Tag Archives: Virginia Beach

REBarcamp Virginia Beach – A Real Estate Event Expo Free!!


Virginia Beach – http://rebarcamp.com/vabeach/

I will be helping out an amazing event that is coming down to Virginia Beach.

The event is geared towards the Real Estate Professional community and all other industry niches geared towards Marketing, Technology and Social Media.  If you are a business professional in the Tidewater Area, you might want to come register to reserve your spot in this great event. 

The Skinny

  • Who: Any Real Estate Professional and industry experts who have a DRIVEN desire to LEARN and SHARE
  • What: Open session gathering of experts in Real Estate, Marketing, Technology and Social Media. This event is FREE
  • When: 10am – 4pm Thursday, July 16th, 2009
  • Where: Buffalo Beach Hilltop Plaza

    1725 Laskin Road, # 501

    Virginia Beach, VA 23454

    757-422-WING (9464)

    *Free Wi-Fi*

  • Why: REBarcamps are great events where industry experts around the nation gather to participate in Learning, Sharing, Networking and Motivating. Expect a highly anticipated Engaging and Fun event to improve our overall success in our business.

Register and Reserve your spot here for free http://rebarcamp.com/vabeach/?page_id=7


FHA Streamline Refinance 411 – The Quick & Easy Loan – No Cost – No Appraisal – Bad Credit OK!

No Cost, No Appraisal, Quick and Easy

No Cost, No Appraisal, Quick and Easy

FHA Streamline Refinance 411 – The Quick & Easy Loan – No Cost – No Appraisal

FHA Streamline 411:  FHA has permitted streamline refinances on insured mortgages since the early 1980’s.  This is a way to “Gurantee Refinance” regardless of certain requirements.  This is an excellent choice if you want to ..

1.)  Convert your ARM to a FIX regardless of past credit and upside appraisal issues.

2.)  Refinance to a lower rate, quick and easy without the headache of new loan process.

FHA Streamline Requirements:

  • The mortgage to be refinanced must already be FHA insured. 
  • The mortgage to be refinanced should be current (past late payments OK)
  • No Fico Score Required
  • Must lower the borrower’s monthly principal and interest payments to qualify. 
  • No Cash out over $500 on refinance.
  • No termite report is required
  • Appraisal not required
  • Income documents not required


FHA Streamline Process: The Streamline process is by far the most Fastest and Easiest to qualify.  Heres how it works

  1. Check to make sure your loan is a FHA loan
  2. Call me to complete a 5 minute application
  3. Sign and Complete disclosure forms to get Payoff from your current company.
  4. Wait 48 hours
  5. Close Loan
  6. That was easy!!

Mortgage Banker 411 in Virginia Beach

Most people in Virginia Beach have asked me many times if I were a Broker or a Direct Lender?

I usually reply both! Then I get a mixed reaction asking how I can be both?

First lets break down the 3 categories of lenders.

  1. Mortgage Brokers – Act as the middleman and shops around for loans for the clients, not associated with a bank.
  2. Loan Officers – Works for direct lenders like Countrywide, Bank of America and Wells Fargo.
  3. Mortgage Bankers – Works for Banks as Loan Officers but has the ability to broker out loans if needed.

So In essence I work as a Hybrid Lender.  My mortgage company Prosperity Mortgage directly writes loans for our affiliated company Wells Fargo 90% of the time.  Just in case we need to find a certain loan elsewhere that we don’t carry, as a Mortgage Banker we can broker out loans if needed to without the expense of typical normal broker fees.

Now even though there are certain lender types, I always say it doesn’t matter really about the company it boils down to the individual that represents the loan transaction.

Home Improvement Loans: 203k Loans

Home Improvement Loans

The Home Improvement Loan is designed to help Home Owners and potential future Home Owners get a loan based on future improvements of the house.

If the house needs some work done then typically a normal loan like a Conventional loan will not finance the loan due to home improvements over $2,500.  This type of financing will call for a Home Improvement, Rennovation, Rehab, Full 203k and 203k Streamline loans.

Instead of paying out of pocket or financing the costs with a credit card, we can do a 1 stop shop for your financing needs with home improvements rolled into the loan.

Don’t worry about the appraised value if the house is in bad shape, the loan is based on the after improved value of your improvements.

Typically these loans can close in 30-45 days, with contract work started within 30 days of closing.

Below are some guidelines explaining 203ks

  • Less fees vs a Full Renovation – cheaper
  • No Reserves – Full 203k requires reserves
  • Restricted to $35,000 in repairs – *no major structural repairs* Over 35k is Full 203k.
  • NO HUD CONSULTANT – this is the biggest distinction here compared to full renovation.  Saves time and delays.
  • Owner Occupied / 1-4 family
  • No Inspections – over 15k in repairs just needs to verify work is done.
  • No Contingency Added
  • Repairs must be completed in 6 months – no extensions, after 6 months must be kicked to full renovation.

Rennovation Specialist

Renovation programs are great for 1st time home buyers providing solutions for needs and wishes into reality.

With Foreclosures and short-sales on the rise, many homes on the market need a lot of T.L.C and most of the time the previous owner had not taken complete care with the home, this is repair the 203k loan can shine for you.

Remember, not all Mortgage Professionals offer 203k Loans.  Consult with a Renovation Specialist who can guide you through the decision in Streamline vs Full Renovation.  By the way…I offer both 🙂

The 411 on VA Mortgages aka the Military Loan

Supporting your troops!

Here locally in Virginia the Navy owns 36,000 acres and more than 6,750 buildings in the area. There are some 108,000 Navy and Marine Corps personnel stationed in the area, and the Navy employs more than 41,000 civilians.

There are more than 23,000 retired Navy men and women living in Hampton Roads, and approximately 118,300 dependents of active duty, and civilian personnel. The total Hampton Roads Navy community numbers some 318,000 people. The military brings in over $11 billion into the local economy annually.

Va Mortgage ? What is it ? Who Qualifies

The Department of Veterans Affairs (VA) guarantees loans to help qualified veterans, reservists, and active-duty service members to finance their homes by Refinance and Purchase.

The VA loan allows veterans 100% financing without private mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed.

You can apply for a Certificate of Eligibility by filling out a governmental form called the VA Form 26-1880, Request For a Certificate of Eligibility For Home Loan Benefits.

Check with your lender if you don’t know if you cant find your certificate, they can quickly process your request and find out if you are eligible for a VA mortgage through a system called ACE

VA Mortgage Highlights

Many lenders are restricting LTVs and LOAN amounts right now with FHA and VA loans. Check with your local lenderSupport Our Troops to see what their guidelines are.

VA is Still the #1 first choice if you are eligible to qualify in the mortgage world.

* No Minimum Credit Score still for VA Mortgage (Check with your lender, my company still validates this)
* 100% Financing
* 100% JUMBO FINANCING still (We are the only lender in this area still has this!!!)
* Flexible income, debt and credit requirements to help borrowers qualify
* Down payment and closing costs that may be funded by a gift, grant or secured loan
* Rates are almost always 1% cheaper and lower than standard conventional loans

So I always ask my customers if they are VA eligible first, because VA is still alive and kicking and pretty much the only true 100% program out there still.

Don’t forget just because FHA might be hot right now, VA Mortgages should not be overlooked.

FHA Mortgage 411 Information

Here is the main scoop and 411 on the ever popular government loan FHA

  • 3% Down Payment Investment (HUD will require 3.5% after January 1st 2009)
  • Closing costs can be paid by seller or lender through premium pricing
  • Seller Concessions up to 6%
  • Reserves not required
  • Gift Funds Allowed from Family and Friends
  • No prepayment penalty
  • Assumale to qualified borrowers
  • No minimum FICO requirement!!!  (Case by Case scenarios)
  • Citizenship is not required
  • Non-Occupying co-borrower allowed (aka kiddie condo loans)
  • No Doc & No Appraisal FHA stream line refinances
  • Strict Appraisal Conditions Removed (No more headache appraisals, come give FHA another chance)

The FHA program may very well be the best loan programs available today.