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Vacation homes can be a reality now!

Is now a good time to buy that Vacation home you have always wanted?  Why not?  This may be the best time ever to invest in more property (see leveraging our leveraging blog from March here).  In no other market are you going to see a discount in price and a discount in rate.  What is a vacation home and how can you buy one? 

A vacation home is home separate from an individual's primary residence that is used for recreational purposes and may also be rented out at unused times.  Most of the time, these are homes on lakes and/ or mountains, occupied in the Sumer or winter months specifically.  These are the homes you build your family memories in.   

At MBA Mortgage, we are seeing more and more people inquiring about Lakefront Living for these reasons.  We have a plethora of programs available for purchasing those second homes and the interest rates are very competitive, if not identical to owner occupied properties.  Most lenders will expect a 20% down payment, but the return on your money is incredible considering the price you got it at.   

Call one of our licensed loan officers to get more information on how you can purchase that vacation home of your dreams! 

 

Can you refinance if you owe more than your house worth?

 

Are you frustrated that you were not able to refinance your mortgage because it is “underwater”? Now we have a solution for you!!! Under the Homeowner Affordability and Stability Plan, eligible borrowers, who stay on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan.   Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities. The ultimate goal of Fannie Mae and Freddie Mac is to assist homeowners to avoid foreclosure and remain in their homes by refinancing into a lower mortgage rate and ultimately decreasing their monthly mortgage payment. Here are the highlights of these programs:

 ·         Your loan is underwater and is owed by either Fannie Mae or Freddie Mac. To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, give us a call.

·         You can borrow up to 125% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify.  The current value of your property will be determined after you apply to refinance.

·         Minimum credit score of 620.

·         Mortgage Insurance is not required on loans with an LTV over 80% if the existing mortgage does not already have MI.

 

These programs were designed to reignite the mortgage industry by simplifying the refinance process for millions of Americans. With less-stringent underwriting guidelines that include lower acceptable credit scores, decreased income documentation and even appraisals being waived in certain situations. The most significant element within the programs allows homeowners to refinance, even if the value of their home is less than they currently owe on their existing mortgage. Therefore refinance with cash out will not be allowed for these programs from Fannie Mae and Freddie Mac.

What other professions do we work with?

 

What can MBA Mortgage Corp. do for you besides helping you with a mortgage?We have developed strategic partnerships to ensure that our valued clients can turn to us for any of their needs. Our business can help you save your time and money! We will connect you with the best of the best!!!  

With these strategic alliances, our partners are more than willing to assist in anyway they can and could potentially give some discount to MBA’s Clients. Who do we work with? We work with Real Estate Attorneys, Divorce Attorney, CPA, Bookkeeper, Financial Advisor, Contractors, Landscapers, Electrician, Handyman, Housekeepers, Mechanic and many more...

Whenever you need help, we are always here to lead you in the right direction. If we can’t, then we can connect you with someone who can and you can be sure that you will be in good hand because we only work with the best of the best!         

Attorneys

Insurance

CPA and Bookkeeper

Financial Advising and Wealth Management  

Contractors

 

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