» North America Real Estate News

» Ohio Mortgage Credit Certificate - Up to $2,000 Federal Tax Credit Per Year, Every Year

2010-01-14T10:03:00.000-08:00

There is a special Federal tax credit available for Ohio homebuyers. This is not a one time tax credit but one that a homebuyer may claim year after year. It is called a mortgage credit certificate and it creates an income tax deduction that reduces a household's federal income tax liability and allows the household to have more discretionary income or more income to make a higher mortgage payment. The mortgage credit certificate (MCC) is being administered by the Ohio Housing Finance Agency (OHFA) and is available for Ohio home purchases only. A percentage of what a borrower pays in mortgage interest becomes a tax credit that the borrower can deduct dollar-for-dollar from their income tax liability. This percentage can be 20%, 25% or 30%. 20% for non-target area homes, 25% for target area homes and 30% for REO properties. The remaining portion of the mortgage interest continues to qualify as an itemized tax deduction, as long as the borrower has a sufficient tax liability. The mortgage credit certificate is only available for a home purchased as a principal residence.

How To calculate the tax credit.
The calculation is not difficult. The borrower can calculate the tax credit by taking the amount of mortgage interest paid on the qualifying property in the calendar year and multiplying it by 20%, 25% or 30% depending on the classification of the purchase. Again, 20% for a non-target area home, 25% for a targeted home or 30% for an REO property. Please, keep in mind the maximum tax credit that can be claimed is $2,000 per year with the mortgage credit certificate and a borrower cannot claim an amount exceeding their Federal income tax liability for the year.

There are income requirements for the program and the income varies by county, number of people in thehomebuyer's family, whether the home purchased is in a target or a non-target area and if the property is a 1-family, 2 family, 3 family or 4 family home. The purchase price limits vary depending on whether the home is new, existing or located in a target or non-target area. Caution- The FHA loan limits may be less than the purchase price limits.

Other than income and purchase price limits, in order to qualify a homebuyer must also meet the following three conditions:

1. Occupy the property you are buying as your primary residence for every year you
claim the MCC. If the property ever ceases to be your primary residence, OHFA may
revoke your MCC approval.
2. Be creditworthy. You must meet standard credit and underwriting criteria
established by the IRS and HUD for the MCC Program.
3. Meet one of the following:
A. Be a first time homebuyer (Not having an ownership interest in their
principal residence in the last three years.)
B. Purchase a home in a target area.
C. Be a military veteran who has received an honorable discharge.

Additional Property Requirements
• New or existing single-family units, condominiums, and planned unit
development homes within the State of Ohio.
• Modular or manufactured homes must be permanently affixed to the foundation
and titled as real estate to be eligible.

Loan Types
• Must be a fixed rate loan.
• May not be a refinance loan.
• FHA, Conventional, VA, USDA-RD all qualify.

Mortgage Credit Certificates will be available for homes which close on or after March 23, 2009.

This program is not available through all lenders. If you are interested in learning more or to see if you qualify your next step is to contact the right mortgage professional who can advise you on The Mortgage Credit Certificate program. A mortgage professional who is familiar with the mortgage credit certificate program can check out the guidelines and qualifying criteria to determine if you qualify.

Bill Burress, Nationwide Mortgage Expert is a mortgage professional who can help you determine whether you qualify for the Ohio Mortgage Credit Certificate and can help you with a pre-approval for your home purchase. For information on this article or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert has over 29 years experience in the mortgage business. Bill Burress is now assisting homebuyers Nationwide.

» $8,000.00 Homebuyer Federal Tax Credit Details with Video

2009-12-21T11:59:00.000-08:00

Homeowners who act quickly may take advantage of the expanded tax credit. Remember back in November, 2009 when The President signed into law the home buyer tax credit extension? Well, time is running out for would be home buyers because the extension was not a very long one. Those who are considering purchasing a home in 2010, should not let their tax credit deadline expire. You must purchase a home before April 30, 2010. Unless you already have a home picked out, this means you should get moving on it. The buyer must have an accepted contract by April 30, 2010 and have until June 30, 2010 to close. Searching for a home and negotiating the terms of a purchase contract is not an easy task and its better to get it done early than to close too late to pocket the tax credit.

What does the tax credit extension do? Well for starters, it includes not only first time home buyers but also existing homeowners. Existing homeowners can receive a tax credit up to $6,500.00 and first time home buyers can receive a tax credit up to $8,000.00. Purchase contracts exceeding $800,000 will not qualify for the tax credit. First-time home buyers and existing homeowners who purchase homes between November 7, 2009 and April 30, 2010 can participate. A current homeowner is defined as a homeowner who has used the home being sold as a principal residence for five consecutive years within the last eight years. Also, in order to qualify as a first-time home buyer, the purchaser or the purchaser’s spouse may not have owned a residence during the three years prior to the purchase. The income limits are as follows, $125,000 annual income for a single purchaser and $225,000 annual income for a couple.

What should be your first step? The first step to purchase a new home should be to get pre-approved for the new mortgage. With credit guidelines becoming tighter, the sooner you begin this process the better off you will be. It is always better to start earlier than you planned on starting in case there is any unforeseen items on your credit that need to be cleared up.

You can apply for a FREE pre-approval from Bill Burress, Nationwide Mortgage Expert.

Bill Burress, Nationwide Mortgage Expert has over 28 years experience in the mortgage business . For information on getting pre-approved for a mortgage loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Now originating mortgages and negotiating short sales in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Copyright © 2009 - 2010 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

Sources:
HR 3548
SA 2712 (Sec 11 is the applicable section)
IRS.gov/recovery

» Need to Refinance or Purchase A Home? It May Be Time For Credit Repair

2009-12-21T08:26:00.002-08:00

Those who are trying to get approved for a mortgage may find themselves fighting an uphill battle. Not too long ago it seemed if you had a pulse you qualified for a mortgage. This no doubt contributed to the real estate bubble and collapse of the mortgage and financial markets. Now there are more being turned down for mortgages than being approved it seems. If you are sitting on the sidelines waiting for the credit guidelines to relax a bit before purchasing or refinancing your home, you really have a better chance of being struck by a meteor.

Being turned down for a mortgage loan due to a low FICO score may be remedied with sound credit repair techniques. Most in this situation should not attempt to repair their credit report on their own. I have seen too many cases where a borrower will shoot themselves in the foot by attempting to repair their own credit. The reason this happens is in credit reporting, logic does not always prevail. For example, a borrower may decide to close out a few credit cards they don’t use in order to raise the credit scores. This is the exact wrong move to make. Another mistake I have seen is when a borrower pays off all of their collections. This again, may lead to a large FICO score reduction. There are countless other mistakes a borrower can make while trying to repair their credit, despite their good intentions. A good credit restoration company can steer you away from the pitfalls of credit repair without costing you an arm and a leg.

If you are interested in having your credit repaired, give me a call and I can refer you to a reputable credit restoration company that does business in your area. They can answer any questions you may have and let you decide if it’s the right thing for you to do. The company’s I refer are not in it to make a quick buck. The people I work with in these companies truly care about the borrowers they help. I have heard their excitement when they get a score raised on all three bureaus. I have also heard their disappointment when they are trying to negotiate with an uncooperative creditor or lien holder.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a mortgage loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2009 - 2010 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

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$8,000.00 First Time Home Buyers Tax Credit

2009-05-04T05:40:00.000-07:00

First-Time Homebuyer Credit Questions and Answers: Basic Information

Q. What is the credit?

A. The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.

The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more.

For more information on applying for the credit: 30 Second Inquiry Form

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before December 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.
Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Q. Can I apply for the credit if I bought a vacation home or rental property?

A. No. Vacation homes and rental property do not qualify for this credit.

Q. Who is considered to be a first-time homebuyer?

A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.

Q. When do I have to buy a new home to get the credit?A. The home must be purchased after April 8, 2008, and before December 1, 2009, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home.

Q: How do I apply for the credit?

A: The credit is claimed on new IRS Form 5405 and filed with your 2008 or 2009 federal income tax return.

For more information on applying for the credit: 30 Second Inquiry Form

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q. I purchased a home that qualifies for the first-time homebuyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence?

A: Yes, if you meet all first-time homebuyer eligibility requirements. See Form 5405, First-Time Homebuyer Credit, for more details.

Q: If two unmarried people buy a house together, how do they determine how much each may take of the credit?

A: IRS Notice 2009-12 provides guidance for allocating the first-time homebuyer credit between taxpayers who are not married.

Q. I am a single co-owner of a home. How do I get this credit?

A. Depending on the year of purchase, you will claim the credit on either your 2008 or 2009 federal income tax return.

Q. I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit?

A. The credit is fully refundable and, if you qualify as a first-time homebuyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time homebuyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time homebuyer may file for the sole purpose of claiming the credit for a refund.

Q. Does the first-time homebuyer credit apply to homes located in the U.S. Territories?

A. No.

Q. Would I be considered a first time homebuyer if I owned a principle residence outside of the United States within the previous three years?

A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States.

For more information on applying for the credit: 30 Second Inquiry Form

Q. If qualified, are homebuyers required to claim the first-time homebuyer credit?

A. No.

Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a new home:
• Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
• You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
• You do not use the home as your principal residence.
• You sell your home before the end of the year.
• You are a nonresident alien.
• You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Now originating mortgages and modifying mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Copyright © 2008 - 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

Source: http://www.irs.gov

» $15,000.00 Home Purchase Tax Credit Trimmed To $8,000

2009-02-14T06:03:00.000-08:00

Well, with much wrangling the Congress rolled out the final revision of the home purchase tax credit contained in the economic stimulus act. The President is scheduled to sign the bill on Monday, February 16.

The Senate's version of the home buyer's tax credit was scaled down and revised to a much smaller version which is expected to have very little impact on the economy. The tax credit is now limited to first time home buyers and is $8,000 instead of $15,000. There are also income restrictions on the first time home buyer tax credit. One good point on this tax credit is that it eliminates the pay back which is required on the existing $7,500 tax credit.

For more information regarding the new $8,000 first time home buyer tax credit or the current $7,500 tax credit, contact Bill Burress, Nationwide Mortgage Expert.

Bill Burress, has over 27 years experience in the mortgage business . For information on getting approved for a mortgage refinance or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

The $8,000 first time home buyer tax credit is available for home buyers nationwide.
Now originating mortgages and modifying mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

» Mortgage Loan Approvals With Below 600 F.I.C.O. For Rates As Low As 5% A.P.R.

2009-01-28T12:10:00.000-08:00

I’m getting more phone calls this week from homeowners who have been turned down for a mortgage refinance because they had F.I.C.O. scores less than 600. This is no wonder since this week, lenders have once again raised the bar on mortgage applicants as the pressure from the regulators heats up.

With the housing industry and lending markets in turmoil, the federal regulators continue to turn up the heat and this means it is getting more difficult for anyone to get approved on a mortgage loan. With the underwriting guidelines continuing to reel in, those who have been wanting to get refinanced to a lower rate will be turned away in droves.

Those who want to get a rate reduction and perhaps change their loan term or perhaps get a fixed rate instead of an adjustable they currently have may get approved if they contact the right mortgage expert. I have seen borrowers get a rate below 5% 30 year fixed with F.I.C.O. scores well below 600. A low F.I.C.O. score should not be a reason to be turned down for a lower interest rate mortgage!

If you have been turned down time and time again, you might have already given up. Now may be the time to give it one more shot. I can’t guarantee an approval to everyone, but I can get approvals done today that I haven’t ever been able to get done. While the underwriting guidelines are getting tighter for most, I find I have more ways to get people a lower rate on their mortgage than ever before.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a mortgage refinance or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Now originating mortgages and modifying mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

» Have A Low FICO Score and Can’t Refinance?, Try A Loan Modification

2009-01-15T08:03:00.000-08:00

Housing foreclosures are sweeping the nation now as the real estate and financing markets are hit hard. As the foreclosure rates go up, the underwriting guidelines tighten. Homeowners who are now looking to refinance their home mortgage are finding they cannot because underwriting guidelines are strict now. Some lenders will not refinance a mortgage unless the borrower and the co-borrower have F.I.C.O. scores over 720. What was once was considered a high enough F.I.C.O. score for a mortgage loan approval will now hit the rejected file.

What can the homeowner who has been turned down for a F.I.C.O. score that is too low do? Well, some continue to apply with more banks and lenders and continue to get turned down, (someone once said the definition of insanity is doing the same thing over and over and expecting different results) while some take a completely different approach and contact a mortgage expert who can successfully complete a loan modification for them.

Bill Burress, Nationwide Mortgage Expert can modify your mortgage loan into a low fixed rate. Bill can also demand principle balance reductions to lower your monthly payments further. When using Bill Burress for your mortgage loan modification, you will not need to be late on your mortgage before your loan is modified and your loan modification will not harm your credit rating.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a mortgage loan modification or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

» Stated Income Homeowners Now Approved For Low Rate Mortgage Loans Nationwide

2009-01-14T08:43:00.000-08:00

Not too long ago, many people were given mortgage loans by “stating” their income on their mortgage loan application. With these mortgage loans, no income verification was done. This was an excellent product for self employed borrowers especially because prior to the stated income loan, the borrower had to be approved using the income showing on their 1040. Many self employed borrowers could not be approved using the usual underwriting methods.

The problem has occurred when the rules changed once again. Stated income loans have been abolished. Those who are in a stated income mortgage note now and need to refinance to a lower rate or a fixed rate find they cannot do so. They are turned down on their refinancing loan application. Many are on adjustable rate mortgages and cannot afford the adjusted payments. Many have tried to refinance and are discouraged by repeatedly getting turned down for a new mortgage refinance.

Well now the majority of these borrowers can be approved regardless of credit or debt to income ratio. Borrowers who have been turned down for a mortgage refinance because they need a stated income loan or have been turned down because of a debt to income ratio need to take the next step and call Bill Burress, Nationwide Mortgage Expert. Bill Burress, Nationwide Mortgage Expert can get these borrowers approved for loan terms that will improve their situation by getting them lower monthly payments and lower fixed interest rates. Recently, borrowers have been approved for mortgage interest rates as low as 4.25% 30 year fixed.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a lower rate mortgage or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Now originating mortgages and modifying loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming. Copyright © 2008- 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

Easier Mortgage Loan Approvals With Bail Out Bill

2008-09-29T05:21:00.000-07:00

On September 28, 2008, Congress reached an agreement with the White House with the largest spending bill in history. The bill is named the Emergency Economic Stabilization Act of 2008. The bill still needs to be passed and signed by the president and there will be much debate before this happens. This bill spends over $700 billion of tax payer dollars but what does this mean for those applying for mortgage loans? The bail out bill can help mortgage loan applicants. In most cases its business as usual with the same mortgage turndown ratio but for those who can find the easy money, the dividends can be the difference of getting a mortgage approval or being turned down for a mortgage loan or the difference between a high interest rate mortgage loan and a lower interest rate mortgage loan.

With the Emergency Economic Stabilization Act of 2008 (First Draft full text pdf),
the core of the bill takes the pressure off of the banks to allow them to lend more money. Before the passage of this bill, the system was on the brink of collapse due to a log jam of sorts with all of the bad paper the banks were holding. They weren’t able to lend as much money because of restrictions in mortgage banking laws because their balance sheets were wrecked with all of the non performing mortgage loans. Lending guidelines were getting tighter and tighter and every mortgage loan was harder to get approved. Congress stepped in and took care of the burden and the money should be flowing again soon. But how do you find the money that was released with this bill? That is the $700 billion dollar question.

For those looking to refinance a mortgage or purchase a home the first step is to find a seasoned mortgage expert. A seasoned mortgage expert knows where the money is and can help you get a piece of the $700 billion with a low cost mortgage. Bill Burress, Nationwide Mortgage Expert has been originating mortgage loans for over 27 years and has seen many trends and cycles in the business and economy. Over the years Bill has developed a keen sense of where to find the money. The money flowing out of this bill although it seems like a lot will not land everywhere and many lenders will fail despite the passage of the bail out. This is where Bill Burress, Nationwide Mortgage Expert can help. Like a hound dog on the trail, he is able to separate those that talk the talk from those who walk the walk.

For information on easy mortgage loan approvals or for any of your mortgage needs, you may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the Quick Inquiry Form

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

» Easier Mortgage Loan Approvals Can be Found With Bail Out Bill

2008-09-28T14:07:00.000-07:00

On September 29, 2008, Congress approved the Infamous bail out bill spending over $700 billion of tax payer dollars but what does this mean for those applying for mortgage loans? The bail out bill can help mortgage loan applicants. In most cases its business as usual with the same mortgage turndown ratio but for those who can find the easy money, the dividends can be the difference of getting a mortgage approval or being turned down for a mortgage loan or the difference between a high interest rate mortgage loan and a lower interest rate mortgage loan.

With the bail out bill or the now dubbed rescue bill, the core of the bill takes the pressure off of the banks to allow them to lend more money. Before the passage of this bill, the system was on the brink of collapse due to a log jam of sorts with all of the bad paper the banks were holding. They weren’t able to lend as much money because of restrictions in mortgage banking laws because their balance sheets were wrecked with all of the non performing mortgage loans. Lending guidelines were getting tighter and tighter and every mortgage loan was harder to get approved. Congress stepped in and took care of the burden and the money should be flowing again soon. But how do you find the money that was released with this bill? That is the $700 billion dollar question.

For those looking to refinance a mortgage or purchase a home the first step is to find a seasoned mortgage expert. A seasoned mortgage expert knows where the money is. Bill Burress, Nationwide Mortgage Expert has been originating mortgage loans for over 27 years and has seen many trends and cycles in the business and economy. Over the years Bill has developed a keen sense of where to find the money. The money flowing out of this bill although it seems like a lot will not land everywhere and many lenders will fail despite the passage of the bail out. This is where Bill Burress, Nationwide Mortgage Expert can help. Like a hound dog on the trail, he is able to separate those that talk the talk from those who walk the walk.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Jumbo Mortgage Loans Approvals Are Still Available As Guidelines Tighten and Loan Limits Are Raised

2008-09-28T07:50:00.000-07:00

With the housing and mortgage markets in peril, the jumbo loan is on the brink of extinction. Purchasing a home using a jumbo loan is hard enough today, getting approved on cash out or debt consolidation jumbo mortgage loan refinances is even tougher. Fewer lenders today offer jumbo loans than ever before leaving many buyers with few choices when it comes to jumbo loans. One bit of relief came from the economic stimulus act of 2008 but it is only temporary and provided the home loan falls within the H.U.D. calculation.

On March 6, 2008, H.U.D. published new FHA loan limits and GSE loan limits based on the median prices of homes as mandated by the Economic Stimulus Act signed at the end of February by President Bush. The new loan limits are based on 125% of the HUD published median prices and are temporary. The new loan limits are temporary and are scheduled to go back to the previous limits of $417,000 after 12/31/2008.

Until December 31, 2008, the GSE or conforming loan limits have been raised up to a maximum of $729,750. The newly increased limits set by HUD range from $417,500 to the highest of $793,750 in Honolulu, Hawaii. Other limits have been temporarily raised for two, three and four family using the same calculation.

With the changing of underwriting guidelines, many homeowners and would be homeowners are frustrated from being turned down with their jumbo loan applications. There are many homeowners who need to get approved for cash out jumbo loans and were literally laughed at by some lenders. Being turned down on a mortgage loan is no laughing matter.

Despite the financial crisis and the tightening of credit guidelines there are solutions for those needing jumbo loans. There are proven steps that borrowers should take which will improve the terms, conditions and pricing of a jumbo loan as well as increasing the chances of approval. A seasoned mortgage expert knows what’s needed for a loan approval and can help you through the loan process to a happy ending. The first step is to contact a mortgage expert who is familiar with jumbo loans and the current jumbo loan lending guidelines. An experienced mortgage expert can guide you through the application process and help you get approved for the jumbo mortgage loan that you need.

For information on a jumbo mortgage loan or for any of your mortgage needs, you may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the Quick Inquiry Form

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

» First Time Home Buyers Can Receive $7,500.00 Tax Credit on Home Purchase

2008-08-09T16:13:00.000-07:00

At the end of July 2008, President Bush signed a bill into law (H.R.3221) that will give thousands of first time home buyers nationwide a check for $7,500.00. This bill is clearly an effort to help the housing market and to stimulate the economy. Although this part of the bill was buried amongst a myriad of other items, this is probably the most affective economic stimulus Congress has passed and it will help real people who work save real money. There are many details and as they say, the devil is in the details but most will be delighted with the way this program works.

Many first time home buyers do a scramble when it comes to getting a down payment or even paying for moving expenses. This is real money the government will give you if you are a first time home buyer between April 9, 2008 and July 1, 2009. A first time home buyer is defined as a home buyer who has not owned a home in the previous three years. This is sensational. Currently housing values are depressed and now is a good time to get great values on real estate. There are many exceptional values on the marketplace today nationwide. If a family decides now to buy their first home now it might be a life changing event for their good. With the expected appreciation of housing over the next ten years the $7,500 they receive can continue to grow for years to come.

The passage of a bill this wide sweeping to help first time home buyers nationwide is unprecedented. Of course, it's temporary and the first time home buyer must qualify for the $7,500.00 and qualify for the mortgage. Are there many restrictions on this program? You betcha. The best way to find out if you qualify is to contact an experienced mortgage expert. An experienced mortgage expert can help you from the very beginning of your transaction to when you are handed the keys to your new home. The first step for those wanting to take advantage of this credit need to contact an experienced mortgage expert now.

For information on how you can receive your $7,500.00 towards your first home or for any of your mortgage needs,

You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the Quick Inquiry Form
Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Copyright © 2008- 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved.

» Cash Out Refinance Mortgage Loan Can Help Homeowners in Many Ways

2008-07-11T09:53:00.000-07:00

Cash out refinance mortgage loans may be the best way for a homeowner to get cash they need or get cash out BEFORE they actually need it. There are now cash out loan programs available that allow 95% L.T.V.. A 95% cash out loan enables a homeowner to use up to 95% of the home's value to determine the loan amount. For instance, a homeowner who owns a home with an appraised value of $200,000 may be approved for a cash out mortgage loan for $190,000.00. $200,000 X .95 = $190,000.

In obtaining a cash out loan, a homeowner can use the cash for anything they choose however if the homeowner wants to pay off debts or use the money for improvements on their property, they should tell the mortgage representative who is working on their loan that the cash will be used for these purposes. In both cases, this may help the approval process. Paying off debt with some of the loan proceeds may reduce the homeowner's debt to income ratio and help them to qualify for the cash out refinance. A property improvement may increase the value of the property which may also help an approval along.

Some homeowners choose to use their cash out loan to invest in strong investments. A homeowner investing their cash out proceeds in this manner could better themselves financially and benefit their family for many years to come. A homeowner can take a cash out refinance and apply it to a 401K account or I.R.A. Some homeowner's have been successful by investing in individual stocks. With today's historically low interest rates available on cash out mortgages, it is much easier to come out ahead with a cash out refinance for investment purposes. Another popular choice for a refinance cash out loan is to use the money for a business start up. The reason for this is simple. If a homeowner were to apply for a straight business loan without the loan being a mortgage loan, there is much red tape to go through. For instance, a complex detailed business plan would be necessary as part of the approval process. The borrower's ownership experience, management experience or years in the profession may also be heavily scrutinized by the underwriters when applying for a business loan. Contrasting the higher interest rates of a business loan with the low interest rates of a cash out mortgage loan, there may be considerable savings with a cash out mortgage loan. A longer term is also available with cash out mortgage loans and this will reduce the monthly payments as well.

Bill Burress, Nationwide Mortgage Expert can help homeowners get approved for a cash out refinance loan with no application fee. For information on a cash out mortgage loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form.
Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Copyright © 2008- 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

» Debt Consolidation Mortgage Loans Bring Financial Stability For Homeowners

2008-07-05T09:44:00.000-07:00

Many Americans are now feeling the pinch of high interest credit card debt, high auto loan balances, and high consumer debt. Add to this, the inflation of higher utilities, higher gasoline and higher food prices and it's no wonder divorce rates are up. A lot of consumers continue to pay the minimums on their credit card balances each month. With this habit of repayment, many won't pay their charge cards off in their lifetime.

Homeowners with consumer debt in excess of $15,000 should consider a debt consolidation loan. The right debt consolidation loan can help to reduce a homeowner's monthly expenses, increase their discretionary income and place them back on the right track financially.

How does a debt consolidation loan work? In a nutshell, a debt consolidation loan will pay off the existing first mortgage and other debts thereby reducing the monthly expenses or monthly obligations the homeowner must make. The new mortgage may be a fixed rate mortgage, so the homeowner's expected payment will not fluctuate. The reduction in monthly expenses will help the overall financial stability of the homeowner by making available more cash each month. Credit card and other consumer debt interest rates are in the double digits. The right mortgage loan can have an A.P.R. below 7% which can significantly lower the amount of interest paid on the debt and also lessen the term. Once extra cash is freed up, the homeowner can apply the monthly savings to the principle balance of the mortgage thereby reducing the term of the debt. The monthly savings can also be applied to home improvements, college funds, 401K or I.R.A. accounts or it can be used just for a better lifestyle. In short, the monthly savings can be used for whatever the homeowner chooses.

Homeowners who wait until they are forced to do something often find they cannot get approved. Their credit scores might drop because of their debt load and or delinquencies. There are debt consolidation loan programs available for homeowners who have less than perfect credit and low F.I.C.O. scores. Some of these debt consolidation loan programs can help those with F.I.C.O. scores as low as 500. A mortgage expert can help you find the right debt consolidation loan to fit your needs.

Bill Burress, Nationwide Mortgage Expert can approve debt consolidation loans for those with less than perfect credit. For information on a debt consolidation loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Copyright © 2008- 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

» Make Huge Profits In Real Estate Using Stock Market Strategies

2008-07-04T13:10:00.000-07:00

Real estate investing in many ways is no different than investing in the stock market. It's important for real estate investors much the same as stock market investors to clearly identify their goals and to do their research before purchasing real estate investment properties. If the a property investor's goal is to have properties that cash flow, then he needs to focus on this goal. Cash flowing properties are more plentiful in today's real estate market. It's also important for a property investor to keep his emotions in check whether buying or selling and always drive a hard bargain.

A savvy real estate property investor, like a stock market investor needs to be disciplined and remember the basics when investing in real estate today. For instance, a great piece of advice for a stock market investor is to have a sell price the day he buys a position. This is also a great strategy for real estate property investors and it helps to keep his emotions out of the transaction. Not long ago, real estate investors had a very hard time finding properties that were priced right and that cash flowed. Sometimes it was like finding a needle in a hay stack, then when they found the right properties, the competition was there to drive the price up. Now, it is fortunate that there is a plethora of properties priced right with cash flow. If a property investor is looking in the right places for cash flowing properties, it's like shooting fish in a rain barrel. Today's real estate market is akin to the stock market drop right after 9/11. There were bargains galore in the stock market during that time period but many stock market investors were held back by their own emotions. Like some stock market investors right after 9/11 there are also property investors that seem gun shy in today's market. They are concerned about finding "the bottom" of the market. They need to stop looking for the bottom of the market. They will never find it. In any buyer's market, this hesitancy can be seen as an additional confirmation that it's a true buyer's market. If a real estate investor does his homework carefully, they can set themselves up to making solid profits much like many stock market investors gained right after 9/11, by investing wisely.

A summary of sound real estate investing strategies.

1. You make your money when you buy, so BUY SMART.

2. Do your homework on the property you are thinking of buying.

3. Seek out under priced properties.

4. Stop looking for the bottom of the market. You'll never find it.

5. Have key advisors and contractors at the ready before buying.

6. Start low with your offer. You can always go up if necessary.

7. Define the purpose for your property purchase.

8. Do not be emotionally attached to the property when you are buying or selling.

9. It's a business transaction. You are in it to make a profit.

10. Don't get wrapped up in the seller's needs or problems.

11. Have an exit strategy BEFORE buying.

12. Stick to your exit strategy for selling.

13. Re-assess your position and exit strategy from time to time. (Not emotion based).

14. Buy on weakness.

15. Sell on strength.

In the stock market, wise investors seek out stocks that are sold at a price below what they should be selling for. This is called "under valued." This is exactly the type of property a real estate investor needs to find. They need to go after bank R.E.O.'s, foreclosures, short sales and other distressed sales. They need to look for divorce sales, estate sales, business failure sales. In looking for these types of transactions, it will be much easier to find cash flowing opportunities. Of course, having a good contact list will prove to be invaluable. These contacts will help you with finding properties, arranging financing, contracting tradesmen, etc.

For information on the purchase real estate investment properties for sale or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert can approve loans in all 50 states and has over 27 years experience in the mortgage business.

Now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Copyright © 2008 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

» Bank Owned Properties Or Bank R.E.O.'s Can Be Big Money Makers

2008-07-03T14:29:00.000-07:00

Now may be a great time to buy bank owned properties. These are real estate properties that the banks have foreclosed on and are losing money on. A property that a bank holds is referred to as a bank R.E.O. Some of the properties may have gone through short sale offers that fell through. Maybe the bank representatives thought they could get more money and now the banks are stuck with the properties. After this, the property went through a real estate foreclosure auction and the property didn't sell. Whether a buyer is purchasing for his/her primary residence or considering purchasing as investment many investors think R.E.O.'s in general are a money making opportunity.

In a previous article I wrote, I highlighted some of the similarities between the real estate market and the stock market and one thing for sure is, the real estate market today is like the stock market right after 9/11. The banks are certainly not in the real estate business and they are heavily regulated. As such, if the amount of their R.E.O. is too high, it may not look good to regulators nor to it's stockholders. There comes a time when the banks must unload these foreclosures. This is where opportunity knocks. With the banks real estate holdings continuing to increase, the banks are beginning to let go of their real estate and this could mean significant savings for home buyers. There are some communities where bank owned properties exceed 30% of real estate available. The banks own these markets. In these markets a buyer can get into a home for much less whether it's a bank owned property or not because of the competitive nature of the real estate business. If the banks are selling 30% of the properties at a below market price, then others who want to sell must come down on their price to compete. When this happens, the downward spiral of home values continues. Whatever your level of expertise in the real estate game, you need to know that you cannot go it alone. Good contacts are key to your success. This rule holds true if you are purchasing for your primary residence or if you are purchasing an investment property.

For information on the purchase real estate investment properties for sale or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert can approve loans in all 50 states and has over 27 years experience in the mortgage business.

Now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

» First Time Home Buyers Have Many Obstacles To Overcome For Loan Approval

2008-06-18T16:44:00.000-07:00

First time home buyers have many obstacles to overcome when purchasing their first home. Mortgage lending much like other lending is risk based and as such for a buyer to approach the application process uninformed could lead to a denial of credit. What are the factors that an underwriter looks for in approving a mortgage applicant? The short answer is the four C's of lending which are collateral, capacity, capital and character.

In looking at most first time home buyers and going methodically through the four C's of lending one wonders how a first time home buyer ever gets approved for a mortgage the first time. Let’s look at each one see how it may affect the first time home buyer.

Collateral. In a first time home buyer purchase, there typically is not too much collateral. Sure, in mortgage lending there will be a lien on the home, however most first time home buyers are purchasing with little or nothing down. The purchase price of the home is the market value so the first time home buyer is putting up little collateral. As such, the lender has an increased risk in the transaction.

Capacity. This is the ability to repay the mortgage. The first step is to determine the debt to income ratio. The underwriter will take all monthly debts and divide them by the borrower’s monthly income to determine what the debt to income ratio is. Also in determining the capacity, the underwriter will look at job history. Does the buyer hop from job to job or does the buyer stay put. A buyer who job hops may be a higher risk.

Capital. How much liquid assets does the borrower have? Stocks, bonds 401Ks, I.R.A.s, checking account balances and savings account balances all play a role in calculating the capital. The sum of these accounts is what is called reserves. Many times underwriters talk in terms of monthly reserves. Monthly reserves is referring the figure of taking the amount of reserves and dividing them by the monthly P.I.T.I. Six month reserves has become the standard in mortgage lending.

Character. One major factor in obtaining a mortgage loan is prior mortgage history. The first time home buyer is at a disadvantage here because there is no mortgage history. The next best thing to factor is rental history. The borrower’s credit history is looked at extensively to determine character. Delinquencies, proportion of balance to limits on installment and revolving credit, judgements and collections and bankrupties all are looked at to determine character of the debtor. Also, the number of trade lines as well as the length of time the borrower has had each trade line is a determining factor. After all of these items are taken into account, the underwriter will look at payment shock. Payment shock is a measurement of how much the household expenses are increasing with the purchase of the home. If it is too big of an increase, the underwriter may deny the applicant despite whether the debt to income ratio meets the guidelines.

Now, before you give up on your quest to be a first time home buyer, let me give you some good news. There are loan programs specifically designed for the first time home buyer and will be a bit more lenient with the 4 C's than usual. There have been cases where first time home buyers have been able to get better terms on a mortgage loan than many seasoned buyers with high credit scores and great marks with the 4 C's.

The first step to being a first time home buyer is contacting a seasoned mortgage expert that is experienced with first time home buyers. With proper planning and the right choice of a mortgage expert you will be on your way to owning your first home.

For informatinon on first time home buyer programs or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert can approve loans in all 50 states and has over 27 years experience in the mortgage business. Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» Getting Approved For Nothing Down Home Purchases

2008-06-18T10:42:00.000-07:00

It wasn't too long ago that "Nothing Down" or zero down home purchases were common and known to all who were in the real estate market. There was no mystique or magic in structuring a nothing down purchase. Today, the mere mention of a nothing down purchase to those in the real estate business may have them looking at you as if you have two heads. The real estate lending market has once again changed and there are very few nothing down purchases being done.

Many think the nothing down purchase is either not available or it's too complicated to structure. Yes, when you contrast the way a nothing down purchase must be structured today with how they were structured just a couple years back, the nothing down mortgages are definitely more complicated and harder to get approved but they are very possible even with borrowers with less than perfect credit and possible to borrowers with low FICO scores.

Two years ago, you simply told your lender that you wanted to do a nothing down purchase. The lender said, okay and you were given a 100% LTV (loan to value) mortgage loan. In some cases you were given two loans for a 100% CLTV (combined loan to value). Another option a buyer had in the past was a 100% CLTV with a seller held second mortgage. The vast majority of the nothing down home purchases were done by one of these methods. With the big changes in mortgage lending, these methods may no longer be available for home purchases and are unacceptable with today's underwriting guidelines.

Enter the seasoned mortgage experts. There are major differences between a mortgage loan expert and a typical loan originator. A seasoned loan expert can help you obtain the nothing down loan purchase with the knowledge he has gained over the years, whereas the typical loan officer cannot get it done. A seasoned loan expert can assess the loan risk and help you get approved for a higher LTV than the a typical loan officer. A seasoned loan expert will be up front with you about your loan product, the loan process and costs involved in closing your loan. A seasoned loan expert can get many borrowers approved for nothing down or little down mortgage loans. Today's real estate market offers a myriad of real estate opportunities. Nothing down home purchases make a prospective home buyer's dreams a reality.

One nothing down loan program offers very low interest rates and allows up to 9% seller's concessions which may be applied to closing costs, prepaids, etc with the buyer bringing nothing to the closing table in most cases.

For information on nothing down purchases, you may contact Bill Burress, Nationwide Mortgage Expert at Toll Free , 1-800-239-1416. or fill out the 30 Second Inquiry Form. Bill Burress is a nationwide mortgage manager with 27 years experience and is approving mortgages in all 50 states, U.S.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» A Reverse Mortgage May Be The Answer For Seniors Needing Cash

2008-06-10T08:08:00.000-07:00

Seniors, age 62 and older who are looking for money for any reason may just find themselves sitting on it. Thousands of seniors every month are cashing in on the equity in their homes by doing reverse mortgages. It may be the best way for seniors to get cash without paying income tax on the money they take out and the seniors are not required to pay the money back.

How does a senior get approved for a reverse mortgage? Approval is simple. Credit score or credit history does not matter. Income doesn't matter. Credit and income are probably the biggest factors in approving or denying a forward mortgage but when applying for reverse mortgage, these factors do not matter at all.

The 3 biggest factors of being approved for a reverse mortgage are:

• Loan is based on age, number of borrowers and home value.
• Must be 62 years of age for F.H.A. insured reverse mortgages.
• Must have equity in the property. Amount or percentage of equity will vary depending on the senior's goals but typically an equity position of 50% or greater pays more benefits.

There have been many myths surrounding reverse mortgages. The biggest myth might be, "The bank takes the deed to the house." In a reverse mortgage, the borrower retains ownership of the home. The lender does not take control of the title. The lender's interest is limited to the outstanding balance.

Another myth regarding reverse mortgages is that the approval process is difficult. Although the approval is easier than a forward mortgage, an over the phone credit counseling session is required for each borrower. This phone session only takes twenty to thirty minutes and is designed so that seniors are not taken advantage of by unscrupulous telemarketing companies. The credit counseling helps the seniors have a full understanding of the reverse mortgage. A certificate of completion is issued to the senior after the counseling is conducted. The credit counseling is conducted by third party firms and is paid by the lender and not the senior.

Reverse mortgages are regulated by H.U.D. and insured by F.H.A. and there are safeguards in place to protect seniors before a transaction takes place. These processes are in place to make the transaction smooth and thus ensure that the seniors are well informed of the details of the transaction.

For informatinon on reverse mortgages or any of your mortgage needs, You may contact Bill Burress, North America Mortgage Manager at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving reverse mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» The Raising of F.H.A. Loan Limits Raises Hopes of Economic Recovery

2008-06-04T12:17:00.000-07:00

Earlier this year HUD announced the raising of F.H.A. loan limits as overall lending guidelines were being tightened. The raising of the F.H.A. loan limits should be an economic stimulus and increase the opportunities for many in buying a home.
The limits have been raised in some counties to a high of $729,750 and a national average of $329,000. F.H.A. loan limits will range between $271,050 to $729,750. There are 75 areas in the U.S., out of a total of approximately 3200, that will be eligible for the highest loan limit of $729,750. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790.
The increased loan limits are considered to be temporary. The loan limits are temporary through December 31, 2008. In January 2009 the limits will return back to a maximum of $362,790.

The raising of the loan limits for F.H.A. are a part of the Economic Stimulus Act and as it’s name suggests, it is put in effect to help stimulate the economy. It’s too early to tell if the temporary limits have helped the economy but when enough time has gone by to get good statistics, the temporary loan limits will have expired. That is unless Congress extends it. One can assume that the raising of the F.H.A. loan limits surely cannot hurt the economy.

In order to apply for an F.H.A. loan, it’s best to contact an experienced loan originator who is familiar with F.H.A. lending guidelines and has a support staff that has experience with F.H.A. and is an approved F.H.A. lender. On top of the standard F.H.A. guidelines, lenders can impose their own guidelines, so not all F.H.A. lending is the same.

For informatinon on an F.H.A. mortgage or any of your mortgage needs, You may contact Bill Burress, North America Mortgage Manager at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving F.H.A. mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» Nothing Down Loans Available For Less Than Perfect Borrowers

2008-06-04T10:30:00.000-07:00

There is no argument that underwriting guidelines have gotten tighter recently and for good reason. Defaults and foreclosures are at an all time high. Bad paper hit a point where Wallstreet said NO MORE emphatically. When this happened, mortgage bankers and lenders started folding in droves. This caused an overall tightening in mortgage lending leaving many would be home buyers out in the cold. Many of these would be home buyers have gotten discouraged and have given up on purchasing a home. Well now there is a reason for the would be home buyers to have hope.

Now there is a way a buyer can get into a home with NOTHING down. Yes, zero down, no down payment. Bill Burress, Nationwide Mortgage Expert has teamed up with several investors and has hammered out programs that can bring a buyer and a seller to the closing table without the buyer having to pay a down payment. Also, he has expanded the program to allow the seller to pay all prepaids, including hazard insurance, prepaid mi, and per diem interest.

These programs are terrific and there is no better market than this one to offer such great products. There is no application fee, so it will not cost the borrower anything to see if they can be approved.

You may contact Bill Burress, North America Mortgage Manager at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» Pay off Your Mortgage in 8 Years Or Less

2008-06-04T03:55:00.001-07:00

Yes, You Can! Now there are fantastic new programs available that help you pay off your mortgage in 8 years or less without paying more than you are paying now and without altering your life style.

News Cast Video

This is not a bi-weekly program. This is a system that is tailored for each individual consumer by using a very user friendly software. You load your income and payment information into the system and the program tells you exactly what to pay and when to pay it. You can change the variables and work out "if-then" scenarios. The question is not "Can I really do this"? The question you need to ask yourself is, "What will I do with this extra money each month after my house is paid off"? Travel? Retirement? Investments? New Car? College Education? Rental Properties? Vacations?

How do these programs work? Well, the software uses your ALOC (Advanced Line of Credit) account that you set up yourself and use as a mortgage checking account. The ALOC is used to offset or cancel out mortgage interest. The user friendly software utilizes highly sophisticated mathematical formulas to achieve your lifetime goals.

For your free analysis to see how you can cut years off your mortgage and save thousands of dollars contact Bill Burress, North America mortgage expert at 1-800-239-1416.

Now consulting with homeowners about mortgage loan acceleration in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

How To Get Approved For A Mortgage After Being Turned Down

2008-06-04T03:49:00.000-07:00

If you have been turned down for a mortgage loan or if you have credit or income problems so bad you don't dare bother, there may be a solution for you.

Bill Burress, the Nationwide Mortgage Expert specializes in doing the loans that others will not. He is originating both residential and commercial loans.

Cincinnati Mortgage,LLC originates commercial loans and residential loans in 50 states.

Bill Burress has a wide range of loan programs to fit most borrowers needs. If you have been turned down by the bank for a commercial or residential loan or you want to get a better deal than others can offer you, apply now or contact us toll free 800-239-1416.

Low mortgage rates are common with Bill Burress. Call him and you will be pleasantly pleased.

Bill Burress understand that bad things can happen to good people and are here to help. With low low rates and a vast array of investors, Cincinnati Mortgage, LLC probably has a loan program that is right for you.

Bill Burress is the founder of Cincinnati Mortgage, LLC. Bill has 27 years experience in mortgage originating. Bill Burress approves residential and commercial loans in all 50 states U.S.. Cincinnati Mortgage, LLC approves loans others cannot. You may contact Bill Burress of Cincinnati Mortgage at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2007 Cincinnati Mortgage, LLC and Bill Burress. All rights reserved worldwide.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» First Time Home Buyers Can Fix The Economy

2008-06-04T03:45:00.000-07:00

With the recent mortgage lending implosion and fall out, mortgage lending is tighter now than it has been in over a decade. Borrowers who were easily qualified to purchase a home a few short months ago are being turned down by most lenders. What’s worse is the first time home buyer is being turned down like a redheaded step child. These potential first time home buyers are tired of paying rent and want to own their own piece of real estate. They want something to call their own and they want the privacy that comes with home ownership. Too many would be first time home buyers, the dream of home ownership remains only a dream. Few have given much thought to the economic impact the first time home buyer may have on our economy.

The first time home buyer just might be an important piece of the puzzle in getting the mortgage business and the economy back on track and here’s why. As the first time home buyer purchases a home, in most cases the seller of that home is moving up to another home and many times the seller of that home is doing the same. See how this works. I sat down and started drawing circles on a piece of paper to illustrate to myself of how the first time home buyer can be a true catalyst to fixing the real estate business and our economy. When I looked down at my notes, I felt like I had just been to some multi-level marketing meeting and quickly crumpled my notes and filed them in the round file. It is true. The first time home buyer can actually help to bring the market back but where can they start?

Bill Burress, North America Mortgage Manager has many first time home buyer mortgage loans programs that require little or nothing down for the borrower. You may contact Bill Burress of at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» Low FICO Scores Approved For Mortgage Loans

2008-06-04T03:38:00.000-07:00

With the tightening of underwriting guidelines many borrowers are getting turned down because their FICO scores are not high enough to meet the threshold requirements to be underwritten. Foreclosures are at an all time high and every week it seems the tightening is getting worse. Those with low fico scores are often left out in the cold.

Lenders are using fico scores to grade applicants to determine credit risk. A borrower may have a more delinquencies or collections or items on their public record that will reduce their score below many lender's threshold fico scores. Other factors that may reduce FICO scores can be the proportion of balances to limit on revolving or installment accounts. Some borrowers think that they can raise their scores by closing accounts. Many times this will lower their score. A borrower that has more than one name reporting on their credit may see a score hit. The same holds true with multiple addresses.

Some threshold scores are being raised with many lenders for underwriting purposes and as a result more borrowers are being turned down.

The key to getting the borrower approved is having programs where the threshold score is lower. Once that happens, the mortgage originator can at least look at the file and start verifying information and building a case for approval. Sometimes it's a lot of work but many items can be explained to the underwriters if the borrower's FICO score meets the minimum threshold level. This will work the same whether the borrower is trying to get refinanced or purchase a home.

You may contact Bill Burress, North America Mortgage Manager at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

North America Real Estate News

2008-06-02T12:51:00.000-07:00

This blog is designed to deliver real estate news to consumers. Informative articles on mortgages and real estate brought to you by real estate experts across the country. This blog was founded by Bill Burress, who has been originating residential mortgages for over 27 years.

Additional contributing authors are scheduled to begin posting in July 2008