This is Sharma with the Sharma Group at Platinum Home Mortgage.
I just wanted to take this opportunity to say thank you for all your continued support. I am thankful for so many wonderful relationships that I have built with many of you.
Your support has created my existence in this business and has filled my mindset with many inspiring thoughts. Have a wonderful Christmas with your friends, family and loved ones.
This is Sharma with The Sharma Group at Platinum Home Mortgage.
Today I have important, time-sensitive information to share with you regarding changes to the FHA maximum mortgage limits that become effective January 1st.
There are areas in Alaska, Hawaii, Guam and the Virgin Islands where the maximum mortgage limits have gone up; however, in California, all of the counties around us have dropped… making NOW the time to finalize sales contracts and get mortgage applications submitted.
Here are the changes in our area:
Los Angeles and Orange Counties saw a drop of over $100,000 to a new maximum mortgage limit of $625,500.
Riverside and San Bernardino Counties saw a drop of nearly $150,000 to a new maximum mortgage limit of $355,350.
San Diego County dropped to $546,250.
Ventura County dropped to $598,000.
And Kern County dropped to $271,050.
To learn about the new limits for 2 to 4 unit properties and for properties in other states, please feel free to call me at 626-712-3052 or email me at sanjesh.sharma@phmc.com. As always, you can visit me online at: http://www.phmc.com/ssharma/
Thank you, again, for your continued support and have a wonderful day.
This is Sharma with The Sharma Group at Platinum Home Mortgage.
Today I’m reaching out to tell you a little about an amazing program only available to residents of California that helps minimize the amount of out-of-pocket funds a borrower must pay at closing.
The California Home Buyer’s Down Payment Assistance Program, or CHDAP, offers qualified borrowers a deferred-interest second mortgage for up to 3% of the sales price. These funds are used for the down payment and/or closing costs and help make homeownership more attainable.
If you have a client who is short on funds, but ready to buy now, this is a great option. The CHDAP may be combined with a conventional, FHA, VA, or USDA Rural Housing first mortgage. No payments are made on the CHDAP loan until the property is sold or refinanced.
There are a few stipulations: the property must be an owner-occupied, primary residence and certain income and credit restrictions do apply.
To learn more about this program, please feel free to call me at 626-712-3052 or email me at ssharma@phmc.com. As always, you can visit me online by clicking here.
Thank you, again, for your continued support and have a fantastic day.
This is Sharma with The Sharma Group at Platinum Home Mortgage.
I'm reaching out to you today to talk to you about our specialized,
in-house Project Approval Department.Our
experienced team has been granted automated approval procedures by Fannie Mae
and FHA, which means quick project approvals for you.
Have you made an offer on a condo only to find that it’s not
approved?Or it was approved once, but
hasn’t been recertified?Our Project
Approval Department works directly with the HOA to certify that all agency
conditions are met, so the project remains on the approved list.
Real estate professionals can use this tool to reach out to
sellers and provide a value-added service.
Please feel free to call me at 626-712-3052 or email me at ssharma@phmc.com.As always, you can visit me online at
phmc.com/ssharma.
With
so much uncertainty and concern regarding the government shutdown,
Platinum Home Mortgage and the Sharma Group want to assure homebuyers
that they have our support. As a direct lender in business since 1993,
and having weathered the 1995 government shutdown, we have put into
place temporary policies and procedures to better assist our clients get
through the loan process and into their new home quickly. We hope you
find the following news video informative and that will keep Platinum
Home Mortgage in mind for your next home loan transaction.
SUN VALLEY, LOS ANGELES (KABC) --More fallout from the government shutdown: Home sales are cooling off, stalled by slower loan processing. And it could get much worse. The government shutdown is creating trouble in the recovering housing market. It's slowing home sales, and in some cases making potential buyers think twice.
Real estate agent Candy Peak says that due to the government shutdown, those in the housing market may have a harder time buying homes.
"The first thing that hit the market was the rising interest rates, but now with the uncertainty of the government shutdown, that's putting a second layer of insecurity, and people are holding back now," said Peak.
There are several factors involved.
One is that many Federal Housing Administration (FHA) loans, which are ensured by the government, are or will be stalled if the government remains shut down.
Mortgage broker Sanjesh Sharma says though it might not be affecting a lot of people yet, it will get much worse if federal employees continue to be furloughed.
"We've lowered the amount of employees from 8,709 employees down to 337 employees, so obviously when you have such a reduction in employees, you're going to have some delays," said Sharma.
Another issue: Lenders depend on the IRS to verify information like Social Security numbers and tax returns before a deal can go through. These days, realtors and lenders say it's hard to get a response.
"When it comes to closing the loan in 25 or 30 days, and we still have a government shutdown, believe me, we're going to have some difficulties," said Sharma.
Peak says all of this makes potential buyers think twice.
"Money is an idea backed by confidence, and if people don't have confidence in a system or a government, you're going to see people pull back and wait," said Peak.
But the real estate experts say that a dip in consumer confidence can also mean advantages in the real estate market, like lower rates and great deals for cash buyers.
"Cash is king, as they say," said Peak. "You can go in and just circumvent the whole loan process, and there's certainly many people doing that, so at least we are closing transactions more easily with cash buyers."
Federal employees already suffering the federal budget impasse can't even get employment verification.
Multiple offers are coming in
over the asking price on regular or short sales. This market makes it tough for
first-time buyers to compete in multiple offer situations when they come in
with 3.5% or maybe 10% down. It’s difficult to get offers accepted. Because the
market is the way it is, my clients are looking at properties that are not
habitable. The competition for these types of homes is the cash investor who is
going to pay rock bottom prices because this buyer will have to rehabilitate
and resell it, which will involve selling and holding costs. Whereas my client
who is looking to occupy the property will not have the selling and closing
costs so they can pay more.
So what can you do if you
don’t have the cash for repairs? 203K financing is a great program much like a
regular FHA loan with a fixed interest rate for 30 years. With this program,
though, you’re able to finance all your repair money. For instance, if you want
to buy a property for $200,000, put $100,000 into it for repairs and increase the
resale value to approximately $325,000 you’ve got a deal.
Some think these loans take
70 to 90 days. Admittedly, the first one took me 85 days to do because of the
learning process, but since then we’ve closed these loans in 45, 42 and even 38
days. Having the right contractor and consultant for a 203K loan is the key.
The client needs to put together a wish list, have the consultant review it and
then work with the contractor to make sure the budget balances out. At this point, the appraisal is done and it
closes like an FHA loan. We recently closed a home with a 203K loan for
$274,000 and $130,000 financed in rehab money. The project, which will be
complete in four months, will result in a beautiful home.
If you have any questions,
please call us at (626) 712-3052 or email us at ssharma@ephmc.com.
If you’ve recently applied with a “big bank,” you may not have received the answers and service you were looking for. This may be largely due to their stringent loan guidelines and, in some cases, virtually impossible conditions for them to approve your loan application. If you find yourself among the thousands of people who have struggled during the recent hard economy and now have a low FICO score, the question you may be asking is where do you go to finance a home?
Platinum Home Mortgage is a direct lender that offers more mortgage programs than any other other… bar none. And we have your answer with our FHA Low FICO Program. We understand that life happens and we are happy to look at your overall credit profile, not just your FICO score to help you finance your dream home. And you don’t always have to sacrifice today’s low interest rates, either. Most Banks Will Not Lend Without a Minimum FICO Score of 640 Most banks keep a FICO score threshold of about 640. If you don’t fall within this range, you will likely not be able to obtain financing. Platinum Home Mortgage accepts applications with FICO scores as low as 580, when other criteria are met. Low Credit Score Loan Applications Guidelines There are some guidelines that borrowers must comply with, such as mortgage payment ratings, evidence of payment history via canceled checks or utility bills, and also demonstrated proof of cash reserves. For the most part, these are easy guidelines to meet. Industry-Wide Interest Rates Remain In Effect Borrowers with low or no FICO scores may be able to obtain interest rates that are in line with today’s historic low levels, depending on the individual circumstance of each application. Low Down Payments Available Assuming an FHA mortgage or other similar loan product, most qualified buyers today can get into a home with as little as 3.5% down on a purchase. Also, seller concessions are still very much a part of many real estate transactions and we regularly see home buyers bringing even less to the closing table with closing costs, pre-paids and points often being covered by the seller. ~ To find out if you qualify, contact us today. We look forward to helping make your real estate dreams become a reality! 626 712 3052 ssharma@ephmc.com
