Take Advantage Of Your VA Home Loan And Buy A Foreclosure!

With all the doom and gloom in the housing market today, many people feel that we are in a recession with only the worst yet to come. What people are not realizing however is that the market operates in cycles, and right now, unfortunately we are heading in a tailspin trying to save the economy, contain the record amounts of foreclosures, and give companies the commercial credit they need to operate their business. Enter the VA home loan. A 100% no money down program insured from the government to qualified veterans to stimulate the economy through low cost housing with interest rates lower then your normal conventional loan. With the record amounts of inventory on the market right now, banks are willing to sell their bank owned inventories of properties for up to 20-30% off the loan amount owed on the property. In addition, VA will let you have the seller pay up to 4% in closing costs. What this means is that if you buy a $300,000 home with a VA loan, the seller can pay up to $12,000 in closing costs, in addition to fixing up the property for all non-structural related improvements up to around $5,000. This is an amazing benefit to the veteran because you literally do not have to have ANY MONEY to put down. In addition, if you are a medically discharged veteran, who receives at least 10% medical per month from the VA, you do not have to pay the VA funding fee, which is normally 2.15% of the loan amount for all first time home buyers. What’s needed to qualify then for a VA loan? At least 181 days of active duty, active or discharged, honorably or medically discharged under honorable conditions., and around a 45% debt to income ratio. If your medically discharged and do not work, however get enough medical money per month from the VA to ratio for the home loan, then we can use that income as well. Take advantage of low interest rates, deeply discounted real estate, and the inclusion of your VA benefit today!!! This is an amazing time to be buying real estate, and creating your future today!

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Be Weary Of Loan Modification Companies Charging You Additional Thousands!

It is no question that a big reason the housing crisis started is from unscrupulous lenders lending money to people with no capability of paying those loans back. Stated income, no doc loans, no asset loans etc, got a lot of people in trouble, and made the State of Colorado stomping grounds for every state in the country to market to use, these bad loans. It is no surprise Colorado has one of the most complex licensing requirements for mortgage brokers now, and that it is so strict, that many other states are copying our model, because it is so good. But another scam has popped up, and it is being marketed to consumers as a way for them to save their home through loan modification. These net branch like mortgage companies are popping up everywhere and charging these people who are delinquent on their mortgage anywhere from $1000 - $3000 as a fee for them to rework their loan. Basically all they do is take your income and asset information, present it to the loss mitigation department, and if they agree to a loan workout, you get to keep your home, for now. Obviously you need to make your payments, and will need to make a few payments under a special forbearance to qualify for a loan modification, however what no one realizes is, you can do this for FREE! Yes free, either by calling your lender or speaking to loss mitigation department or by calling the HOPE now alliance, you should not be paying anyone a DIME! I have spoke to a few loan modification companies, and their pitch to me is, that these people aren’t paying their mortgage for months, so they have this money earmarked somewhere. What’s a $1000-$3000 to me, to help them save their home, if they haven’t been paying their mortgage anyway. The bottom line is when there is blood on the street, someone is making money. If there is ever a fear or void in this market, you bet someone will be there with a quick fix to rip you off. I am not saying all loan modification companies are bad, but what I am saying is that borrowers need to get involved with their loans, and call their lenders. If they are afraid to call them, and get a mailer in the mail, it is easy for these con artists to hustle a couple of grand from them. Buyer bewares! If you have any questions or would like the telephone numbers of legitimate loan work out companies for FREE, please give us a call!

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