tag:blogger.com,1999:blog-56823838191737817622024-08-29T22:52:13.995-04:00410-414-7334/888-891-8353-- www.MyMortgageAdvisors.com-- jgarofalo@ampros.net-- ngarofalo@ampros.netJ Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-5682383819173781762.post-12896151716820308852009-08-10T07:27:00.003-04:002009-08-10T07:40:04.212-04:00

1. Take time for YOU first thing in the morning: which usually means getting up earlier.2. Declutter your to-do list: I love lists and mine can get pretty big. And what I know is that I can regularly delete things from that list and it makes no noticable difference in my life. I feel way better when I see lots of things crossed off - whether I've done them or not.3. Decide on the three most

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-77535840935677155042009-03-05T07:30:00.002-05:002009-03-05T07:45:05.600-05:00

FHA has increased their loan limits through December 31, 2009. The maximum loan amounts per county revert back to the limits that expired at the end of 2008. See Maryland and Virginia Loan Limits Here

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-66795338147155502412009-02-23T07:23:00.002-05:002009-02-23T07:26:28.365-05:00

Effective March 9, 2009 - MGIC (Mortgage Insurance company) has determined that the maximum Debt to income is 41% and the minimum FICO score is 680 to 720 depending on where the property is located. This only applies to mortgages requiring mortgage insurance.

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-56987722953854533552009-02-19T06:42:00.003-05:002009-02-19T07:33:48.563-05:00

This plan is intended to help homeowners restructure or refinance their mortgages to avoid foreclosure. The guidelines will be announced by the Treasury in March 2009. It is a voluntary program for banks. Other items in the plan include: (1) Oversight and quarterly meetings with Treasury, FDIC, Federal Reserve and HUD (2) Modifications of mortgages during bankruptcy (3) $1.5 billion to renters

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-27147682196557823902009-02-18T07:18:00.002-05:002009-02-18T07:23:01.811-05:00

Effective March 9, 2009 - Conventional mortgages above 80% loan to value requiring mortgage insurance - NO second homes, 2 unit properties, interest only loans or loan amounts above $417,000 in declining markets. Minimum fico score increased to 680 to 720 based on loan to value and whether or not the area is considered declining. Maximum debt to income reduced to 41% regardless of compensating

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-32479021694451230012009-02-18T07:14:00.002-05:002009-02-18T07:17:01.371-05:00

Effective March 9, 2009 - RMIC (mortgage insurance co) has changed the rules. Condos can only be insured with mortgage insurance if at least 70% of the units in the project are primary residences and no more than 15% of the homeowners are delinquent on their HOA fees.

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-21183913772735617012009-02-18T06:57:00.003-05:002009-02-18T07:06:39.231-05:00

Effective April 1, 2009 - Freddie Mac is increasing fees on condo's, interest-only ARMS, mortgages with certain loan to values and credit scores. Condo's above 75% loan to value =.75 point increase, Interest Only ARMs = .25 to .50 points, Purchase and Rate/Term and Cash Out Refinance = .25 to 2.75 points based on loan to value and credit score.

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-20701198347654363262009-02-13T06:45:00.004-05:002009-02-13T07:07:54.356-05:00

Effective April 4, 2009 - Fannie Mae has instituted the new Refinance Plus program. This program is available to borrowers with existing Fannie Mae loans and applies to rate/term refinances only. Benefits to this program include increased loan to values, reduced employment documentation and reduced property fieldwork requirements. More Information.

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-68419972760569520152009-02-12T07:02:00.004-05:002009-02-12T07:28:31.131-05:00

Fannie Mae is increasing the maximum number of properties financed when the new mortgage is for a second or investment home. The new maximum has been increased from four to up to ten.More Information

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-75124610213719843852009-02-12T06:45:00.003-05:002009-02-12T07:02:06.608-05:00

Effective 2/21/09 - Fannie Mae has eliminated Interest Only Loans for less than 10 years. 3, 5 & 7 year Interest Only loans will no longer be available.

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-4028006540473088402009-02-09T05:27:00.003-05:002009-02-09T05:31:56.241-05:00

The IRS has initiated an expedited process to release or subordinate federal tax liens for homeowners in the process of selling or refinancing their homes. The homeowner may request that the lien be discharged if the home is being sold for less than the mortgage balance.See Details

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-89070552782142751472009-02-05T07:22:00.002-05:002009-02-05T07:28:07.585-05:00

Under Armour's Kevin Plank sponsors the Cupid Cup competition - the winner gets $22,500 in prize money!Check out the video.http://www.rhsmith.umd.edu/cupidscup/

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-56837203434781983902009-02-04T15:52:00.001-05:002009-02-04T15:58:37.939-05:00

McLean, VA – Freddie Mac (NYSE:FRE) said today it is piloting a new Workout Strategy For High Risk Loans designed to keep more at-risk borrowers in their homes by employing third party servicers that specialize in servicing Alt A and other types of higher risk mortgages."A workout strategy is only as successful as the number of knowledgeable counselors available to answer the phone. Our strategy

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-16517808720631680572009-01-25T18:19:00.002-05:002009-01-25T18:21:53.979-05:00

If you had an FHA insured mortgage, you may be eligible for a refund. Search the database to find out.

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-56270520990539649092009-01-24T14:39:00.001-05:002009-01-24T14:47:34.200-05:00

January 13, 2009 News Release - http://www.fanniemae.com/Fannie Mae’s National REO Rental PolicyFAQs Fannie Mae’s National REO Rental Policy allows renters in Fannie Mae-owned, single-family foreclosed properties the opportunity to stay in their homes by signing a new month-to-month lease with Fannie Mae. Who does the new policy apply to?The new policy applies only to renters occupying the home

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-8585779254971226192009-01-23T20:35:00.000-05:002009-01-23T21:06:58.202-05:00

Effective May 1, 2009 - The Home Valuation Code of Conduct goes into effect. The borrower will be negatively affected by the rules of this new code. Appraisals are currently reviewed by an underwriter, sometimes sent to another independent appraisal reviewer and often compared to an automated valuation method system. This new code will prohibit loan officers from talking to appraisers to get

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-42907418524860461832009-01-23T20:23:00.000-05:002009-01-23T20:29:35.235-05:00

HUD has instituted new rules for FHA financing. The biggest change is in how the required investment is calculated. The old rules required a 3% investment into the transaction. This 3% could be satisfied by allocating .75% toward closing costs and then 2.25% as the downpayment portion. Beginning in 2009, the purchaser must put 3.5% down as the downpayment. The closing costs are not part of the

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-29654529253642669372009-01-23T20:20:00.000-05:002009-01-23T20:22:38.197-05:00

The 2009 FHA Loan Limits have been announced. The limits are based on the county the property is located in.See 2009 FHA Limits

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-29942207990005922522009-01-23T20:15:00.001-05:002009-01-23T20:18:19.706-05:00

The 2009 Conforming Loan Limits have been announced. The limits are based on the county the property is located in. See Maryland and Virginia Loan Limits

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-13098552938351735362009-01-23T20:03:00.000-05:002009-01-23T20:11:55.799-05:00

First time homebuyers may qualify for a tax credit of up to $7,500.This is essentially an interest free loan in the form of a tax credit that is paid back over a 15 year period.Click Here For More Information

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0tag:blogger.com,1999:blog-5682383819173781762.post-11209427517387572682009-01-23T19:46:00.000-05:002009-01-23T20:11:34.048-05:00

2nd Repost: Additional 0.125% Betterto points for all products!Total Adjustment for the day:0.25% Better to points for all products!Effective: 01/23/2009 at 12:44 PM PST

J Garofalohttp://www.blogger.com/profile/05575816461416327726noreply@blogger.com0