HARP is alive and well in Arizona and California

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Mon, 09 Apr 2012 18:04:40 -0700

HARP is alive and well in Arizona and California

Although many of the homeowners who have called me have been sincere about wanting to stay in their home, some have realized that under their economic situation, the HARP 2.0 Program in Arizona and California will not do enough to lower their payment thus allowing them to keep their home. Some of them have talked about possibly considering a short sale but for the most part, many were thrilled to learn that we could save them anywhere from $150 to $600 off their current mortgage payment.

Yep! No appraisal, no value, little documentation and low closing costs and best of all lower rate meaning lower payment.

What I have learned in the last few weeks:

No appraisal means no loan to value requirement: Although this is true, some of the large lenders are limiting this requirement. We are not - "sky is the limit"
Short sales: If a client has had a short sale that is (obviously) not your primary residence, you can refinance under HARP 2.0 so long as you have not had any mortgage lates in the last 6 months and the loan being refinanced is owned by Fannie Mae. Freddie Mac is not eligible under this scenario. **Note: 9 out of 10 lenders do not know this and will tell you "NO!" at the drop of the term "Short Sale".
Click here for more information about HARP 2.0 refinancing in Arizona and California

FHA Postpones "Collection Payoff" Requirement in Arizona and California

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Mon, 09 Apr 2012 17:30:56 -0700

As if it is not getting harder to qualify for a loan, FHA put the scare in everyone for the last couple of months stating that FHA homeowners in Arizona and California would have to either:

Pay off all their collections if it amound over $1,000 or;
Have a payment arrangement with the collection company for a minimum payment history of 3 payments/ months.

The great news is that FHA came out today and stated that they were going to postpone the FHA requirement to "pay off your collection accounts" until they hear more public and industry comments before enforcing the requirement. Either you had enough people in the real estate industry screaming bloody murder or someone at the FHA came to their senses and realized how detrimental this could have been to a "still recovering" economy and housing market.

Lets thank the heavens for some good ole'fashioned common sense.

If there are any questions that are not addressed in this article, please email, text, facebook, twitter, leave a comment below or simply call me to discuss your personal situation or specific questions.

If you find this information to be useful, I ask that you please share this with your family, friends and clients. Please use the social networks to distribute this information.

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Per FHA’s Notice to Lenders issued Friday April 6, 2012, FHA has allowed a delay in implementation of portions of the previous MTG LTR #12-03 (Academy’s Credit Policy Bulletin #12-10 & 12-15) that addresses:

Handling of Disputed Accounts
Paying off Collections and Judgments

The new effective date of this section of the MTGE LTR is delayed until July 1, 2012. Revision of the Mortgage Letter #12-03 and the FHA Total Scorecard User Guide will be updated and posted to HUD’s website today, Monday April 9, 2012.

With this extension, any case numbers assigned prior to July 1, 2012 are subject to the previous guidance in effect for the subject topics.

Collection Accounts & Judgments

HUD 4155.1 4.C.2.e

FHA does not require that collection accounts be paid off as a condition of mortgage approval. However, court-ordered judgments must be paid off before the mortgage loan is eligible for FHA insurance endorsement.

FHA Raises Their Mortgage Insurance for 2012

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Thu, 15 Mar 2012 16:15:52 -0700

FHA Raises Their Mortgage Insurance for 2012

The pinnacle and driving force of an FHA loan in Arizona and California is the Mortgage Insurance or most commonly known as "MI". Most people do not make the connection and know the difference from any other loan in Arizona and California. FHA's flexible lending guidelines allows lenders to approve loans to its segment of the market simply because the loans are insured by FHA which is funded by the MI that an Arizona and California homeowner pays monthly and the Upfront Mortgage Insurance Premium the FHA charges the borrower. Go here for more information on FHA Increasing their mortgage insurance

The FHA Less Than 90 Day Flip Rule Waived In Arizona and California for 2012

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Fri, 23 Dec 2011 13:30:18 -0800

The FHA Less Than 90 Day Flip Rule Waived In Arizona and California for 2012

Today 12/23/11, FHA declared that the 90 Day Flip rule be waived and extended up to 12/31/2012, unless withdrawn or extended by FHA in Arizona and California.

As you can already know many Arizona and California investors, agents and buyers are glad to know that the less than 90 Day FHA Flip Rule has been extended. I hope that FHA comes to their senses and gets rid of the less than 90 Day FHA Flip Rule in Arizona and California, all together. The less than 90 Day FHA Flip Rule was originally enacted to prevent the predatory practice of property flipping in Arizona and California; this means properties that are quickly resold at inflated prices to unknowing Arizona and California borrowers and where the property does not meet FHA's standards that protects Arizona and California home buyers from possibly costly repairs and/ or the property is deemed inhabitable; but with FHA's less than 90 Day FHA Flip Rule waiver, FHA have enough safe guards in place that this would prove to be very difficult to do.

To learn more about FHA Less than 90 Day Flip Rule Waiver in Arizona and California

Finance more than ten (10) properties in Arizona and California

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Fri, 22 Jul 2011 19:40:25 -0700

Finance more than ten (10) properties in Arizona and California

Call me TODAY For more information @ 480.650.8602

Academy Mortgage is now providing a tool to assist borrowers’ that own and/or want to finance 5-10 properties that are looking to add to their investment portfolio or a 2nd home purchase when they have exceeded our standard policy of a maximum of 4 financed properties. This change should have an immediate positive sales opportunity for your realtor relationships that cater to these more experienced borrowers.

The parameters for these loans are as follows: click here for information on how to finance more than 10 properties in Arizona and California

Can I buy a home after a short sale in Arizona or California ?

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Tue, 14 Jun 2011 20:24:21 -0700

Can I buy a home after a short sale in Arizona or California ?

The answer is yes.

What do you do if had to short sale in your home in Arizona or California? Often times, most lenders won't even bother listening and shut the door right in your face. It almost feels like there isn't any hope. The great news is that at Academy Mortgage in Arizona and California, we do care and we do understand that many families are deserving of that second chance. YOUR EYES ARE NOT DECEIVING YOU!

I did just say that we can finance you after a short sale with a USDA Home Loan. How you ask? See the USDA Short Sale Matrix below for more information on how you can buy a home after a short sale in Arizona or buy a home after a short sale in California:

Short Sale with Late Payments:

Must wait for a minimum of 12 months from the last late payment
Short Sale Hardship Letter
GUS (Automated Underwriting) Approval

Short Sale with No Late Payments:

Must wait until the short sale appears on your credit report and we can finance immediately thereafter (1-2 months after the short sale)
Short Sale Hardship Letter
GUS (Automated Underwriting) Approval

Not only can we close most loans in ten days* but we can also finance families that are willing to purchase a home in an Arizona USDA designated area or California USDA designated area after a short sale.

For more information on how to buy a home after a short sale, contact Ted Canto or call me directly at 480.650.8602.

Can I buy a home after a short sale? Yes you CAN!!

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Fri, 01 Apr 2011 19:57:49 -0700

Buying a home after a short sale in Arizona

Qualifying for a USDA home loan after a short sale is not very easy.

However, Academy Mortgage in Mesa, Arizona will approve a home buyer if they can meet the criteria when applying for a USDA loan with our Academy Office in Mesa, Arizona.
Most Arizona families who have had to make the hard choice or are forced to short sale their home, are often left wondering if they can or when will they be able to buy another Arizona home in the future. Most lenders have taken a standard stance that these families will need to wait for a period of 3 years before applying for a home loan. However, Academy Mortgage will approve certain USDA home buyers that can meet the following criteria:

Credit Score of 660 or higher
No late payments for the past 12 months
If you have recently sold your home and have no late payments, it is possible to qualify immediately
Obtain a GUS Approval (This is an automated underwriting approval for a USDA Home Loan).

Call me today for a free and confidential consultation and see if you qualify for a USDA Home Loan. Direct: 480.650.8602 Email: Ted@Tedcanto.com

FHA: Including my mortgage in a Chapter 7 bankruptcy

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Tue, 22 Mar 2011 23:51:45 -0700

FHA: Including My House In My Chapter 7 Bankruptcy

You filed a Chapter 7 Bankruptcy and included a mortgage/ or property in Arizona and you want to know when you can qualify for an FHA Home Loan in Arizona.. Am I correct?

What?
You may have even been told by a FHA mortgage loan lender in Arizona that after 2 years from the Chapter 7 Bankruptcy Discharge date you can qualify for an FHA Home Loan . Does that sound familiar? For the most part this information, technically, is true.
Like many others who have not been informed of the correct information, you now are being told that you do not qualify (After waiting for 2 years) and are left scratching your head as to what happened. The fact that you have included a mortgage/ or home home in your Chapter 7 Bankruptcy changes the well-known 2 year bankruptcy rule to the more conservative FHA 3 year foreclosure rule.

Why?
The fact that there was an FHA mortgage and/or property included in the Chapter 7 will revert you to FHA's 3 year foreclosure rule which is obviously the more conservative approach. Lenders will almost always take the most extreme situation and apply the guidelines from that point. The foreclosure simply is considered more serious than the Chapter 7 bankruptcy.

Click here to learn more about Chapter 7 Bankruptcy including a mortgage.
For more information, call Ted Canto at Academy Mortgage in Arizona today and I will guide you and provide with sound advice on how to qualify for an FHA home loan after your Chapter 7 Bankruptcy

FHA Extends The Less Than 90 Day Flip Rule for 2011

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Wed, 19 Jan 2011 15:40:34 -0800

FHA Extends The Less Than 90 Day Flip Rule for 2011 in Arizona

FHA 90 Day Flip Rule Is Extend For the Year 2011 in Arizona

HUD has informed us that they are going to extend the FHA 90 day seasoning financing rule for buyers & sellers in the greater Phoenix & Arizona area. This obviously will be extended to all states in the U.S.

What does this mean for you as a buyer?

The extended FHA 90 Day Flip Rule will allow you to purchase a home that was currently purchased, in the most recent 90 days, by an investor and sold for a profit. Read more about FHA Less Than 90 Day Rule for borrowers.

What does this mean for an investor/ seller of a property that is seasoned for less than 90 days?

To learn more on what the FHA 90 Day Rule for sellers/ investors, click here for more information.

USDA Home Loan: Disclaiming Your Spouse’s Credit From Your Loan Application

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Tue, 14 Dec 2010 16:43:02 -0800

USDA Home Loan: Disclaiming Your Spouse’s Credit

Non-Purchasing Spouse/ Disclaiming Spouse in Community Property States:

Except for debt obligations specifically excluded by state law, the debts of Non-Purchasing Spouse’s also known as a “Disclaiming Spouse” (Spouse’s that will not go on the loan) must be included in the borrower’s qualifying calculations/ ratios when the home buyer resides in a community property state or the property guaranteed is located in a community property state. The Disclaiming Spouse’s credit history is not considered a reason to deny a loan application. Click here for more information on USDA Disclaiming Spouse's Credit

620 FICO Score for FHA Home Buyers in Arizona

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Fri, 03 Dec 2010 20:19:42 -0800

620 FICO Score for FHA Home Buyers in Arizona

While most lenders in Arizona have quit the business of lending to home buyers who have anything less than a 640 FICO score, The Canto Team aligned with Academy Mortgage have announced our commitment to helping homeowners with credit score of 620 or greater to obtain their home.

The Canto Team/ Academy Mortgage in Arizona will allow buyers with a 620 FICO Score to purchase a home. If you want to learn more. Click to read more on 620 FICO score requirements

Your 2011 Business Plan Starts NOW!! What will the internet say about you?

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Tue, 26 Oct 2010 22:34:51 -0700

Your 2011 Business Plan Starts NOW!! What will the Internet say about you?

Last year, I posted a featured post which earned me some attention as well as some business from REALTORS that were either impressed with my enthusiasm, experience and/or good looks (kidding).

I believe that this year will be more important than the last. Let's face it, as we head for a new economic and political spectrum (please refrain from making partisan remarks), we will need to be ready for the GOOD, BAD or THE UGLY. The truth is we, either, are going to sink or swim. I don't know about you but I am not sinking!

The truth is 2010 seemed uncertain for many of us and behold! Here we still are doing what we know best and doing it right! What I do now is this, if I was able to survive this long and perform in 2010, I can't wait to get into 2011.

It is of no coincidence that I began last year's post with the title of Your 2010 Business Plan Started Days Ago: How To Market The Extended Homebuyer Tax Credit. Maybe I saw something that many of us didn't see or it was plain old luck..

The reailty is that at the time:

We didn't believe that 90% of First-Time Home-buyers were going to search online.
We didn't believe that out of the 90%, there were approximately 70-75% of them that go with the first REALTOR they find (ONLINE).
We weren't convinced that adopting Internet Marketing, Social Media and Blogging was an effective tool to grow our business.
We didn't believe that direct mail, postcards, and flyers were not only dead but that it was not a petrified species found at the bottom of our desks (sometimes useful if you know what you are doing. Sorry, many of you do not).

WE'RE CONVINCED NOW!! And by any chance you haven't bought into this yet/ still, well read on.. I believe it still drives a message home. My blog post went exactly like this except the stats are recent (the parentheses are last years numbers):

I posted a blog on USDA: Running Out Of Funds? UPDATE as of 06/01/10 - USDA NOW HAS FUNDS in AR and also on my Facebook. I had approximately 5 (45) posts on the AR blog and about 47 (26) personal replies and on Facebook I had no posts and about 35 (30) personal replies. I hyperlinked the blogs with www.Bitly.com and had about 41 (33) people opt to follow me on Twitter. If you are left wondering what were the personal replies about, the majority of them were from REALTORS asking me to share with them some marketing ideas and as to when I thought USDA would have funds available. Get this? REALTORS asking ME for marketing tips! Well, I confess! This is my expertise and I am a marketing wiz of sorts.

What is my point? Well I started marketing the idea of marketing the USDA: Running Out Of Funds? UPDATE as of 06/01/10 - USDA NOW HAS FUNDS on my blog that resulted a total of 3398 (1300) views, 87 (134) replies and additions to my database of which I was able to generate 15 (7) appointments with REALTORS and it also generated about 12 (4) referral (buyers) clients to my team. I would say that was a pretty big start. Don't stop the press yet, I just got started! To simplify what I have and continue to do, let me make it simple:

Blog, blog, blog and then blog some more.
1. Sign up on as many blog sites as you can and write material worthy of reading and educate the masses (learn more at www.tedcanto.com).
2. Let people know about anything and everything that is affecting, effecting or going to affect their home buying decisions.
Call, call, call and then call some more on your database.
- This is the foremost important aspect to what we do as sales consultants. WE TALK!! Do I need to say more
- Do not call asking if your client wants to buy or sell. They likely DO NOT!! Use them to extend the word out to their sphere of influence. Let them know that this is the best opportunity for them to help their friends and family take advantage of historic lows and INSANE LOW RATES!!
- Ask your clients if they are in need of an attorney, accountant, housing counselor, loan officer - YOU GET THE POINT?
- Conduct more calls!
Get together with your Marketing Rep and/ or Loan Officer
1. Strategize on a viable marketing plan (FYI: This takes speaking to a real Marketing Rep. (Not someone who is going to just throw postcards at you) or even an LO who understands marketing (not many do). Not an LO who just answers calls and sends preapproval letters. I am an LO and I can tell you that many just don't get it too well.
2. Obtain a list of homeowners that purchased in 2003-2007 and still live in their homes. Believe me, there are more than you think. Here in Arizona the count was in the 100's of thousands.
3. With the help of your Marketing Rep and/or LO, devise a letter worth reading and highly informative.
4. Don't try to be elegant on the letter.
  - Think about this.. When you get a letter solicitation in the mail in 10-12 size font: How Many Seconds Does It Take You To Throw It Away?
  - Now think about this: When you get a letter solicitation in the mail with big 18-42 size font: How Many "MINUTES" Does It Take You To Throw It Away?
  - BIG, LOUD, and GAUDY WORKS!!
5. Take out your check book. There will be an investment and make sure it is well worth it. The best things are not free and take TIME, MONEY and DEDICATION. Sorry! No Freebies here.
6. Talk to an web designer, call a Social Media company, talk to anyone and everyone who may have value for your business.
Repeat Step 1 through 3 all over again.

Fellow associates... this is not rocket science but it does involve some hard work and dedication. Keep in mind that Real Estate & Mortgage sales and is a lot like holiday shopping where now everyone begins as early as September to buy gifts. For us, we go selling! October, November and December is our 2011 New Year. Our 2011 is already in the works. If you are not devising and/or implementing a plan of attack, you leave the playing field open to the REALTOR & LO next door. We must earn our keep and get our hands dirty and consult our clients to the best of our ability. As you already know, the cream of the crops is rising in the industry and there will be more collateral damage.

As always, the 90/10 Rule Applies here.. What will the Internet say about you?

Direct lender and licensed in most states across the U.S.

Real Estate Information You Can Trust

Ted Canto

Sr. Mortgage Consultant

Direct: 480.650.8602

Visit www.tedcanto.com

Ted's Blog: www.thecantoteam.com

Home of the 10 Day Close! www.tendayclose.com

Company site: www.academymortgage.com/tedcanto

Mortgage rates hit a record low 3.75% on a 30 year fixed! What is happening?

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Fri, 08 Oct 2010 17:12:14 -0700

Who would say that despite the Dow closing above 11,000 for first time since May 2010 and after a decline in jobs that both would allow the release of the Mortage Backed Securitie to issue aggressive rates that allow escape from it's threshold of pain..

I work at a National mortgage company, Academy Mortgage, and after congregating and talking around the water cooler in the office, it was made obvious that none of us Loan Originators noticed the mortgage/ home loan rates being so drastically low. Who knows maybe since it is a long weekend we just all weren't thinking or worried based on our knowledge of the market (It's slow around a holiday weekend. Rates stay unchanged for the most part)..

However, the rates are currently

Conventional rates are at 3.875%
FHA rates are at 4.00%

Of course there are some downpayment and/or credit requirements that have to be met and reviews. Let me know if you have questions or like to discuss the madness.

Ted Canto

Mortgage Consultant

Academy Mortgage

Direct: 480.650.8602

Office: 480.344.3671
Fax: 480.374.6958

Email: ted@tedcanto.com

NMLS #: 228393

New FHA Upfront MIP on Oct. 4, 2010

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Fri, 01 Oct 2010 02:01:28 -0700

New FHA Upfront MIP on Oct. 4, 2010

FHA Homebuyers will see the new FHA Upfront MIP go down as of October 4, 2010.

Over the past 2-3 months, Congress has taken action and passed H.R. 5981. This bill gives FHA the authority to adjust it's annual mortgage insurance premium yielding approximately $300 million per month to the FHA Mutual Mortgage Insurance Fund at a time when its reserves are perilously low. As a result, FHA has decided that effectively on October 4, 2010, the UFMIP (Upfront Mortgage Insurance Premium) and the Monthly Insurance Premium will change in order to meet the demands of future FHA Homeowners.

What does this mean for you and how does it affect your ability to qualify for an FHA Loan?

To learn More about (click here) FHA MIP Information

FHA Changes on April 5th, 2010: 3% Seller Contribution Maximum

TED CANTO- Arizona's #1 Mortgage Lender (Academy Mortgage www.tendayclose.com) — Fri, 26 Mar 2010 20:32:51 -0700

FHA Changes on April 5th, 2010: 3% Seller Contribution Maximum

Updated 9/08/10

FHA has postponed the respective changes until further notice.

It must be noted that they are seriously enforcing changes to the program, however it is now being reviewed for a timely implementation.

And if you think things could get any tougher for an FHA borrower!

In an effort to tighten up its latest embarassment, (FHA's balance sheet and dwindling capital reserves), the Federal Housing Authority is rolling out sweeping financial changes that can affect you or your customers. FHA borrowers will need to look better on paper and be better credit risks moving forward in 2010.

To boot, Mortgage insurance premiums are rising from 1.75% to 2.25%.

Click for major FHA Changes on April 5th.