Home loan options for self-employed borrowers.

Posted in Bob Ashworth, Bob Ashworth Realtor, Buying a Home, Buying a Home in SWFL, Buying a Home SWFL, Buying Questions, Buying Tips, Cape Coral, Cape Coral Home for Sale, Cape Coral News, Cape Coral Real Estate, FHA Loans, FHA Mortgage, FL, Florida Mortgage News, Florida Real Estate, Florida Real Estate News, Fort Myers Real Estate, Home for Sale SWFL, Mortgage News, Mortgage Tips, Real Estate Market, Real Estate News

For decades the self employed have struggled to qualify for a home loan. Fannie Mae, Freddie Mac and FHA guidelines are simply too stringent, and have left many self employed borrowers on the sidelines of home ownership.

One of my local lenders now has the ability to qualify self-employed borrowers using their business checking bank statements.

The basic guidelines of the program are:

  • A minimum down payment of 10% with a 680 credit score.
  • A minimum down payment of 20% with a 620 credit score.
  • ARM’s or fixed rate loans up to $1.5 – $2 Million

You must be self-employed for a minimum of 2 years, verified by a CPA or other alternative source.

The bank statement program applies to Single Family Homes, Condos and Town Houses only.

If you meet the minimum criteria and would like more information, please contact me by phone 239-425-2503, email: bob.ashworth@gmail.com, or text at 239-898-2716 or 781-718-3317.

I will be happy to help get you pre-approved for the home loan you deserve but have never been able to qualify for. Then help you find the right home for you and your budget.

We invite you to like us on facebook, connect with us on Google+, follow us on twitter and connect with us on LinkedIn. We hope that you find our website to be a great source of information and visit often. Whether you are looking for Homes for Sale, Moving Resources, or even Mortgage Information everything you need is right here.

We will always be available for personal service by phone or email, so feel free to contact us with questions any time! My offices are located on 2326 Del Prado Blvd. S., Cape Coral, FL 33990. You can reach me at 239-425-2503 or email me at Bob.Ashworth@gmail.com and you can visit my website at www.BobAshworth.com.

Bob Ashworth Remax Realty Team
Bob Ashworth
Realtor, CBR, CDPE
Your Real Estate Solutions Provider
239-425-2503
2326 Del Prado Blvd. S.
Cape Coral, FL 33990
Bob.Ashworth@gmail.com
www.BobAshworth.com

House Vote to Limit Reverse Mortgages

Posted in Bob Ashworth, Bob Ashworth Realtor, Buying a Home, Buying a Home in SWFL, Cape Coral Real Estate, FHA Loans, FHA Mortgage, FHA Reverse Mortgage, FL Real Estate Market Update, Florida Housing Market, Housing Market Update, Mortgage Changes, Real Estate Advice, Reverse Mortgage, SWFL Market News, SWFL Real Estate, SWFL Reverse Mortgage

Reverse Mortgage Changes

House votes to limit reverse mortgage initial draw

The Federal Housing Administration (FHA) could limit the size of initial lump-sum payments that lenders offer reverse mortgage borrowers and require escrow accounts to cover taxes and insurance, under legislation the House passed Wednesday.

The bill, passed on a voice vote, is intended to help the government mortgage insurance agency work its way out of financial difficulty.

Reverse-Mortgage SWFLReverse mortgages allow people over 62 to borrow against their home equity, stay in their home and use the money for living expenses. They can take lump sum or monthly payments.

Borrowers still must pay property taxes and insurance. Sale proceeds from the home go to the lender when the borrower dies or moves out.

The measure allows the FHA to change the terms for new reverse mortgages that it insures, so the agency doesn’t have to follow the normal rule-making process that can stretch out months or even years.

“Hundreds of thousands of seniors currently utilize federal reverse home mortgages,” said Rep. Denny Heck, D-Wash., who sponsored the bill with Rep. Michael Fitzpatrick, R-Pa. “We need to act to stabilize the program.”

FHA Commissioner Carol Galante said the bill would “greatly assist” the FHA’s efforts to make the program financially sound while making sure that “seniors who have worked hard their entire lives can continue to enjoy their home throughout their retirement.”

The FHA sought the legislation after incurring big losses in paying out claims for defaulted reverse mortgages when homeowners taking out large lump sum payments later ran into financial problems, often aggravated by falling home prices.

The agency is struggling with more than $5 billion in reverse mortgage losses this year alone may need as much as a $1 billion rescue package from the Treasury to bolster its reserves.

Sen. Robert Menendez, D-N.J, has introduced a similar measure in the Senate.

In addition to limiting the first draw borrowers may receive and mandating escrow accounts, the FHA plans to require lenders to conduct financial assessments of borrowers.

The FHA is required by law to maintain reserves equal to 2 percent of the portfolio of loans it insures. It currently has about $32 billion in reserves.

The agency has until Sept. 30 to decide whether or not it will need the cash infusion from the Treasury, which does not require congressional approval and would be the first in the agency’s 79-year history.

It has raised mortgage insurance premiums this year and started requiring most new borrowers to carry the insurance through the 30-year life of their loans.

FHA Reverse Mortgage Vote

As a Southwest Florida Real Estate Agent it’s my job to educate my clients and help them get exactly what they want and make sure their best interest are being considered in every detail of the purchase. This blog is all about educating you and empowering you with all the industry news, information, tips and things to consider before buying or selling your home. If you found this article interesting and know someone else that might benefit from it please feel free to share!

SWFL Real Estate

We invite you to like us on facebook, follow us on twitter and connect with us on linkedin. We hope that you find our website to be a great source of information and visit often. Whether you are looking for Homes for SaleMoving Resources, or even Mortgage Information everything you need is right here.

We will always be available for personal service by phone or email, so feel free to contact us with questions any time! My offices are located on 2326 Del Prado Blvd. S., Cape Coral, FL 33990. You can reach me at 239-425-2503 or email me at Bob.Ashworth@gmail.com and you can visit my website at www.BobAshworth.com.

Like me on Facebook    Follow me on Twitter    View my profile on LinkedIn    Visit my blog

Bob Ashworth Remax Realty Team

Bob Ashworth
Realtor, CBR, CDPE
Your Real Estate Solutions Provider
239-425-2503
2326 Del Prado Blvd. S.
Cape Coral, FL 33990
Bob.Ashworth@gmail.com
www.BobAshworth.com
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