner to have the seceretary look it up and set the wheels in motion with them. Do you have a specific rep that you recommend?

    Why was $500,000 the figure that you chose?

  19. #19
    Jim
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    The reason I chose $500,000 was that you want to keep the first mortgage below $417,000 to avoid "jumbo" pricing. Provides more affordable monthly payments to clients.

    I don't have a specific rep for you sorry, I have Michelle Goodenough but she's here in Michigan.

    Fifth 3rd also has a nifty niche which will give a 620 score to a foreign national who has no verifiable credit.
    Most other lenders require (3) trade lines, two of which must cover a previous 24months.

    If you have any buddies who want to jump in please let them know about the forums here.

  20. #20
    Jim
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    Here's one that I know the answer to, and I want to see if anyone else does:

    What lender will put a HELOC or 2nd Mortgage of 20% behind an 80% Negative Am First?

    Ok pros...let's hear your replies...I will post my answer within 36 hours.

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