Dauer: 15:01

I'm a licensed RE Broker and hold an NMLS license to originate loans. Been in the business for the past decade or so. 3rd generation real estate guy. Area Sales Manager for a successful Mortgage Bank called Bay Equity Home Loans. We've done over $3 Billion in loan volume and offer FHA, VA and Conventional loans. Bay Equity was recently ranked the 5th fastest growing company in San Francisco. Our local office is downtown SR on the corner of 4th and E. If you're in the market for a purchase or refinance loan, you should call us before going with the big banks. I welcome your questions now, get them in early so we don't miss you and run out of time at the end. Last week we had some good discussions about credit and also about whether one should refinance. Today's question: Are you still in that "Stepping stone house" and want to figure out how to get into something better and bigger? Looked at home prices and what you can buy? Did you know that with just 3.5% down most people can qualify for an FHA loan. Buy a house for $350,000 payment is only $2600. If you search homes in Windsor and Santa Rosa you can pick up 1800-2000 sq/ft house. That same house was likely $550,000 4 years. Home prices are great and rates are awesome. You're in a 1200 sq. ft. house, had kids running out of room. 2 bedrooms Bought the house as a first step, but now it's the whole stair case. "Buy and Bail" issues Must have equity in departing residence and reserves I want to talk more about credit and mortgage relief. Spouse Bankruptcy and qualifying Spouse Foreclosure and qualifying Extenuating Circumstances To be eligible for the reduced seasoning time for Bankruptcy or Foreclosure the borrower must have re-established credit for 2 years and provide a letter of explanation and supporting documentation evidencing the incident was not due to financial mismanagement. Examples are examples of acceptable situations. 􀁸 Death of a primary wage earner 􀁸 Long term illness or disability not covered by insurance Borrower spent months working with Chase for a modification only to be declined and then Chase rescinded the modification after the trial payment. What next? What options does he have? HARP Benefits: Up to 125%. On 3/19 new automated approvals come with no cap on LTV. Loans before 6/1/2009. Had two borrowers with COE's in 7/2009, not eligible. Cutoff is because it was 6/2009 that HARP rolled out.