How is the Government Shutdown Affecting the Buying & Selling Process? News 14 Carolina interviewed Linda to find out!

LT_News14 Gov Shutdown_V1

How is the government shutdown affecting the home buying/selling process and loans? News 14 Carolina interviewed our own Linda Trevor and mortgage lender, Mark Wooten to find out!

Here is the link (note you may need to sign in to your Time Warner Cable account to view):  http://triangle.news14.com/content/news/700114/government-shutdown-delaying-some-home-loans/

Down Payment Help for First Time Home Buyers

Here is a list of lending resources for First Time Home Buyers who are seeking help with down payment and closing costs assistance. Be sure to read the details and consult with an experienced lender for eligibility requirements.  We listed our preferred lenders who service these types of programs below.  

North Carolina Housing Finance Agency (NCHFA):  

  • Down payment and closing cost assistance up to $8,000.
  • $14,900 down payment and closing cost assistance for foreclosed homes.
  • Mortgage Credit Certificate – This federal tax credit can lower your income-tax liability, dollar-for-dollar, leaving you more money to use toward your mortgage.
  • A competitive interest rate mortgage

Good Neighbor Next Door Program from the U.S. Dept. of Housing and Urban Development:  

  • Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

USDA Loans – Rural Development: 

  • These are loans directly funded by the government for low and very low-income households.  Buyers may obtain 100% of the financing needed for purchasing a home in a rural area.  To find out if a home qualifies for USDA funding, check the address through the USDA eligibility system.

100% Financing: 

  • Check with local retail banks and credit unions too see if they offer any in-house or specialty products for First Time Home Buyers. 

Preferred Lenders who can help with the above programs:

Debbie Sheets (NCHFA and USDA qualified)
SunTrust Mortgage, Inc.
Cell: 919-538-3101
Fax: 866-458-4942
Debbie.Sheets@suntrust.com
Apply online at: www.suntrustmortgage.com/dsheets

 

Marcus Bowman (Low Credit Financing Specialist)
Home Mortgage Consultant
Wells Fargo Home Mortgage
Office: 919.816.4815
Cell: 919.201.0460
Fax: 866.714.0845
Marcus.bowman@wellsfargo.com
Apply online at: www.marcusbowman.com
 

 

Carol Varsano (NCHFA and USDA qualified)
Home Mortgage Consultant
Wells Fargo Home Mortgage
Office: (919) 816-4824
Cell: (919) 454-4653
Fax: (866) 553-3372
Carol.Varsano@wellsfargo.com
Apply online at:
www.wfhm.com/wfhm/carol-varsano

 
Jennifer Dodson (100% financing CHIP program)
Mortgage Loan Officer
BB&T Mortgage
Fax: (919)319-4859
Office: (919)319-4862

 

Mark Wooten (NCHFA and USDA qualified)
SunTrust Certified Mortgage Planner
Office: 919-380-6766
Fax: 919-380-6465
Cell: 919-219-4321
Apply online:
www.suntrustmortgage.com/mwooten

Information to have on hand for the Affordable Home Program

Hi Friends,

 

We are passing along some valuable information on the Home Affordable Initiative. If you feel like you have a friend, family member or co-worker who might benefit from this program during these difficult economic times, then use the list below from Debbie Sheets with SunTrust as a resource for getting started. Please know that any lender can do a Home Affordable Initiative Loan also known as a DU Refi Plus.  Loan modification’s where the homeowner is currently delinquent and/or experiencing hardship must be done by their specific loan servicer. 

 

Items to Gather for Home Affordable Initiative Loan

 

·         2 recent pay stubs for all persons currently on the loan

·         2008 federal tax return, all pages & schedules for all persons currently on the loan

·         Type of property (manufactured, townhouse, condominium, etc…)

·         Do you have a second mortgage or home equity on the home?  If so provide a copy of the most recent statement.  We need this information regardless of balance.

·         Do you have Mortgage Insurance on your loan? 

·         Do you currently occupy the home as your primary residence?

·         If SunTrust does not service your loan please provide the name of your servicer as well as their customer service contact number.

·         Have you been more than 30 days late within the last 12 months on your primary or secondary mortgage?

·         Do you have additional mortgages outside of the ones on your primary home?

·         Go to www.suntrustmortgage.com/dsheets & apply on line.  For any items you do not know just enter “Do not know”.  I will call you to fill in the blanks.

 

Please write the answers to your questions on this document & return fax to 1-866-458-2942 along with all requested documentation.  You do not need a cover page. 

 

SunTrust Mortgage will begin to review applications for the Home Initiative Loan beginning April 4, 2009.  Prior to that date we are unable to give you an answer as to qualification or approval. 

 

Applicants who return all the above documentation & complete an application on-line will be considered on a first come first serve basis.  If information is missing you will be contacted.  The review process begins once we have all information.  This process allows us to help as many people as possible.

  

Debbie Sheet, Mortgage Consultant

Debbie.Sheets@suntrust.com

919-616-2868 or 252-756-3912

 

 

Loan Modification & Foreclosure Help for Raleigh Area

Loan Modification & Home Affordable Program

 

If you are trying to make your home mortgage affordable, behind on payments or even facing foreclosure, then consider reviewing the information below about Obama’s Home Affordable Program.  On April 4th many mortgage service providers like SunTrust and Wells Fargo will begin reviewing applications for the affordable initiative.  Here are some highlights of the programs:

 

Loan Refinance Program:

 

Under this program homeowners can refinance home loans that Freddie Mac or Fannie Mae own or guarantee.  The program can help people who are currently making their loan payments, have stable income and have a higher loan to value ratio due to declining market values.

 

If you don’t know if you have a government sponsored loan (GSE) then call or visit:

 

Loan Modification Program:

 

This program allows loan modifications for homeowner-occupants who are having a hardship, in default or close to defaulting on their loan. The entity that services the loan must be the one to preform the modification, especially if you are in default. So contact your lender to start the process.

 

Visit our special blog posting for information to have on hand for when applying for the Affordable Program.

Visit this site http://makinghomeaffordable.gov/  for more information about eligibility and program details.