CFS - Mortgage Blog

Time to Purchase? FHA Makes It Easy!

admin — Tue, 10 Aug 2010 03:14:57 +0000

Clearly there has never been a more opportune time to purchase a home. FHA financing offers an array of benefits.

	*Minimum down payment only 3.5%
	*No income restrictions
	*$346,250 available loan amount in Maricopa County
	*Down payment may be gifted
	*No reserve requirements
	*30 year fixed rates available in the mid 4% range
	*Moderate credit score requirements
	*Reasonable qualifying ratios allowed
	*Family member may co-sign to assist in qualifying

If you are currently renting, it is likely your payment may be more expensive than owning a home. Wondering about a payment? Simply click on the “Calculators and Tools” tab above. Select amortization schedule and calculator and enter a loan amount and rate to determine a principal and interest payment on a 30 year fixed rate loan! Then, call your CFS Mortgage Corporation Loan Officer for a free consultation. Buying a home is easier and likely more affordable than you think!

If you already own a home and have an FHA loan, you are eligible for an FHA Streamline Refinance! This program offers market rate without an appraisal! Call today for more information!

INTEREST RATES DECLINE!!

admin — Tue, 20 Jul 2010 15:16:05 +0000

Recently interest rates have declined to their lowest levels since the initial drop in January, 2009. This latest reduction creates a refinance opportunity for homeowners whose current mortgage rate is in the mid 5% range or higher! If you previously considered refinancing but determined your monthly savings would not be sufficient to offset the cost, it is definitely time to take another look. It is likely that your savings will be significant. This latest reduction coupled with outstanding home pricing is also the perfect combination for that new home purchase you have been contemplating. Interest rates are volitile. Don’t miss out on this incredible opportunity. Contact your CFS Mortgage Corporation loan officer today!

Tax Credit Ends-So Now What?

admin — Wed, 09 Jun 2010 19:16:41 +0000

The tax credit deadline has come and gone. You still haven’t purchased a home. Did you miss a window of opportunity? Interest rates have not yet increased as many experts thought they would. Rates are as low or lower than in early 2009. Home prices have stabilized. These historically low interest rates and home price values will not last forever. Failure to take advantage of this combination will likely prove far more costly than missing out on a tax credit. So, if you ended your search based on the tax credit expiration, you might want to reconsider. We think that we’ll look back on 2010 as one of the ultimate home buying opportunities in history. Call your CFS Mortgage Corporation loan officer today and get prequalified. It’s easy and its free! And, if you thought it was too late to refinance your current mortgage, let us evaluate that for you!

CFS Mortgage Corporation names new executive!!

admin — Thu, 20 May 2010 16:42:04 +0000

CFS Mortgage Corporation has named Drew Buccino as its President and Managing Director teaming with owners and Managing Directors Steve Huml and Chriss Carr. CFS, a 28 year mortgage banker plans to expand its existing operation in AZ while entering other markets including California.

Mr. Buccino has over 20 years of residential real estate, structured finance, and P&L management experience. Most recently, Mr. Buccino was a founding member of Milestone Asset Resolution Company (MARC), a boutique servicing and asset management firm specializing in construction related finance. Prior to working with MARC, Mr. Buccino was an EVP at IndyMac Bank and the CEO of the Bank’s Mortgage Professionals Group, which incorporated all of the Bank’s third party lending activities as well as the Bank’s Warehouse Lending unit, and was directly responsible for credit risk management, sales and marketing, compliance, operations, and financial administration. He also served in senior management positions in both consumer construction and retail lending and Mr. Buccino was a member of the Bank’s Credit Committee. Prior to this, Mr. Buccino was a regional manager with Commerce Security Bank, a Sacramento based thrift. Mr. Buccino began his career as an Auditor with Arthur Andersen in their Los Angeles and Sacramento offices and was a member of the entertainment and telecommunication audit practices.

Mr. Buccino earned a BA from Claremont McKenna College with an emphasis in Accounting and Economics and is a member of the Mortgage Bankers Association Capital and Secondary Markets Committee and its Joint Task Force on Loan Officer Compensation. Mr. Buccino holds a Certified Mortgage Banker designation. Mr. Buccino resides in Scottsdale, Arizona.

Great News For Arizona!!

admin — Fri, 07 May 2010 11:47:33 +0000

For the past two years, Arizona has been designated a declining market state by investors and mortgage insurance companies. This designation has reduced loan to value maximums on real estate mortgages negatively impacting the real estate purchase market. Investors require mortgage insurance on conventional loans that exceed 80% loan to value. Until recently, mortgage insurance companies have refused to insure loans with a loan to value above 90% and have required minimum credit scores of 720. Effective immediately mortgage insurance is available on primary residences to 95% loan to value and 90% loan to value on second homes! And, the minimum credit score has been reduced to 680! This guideline change is a huge event. It provides home buyers with the opportunity to purchase a primary or second home with a lower down payment and less than perfect credit score and sends a clear message that the industry considers values in Arizona to have bottomed!

Rates Remain Unchanged

admin — Wed, 17 Feb 2010 23:43:37 +0000

Per MBA for the week of February 12, 2010, the average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 4.94%, with points increasing to 1.09 from 1.06 (including the origination fee) for 80% loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.33%, with points increasing to 1.02 from 0.95 (including the origination fee) for 80% LTV loans.

Mortgage Banker vs. Mortgage Broker-What’s the Difference?

admin — Wed, 10 Feb 2010 15:55:02 +0000

Mortgage Bankers and Mortgage Brokers provide a similar service, yet there is a significant difference between the two; differences that can ultimately impact the mortgage loan process. These differences can range from creating inconvenience to changing the structure of the loan and in even cause a loan to be denied. Here are just a few of the differences:

Mortgage Bankers under the new HVCC appraisal law can order the appraisal from a vendor of their choice. This appraisal can then be used with any of the Mortgage Banker’s investors. A Mortgage Broker must order the appraisal from a predetermined investor’s chosen automated valuation company and no employee of the mortgage broker can speak with the appraiser. Should the Mortgage Broker choose to send the loan to an alternate investor for any reason, the appraisal must be transferred to the alternate investor. This process is time consuming and cumbersome and adds additional borrower expense.

Due to this HVCC appraisal law, Mortgage Brokers must choose the investor at the time the appraisal is ordered. Since the Mortgage Banker can use the appraisal with any of its investors, it can take advantage of choosing the investor offering the best interest rate at a much later point in the transaction. Mortgage Bankers deliver a closed loan which greatly reduces the work flow of the investor resulting in a better interest rate for the borrower!

At approval, the Mortgage Banker prepares loan documents and ultimately funds the loan using its warehouse line. The Mortgage Broker is dependent on the investor to prepare the loan documents and fund the loan. The Mortgage Banker is the lender at close of escrow and has complete control of the transaction.

In summary, Mortgage Bankers like CFS Mortgage Corporation provide the opportunity for borrower’s to take advantage of multiple investors just like a Mortgage Broker but through a much simpler and cost effective approach. Call your CFS Mortgage Corporation loan officer to discuss in greater detail!

HUD Proposal for Loan Correspondents

admin — Tue, 01 Dec 2009 20:35:05 +0000

HUD has issued in the Federal Register a FHA Proposed Rule on loan correspondents (mortgage brokers) no longer needing independent FHA-approval for origination eligibility, as well as increasing the net worth for FHA-approved mortgagees. The deadline to submit comments on the proposed rule is December 30, 2009.

To view the proposed rule, click

here.

FHFA Quarterly House Price Index

admin — Tue, 24 Nov 2009 18:05:48 +0000

The Federal Housing Finance Agency announces housing price changes for the 3rd Quarter, 2009. To view details go to:

http://www.fhfa.gov/Default.aspx?Page=84

HUD Announces Restraint in Enforcement of RESPA Rule

admin — Tue, 17 Nov 2009 17:34:35 +0000

To read HUD’s

On November 13, 2009 the Department of Housing and Urban Development (HUD) announced that, for the first four months of 2010, it would delay the enforcement of the RESPA Rule scheduled to go into effect on January 1, 2010. Until April 1, 2010, HUD will not enforce new regulatory requirements or take any “action against FHA-approved lenders who have demonstrated that they are making a good faith effort to comply with RESPA’s new requirements

official press release, click

here