Buying a vacation property or second home is something special you do for yourself and your loved ones-a way to share the good things in life. Now, to help you enjoy that experience even sooner, Reliant Mortgage Company has Vacation Home Loans available for Seasonal Maine Properties!
• We will permit the financing of a “seasonal” property, not suitable for year round occupancy
• Second Home occupancy only
• The property must be located in an area where second homes are common, and are not commonly suitable for year round occupancy
• The appraiser must certify that the inability to use the subject property year round is not detrimental to marketability
• At least one sales comparable should be a seasonal property, not suitable for year round occupancy
• SFC “922” is required for loan delivery
• Found on page 13 of the Freddie Underwriting Guidelines dated 8-10-10
Same Freddie guidelines as traditional second homes but:
1. No heating system is required for the home.
2. No traditional well is required if there is an alternative water source that is common to similar homes….example is pipe to a lake.
3. No traditional septic system. Holding tanks or similar are acceptable if common.
4. Foundations which are piles or pillar and posts are acceptable.
5. The key is getting comps with similar features to prove that the property is not unique and is marketable.
6. Island properties are acceptable in very limited cases. They must have full time police, fire and medical services available.
Competition for this product is limited. Contact me today to be pre – approved for a Seasonal Second Home Mortgage.
Oftentimes borrowers don’t have any credit card debt or open lines of credit and this can hurt their scores. For these types of clients it’s recommended they open a secured credit card with a min balance of $300-$500. Problem is where can they get one of these? A simple and easy place for borrowers that need help badly is at capital one.
Here is another link with a list of cards for people with bad-fair credit if the capital one doesn’t work- just make sure it says they report every month to all 3 bureaus.
To apply for a First Time Home loan contact me today!
The more you use the Internet, the more you appreciate its convenience and access to services like banking and shopping. Unfortunately, the Internet also gets exploited for frauds that can sometimes look surprisingly genuine. Here are some of the tell tale signs of typical frauds, and some safety checks you can use to avoid them.
How it works: The most common fraud arrives by email, claiming to be from your bank, credit card company or some other service you use. It usually asks you to send your account details, and sometimes your PIN, either by return email or through a website. Various tricks are used to lower your guard, such as ‘security and maintenance upgrades’, ‘investigation of irregularities’ or ‘bills or charges due’.
Fraudsters can scan the Internet for email addresses or generate them at random. They don’t need an online service provider’s mailing lists. They may send just a few dozen emails or thousands. Even if only a few unsuspecting people bite, it can be worth the effort. These emails can look genuine by using the names of real people, logos and branding, links to pages from the real website, or “official looking fine print”.
Safety checks to avoid fraud
• Only use your PIN through the official login site offered by your provider.
• Check official websites for announcements.
• Use only secure sites for keying in financial or personal information.
• Take common sense privacy precautions, such as avoiding financial transactions at “internet cafés” and libraries.
• Act quickly if you think you’ve been conned. If you get a suspicious email tell the service provider. If you have sent any details through an email or website you’re a bit worried about, contact your bank, credit card company or service provider right away.
Please do not hesitate to contact me if I might be of any assistance to you at this time!
Mortgage Bonds drop to fresh lows of the session and once again get turned back lower from Resistance at $99.78. Our benchmark 4% coupon is down 28bp on the day, and down 25-31 from lender pricing windows. There is a 3-year note auction at 1pm, which could turn things around.
In case you are scheduling any travel time in the near future, here are some safety tips on how to make your house look “lived in” while you are away.
- If you can afford it, hire a house sitter to live in your house while you are away. As an alternative, ask a relative or friend to live in your house, even if it is just for a few days, or a couple of overnight stays. If you can’t arrange to have someone live in your house, arrange for someone to check on your house at least every second day. They should take in ad mail and postal mail, pick up any litter in the yard, and put out some garbage and/or recycling bins, even if they have to bring some of their garbage over to your place to put in the bins!
- Install timers for house lights. Set the timers to mimic normal living patterns.
- Close blinds/drapes before leaving. Ask whoever is checking your house to change the blinds’ positions every few days.
- If your car is visible from the street, arrange to have it moved and/or driven every few days.
- Arrange to have your lawn cut or driveway shoveled, depending on the season.
I hope you found these ideas to be helpful, and please do not hesitate to contact me at 888-775-4200 if I might be of any assistance to you at this time!
Mortgage interest is generally fully tax deductible. For example, being in the 28% federal tax bracket has the effect of lowering your borrowing costs by almost a third. In the early years of a loan, much of the monthly payment is interest, so these savings can really add up. Tax savings are real dollars, so don’t forget to take this benefit into consideration as you make decisions regarding your mortgage financing.
9:33 AM ET - Stocks open lower despite the strong ADP data as they look to be somewhat overbought.
8:56 AM ET - MBAs Market Composite Index, a measure of mortgage loan application volume, increased 2.3% in the week ended 12/31.
8:44 AM ET - Stock futures lower but have pared some of those losses after ADP data. ISM Services at 10:00.
8:33 AM ET - ADP Employment number comes in at 297K vs the 100K expected. Bond markets falling.
Impressive comeback with the close above the 25-Day Moving Average. MARKET WRAP: Mortgage Bonds opened sharply lower this morning as investors moved into more riskier asset classes but as the trading day unfolded they were able to push higher but still closed in negative territory. The 4% coupon ended at 99.50 down 12bp but a far cry from the day’s low of 99.0. Today’s ISM Index turned out to be the highest in 7 months at 57.0 and nearly inline with expectations. Stocks finished well into positive territory but did close off the best levels of the session. Investors feel that improved economic data is leading to higher growth for the U.S. economy, which led to today’s rally and was supported by the ISM data. The finished at its best level since August 28, 2008 at 11,670.75 up 93.24. The S&P 500 finished at 1,271.87 up 14.23 while the Nasdaq rose 38.65 to 2,691.52. Oil ended at $91.55/barrel up 25 cents. Tomorrow there is no economic data but the Fed will release its minutes from the December 14 FOMC meeting.
- ISM Index at 57.0 for December vs the 57.3 expected and up from 56.6 in November. MBS slightly improve.
- Bank of America to take $3B charge due to mortgage related loans.
- China’s non-manufacturing PMI improved in December and Singapore’s economy expands and is helping to boost US stocks.
- Stock futures higher to kick off 2011 as investors feel that this year the economic environment will continue to improve.