Sorry I haven’t blog for the past several weeks took a break. But getting back at it. Over the past month we seem to be in a pretty narrow range as far as interest rates are concerned. One day it looks as though they are going to start that trek upwards then something happens and they work their way back down. This month should show us how this spring might shape up. This is the month that the treasury is supposed to stop buying mortgage backed securities. There has been predictions that when this happens that interest rate could rise, those predictions range anywhere from up .40 basis points to up a full 1%. While there is still talk that the fed well have a difficult time withdrawing from purchasing mortgage securities at this time given the still very fragile housing industry.  Mortgage foreclosure are expected to get even worse than they are now. In 2009  as it was stated 2.8 million people came under the cloud of foreclosure and they are predicting that could rise  to 3 to 3.5 million in 2010 not good.  CLICK HERE to read further regarding the foreclosure rates.  All this while processing foreclosures has slowed down as banks try to deal with the continued flood of foreclosures.  SOME GOOD NEWS the program that i have been telling you all about the HARP Home Affordable Refinance Program has been extended for another year; it was slated to end June 15th 2010 but now has been extended until June 30 2011.  CLICK HERE to go to my website to see if you qualify.  We know the programs extended for another year but are the rates going to stay low?  Of coarse this won’t mean much If they don’t keep the rates down and if rates rise I feel it is going to really hurt those hoped home buying season as well; especially with the home buyers credit set to expire at the end of April (as it stands for now).  Now keep in mind with the tax credit  you have until the end of April to have a property under contract but have until the end of June to close on the property.  I’m sure that is going to be an interesting time for sellers who have buyers wanting concessions to execute those contracts; I’ll bet home inspections are going to get a lot more attention as far as getting the sellers to get the little stuff fixed or else.  Please visit my website www.capitaladvantagemortgage.com it’s complete with mortgage calculators comparisons and you can even shop through Real Estate listings. I just added a new listing by Pat Knapp CHECK IT OUT and here is a link to a video tour as well CLICK HERE . Please feel free to ask me any questions you may have, I’ll be bloggin at you again soon.

Remember to get pre-qualified visit my website or give me a call

Andrew Hahn

I have in some of my past Blogs pointed out the value of MAKING HOME AFFORDABLE PROGRAM. Here is yet another reason why I like it. For those of you with Rental Properties this program well allow you to refinance you rentals up to 105% of the value of the property and like with your primary residence it must be a Fannie Mae or Freddie Mac owned loan. One of the differences between your primary residence vs. your investment properties you cannot have secondary loans on the property. So if you have a second mortgage on the property you are not going to be eligible for this program.  Now if your current loan does not have mortgage insurance then you are not required to obtain MI and if you do have MI on the property you are only required to maintain the same level of MI that you currently have. NOT BAD. If you would like to find out more about this program CLICK HERE to access on online loan application or you can feel free to call or email CLICK HERE for my contact information

 I can’t stress enough that it is a great time to refinance.

The Home Affordable Program helps those who have a Fannie Mae or Freddie Mac owned loan. This program will help those who owe more than their home well appraise for refinance at todays low rates. If your not sure if your loan is owned by Fannie Mae or Freddie Mac, it’s time to give me a call or CLICK HERE and I’ll help you.

This program actually helps a lot of people, even if you have a second mortgage you still could qualify, you need to check it out. If your current rate is at 6% or above you could potentially save a pretty good amount of money. The higher the loan amount the more you can save; the reason being that certain costs are fixed and on the lower loan amount the longer it is going to take to repay that cost vs. when your loan amount is greater than the savings is more that intern shortens the pay back time of the closing cost insuring value when you consider a refinance. The best way to calculate your savings is to get a Good Faith Estimate and find out what your monthly savings could be and what the time span would be to payoff the closing costs. CLICK HERE to obtain your free interest rate quote and free evaluation to determine if refinancing is right for you. Right now rates are remaining pretty low so nows still a good time to consider a refinance. Another factor to consider when refinancing is what is your time frame in which you plan on living in your property.  If you are considering at some point in turning your primary residence into a rental again something to consider is it is a great idea to refinance locking in a long term low rate; now with that though in mind when you refinance your primary residence your really cannot turn that property into a rental property for 12 months.  If you where to buy a new property they are going to want to cross reference information to determine this fact, so keep this in mind for future planning. Please leave any comments or questions you may have I’d be glad to address them. If your a Colorado residence and our considering a refinance please give me a call or email me I’d be glad to give you a free mortgage consultation to determine if refinancing makes sense for your situation. Andrew Hahn your Denver refinance professional; located in Commerce City Colorado serving Denver and the Metro area.

Andrew Hahn Mortgage professional for over 18 years, helping refinance in Denver and the Front Range; licensed in the State of Colorado.

A guest post from Sandy T

Is it possible to get a mortgage without any down payment?

Nowadays, you can get a mortgage without making a down payment. These mortgages are also commonly known as 100% mortgages or 100% loans. No or low down payment loans need small or no cash from the borrowers at the time of closing.
About 20 years back, the average down payment for a home loan was 20%. At present, people can qualify for mortgages even by making a down payment of as low as 4%. To be precise, a 0% or no down payment mortgage is a loan for which you don’t need to make any down payment at the time of buying a home. In today’s mortgage market, getting a no down payment home loan might be quite hard unless you have an excellent credit score. If you’re a veteran, you can qualify for a VA (Veterans Administration) loan with a somewhat lower credit score.  Mortgage rates for these loans are usually higher than other types of conventional loans.
No down payment loans for veterans are always a secure option for both borrowers and lenders.
Should you go for a 0% down loan only since you can?
Not essentially. Given below are reasons that should be taken into consideration prior to taking out a 0% down loan:
    You’re more probable to lose your home.
    No down payment signifies a smaller home.
    You need to make higher monthly payments.
    It’s difficult to qualify for these loans.
    Very few lenders offer these loans.
    No money down loans require you to buy private mortgage insurance (PMI).

Underwriting prerequisites for 0% down loans

Usually, the underwriting prerequisites for these loans include the following:

    All borrowers should live in the property
    A minimum credit score of 660 with no late payments mentioned in the past 12 months.
    Maximum amount of loan is $417,000, though many lenders are providing 0% down jumbo mortgage products
    Only 1-2 unit primary residence. Includes sanctioned PUDs (Planned Unit Developments) and condominiums. Investment property is not allowed for 0% down payment loans.
    No foreclosure or bankruptcy within 7 years of closing.
    Your debt to income ratios must not surpass 45% of your income.
    You don’t have to be a first-time home buyer.

You should go for a 0% down loan only if you have good credit and you’re confident about repaying the loan on time.

I would like to thank Sandy for her contribution to my blog Keep up the good work

Guidelines you need to know about for those who have Residential Investment Properties in Colorado.

For those who want to take advantage of today’s Real Estate Market and turn your current primary residence into a rental and take advantage of the $6,500.00 tax credit while purchasing a new home  DO YOU QUALIFY Housing Tax credit There are some interesting rules for existing home owners.  Mainly you need to have lived in your current residence for 5 years or more and if your married that needs to be the both of you.  One of the new guidelines that can be a determining factor is, is that for the example of converting your primary residence and buying a new home is you are going to need to qualify with both payments. The way the lenders are looking at rental property is that they need to be reported on your schedule E of your tax return in order to use rental income (or loss) and they are going to use actual figures off your tax returns and there is the chance they could ask for 2 years tax returns and the they are going to average the 2 years income from those properties to determine the income or loss from that calculations. The number of years tax returns needed well be determined when the loan is underwritten through the Fannie Mae’s or Freddie Mac’s automated underwriting programs. Also another change is that they are going to want to see 6 months reserves for each property you have financed; example if you have 2 properties and each has a $1,200. dollar payment which includes PITI then you are going to 2 x 12oo x 6 = your going to need assets of at least 14,400. now if one of the properties has an HOA fee of 150.00 you are going to need to ad that to the amount of reserves, so keep that in mind as well.  But it’s all worth it to be able to tale advantage of today’s low rates. If you would like to apply go to my business website Capital Advantage Mortgage to apply or to contact me to see if your eligible for the program.

APPLY HERE

One area I haven’t seen much on is the refinancing of investment properties.

For everyone who has investment properties you need to know; The making home affordable program works for you too. Even if your underwater and your property value is less than what you owe you can still refinance up to 105% and in some cases up to 125%. Please visit my business website CapitalAdvantageMortgage.com or leave me Andrew Hahn a comment so we can determine what you qualify for. This is a great opportunity to take advantage of these low interest rates. I’m Andrew Hahn and My company is Capital Advantage LLC. a Mortgage Lending Company. I have over 18 years experience in the mortgage industry. When looking to Refinance your properties located in Denver and the front range Give me a call 303-331-8040 or you can go to my business website and fill out a secure loan application. This program for investment properties is very similar to the program for primary residences, although there are a bit more hoops to go through and the documentation is more cumbersome it well worth it in looking to lock up long term money at these interest rates on income property. A must look at for all those with rental properties.

From Andrew Hahn its free to ask and could save you 100’s call me

Denver refinancing expert Andrew Hahn helping people take advantage of the government programs that can help people save money and take advantage of today’s low rates.

       Andrew Hahn President of Capital Advantage LLC. a Mortgage Lending Company located in Commerce City Colorado Serving Colorado and the Denver Metro area.

THIS IS A PROGRAM EVERYONE NEEDS TO CHECK INTO

As I pointed out in my earlier Blog about the Home Affordable Refinance program. There is another major positive aspect about this program that make it one of the few programs the government has put out there for people to take advantage of.  As I stated before this program allows you to refinance even if your loan is up to 105% of the value of you property and when you refinance with this program your Mortgage Insurance remains at the same level it was before the refinance. This means that if your current loan doesn’t have mortgage insurance that if you go over 80% you do not need to obtain mortgage insurance on the new loan. This is huge because the mortgage insurance always adds so much to the payment in some cases when you add mortgage insurance it negates the savings. If you have mortgage insurance now you would be required to obtain the same level of mortgage insurance that you currently have, so if your MI premium was at 85% your premium would be the same, its like your paying it now so your used to paying it but could refinance at the lower rate and still realize the saving created from the new refinance (they were thinking right when they made this program) real help and real savings. You all need to check into to this program, there are many who don’t understand or think that there is actually  a program that can help them out.  If your not sure; you need to ask.  You can always call and ask.  Andrew Hahn: president Capital Advantage LLC. Mortgage lending. Or visit my business website at Capitaladvantagemortgage.com.

I never hurts to ask and that’s free. If you are eligible for the program you could realize 30 years or so of savings

APPLY HERE

Andrew Hahn here President of Capital Advantage LLC.a Colorado Mortgage Lending Company since 1991. I want to urge all those who obtained a conventional mortgage  18 months ago or older that you may qualify for for the Government HARP Program which stands for HOME AFFORDABLE REFINANCE PROGRAM. this is really one of the best programs out there that helps home owners. As I am a licensed Mortgage Broker in the state of Colorado I provide my services to home owners located in Colorado and the Denver Metro Area. The information I provide regarding HARP includes all, as this is a national program.  First of all this program is aimed at those people that have conventional loans through Fannie Mae or Freddie Mac. Your loan can be an ARM or an interest only loan and you can still refinance to a fixed rate loan; it’s a great deal, now is the time to roll out of that loan with the uncertainty of there futures into a loan that can get you through the next 30 years if need be. Now if your not sure if Fannie Mae or Freddie Mac owns your loan you can go to their website and input your address and it well tell you if they own your loan; this works most of the time but there are some instances where it doesn’t work.  The best and easiest way to find out who owns your loan is to call the loan servicer who has to tell you.  Once you have found this out you now know if this program well work for you.  If you want you can contact me Andrew Hahnand I’ll be glad to help.  The best part of this loan is it allows you to take advantage of today’s low rates even if your property is worth less than what you owe ( as though as that sounds, I think we all want to keep our homes). Most lenders now when refinancing the first mortgage well go up to 105% some well go up to 125% under certain circumstances. Get ahold of me and I’ll help you determine which Loan to Value you qualify for.  Now we are only talking about the first mortgage, remember up to 105%, now if you also have a second mortgage you still qualify for the refinance but if you have a second mortgage they well need to step behind the new mortgage this is called a subordination. At first second mortgage companies were not helping out here but after some time most have come to their senses and are allowing the new first (since it is lowering your total payments what took so long for them to figure this out). Usually the second mortgage is going to want a copy of your loan application, an appraisal and a few other documents so they can make a decision if they well subordinate or not and as the way it goes the generally want some money upfront to process the request. USAA is free and subordinates most of the time. I have seen the fee anywhere from $50.00 to $300.00 (it depends on your lender). And again this is something I can help you with. If you are considering refinancing and live in the Denver Metro area please give me a call and we can set up an appointment so I can go over your options and give you an interest rate quote.

From Andrew Hahn at Capital Advantage have a great day and don’t miss this opportunity to take advantage of a good government program that allows you to take advantage of these low rates. Don’t wait to long the consensus is is that rates are on the way up.

CLICK HERE to go to my secure online application

The 2 year bond sales went well today and was reflected by improving interest rates. we well need to wait and see if this continues with that 10 and 30 auctions that take place tomorrow and Thursday. If you are considering a refinance now is still the time to get started to get approved.  If I can help you please feel free to give me a call or Visit my business website to fill out a secure application. As a mortgage professional located in Commerce City Colorado and Licensed to do business in the state of Colorado just because we may start the process on line I do not want to be just a website. I still believe in the face to face meeting so that you can see who you are doing business with and that you know you can call me anytime with any questions you may have. Please visit my website Capitaladvantagemortgage.com and let me know if this helps you. OR you can always give me a call Andrew Hahn 303-331-8040.

If you would like to visit my personal website to get to know who I am please visit Andrew-Hahn.com