Mitch Lichterman

Mitch Lichterman

NewsRate Report

True Stated Income No WVOE No P&L No 4506T

  • Stated Income program.
  • Rate starts at 4.75%. APR 5.13%
  • Rates lower on modified Stated with CPA letter and VOE.
  • 7/1 ARM. 
  • Available for purchase or R/T Refinance.
  • Owner/Investor or Units are acceptable.
  • Condos are acceptable.
  • Maximum loan size is 2.5MM
  • Minimum FICO is 700

Stated income loans used to be very common but then they went away as banks could not sell these loans on Wall Street.  The Mortgage meltdown ended the Stated Program but they are finally back. We have two programs to choose from. One is a true stated where we don’t request any income documentation.  Income information is still required to declare.  The second program requires a CPA or Accountant letter and/or a VOE from your job.  Borrowers who have both VOE and stated income. 

To discuss your confidential loan scenario please click this link to schedule an appointment (Click Here) 

Phone:  310-478-4999
Email:mitch@targetrate.com
Skype: mitch.lichterman

NewsVA Loans

FHA and VA loan limits will increase in 2018

FHFA Raises Conforming Loan Limit to $453k

Loan limits were frozen in place at $417,000 for 10 long years after the housing bust, but were finally raised on January 1 of 2017.  Rapidly increasing home prices have now allowed the Federal Housing Finance Agency (FHFA) to increase them again for 2018.

The maximum conforming loan limits for mortgages eligible to be acquired by Fannie Mae and Freddie Mac (the GSEs) in most of the U.S. starting on January 1 will be $453,100, an increase from $424,100 in 2017.  The Veterans Administration and FHA are expected to follow suit, raising limits for their own loans.

The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit for the GSEs be adjusted each year to reflect the change in the average U.S. home price.  FHFA published its third quarter House Price Index (HPI) earlier today showing the average U.S. home value has increased by 6.8 percent since the third quarter of 2016. Therefore, the baseline maximum conforming loan limit has been increased by 6.8 percent as well.

Not every borrower will be subject to the baseline limit. Where the local median home value is more than 115 percent of that limit, HERA allows higher limits, with a ceiling of 150 percent of the baseline limit. This will make the new ceiling in high-cost areas $679,650, that is 150 percent of $453,100.  Some areas will have limits falling between those two numbers, as shown in the heat map below and in a complete county-by-county list of loan limits here.

There are additional provisions allowing for different limits in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.  In these areas, the baseline loan limit will be $679,650 for one-unit properties, but FHFA says some specific locations may have even higher limits.

Properties with multiple units will have baseline limits of $580,150 for two-family properties, $701,250 for three units, and $871,450 for four units. High cost areas will have maximum limits of $870,225, $1,051,875, and $1,307,175 respectively.

Second mortgage loan limits have been raised to $225,550 with a limit of $339,825 in Alaska, Guam, Hawaii and the Virgin Islands.

To discuss your confidential loan scenario please schedule an appointment with Mitch Lichterman by CLICK HERE.

Phone:  310-478-4999
Email:mitch@targetrate.com
Skype: mitch.lichterman

News

8 WAYS TO REDUCE YOUR INCOME TAXES

Before it’s too late

The end of the year is rapidly approaching and it’s not too late to consider some options to reduce your income tax burden for 2017.

  • Contribute the max to your 401K.
  • Consider converting your traditional IRA to a Roth IRA.
  • Use Stock losses to offset capital gains.
  • Consider tax-free investing…like muni bonds.
  • Fund at 529 plan
  • Lower your income with pre-tax contributions to a HSA.
  • Charitable gift?   Cash is good but you can also gift stock.

To discuss your confidential loan scenario please schedule an appointment with Mitch Lichterman by CLICK HERE.

Phone:  310-478-4999
Email:mitch@targetrate.com
Skype: mitch.lichterman

Rate Report

RATES REMAIN LOW

RATES REMAIN LOW

  • Despite gains in the bond market interest rates continue to remain low.
  • 30 year conforming (417K and below) remain lower than 4% with 0 points.
  • Jumbo 30 year fixed to 2MM have trended lower and are hovering around 4%.

 

STORIES FROM THE TRENCHES:

Kids wanted to take over the home that their Aunt owns.  We arranged a gift sale transaction where the kids did not have to come up with any down payment. The Aunt pledged the equity in the home as the gift down payment.

The kids were able to complete the purchase and gain home ownership.

For a confidential discussion with Mitch about  mortgage   rates, loan terms, closing costs, qualifying or property ownership please contact.

Phone:  310-478-4999
Email:mitch@targetrate.com
Skype: mitch.lichterman

NewsLoan University

NEW LOAN PROGRAM FOR INVESTORS

Rates 10-23

Now is the time to buy a 2nd home or investment property. With rates still at all-time lows and rents so high this is a great opportunity.

Take a look at these requirements.

  • Subject Property Cash Flow
  • Min. 620 FICO– No Tax Returns/4506t
  • 6 mos. of property management experience
  • No DTI, NO other Income, No Other property Rental check
  • No seasoning for Cash out/Ownership
  • Purchase to $3M
  • Cash out to $2M

Rates are competitive.  25% down payment required.

For a confidential review please email:  Mitch@TargetRate.com

For a confidential discussion with Mitch about  mortgage   rates, loan terms, closing
costs, qualifying or property ownership please contact.

Phone:  310-478-4999
Email:mitch@targetrate.com
Skype: mitch.lichterman