Fannie Mae Expanded Approval Levels:

Fannie Mae expanded approval levels is explained here.  You were obviously typing in Fannie Mae expanded approval levels on google and here you are.  We offer four different Fannie Mae expanded approval levels.  They are as follows:

1.  Approved Eligible

2.  Expanded Approval Level 1

3.  Expanded Approval Level 2

4.  Expanded Approval Level 3

Approved Eligible is the highest approval level you can obtain.  This is where one can find the lowest interest rate.  Alot of the lenders base your interest rate off your Fannie Mae expanded approval level.  The lower the Fannie Mae expanded approval level the better the interest rate.

So how does one go about obtaining a better Fannie Mae expanded approval level?  First off, you need a higher middle fico score.  You can start by paying your bills on time each month.  Then, make sure you pay off your entire balance.  Contrary to what alot of people beleive you need to pay off your entire credit card balance in order to maintain high fico scores.  Carrying a balance is not a good thing.  Credit repair companies tell you this because THEY NEED A JOB.  Think about this:  Would you rather lend money to someone who you know will pay you back next month or someone who will pay you back at random & pay you whatever amount they feel like it?  Exactly!  It’s the samething.

Secondly, the more assets you list on the application the better.  Do yourself a favor and list everything you have.  List your pension funds, stock funds, bonds, cd’s, money market, mutual funds, checking, savings, retirement funds, reits, vacant land, rental homes, etc.  The more assets you have the better the loan approval.

Thirdly, if you have a lower debt to income ratio, you can expect a better Fannie Mae expanded approval level.  In order to obtain this that means you are actually living below your means which also means you are probably saving alot of money each month which is a good thing.

Fourthly, your loan to value ratio can also determine your Fannie Mae expanded approval level.  Unfortunately though there isn’t much you can do about this so don’t stress over it. It is what it is.

The harp loan refinance program will be available until 2015.  Therefore, it’s not too late to refinance.  Interest rates are still extremely attractive.

I have a second mortgage?  Is that a problem?  No. We just need to subordinate your second mortgage.

Can you transfer my mortgage insurance?  No problem. We work with all the mortgage insurance companies.

For more information call our office directly at 602-358-8717.

www.azwm.com/harp-2-0-update.html

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Mortgage Insurance On Harp Loans:

Are you looking to transfer mortgage insurance on harp loans?  Can’t find a harp lender that works with all the mortgage insurance companies?  Well look no further.  We can help.  We can transfer mortgage insurance on harp loans with any mortgage insurance company.  We have no restrictions.  We can even transfer mortgage insurance on harp loans with United Guaranty.  Now, our process for transfering mortgage insurance on harp loans with United Guaranty is a little different than the other lender.  You the client will need to call your original servicing company to obtain a copy of your original loan package in a scanned pdf file.  United Guaranty has a harp checklist.  There are certain items on that list that need to be provided in order for United Guranty to transfer mortgage insurance on harp loans.  If you are missing anything on the Harp checklist, they will not transfer mortgage insurance on harp loans.  We require a copy of the scanned pdf file before we even start the loan process.  Why?  Because if your original loan servicing company can not provide any of the documentation, your loan will not be approved.  There’s no point in wasting in time filling out paperwork, if we can’t transfer the mortgage insurance on harp loans at the end of the process.  This is a crucial step.  so far all clients have been able to obtain the loan documentation.  I can tell you though that alot of people have had to do constant follow up.  There doesn’t seem to be in system in place for these types of request.  As a result, your paperwork will get lost. That means you will constantly have to follow up in order to received your requested documents.  From start to finish, the process can take anywhere from one week to three weeks.  It all depends upon how how much you complain and constantly follow up.  The more complaining the faster the turn times.

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20% down jumbo loans just became a little easier to obtain.  The 20% down jumbo loan market has suddenly opened back up.  Over the past four years, it has been extremely difficult to even obtain a jumbo loan.  It was impossible in the state of Arizona for a long time to even get a 20% down jumbo loans.  You see the banks were categorizing the entire state of Arizona as a declining market due to our high foreclosure rate.  At one point, the state of Arizona was in the top five for the highest number of foreclosures.  It tooks us almost four years to get out of the declining market category.  Finally, our housing market is rebounding and things are picking up.  As a result, lenders are now willing to start lending money again.  For awhile there it really didn’t matter.  Even borrowers with high income, low debt to income ratios, fico scores, and lots of assets in the bank were getting declined for jumbo loans left and right.  It really didn’t make any sense.  Even borrowers who had the cash on hand to purchase the home and pay cash were even being denied.  Tell me if that makes sense?  It doesn’t.  Things were really bad for awhile.  It was so bad at one point, I even called to talk directly to an underwriter and said, “What does it take to even get a loan approved with your company?”  Our clients are meeting all of your expectations, so what’s the problem?  For a long period of time there was nothing but dead silence.  The bottom line was the economy was too bad.  Banks weren’t willing to take a chance and risk having to buy back anymore loans.  Thank goodness all that has finally changed.

As of today, it is now easier to obtain a jumbo loan.  The lenders are getting back to the basics.  They are no longer asking for everything and anything just to approve your loan.  Rates on the jumbo loan are extremely attractive.  Banks are now offering both the 30 year fixed and arm products.  We probably won’t be seeing any interest only jumbo loan programs for quite awhile.  I’m pretty sure the market will definitely need to rebound and stabilize before this happens.

www.azwm.com/jumbo-loan-arizona.html ‎

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We are Arizona’s preferred harp lender.  Why?  Well, we offer both the Fannie Mae and the Freddie Mac harp loan program.  We don’t have the usual loan to value restrictions like everyone else.  We can transfer mortgage insurance with any company regardless of how difficult the process may be.  Trust me on this one.  The reason alot of companies don’t want to transfer mortgage insurance with certain companies is because their process is why to difficult.  The lender that is currently refinancing your home is not getting paid extra.  As a result, their attitude is why should I have to pay additional staff to deal with a mortgage insurance company that either gives us the run around or requires constant follow up.  Let’s let someone else deal with that.  Constant follow up means more manpower which means larger salary increases on the banks part.  Therefore, alot of lenders just say, “I’m sorry.”  We do not transfer mortgage insurance with that company.  What also sets us apart is we can subordinate a second with any company.  On our Fannie Mae harp program, we offer all approval levels even the expanded approval levels one through three.  If the desktop originator system approves your loan, we have a lender that will accept your loan.  As for Freddie Mac harp loans, if the Freddie Mac loan prospector system will approve your loan then we have a lender that will also honor that approval level.  Unlike the large banks, our lenders don’t have overlays.  They follow the true harp guidelines.  As a result, we can provide solutions where others can’t. As an Arizona preferred harp lender, we are available seven days a week to take your phone call and answer your questions.  As an Arizona preferred harp lender, we actually had the honor of being able to offer these loans about two weeks before they were even rolled out to the public.  Another benefit of being an Arizona harp lender is we were asked by a large bank to call upon their own clients and refinance them into a lower interest rate.  Therefore, we have a lot of experience being an Arizona preferred harp lender.  As an Arizona preferred harp lender we also offer financing for condo’s and manufactured homes.

www.azwm.com/harp-2-0-update.html

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Freddie Mac harp rates are smoking hot today.  You were obviously on google typing in low Freddie Mac harp rates and here you are.  You’ve definitely come to the right place.  We offer Freddie Mac harp loans with unlimited loan to value ratios.  We don’t have a restriction.  If the Freddie Mac loan prospector system will approve your loan then your loan gets approved.  The pricing on the Freddie Mac harp rates fall into two categories.  The first category is for borrowers with a loan to value ratio less than 125%.  This is where one will see smoking hot Freddie Mac harp rates.  The other category is for borrowers with a loan to value greater than 125%.  Unfortunately the Freddie Mac harp rates are much higher in this category.  Here’s a thought.  If your loan to value ratio is between 125.01% through 135%, you might want to consider waiting to refinance for a few months until either the home values go back up or your loan balance is a little lower.

Freddie Mac harp loans do not like to see any credit card balances that exceed 50%.  If you have an American Express card that is carrying a balance, make sure you pay down your credit card balance prior to letting us pull your credit report.

Does one need to be continuously employed to qualify for a harp refinance?  Yes.  You do need to be employed.  If you were temporarily laid off for a few months that’s ok as long as you can write up a letter of explanation.

Can I roll in my closing cost and prepaid items?  Freddie Mac harp loans allow borrowers to add $5,000 to the principal balance. This does not include the 30 days of interest in which you are charged in arrears when you pay off the current loan.  Most of the time $5,000 is more than enough money to cover everything.  However, there are a few exceptions.  For example, if your home owners insurance policy is going to be due soon, then their probably won’t be enough money to cover the funds.  Why?  Because your annual home owners insurance policy needs to be upfront which is usually alot of money.  If you are closing on a loan the same month that our semi-annual property taxes are due, then you might be short on funds to close.  Why?  Because some people who live in a more expensive area of town pay a higher real estate tax.  If your loan amount is between $300,000-$417,000 your interest charges on your pay off amount is going to be a lot higher than say a $120,000 loan.

Can we subordinate your second mortgage? Yes we can.

Can we transfer mortgage insurance with any company?  Yes.  We have no restrictions.

www.azwm.com/harp-2-0-update.html

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