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Don Maher's Blog


Financing non warrantable condo loans
Updated Oct. 24, 2014
With the "Big Banks" widely exiting the condo market, Universal Capital Mortgage Corp. continues to be a leader in the placement of non warrantable condo loans. We offer a full line of fixed and adjustable mortgages, all with no prepayment penalties.. We offer programs for the following:. oNon Fannie/Freddie/FHA...
Need To Know Loan Programs For 2011
Updated Oct. 9, 2013
With the current lending markets changing weekly, Real Estate Professionals as well as Home Owners/Buyers need to keep up on guidelines. As the markets open up, certain investors are looking to capture markets by offering programs that were suspended after the mortgage crisis. The programs below, both...
Higher Loan Fees Coming April 1, 2011
Updated Oct. 9, 2013
Its no April Fools Joke either. Once again, the Federal Government is attempting to "fix" something that is not broken. The new Loan Originator Compensation rule will likely have the same benefit to today's consumer that HVCC had - higher loan costs. Below are the highlights on the final rules on Loan...
New Anti-Steering Rules Effective April 1
Updated Oct. 24, 2014
It is important to understand that mortgage brokers must present loan options so as to avoid "steering" the borrower to a particular term or loan product to increase the broker's compensation.. In order to comply with the Anti-Steering provision, mortgage brokers must not present loan options to the...
Urgent Update To Non Warrantable Condo Financing
Updated Oct. 24, 2014
As of today, there are now loan programs for non warrantable condo coplexes with the following issues:. 1. HOA Litigation - Any Type2. High HOA Default Ratio ( in excess of 15%). Many condo complexes are in good financial shape, but due to the number of units, or HOA litigation, may be non warratnable.. For Example:. 1. An...
8 Ways To Take Title
Updated Oct. 9, 2013
Advantages and Limitations. Title to real property in California may be held by individuals, either in Sole Ownership or in Co-Ownership. Co-Ownership of real property occurs when title is held by two or more persons. There are several variations as to how title may be held in each type of ownership. The following...
Mortgage Loan with HOA Litigation OK!
Updated Oct. 24, 2014
HOA litigation has been a deal killer for thousands of home buyers and homeowners accross the country. Whether its the HOA suing a contractor for 5 million dollars, or a homeowner suing the HOA because of a roof leak, Fannie Mae guidelines prohibit HOA litigation.. Thankfully, there are portfolio lenders who can...
"Stated Income" Loans Making A Comeback
Updated Oct. 9, 2013
Quite often, highly qualified borrowers with high net worth and great credit scores cannot qualify for a conventional loan. Whether they are retired, self employed, or simply have a very complicated tax situation, qualifying can be a challenge. Enter the "Stated Income" loan. Originally created for the well...
Stated Income Apartment Loans to 3 mil
Updated Oct. 9, 2013
Reduced Doc Multi-Family Loans65% to 3mil. AVAILABLE PRGRAMS:. o 6 Month Treasury ARM, 3/1 ARM, 5/1 ARM, or 15 YEAR Fixedo 30 Year Amortization o 30 Year Term (except the 15 yr Fixed Program). PROPERTY TYPE:. o Over 5 Units Apartment Propertieso Good condition, Strong Operating Historyo Mixed-use Properties...
New Loan For Foreigners Requires No SS# or US Employment
Updated Oct. 9, 2013
This new program is a "MUST" if you have foreign clients purchasing property.. No Social Security Number Required. No US Employment Required. No Verification of US Income Required. Loan Amounts to 3 Mil. LTVs from 50-60%. 18 Months Reserves Required. 5/1 and 7/1 arms available with APR's from 5.87% to 6.38%. Cash Out...
HOA Condo Litigation Loans
Updated Oct. 24, 2014
HOA litigation contineus to be a deal killer for thousands of home buyers and homeowners accross the country. Any type of litigation, regardless of its size, is prohibited by Fannie Mae.. Thankfully, there are portfolio lenders who can look past the litigation and fund loans based on the merits of the bororwer. We...
Breaking News - FHA to raise upfront mtg insurance in April
Updated Oct. 9, 2013
The Federal Housing Administration will raise mortgage insurance premiums this April in order to repair the health of its emergency fund.. The FHA upfront mortgage insurance premium will increase to 1.75% from 1% of the base home loan amount. This will apply regardless of the term or loan-to-value ratio...
Loans For Condos With HOA Litigation
Updated Oct. 24, 2014
The #1 reason for cancellation of purchase contracts for condominiums is "HOA Pending Litigation". This means that he HOA is currently involved in litigation in one form or another, which is prohibited by FNMA, FHMC, and FHA. 90% of the time, the litigation is between the HOA and the builder for "builder defect"...

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