The Mortgage Guru

 FHA is tigntening the screws again; below is the latest change to FHA gudelines in regards to leaving a primary residence with the intent of turning it into a rental property:

FHA takes steps to respond to unscrupulous practices in the housing market by providing underwriting guidance on transactions where a principal residence is being vacated in favor of another principal residence. Due to FHA’s concern that some homebuyers in these transactions may attempt to provide misleading information regarding the rental income of the property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidance designed to assure that the homebuyer can make payments on the full debt service of both mortgages. Consequently, beginning with case number assignments on or after the date of Mortgagee Letter 2008-25 and until further notice, the underwriting analysis may not consider any rental income from the property being vacated except under circumstances described in this Mortgagee Letter.

If you would like further information in regards to your specific situation contact me directly by phone at 702.526.3133 or e-mail at mgarnes@garnesmortgage.com

Once again if you would like to refinance your upside down your mortgage and lower your monthly payments when the new FHA Housing Bill takes affect Oct 1 click on the link below and add your name to my contact list

http://garnesmortgage.com/fha_bill.html

Thanks for reading and make it a great day!!

Tags: FHA by Matt Garnes
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I am often asked the question ‘Why should I use a Las Vegas Mortgage Broker as opposed to a bank?’ They are several reasons. The most important is when you walk into a bank for a Las Vegas mortgage loan you are stuck with the rate and loan program they offer you. There is no competition so they have no incentive to offer you the lowest market rate possible. As a Las Vegas mortgage broker I am able to shop your loan scenario to over 100 banks and lending institutions guaranteeing you the lowest rate possible. And I can do it with one loan application. If you wanted to shop your loan around with different banks you would need to complete a loan application and submit your financial documentation to each invidual bank. Not only that you would have to speak to a different loan officer every time and re-explain your situation and what it is you are trying to accomplish. As a Las Vegas mortgage broker I am able to speak to each individual bank and let them compete for your loan by cutting rates offered by other banks. Another very important reason to use a Las Vegas mortgage broker is in order for banks to compete for my loans they offer a lower rate to myself being a broker than what they would offer you walking in off the street. Once again, the bank has no incentive to offer you the lowest rate possible because the odds of you putting in several applications and submitting your documentation at other banks are slim and they know this. One more very important reason to use a Las Vegas mortgage broker is a bank loan officer is salaried; they get paid whether your loan closes or not.   I only get paid for the loans I close which means I have more incentive to ensure your absolute happiness along with getting you into a loan program that benefits you most. So next time you need a mortgage save yourself the trouble, call me and let me do the shopping around for you!

You can contact me directly by phone at 702.526.3133 or by e-mail at mgarnes@garnesmortgage.com

Once again if you would like to refinance your upside down your mortgage and lower your monthly payments when the new FHA Housing Bill takes affect Oct 1 click on the link below and add your name to my contact list

http://garnesmortgage.com/fha_bill.html

Thanks for reading and make it a great day!!

I am based out of Las Vegas, Nevada but am licensed to do loans in 16 other states including:

Alaska, Arizona, California, Florida, Iowa, Indiana, Maryland, Massachusetts, Michigan, Nebraksa,   New Mexico, New York, Oregon, Texas, Utah & Washington

Tags: Uncategorized by Matt Garnes
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