Balita June 8, 2011
ou can purchase a house with no money down by simply qualifying for the city assistance program where your buying and for the regular loan you will be applying for. There has been funds in different cities that allows first time buyers to avail of this program. Please call the local city where you are buying and ask to see if they are participating in this program. Its worth a phone call and it could mean that you can buy without any money down. The assistance amount provided by the city can be use for your downpay and closing cost.
Y
There is a Mortgage Refinance Madness going on, if your rates are above 4.875%, you might be due for another refinancing. The Federal Rates almost
at bottom levels have push the mortgage rates lower, with Treasury Bonds being a safe haven for investors. Many homeown- ers have taken advantage of these lower rates. The 10 years Treasury Bonds have dropped below 3.15 that pushed rates down to low 4’s.
I am advising for you to review your mortgage rates and call me to see if you are eligible for a refinancing. We are one of the promoters of a “No Cost Refinancing” where you will refinance just the amount of loan you currently owe. No out of pocket hard cost for refinancing. When refinanc- ing, you have to understand that you may seem like you are skipping one mortgage payments but think again. Mortgage inter- est are paid one month in arrears and when you close on your refinancing, your next payment should be about 30 days from closing. Your first payment to your new lender will pay for the interest from when you close till that month end. Therefore, at the close of your refinancing transac- tion, your current lender will assess one full month of interest to be paid at closing. The actuality is when you are refinanc- ing a loan, you actually almost always double pay your interest for between one to two days. Banks will never lend you money without any interest charges, they are always way ahead of us.
When refinancing, when its close to tax time the lender will require for you to prepay your taxes and insurances, so be prepared.
Most refinancing will require for you to maintain a 20% equity in your property to avoid having to pay Private Mortgage Insurance (PMI) but now Fannie Mae and Freddie Mac due to pressure from the administration have actually opened up a refinancing option for homeowners who has absolutely 0 equity, here are the guidelines:
Who can qualify for a loan refinancing without equity: 100% Refinancing (No Equity)
Everyone is waiting on these guidelines for refinancing their properties that has no more equity left, or cannot meet the regular 80% loan to value requirements that most lenders have.
Here are the new 100% refinancing RICARDO MESA
AGUSTIN, 63 RICARDO “Ricky” Mesa Agustin
of Whittier, California died in the grace of our Lord on May 29, 2011. He was 63. He was survived by his wife Cita Varias-Agustin; children Michelle and Cherry. The bereaved family of the deceased request the pious reader to pray for the eternal repose of his soul.
LAW OFFICES OF C. JOE SAYAS, JR.
700 N. CENTRAL AVE., SUITE 235 GLENDALE, CALIFORNIA 91203 Tel: (818) 291-0088
www.joesayaslaw.com
Kasangga sa Husgado. Mapagkakatiwalaan Mo!
Community assistance programs for fi rst time buyers that allows 0% down payments and 100% refi nancing options
MORTGAGE UPDATE
COMMUNITY I
t’s ironic! People can be so desperate to come to the United States that they commit acts that are completely out of character. They use someone
else’s name. They misrepresent their marital status. Sometimes, they pay huge amounts of money to get across the border with false documentation or with- out documentation.
And yet, after they have been BY KEN GO
guidelines: Eligible Transactions: Rate and term refinance only, no cash allowed.
Loan
must be delivered to Fannie Mae prior to March 01, 2009.
Go to http://loanlookup.fanniemae. com/loanlookup/ to see if you have a Fan- nie Mae loan.
Credit Overlay: fico
months charged charged
No Mortgage lates within the past 12 Bankruptcy: 48 months since dis- Foreclosure: 84 months since dis-
Max DTI: 50% ( debt to income ratio ) Subordinate Financing: New Subor- dinate financing and payoff of existing subordinate financing with loan proceeds is not allowed. Payoff of existing subordi- nate liens from the borrower’s own funds is allowed.
Occupancy: Owner Occupied, Second home and Investment properties allowed. Income Documentation: Salary/Bonus/ Overtime: One current paystub and verbal Verification wick be accepted, for Self employed: One years Fed Taxes required. Additional FNMA Restrictions:
Refi
Plus loans must provide a benefit to the borrower in the form of a reduced P&I payment or more stable program. Properties listed for sale within the last six months are ineligible. Loan Limit: $ 417,000.00
This might be your ticket to get better financing if you are hanging on to your mortgage payments. There will be price adjustments based on your loan to value and credit scores.
••• Call Ken Go of 1st Innovative Finance Group
to give you a quote, call (562)697-7028 or write to:
Kennethgo@verizon.net. ■
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here for a time, what is the thing they want most? To return home - not to stay but to see their loved ones. Here again, sometimes they are so desperate that they jump at the chance to return home without investigating the immigration ramifications of what they are about to do. The situation can be mislead-
ingly dangerous for those who are leaving the United States with a form of documen- tation called Advance Parole.
In the majority of cases, in order to adjust status to that of lawful permanent resident (meaning complete the final pro- cessing for a green card without having to leave the country), the alien must be in status (the alien must also have a valid, ap- proved, and currently available immigrant
BY ATTY. ROBERT L. REEVES & ATTY. NANCY E. MILLER
visa but that discussion is for another day) However, there are two exceptions to the requirement that one must be in sta- tus in order to adjust status. The first is where one entered with inspection and is now attempting to adjust as the immedi- ate relative of a United States citizen. An immediate relative is the spouse, under 21 year old child, or parent of a child who is
See REEVES, page 11
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9 – the dangers of advance parole
IMMIGRATION SOLUTIONS
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