Are You Ready for a Lower Mortgage Payment?


    Are you or someone you know considering a foreclosure?

    You may want to consider a short sale to save your credit!

    Loan Modification Verses Refinance Verses Short Sale: What is the best option for you?

    Loan modifications are becoming easier to obtain, but still require a “financial hardship”.  This could be defined simply as loss of income.  However, the decision to approve your loan modification is ultimateley up to the investor who owns your loan.  In most cases the investor is not the same as your mortgage servicer who you make your payments too.  Each investor has their own formula for how they will determine you loan modification eligibility and new payment.  You can do a loan modifiction on your own, however your chances of success are much higher if you pay a professional who is doing loan modifications on a daily basis.

    Government has recently imposed regulation requiring Loan Modification companies to work under an attorney.  If you choose to go through a law firm, make sure the company has a prooven track record, good reviews, or was referred to you by someone you trust.

    Is a loan modification right for you?  When I consult clients on all their options I alway recomment that they take a step back are look at the reality of their current situation and their future.  If you are so far upside down on your home that it’s going to take  decades to regain your equity, you may want to consider a shorts sale.  Even if it stings your ego and perfect credit a bit.  Recent statistics show that over half of the people who did a loan modification ended up short selling their homes shortly after.  See below for new loan programs available to home owners 12 months after a short sale.

    Also keep in mind there is still a loan program that allows you to refinace even if your upside down.  See below for newest loan programs lending   I am here to answer your questions so don’t hesitate to contact me more details on loan programs, loan modifications, and short sales.

    New Loan Programs

    • Portfolio Loans: These are loans that will not be sold to an institutional investor.  Financing is now available 12 months after the close of a short sale, 12 months after bankruptcy or 12 months after a foreclosure. Although, this is good news to some, there is a required minimum of 20% down.
    • Conventional Loans: 100% financing with 20% down, NO mortgage insurance, One loan, no mortgage insurance with 10% down and if you are buying a second home, 15% down payment.
    • Home Path Financing: Foreclosed homes that are now owned by Fannie Mae qualify for Home Path Financing. This means 10% down on second homes and investment properties!  Call me at 702.419.9231 for a FREE list of homes in your area that qualify for Home Path Financing.

     

    Our Lending Services-What we offer!

    Why use our lending services? We are amont the lowest rates and have top notch service, guaranteeing you will close on time and with the lowest interest rate available.

    Illustration of a Sample Payment:

    30 year fixed @ 4.875%
    100k loan amount: $529.21 P&I / month
    200k loan amount: $1,058.42 P&I /month

    Tips for a Smooth Loan Transaction

    1. Apply for a Loan before you begin your House Search.
    2. Funds being uses for a down payment must be tracable 2 months back.
    3. Have your credit checked before searching for a home to allow time to fix any errors or improve your score for a better interest rate.

     

    Call me any time for a FREE consultation! 702.419.9231

    Apply for a loan online by clicking here!
    If you want to learn more or are ready to apply for a mortgage, please call me at 702.419.9231, or email me at nathan.petrosian@gmail.com. Nathan Petrosian is a Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.


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