With so many loan programs, it is our job as Mortgage Brokers to understand what programs fit our clients.  Maple Tree Funding’s Mortgage Loan Originators are licensed professionals and understand that not every client fits into a certain loan program.  Why use a broker?  A common question that we hear quite often.  At Maple Tree Funding, we have the ability to review all types of loans and not just the “one fits all” approach that you may find at some banks.  The fact is, one size does not fit all when it comes to loan programs.  From Conventional, FHA, USDA, to VA, our clients deserve to have all choices reviewed and that is what happens with Maple Tree Funding.  More Choices = More Approvals.  When you Think Mortgage… Think Maple Tree.

FHA Mortgage

• Low 3.5% down-payment
• 6% Seller’s Concession Allowed
• Down-payment can be “Gifted”

 USDA Mortgage

• 100% Financing – No Down-Payment
• Reduced/Low Monthly MI
• No cap on Seller’s Concession (appraisal value)

 VA Mortgage

• 100% Financing Available
• No Monthly Mortgage Insurance
• No Reserve Requirements!

Maple Tree Funding – Email us at Blog@mapletreefunding.com for more information.

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Beginning April 1, FHA Mortgages, which is the largest insurer of low-down payment mortgages, will raise the up-front insurance premium it charges borrowers by 75 basis points to 1.75% of the base loan amount.  (Currently it is 1.00% of the base loan amount).

In addition, annual insurance premiums will go up 0.1 percentage point for loans under $625,500 and 0.35 points for loans that exceed that amount.  This will make the new Monthly ratio 1.25 up from the current 1.15.

The impact of the increase, however, is less severe than it could have been because most of it is in the upfront fee, which is far less damaging than a boost in the premium, according to Jaret Seiberg, an Analyst with the Washington Research Group.

Combined, the higher up-front fees and the 0.1 point premium increase are expected to add about $5 to the average monthly mortgage payment for FHA loans, according to the agency.

Full Story at:  Money.cnn.com

Maple Tree Funding – www.mapletreefunding.com

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New Finance Plan just announced.  If you have a mortgage that is more than what your house is worth and you have been rejected in the past for a refinance because of this, this may be your chance for a refinance!  The program is the latest administration effort to help homeowners in the face of a massive number of foreclosures and plunging house values that have left millions of borrowers owing more than their homes are worth.

Article Link is here: Click Here for High LTV Refinance Article

Maple Tree Funding

Think Mortgage… Think Maple Tree

Give us a call or email Blog@mapletreefunding.com for more info!  518-782-1202

Maple Tree Funding has many loan programs that include Conventional, FHA, and VA Mortgages.  One of our programs is the USDA Rural Development Program.  That’s right, the United States Department of Agriculture has a Mortgage program that allows for 100% financing.

First, some of the highlights:

• 100% Financing
• No cap on seller’s concession (based on appraised value)
• No down payment
• All pre-paid closing costs may be refunded at closing w/ receipts
• Low monthly private mortgage insurance

As far as eligibility is concerned, there are 5 main aspects.  Without getting into too much detail, here are the bullets:

1. Must be single family residence (no multi-units)
2. You must have documented income that meets requirements
3. The home must be in an eligible rural area (http://www.usdany.com/)
4. Your income cannot exceed the maximum limits
5. Must meet minimum credit standards (typically 620)

This is a great program that Maple Tree offers through numerous banks.  Some banks require a minimum of 620 score as others require 640.  Income limits are based on which county you are looking to purchase in (for example, 1-4 person household in Glens Falls has an income limit of $74,050; Albany-Schenectady-Troy has a $88,550 income limit for a similar 1-4 person household).   Few exceptions [As of 12/2011]

Final qualifications based on underwriting guidelines and USDA Approval

Maple Tree Funding has VA loan options for our Veterans.  Some of the key features of the VA mortgage program include 100% financing (No down payment required).   VA also has no monthly mortgage insurance.  You do not need to put 20% down to bypass MI.

 A few other highlights regarding our VA Home Loan Program include:

• No Reserve Requirements
• 30 year competitive fixed rates
• Perfect credit not required
• Flexible Income Qualifications

Maple Tree Funding has added even more lenders this year to our VA approved lenders list.  We now have multiple VA sources to shop and compare our clients file.  This program allows our Veterans to get into a home with 100% financing, no MI, and less than perfect credit.  It is a great program that we have in our arsenal of loan programs.  For more information please visit our website dedicated to the VA Loan program at www.nyvaloan.com.  We are proud to assist our Veterans with this great program.  Email us at Blog@mapletreefunding.com for more information.  VA is also a great refinance option for those looking to lower their rate and for those who may have MI from a conventional or FHA Loan.

Maple Tree Funding

http://www.mapletreefunding.com/

Many times we are asked the question “Can I buy a home”?  Some of our clients worry that they do not have enough down payment or their credit scores are too low.  Maple Tree Funding is here to help…  With 100% financing programs such as USDA and VA Loans, we offer our borrowers that are eligible a 100% no out of pocket financing option.  Our Veterans can enjoy a 100% financing no Monthly Mortgage Insurance Loan.

For those who have some money but not 20% down, we have FHA options with as little as 3.5% down!  Seller’s concession of up to 6% can help pay for closing costs as well.

If you are concerned about your credit, Maple Tree Funding will do a full analysis and see if you qualify now (perfect credit not required) or if you need help, we will give you a plan of action to increase your credit scores to get you ready.  Too many people think you need a 700+ score to purchase a home… this is not true…  some banks are lending to 620 credit scores depending upon other factors such as income history and assets.

Visit www.mapletreefunding.com for more info or send us an email at Blog@mapletreefunding.com if you have any questions or would like us to help you get ready for your home purchase or refinance!

Maple Tree Funding

http://www.mapletreefunding.com/