FHA Mortgage Refinance Tennessee

If you are looking for  Tennessee home refinance FHA  programs, you are in luck. Not only can we help home owners in Nashville ,TN, we can help many home owners in almost every city and state in the country (we focus on Tennessee in this post for the search engines to make a long story short…anyhow). This post is designed to give you an idea on why refinancing this loan could possibly benefit you. Let me give you three reasons.

Benefits Of A FHA Refinance

1. The obvious reason is to lower your rate and monthly payment. If you got your FHA loan a couple of years ago, interest rates may be a lot lower now compared to then. I have refinance a number of clients recently that realized an considerable savings on their mortgage payment.
2. You could do a FHA Streamline Refinance. This option is streamlined because in some cases you may not need an appraisal. You may also benefit from reduced paperwork. Saving you time and the process saving a few trees!
3. Lastly, saving a few years of your mortgage could be an option. For some, your mortgage payment may already be affordable. You possibly got a 30 Year fixed rate when you took out your mortgage. If thats the case, have you thought about a 15 Year fixed loan? Some of my clients refinance into a 15 Year Fixed FHA loan and was paying almost the same monthly compared to a 30 Year Fixed. Imagine how much you could save on the life of the loan if you were able to shave off 10 years of mortgage payments? Think about this, how much are you paying a month? Multiply this by 120 months. What figure do you come up with?

What Do You Do Now?

Give me a call! This article is designed to let you know that you may have options in saving money on your mortgage. I know that everyone situation is unique. Because of this, contact me and I will know in a few minutes if refinancing your current FHA loan is an option for you. My phone number is (615) 294-6534. If time is not on your side right now, fill out the contact link below. Just let me know what would be a good time to call.

CONTACT ME HERE

HARP 2.0 May Be The Answer

Let’s say you are a home owner in Tennessee. You purchased your home before June of 2009. During that time rates were a lot higher than where they are today. You may have tried to refinance your home in the last year or so. Did they tell you that your mortgage balance is a lot more than what your home is worth? Sadly, I have been hearing this more often in not in the last couple of years. It was no fault of your own that your home value decreased after you purchased your home. I am sure you bought this home as a life long investment. All you are trying to do is to lower your interest rate to these historical lows that they are at now. So what can you do to refinance at today’s rates if your owe more than its worth? Luckily home owners in my state of Tennessee and all throughout the country have an answer, HARP 2.0 (Home Affordable Refinance Program)!

What Can I Do To Benefit From This Program?

Recently I created a page devoted to this program. You can read more about how this program may benefit you and also learn to see if you qualify. For some, this may be the only option to refinance at these rates. We all know that the value of your home will increase overtime. The question is, when? To learn more about this program click the link below.

HARP REFINANCE 2.0

Image via Wikipedia

Greatest Of All Time?

The world has lost a great American today. Joe Paterno lived his life just as he coached it…Play every down as if it was your last. Not only was he a WWII veteran, but he also shaped the lives of  THOUSANDS of men for many decades. Some may say that he ultimately died of a broken heart, this may be true. I do know that his life will not be judged by what happened to him in the last few months of his life. Instead, his life will be remembered for what he did for our country during the Great War and for the countless number of people who can say that this man has made them a better person. God bless Joe Pa!

Real Estate May Be The New Gold!

I have been receiving a lot of questions lately about when should I buy a home. You see a number of my clients were waiting until the 2012 to purchase a new home. I am sure by now you know with the current housing market being battered for a number of years, most of these people were waiting until the bottom hit before they pursued that purchase of that new dream home. If I only had a crystal ball, I would be a rich man. This article is to help you determine if now is the right time to buy. Better yet, I will let the expert who predicted the housing bubble in the first place to help you with your decision.

Maybe He Is Not  A Prophet, But Close Enough!

A man by the name of John R. Talbott accurately predicted in 2003 that the housing market in the U.S. would crash. He even highly recommended in 2006 that if you were looking to sell your home, this would be the year to do it. Those that took his advice then made thousands of dollars on the sale of those homes. You see with the housing bubble, trillions of dollars were lost in home values across the country. Fast forward to 2012, the economy has started creating jobs. Foreclosures are currently less than they were this time last year. Lastly, an election year is ahead of us. What does all this spell? Consumer Confidence!!! Thats right, when people feel better the economy feels better. Don’t just take my word for it, visit Mr. Talbot’s post that he placed in the Huffington Post here: HOMES – BUY NOW!

Here is an excerpt:

So, run, do not walk to your neighborhood banker and either finance a new home purchase or take out the maximum amount of money he or she will lend you on a home equity loan and buy hard assets, not financial securities, with the money. When inflation comes roaring back the only perfect hedge is to be a borrower, not a lender or investor.

Are You Ready Now?

If you have been sitting on the fence waiting for the bottom of the market, it may have passed you by already. As the year progress, more and more people are going to get the word about buying a new home now. Look at it like the Great Gold Rush. By the time everyone knew that gold was out west, it was too late. Thats how it is typically when you receive information about a good investment. In this case you may be getting this information first!

To see what you can qualify for on your new home or if you just have questions about financing, give me a call at 615-294-6534. I look forward to hearing from you soon!

It Can Be Done!

 Why Finding A Professional Tennessee Mortgage Broker Is Imperative Now More Than Ever!

Finding a professional Tennessee mortgage broker can be the difference in closing on time or maybe not closing at all! We all have heard how the foreclosure market is bringing home values down. I am sure you also know that mortgages played a big role in the market. Just a few years ago, someone with a 580 credit score could get a mortgage with a decent down payment. Fast forward to now, a 640 credit score is what is needed by most banks. A 620 on a VA Home Loan. Mortgage underwriters and home appraisers are dotting every “i” and crossing every “t”. In the past, appraisers would give value to certain upgrades in a home. Underwriters would give a little discretion to someone who has had some credit trouble recently. I read a post from The KCM Blog that basically sums it all up:

But today, everyone has tried to quantify everything and put everything into a matrix. Credit scores are numerical, and the number determines eligibility and cost. Gone is the concept of explaining why you have defects in your credit. We don’t care why, we just look at your score. Appraisers now are being scored and their data being scrutinized to a level most would find mind-boggling. Amenities that make a home worth more for a particular buyer (like a pool or upgraded basement) are virtually ignored. Underwriters have primarily become fact-checkers and quality control as a computer software program underwrites the vast majority of mortgages today.

Some things to expect from Mortgage Brokers in Tennessee and beyond!

Tennessee mortgage brokers should be knowledgeable about all of the guideline changes as of late. Most people go to the companies that you see advertised all over the net or in print. These companies are basically a large call center with order takers. More often then not, the loan officer is new to the business. They may not understand that you can add additional income to a retired person. They may not be able to increase your credit score 5 points to get you approved for that new loan. The most important thing is to ask them how long have they been in the mortgage industry? Ask them, what was the hardest loan that they have ever done? You will begin to understand what they know and may not know about this ever complex industry.

Just like the picture above, it can be done. It may take a little ingenuity and foresight from someone like myself. Owning a home isn’t difficult. Not for the ones who have a professional guiding them down the path.

Is misinformation holding you back?

With all of the negative information about mortgages and housing prices, I can see why people believe that getting a Tennessee Home Loan is next to impossible. It couldn’t be further from the truth. For example, a customer called me a week ago about buying a home in the spring of 2012. After we reviewed her credit and income, we determined that she could get approved for many different home loans that we offered. I asked her was is holding her back from buying that home now versus 5 months from now. Her biggest concern was not having a 20% down payment. Really?? She was under the impression that in order to buy a new home in this economy, one would need a large down payment. Needless to say, I was able to help her get into a home with a 100% financing (USDA Rural Housing Tennessee).

We all understand what ass-uming means?

Instead of listening to the news or shade tree mortgage professionals, get advice from someone in the field when it comes to Tennessee Home Loans. Yes, 100% financing is available to some. Below are some links to different programs that require anywhere from a 5% down payment to no down payment at all:

1. USDA Rural Development

2. Veteran (VA) Home Loans

3. FHA Home Loan

4. Fannie Mae HomePath Mortgage

Getting Started!

The lady that I was able to help above is going to close on her new house before Christmas. The only reason she is able to close is because she didn’t want to take the advice of others about the housing and mortgage market. She wanted to find out for herself. You can as well, give me a call at (615) 543-6749 to discuss the options available to you for your new home. If you like, click the banner below to get an idea of what you may qualify for. No personal info is needed. Answer a few questions and you will get the results.

Terrence,

Sorry it has taken so long to get back to you. Just wanted to say thank you for everything you done for us in purchasing our home. You were very professional in every way and answered any questions I had along the way, if you didn’t have an answer right away it didn’t take long for you to get one. I have your name and number in my phone, if anybody is looking to buy a house I will definitely refer them to you. Thanks again for everything.

Dwayne P

If you are looking at buying a home, the infographic above tells the whole story. With all of the financial experts saying that it makes great financial sense to purchase a home today. The graphic explains in detail about buying a home in 2003 for $250,000 at a interest rate of 5.88% compared to today’s Tennessee Mortgage rates. One thing that it doesn’t mention in this ad is the price of homes in 2003. In most cases, in 2011 you are buying more home due to the decrease in housing prices compared to then. And with interest rates at alll time lows, your purchasing power is even stronger.

Don’t Take My Word On It!

The Wall Street Journal just recently posted an article about buying a home now. The article is title Stronger Lure For Prospective Home Buyers. Here is an insert below:

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.

The Take Away!
Now is the greatest time in recent history to buy a home!

To Learn More About How Waiting To Buy Could Hurt You, Go Here: Buying a Home in TN: Lose thousands by waiting…

5 Things that you need to address in order to get approved for a mortgage in Tennessee

As the saying goes, bad things happen to good people. We all have suffered set backs from time to time. In my business, these set backs can make you go from pre-approved to denied for a Tennessee mortgage. In this post lets talk about the 5 things that I see more often that needs to be addressed before you can be approved for a loan.

1. Chapter 7 discharged less than 2 years ago (4 years for conventional mortgages)

If you had a Chapter 7 bankruptcy in the last two years, you will not be able to get a FHA mortgage.  If its been 4 years, you can’t qualify for a Conventional mortgage. You do have exceptions to these rules. For example, if you had a Chapter 7 and its been 25 months since it was discharged, you are eligible to get a FHA Home Loan. Also, if you have a Chapter 13 and you’ve paid it on time for 12 months, you are eligible for an FHA loan.

2. Foreclosure within the past 3 years (7 years for a conventional mortgage)

You are eligible for a FHA Loan if you haven’t had a foreclosure for 3 years and 7 years for a Conventional loan.

3. Unsatisfied tax lien(s)

All tax liens needs to be paid. However, if you have a payment plan for the lien and you have been paying it for 12 months or more, you may be eligible for a mortgage. It will be the underwriters discretion.

4. Student loan collections

It is similiar to tax liens. If you have a payment plan in place, you may be eligible.

5. Child support collections

Just like number 3 & 4.

By no means is this the list of all of the things that could hold you back from getting a mortgage in Tennessee. I know that every situation is unique. To find out what you need to do for an approval on a new home loan, give me a call at (615)-543-6749. You can also click this link to send me a message. Contact

You have been looking for a home for the last  6 months (or maybe looking to refinance your Tennessee home). You may have been pre-approved for your Tennessee mortgage, maybe not. Regardless, you found that perfect home and now comes the hard part, GETTING A MORTGAGE!

It doesn’t matter if you are in Nashville, Knoxville, Murfreesboro, Clarksville, or even Chattanooga, once you get pre-approved for that new Tennessee home mortgage, you should avoid the things below just like the plague! It could possibly turn your approval to a denial. These things creates red flags for the underwriter of your new mortgage and nightmares for people like myself.

1. Getting new credit or increasing the balances on your current credit cards

* Opening new debts or increasing your balances could knock you down from your dream home to a double wide in no time. The mortgage pro you are working with (if    you are pre-approved), got you pre-qualified based on your current debt to income ratios. Any new debt could throw those ratios completely off and make that current pre-approval null and void. Most banks have a formula that we call Debt to Income Ratio. The ideal ratio would be that 45% of your income is going to all of your debts, including your mortgage. Some programs will go up to 50% but any new debt could possibly take you over those ratios.

2. Don’t make any large purchase

* New flats screen tv’s for every room of the house? Refrigerator? Maybe a new car for the garage? It goes back to number 1. Just wait to make those purchases after you close on the new mortgage.

3. Don’t forget to make your payments

* Even though you had your credit pulled for the pre-approval, your credit will be pulled again just before closing. Not only will the underwriter verify number 1 & number 2, they are also looking to make sure that you are still paying all of your other debts on time.

4. Don’t start a new job

* If at all possible, please wait to start a new job. Job stability speaks for itself. Also, if you go from a salaried position to a position that your income is heavily depended on commission income, we may not be able to count the commission income. You will need to be receiving commission income for 2 years before most banks will use that income. The same holds true to bonus income. If you leave one job for another and a sizable portion of your income is from bonuses, you may not be able to use that income if your new employer can’t “guarantee” that you will continue receiving that income and how much that bonus income will be. Lastly, if you go from a salaried position to self employed, we will need a 2 year history of self employment income. Income will be averaged over 2 years. Keep that in mind when it comes to debt to income. If one year was better than the other, your income may be to low for that dream home.

I tried to explain the top things that may cause a problem in getting a mortgage in TN. The is in no way all of the obstacles that you may cross before you receive your approval. These are the ones that I see more often. If you are looking to buy a home, you may want to look at this post as well:  5 Tips Of Buying A Home In Tennessee To Make The Process Less Stressful

My goal is to help you eliminate these challenges and possible road blocks for your new home loan. To get seasoned advice for your new mortgage, give me a call at 615-543-6749 or fill click the link below to send me an email. CONTACT