Mortgage Lenders

$8000 Tax Credit for First Time Home Buyers with Low Down Payment. Lender Finance Program with Low Payment and Fixed Interest Rate on FHA Mortgage and Government Assistance. Go To http://RealEstateMarketingThisWeek.com

Part 8 (Excerpt)

Analyzing tax returns for self employed and small business owners; Use a Mortgage Planning Expert

Credit scores now are a major factor with interest rates. You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, its not true. You are never going to qualify for that rate today. They are going to lie to you, once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees.

Credit scores have to be significantly higher than they used to, but again I have to tell you, its my opinions that a 70% no doc loan with someone who has a 720 or higher credit score I believe is a good loan. I personally believe that at some point it will be brought back.

I am not arguing with that, with a good FICO score I can agree with a 20% down for a stated income loan. People are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan. They cant qualify based upon their income.

In a lot of cases yes, but once again I definitely want to point his out just because someone is self employed and owns a small business and they do write everything off, that does not mean that they will not qualify. They may have been told now that they have to go stated income because of tax returns, but most people, the small business owner, the consumer doesnt know how to analyze his taxes, whether or not he is going to qualify for financing thats not his area.

Most CPAs dont even know how to analyze taxes to extrapolate enough income back out where we can use it as income, so just because a person is self employed does not mean that they cant qualify for financing and honestly nothing could be further from the truth. Plenty of people self employed, small business owners will qualify using their tax returns.

I think that anyone right now who doesnt own a home should be giving you a call getting pre-qualified. If nothing else give you a call and see what you can do. So you say, I wrote off a bunch of stuff last year and I am not going to be able to buy a house well maybe you can. But get in there, have a professional, have someone who knows what to do, whos been in the business for 15 years, have them take a look at it and decide whether or not you can really get that loan.

One of the things with my mortgage education; I am a certified mortgage planner. I am a certified mortgage analyst and a certified mortgage planning specialist. The significant part of that training and those certificates is in analyzing complex tax returns and we analyze complicated tax returns for professional athletes, for professional musicians, all the time. There is income always, it is just a matter of knowing how to get all of it out there. So I think we have kind of hit that.

So yes if you dont own a home today and you have been told NO, you need to find out if the person who told you no is qualified to tell you no, #1, and #2, less than 15% of the lenders in Arizona are qualified to do FHA loans. Those are the loans we are talking about, $100 down to buy a HUD-home, less than 3.5% down to buy a house with the best interest rates that we have seen in my career, its crazy not to look at your options.

If a lender does tell you no, it would be like going to a doctor and he says you have to have your arm amputated because you have a pimple on it. I think you are going to go get a second opinion, maybe even a third. To make sure you dont have to have it cut off. And that is exactly what we have here, if you go to a lender and he says, Well you are going to have to put down 20% you know he is not an FHA lender. So run out of there and call Michael at Velocity Financial and get yourself pre qualified.

Dan Havey, you have a great website, its called http://discountdreamhome.com and why dont you talk real quick about that. Its real simple, if you are looking to buy a foreclosed home, and as we discussed earlier they are many times the best homes to buy right now, they are vacant, they obviously have a highly motivated seller. You dont have to deal with all the troubles you would have to deal with from a regular or as we refer to them, an organic seller, because a lot of these people are upside down.

Duration : 0:7:49

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Issa Probes Conflict Between Countrywide VIP Program Documents, Sworn Testimony of Former Fannie Mae CEO
March 4, 2009

WASHINGTON. D.C. House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) today, released a letter to the attorney of former Fannie Mae CEO Franklin Raines advising him to revise statements in his testimony indicating that he did not receive preferential treatment as a Friend of Angelo and member of the Countrywide VIP program.

The involvement of Countrywides VIP unit in the refinancing of Mr. Raines mortgage and the rate reduction and waiver of junk fees that are reflected in the documents produced to the Committee indicate Mr. Raines was aware he was receiving special treatment, including a reduced interest rate and waived fees, says the letter from Issa to Raines attorney. Information obtained by the Committee, therefore, calls into question the truthfulness of Mr. Raines testimony.

During the question and answer period of the December 9, 2008, Oversight and Government Reform Committee hearing on the role of Fannie Mae and Freddie Mac in the Housing Meltdown, Rep. Dan Burton asked Mr. Raines about his Countrywide VIP loan (watch the exchange here):

Mr. Burton: Have you ever had a home loan from Countrywide?

Mr. Raines: Yes.

Mr. Burton: Was this given to you through the term, Friend of Angelo?

Mr. Raines: No.

Mr. Burton: So you didnt get any preferential treatment?

Mr. Raines: No, I did not, in terms of the terms of my mortgage.

Mr. Burton: So you paid the same rate and same conditions as anybody else would under the same conditions?

Mr. Raines: If they have the same credit profile, the same loan to value as I had, yes, sir.

Mr. Burton: So if we checked on that loan that you got from Countrywide, we wouldnt find anything different from anybody that borrowed from Countrywide in the whole country? You would not get preferential treatment?

Mr. Raines: I am unaware of any preferential treatment.

These denials are contradicted by documents obtained by committee Republicans including a June 9, 2003, internal Countrywide e-mail directing per Angelo that Franklin Raines receive 1% reduction in his loan rate and that all junk fees associated with the loan be waived.

Loan documents provided to the committee show, in fact, that Raines was aware that his loan had received a discount following his executive assistants call to Countrywide and that normal mortgage fees were being waived (4/29/03 loan application and 6/25/03 HUD-1 Good Faith Estimate attached).

Countrywide used its VIP program to buy powerful friends for the sole purpose of using these relationships to further their business bottom line and continuing a process that made loans available to those who could not really afford them, said Issa. It is unconscionable for those who received preferential treatment to continue this deception when company documents show otherwise.

Rep. Issa and Rep. Mark Souder first called for a probe of the Countrywide VIP program in June 2008.

They later requested a House Ethics Committee investigation into Countrywide VIP beneficiaries but never received a response.

Duration : 0:5:40

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