HARP 2.0

If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.

Do I Qualify?

To apply for HARP, applicants must first meet 4 basic criteria:

1. The exist­ing mort­gage must be guar­an­teed by Fan­nie Mae or by Fred­die Mac
2. The exist­ing mort­gage must have been secu­ri­tized by Fan­nie Mae or Fred­die Mac prior to June 1, 2009
3. The mort­gage pay­ment his­tory must be per­fect going back 6 months
4. The mort­gage pay­ment his­tory may not include more than one 30-day late pay­ment going back 12 months

*Eligibility criteria are for guidance only. Contact us to see if you qualify for HARP.

• One of the key factors to qualifying for HARP 2.0 is your loan being owned by Fannie Mae or Freddie Mac. If you’re not sure, you can find out right here!

 FANNIE MAE Loan Look up

FREDDIE MAC Loan Look up

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SIERRA PACIFIC MORTGAGE is Hiring!

At SIERRA PACIFIC MORTGAGE we are committed to remaining passionate in our service levels providing you the ability for increased production and to foster a long term business partnership.

Find out more about SIERRA PACIFIC MORTGAGE  and CALL Sal Petrilli 401.862.5588

Sierra Pacific Mortgage Full Add

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Sierra Pacific Mortgage and AXIS Appraisal Management present an opportunity to get your appraisal questions answered directly from local area Appraisers and the Appraisal Management Company with whom they work!!

Please join us to discuss & gain more insight & knowledge on the following important, appraisal topics:

• Listings – the impact they have in appraisals varies depending on the market
• HVCC – replaced by AIR (Appraisal Independence Regulations)
• Uniform Appraisal Dataset- understand the changes to the language and formatting of appraisals
• Unpermitted Space – what to do when you have it and have a propective homeowner that has financing needs
• Value Appeals Process – how to write the best possible appeal to an AMC/Appraisal AND / OR how to reduce the need to write them at all!
• Discussions with Appraisers – what is permissible and what is not

When:

  Tuesday, March 6th

2:30-4:30 pm Seminar

4:30pm Hosted Happy Hour

Where:

Renaissance Hotel at Patriot Place

28 Patriot Place

Foxborough, MA

Sal Petrilli                                     Nicky Husing

Branch Manager                        Loan Officer

NMLS  #5214                               NMLS#365348

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PURCHASE WITH $0 DOWN PAYMENT, GET A LOWER RATE AND ENJOY LOWER MONTHLY PAYMENTS. CALL ME TODAY AND START TAKING ADVANTAGE OF YOUR VA BENEFITS.

 Here is a very helpful VA Fact sheet  CLICK HERE  VA_LOAN_FACT_SHEET

• MINIMUM 620 FICO $417,000 AND UNDER

• ZERO DOWN – 100% FINANCING!

• NO MORTGAGE INSURANCE

• SELLER CAN PAY UP TO 4% OF CLOSING COSTS INCLUDING

• MORE FLEXIBLE CREDIT THAN CONFORMING REQUIRES

I am always available to HELP.  Call or email me today!  nicky.husing@spm1.com

401-384-6970 Office

619-981-2641 Mobile

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I wanted to just take a moment to wish everyone a Merry Christmas and Happy New Year.  May you all enjoy good food, friends, family, and the peace that Christmas brings.  May 2012  be filled with health, wealth, and happiness!

Happy Holidays everyone!

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Don’t Miss The Bridal Event of the Year!

18th Annual Southern New England Bridal Expo

Sunday, January 8, 2012

Rhode Island Convention Center

10:15am-5:00pm

Contact Sierra Pacific Mortgage for Discount Admission Coupons 401.384.6970

Dont forget to stop at our booth to Register to WIN a CRUISE FOR TWO

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In today’s challenging market, FHA has become the go-to option for many low down-payment homebuyers, simply because conventional financing with mortgage insurance traditionally required at least 5% down. But now, SPM & Radian offer a 3% down-payment option, giving you increased flexibility to help your borrowers choose the best solution for them. We realize every borrower is unique, and that having product and pricing flexibility is important.

Requirements and Advantages with Sierra Pacific Mortgage and Radian

• 1-Unit SFR, PUD, detached condo (no attached condo’s)
•  Max loan $417,000 (625k in AK and HI)
•  MI offered on BPMI monthly & Hybrid MI
• 680 FICO Hybrid MI
•  3% own funds (gifts can be used for reserves)
• Just 3% down-payment required instead of the FHA’s 3.5%
• Higher loan amounts available than FHA
• Flexible product options include BPMI and split premiums
• Easier appraisal process
• Faster underwriting process helps close deals
• No “Affordable Housing” requirement
• Available on a purchase or a refinance

Give Sierra Pacific a CALL 401.384.6970 or CLICK HERE

Sierra Pacific Mortgage

2733 Post Road

Warwick, RI 02879

401.387.6970 office

www.myloan123.com

All rates and programs are subject to change without notice. This information is intended for mortgage professionals only and is not an advertisement o extend consumer credit as defined by REGZ. Licensed by the Department of Corporations Under the California Residential Mortgage Lending Act. Licensed by the Department of Real Estate. License # 00947695 AZ-BK 095006

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Business/Economy:

Top Ten Reasons to Love U.S. Small Business
The Small Business Administration (SBA) has announced the top 10 reasons to love small business, what the SBA’s Office of Advocacy calls “the heart of the American Economy.” This list highlights the importance of small business to the U.S. economy.

Click Here to Read the Full Article by About.com

Check out the “Resource Center” in the left-hand column of this newsletter for interactive online tools that can help answer just about any industry related question.
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Brian Tracy Inspirational Article of the Month:

Take Charge of Your Life
Brian Tracy is a world-renowned personal and professional development coach that has helped millions of people achieve their goals and develop a positive mindset. Brian will be contributing to our newsletter every month by providing us with an article to help inspire you, our clients, to reach higher and achieve more than ever before.

Click Here to Read the Full Article by Brian Tracy
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Interesting Articles and Photos of the Month:

Hottest Holiday Toys of 2011
What will kids be begging for this holiday season? Expect to see a lot of classic toys with a high-tech twist. Check out the list of this year’s hottest toys and share with a friend or family member who may be struggling to find the perfect holiday gift this season. It’s that time of year again!

Click Here to Read the Full Article by CNNMoney.com

Secret Society’s Code Cracked
Researchers have used state-of-the-art machine translation software, and some old-fashioned hunches, to crack the code used by a secret society in Germany three centuries ago. The results shed light on the tricks of the cryptographic process as well as on the bizarre history of such societies, which were all the rage in the 18th century.

Click Here to Read the Full Article by MSNBC.com

36 Jaw Dropping Nature Photos
From dramatic seascapes to astonishing landscapes, these photographs showcase the true beauty of mother nature and will leave you breathless in awe. You can use these intriguing photographs as wallpapers too! Which photo is your favorite?

Click Here to View the Images by BuzzFeed.com

Want to Buy a Bridge? Kentucky’s Giving one Away
Officials in Kentucky are so keen to get rid of an obsolete but historic bridge on a rural stretch of highway that they are trying to give it away… and even offering to dismantle and deliver it to its new home for Free!

Click Here to Read the Full Article by Reuters.com
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Videos of the Month:

Bear Cub Wanders into Grocery Store
Of all things you’d expect to see in the produce aisle at your local grocery store, a bear cub is probably not one of them. Shoppers in a grocery store in Alaska were in for a shock when a young black bear cub walked right through the automatic doors straight to the fresh fruits and vegetables. The cubs adventure forced the store to throw away thousands of dollars worth of fruit and vegetables!

Click Here to Watch the Video by YouTube.com

It’s a Band on a Motorcycle
We all knew that Russia is the place for opulent indulgence and incredible feats, but this video might take the cake. Check out this amazing video of an entire band playing on a motorcycle and sidecar speeding down the highway in Russia, happily playing along as if nothing were amiss.

Click Here to Watch the Video by YouTube.com
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Delicious Recipe of the Month:

Turkey Meatloaf
Two moist and tasty turkey meatloaves are baked side by side for a perfect family night dinner. Serve this dish warm with your favorite sides and use the leftovers for meatloaf sandwiches the next day! Cheers to comfort food!

Click Here for the Full Recipe by CookingWithMelody.com

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Dumb Criminal Story of the Month:

Facebook Burglar
This month’s dumb criminal is a Facebook fan who could not resist the urge to Check-In and see what others were up to while robbing a truck rental service in Mississippi. Read this hilarious story for a good laugh and share with a friend!

Click Here for the Story by Turnto10.com
 

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203(k) – How It Is Different

Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.

When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point the lender has a fully-insured mortgage loan.

Eligible Property

To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to the provisions of local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.

Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place.

In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.

An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation.

A 203(k) mortgage may be originated on a “mixed use” residential property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.

If you have questions about the 203(k) program or are interested in getting a 203(k) insured mortgage loan…CALL US NOW 866.872.0967 or CLICK HERE

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A Heartfelt THANK YOU to all of our veterans. Men and women who served in war and peace-time, in combat or support services..

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