Posts Tagged ‘Mortgage’

Today’s Mortgage Market Commentary 8.19.16

Friday, August 19th, 2016

Today’s Mortgage Rate Summary
How Rates Move:

Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up.

Rates Currently Trending: Read the complete article here

Your Realtor referred you to me for a reason

Wednesday, April 29th, 2015

Why did your realtor refer you to me? Great question.

A high quality realtor knows that the key to a successful transaction means TEAMWORK with a professional mortgage broker. Any experienced realtor could tell you horror stories about times when a client made a poor choice of mortgage company and ended up with big surprises at the closing table, or worse, no closing taking place at all! A good realtor will form relationships with trusted individuals who have proven themselves time and time again, so that they know you will be given the excellent service that you deserve. It is important to know that your realtor is NOT given any compensation or “kickbacks” for referring you to a mortgage broker. As mortgage professionals, we desire more referrals, both from you and your realtor, so consider the extra motivation this provides for us to take great care with your satisfaction!

We love referrals!

Realtor Referral








We’re here to help: Call 321.723.6206 OR

Click HERE for quick answers about a Mortgage


Low Down Payment For First Time Home Buyers Now 3 Percent

Friday, February 6th, 2015

 A new “Low Down Payment” program for First Time Home Buyers has been rolled out by Fannie Mae.

The Fannie Mae 97% loan to value, low down payment program identifies a First Time Home Buyer as someone who has not owned a home in the last three years in order to obtain a mortgage with only a  3 percent down payment. With this 3% low down payment program compared to FHA’s  3.5 percent down payment, many borrowers can now purchase with less money using the conventional loan. In addition, conventional loans do not need the 1.75 percent UFMIP/up front mortgage insurance premium that gets financed into your loan like an FHA loan requires. The savings can be real when spread out over the life of the loan.

Here’s a few facts about the new low down payment 97% LTV program:

  • First time home buyers * no home ownership in the past 3 years *
  • No upfront mortgage insurance. FHA requires it
  • Mortgage insurance can be canceled when your equity exceeds 22%
  • 30 year fixed term
  • Single family home attached/detached
  • Home ownership counseling must be completed as part of qualifying







Would you like more information on the 3 Percent Low Down Payment Program for First Time Home Buyers? Give us a call at 321.723.6206 for your free, no obligation mortgage consultation. Or go to this link and hit quick quote for quick service.




Refinance a Mortgage with NO Closing Costs is just not true.

Tuesday, September 16th, 2014



This is a great article by Elisabeth Leamy via Good Morning America.

  The next time you see an ad to refinance your mortgage for “free” or with “no closing costs,” run the other way. The Federal Trade Commission has just fined a mortgage lead generator company half a million dollars for making claims like that. The FTC says the company broke not one, not two, but three laws and rules by marketing mortgage refinances this way.

The defendants are certainly not alone. I see similar ads everywhere—from online to on telephone poles. The wording varies but they are all making the same false promise of a mortgage or refinance with no closing costs. It’s a lie. How to they get away with it? Two ways:

In scenario one, instead of giving you the best possible mortgage interest rate for which you qualify, they charge you a higher rate. That means you’re paying extra every single month for 30 years. Trust me, closing costs are actually a better deal.

In scenario two, they tack the closing costs onto the amount of principal you owe. You still end up paying the closing fees, you just pay them at the end instead of the beginning —AND you pay interest on them for 30 years. Yuck.

“An ad that says you can refinance your mortgage for free is clearly deceptive if you have to pay money at some point before you sign on the dotted line,” said Jessica Rich, director of the FTC’s Bureau of Consumer Protection. “Lead generators need to understand that federal laws governing truth in advertising apply to them as well as everybody else.”

If you want to know more about mortgages for purchasing or refinancing from a trusted advisor give me a call or simply fill out the contact form below.

Try the Mortgage Guy

FHA Back to Work Program for Florida Homeowners

Tuesday, April 8th, 2014


FHA Back to Work Program for Florida Homeowners! You have to read this, like it and share it. Get the word out about this FHA Back to Work Program. This FHA Back to Work Program is helping so many people get back on the path to home ownership once again in Florida.

As a result of the recent recession, many families faced a period of financial difficulty due to job loss or reduction in income. In August of 2013 the Federal Housing Authority (FHA), moved to relax its guidelines for borrowers who had experienced a significant “financial event”, such as bankruptcy, foreclosure, short sale, or a loan modification, with their Back to Work Program.

The FHA believes that some borrower’s credit history, although negatively affected by loss of income, may not truly show their credit worthiness. As a result, the FHA is now waiving their traditional waiting periods following a derogatory credit event. The former guidelines required that a borrower wait 3 years after a deed-in-lieu, foreclosure, or short sale, and 2 years after a bankruptcy, to qualify for an FHA mortgage. The new guidelines provide that if a borrower qualifies based on all other FHA requirements, the adjusted waiting periods will be only 12 months for those economic events.

The FHA Back to Work Program for Florida Homeowners program requires the following:

1.  The borrower has recovered from the financial difficulty and has 12 months of good credit history, free from derogatory credit issues.

2.  The borrower can document financial hardship, and that their credit issues were a result of a loss or reduction of income. Their household income had to have been reduced by at least 20% for a sustained period of at least 6 months and through the date of the “financial event”.

3.  The borrower must complete HUD approved housing counseling 30 days before writing a contract to purchase or officially starting the mortgage process.

Meeting the above requirements does not automatically qualify an applicant. They must still meet the Standard FHA underwriting guidelines, however, this program will allow many families to once again become homeowners sooner.

If you would like more information regarding the FHA Back to Work Program simply fill out the form below. We’ll be notified immediately of your email.

Harp 3 Comes Closer To A Launch Date For Florida Homeowners

Saturday, December 21st, 2013










HARP 3 is the next release of HARP AKA Home Affordable Refinance Program.

 It’s a program which has been talked about for months, but not yet made into law.

The passage of HARP 3 grows more likely with Mel Watt at the helm of the FHFA because, as a congressman, Watt pushed for homeowner assistance programs and increased access to credit. He is expected to continue that advocacy as head of Fannie Mae and Freddie Mac.

For homeowners, this could lead to a number of meaningful changes.

As one example, the new FHFA may reduce some of its guarantee fees — costs charged to lenders and passed on to consumers in order to insure mortgage bonds against loss.

“G-fees” have been incrementally increased since early-2011, and are scheduled to rise again in next spring.

Without FHFA G-fees, conforming mortgage rates would be lower by as much as 0.75 percentage points.

However, it’s the passage of a HARP 3-like program that has U.S. homeowners most excited about Mel Watt. A HARP revamp would likely expand the program to reach millions of additional households, and may even allow current HARP homeowners to refinance via the program a second (or third) time.

Some of the potential HARP 3 enhancements include :

Changing the program eligibility date: Currently, to be HARP-eligible, your loan must be originated no later than May 31, 2009. With HARP 3.0, eligibility dates may move into 2010 or 2011.

Allowing non-Fannie Mae and non-Freddie Mac mortgages: Currently, only loans backed the FHFA are HARP-eligible. With HARP 3.0, eligibility may be extended to include Alt-A, subprime, and bank-held loans, too.

Permit the refinance of an existing HARP loan: Currently, the HARP program is one-use only. With HARP 3.0, homeowners may be allowed to “Re-HARP” an existing HARP mortgage.

Make HARP a true “streamlined” refinance: Currently, HARP requires some paperwork. With HARP 3.0, the program could mirror the streamlined programs of the FHA, VA and USDA for faster, simpler approvals.

Each of these enhancements would jump-start the Home Affordable Refinance Program and, by extension, the U.S. economy. Refinances help boost consumer spending which helps to keep job growth strong.

With Watt confirmed at the FHFA, HARP 3 could pass at any time. Will you be ready for it?

If you would like more information or to be kept up to date on Harp 3 please fill out the information below.

Steve Mugar




HomePath Mortgage Loans for Florida Homeowners

Friday, July 19th, 2013

The HomePath Mortgage Loan In Florida is Offered  On Homes Owned By Fannie Mae  through (Conventional)Lenders. This loan program is also known as HomePath Mortgage or HomePath Renovation Mortgage. We offer this product as well.


The requirements for this loan are similiar to FHA and USDA however the selling bank will require the buyer to be pre-approved specifically for the HomePath loan.
If a Buyer Can Qualify For FHA or USDA, They Will Qualify For HomePath Loans – It Is Just A Different Name For A Type Of Conventional Loan.  Investors can be Approved For This Loan Which They Cannot Do With USDA or FHA.


  • Low down payment – Up to 5% and Flexible Mortgage Terms
  • Credit Score From 660
  • Available to both Owner Occupied and Investors
  • Down payment can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No Monthly Mortgage Insurance Premium
  • No Appraisal Fees
  • Financing to fund both your purchase and light renovation

Frequently Asked Questions

Why does Fannie Mae have properties for sale?
Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.

What kinds of properties are available in the Fannie Mae HomePath database?
Fannie Mae’s HomePath database includes only properties that are owned by Fannie Mae. There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.
How is buying a home owned or managed by Fannie Mae different from other home purchases?
Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.

When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

Has Fannie Mae fixed everything in the house?
Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.

Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works.

Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.

What can you tell me about this house?
If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.

What type of sales contract does Fannie Mae use?
Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don’t understand or aren’t comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you.

Do I have to use Fannie Mae’s selected title, settlement, or escrow companies?
No. You may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.

Will Fannie Mae accept an offer contingent on the sale of my house? No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.

Why does Fannie Mae require a lender’s prequalification statement before negotiating a home purchase offer?  Fannie Mae wants to be sure that prospective buyers will be able to complete the sales transaction, including obtaining financing for the HomePath Mortgage in Florida when needed. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.  A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.

Does Fannie Mae provide special financing?
Special financing is available on many properties through HomePath® Mortgage and HomePath® Renovation Mortgage.

Can I buy a house directly from Fannie Mae without going through a real estate sales professional?
No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.

What happens if Fannie Mae gets more than one offer?
All interested parties may be asked to submit their best offer in writing though the listing agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.

If you want more information on this Fannie Mae Homepath Loan in Florida simply fill out the form below.