Call Platinum Today: 800-385-3657

                                                     REALLY FAST CLOSING!

&
REALLY LOW RATES!
                                                    NEW: 80% to $1,500,000!!!

 

QUALIFY AT THE START RATE or Fully Indexed Rate
  •          Ratios are 40/45 (fully amortized)
DEPARTING RESIDENCE:
  •          NO MINIMUM EQUITY POSITION
  •          NO Previous Landlord experience
  •          NO Rental Agreement or deposit check
  •         JUST a RENT SURVEY!
NOTES:  Reserves: 2 mos on subject, 6 mos on departing residence, 75% max LTV

 

TRUE BLENDED RATIOS!
  •          Purchase loans – NO Occupant ratios!
PORTFOLIO UNDERWRITING THAT MAKES SENSE!

If you are currently in need of a loan, we have the educated staff you need to see you through the loan processIf we can’t get you a loan, No one can!  Fill out an application online today and put yourself one step closer to owning a home!

Visit Our Website:
http://pmcmortgageloans.com/

FOR A FAST PRE-APPROVAL:
Complete a loan application on our website
http://pmcmortgageloans.com/mortgage_application.php

And Follow us on:
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http://twitter.com/pmcmtg
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Best Deals Show on KCAL 9 TV

Aside

Best Deals Show on KCAL 9 TV is going to feature us on their show, AGAIN!
This is HUGE for us and we are humbled to serve. Our emphasis will be on UNCONVENTIONAL REAL ESTATE LOAN PROGRAMS FOR BORROWERS WHO HAVE BEEN TURNED DOWN BY BIG BANKS.
Watch our first TV show on our website http://pmcmortgageloans.com/media.php
We have a set taping date of Thursday, September 13th at 11am at our Santa Ana Office. Please confirm that you can make it. Or you can choose to send us a 20 seconds home made video testimonial of Platinum Mortgage Company, more importantly, about Andrew and Anna, owners of PMC, and their service to every client!
Thank you for your help! You and your family can be on the taping if you choose to enjoy your few seconds of fame on TV 🙂
It will air on KCAL 9 TV station on Sunday September 23 at 11am.
We humbly appreciate your support!

Loan Scenario

Loan Scenario We’re Working With:
Borrower just refinanced her primary residence rate and term, as owner occupied last month. She’s looking to enter into contract for a purchasees a bigger home -150k more valuable than the one she currently lives in. This new home will be about 3 miles from her current job compaired to 10 miles from whe she currently resides..
The property will be in Irvine, which means great schools for her kids of 2,4,6, and 8 years old.
She will be occupying the property as her primary residence and would like to get owner occupied rates.
DTI is fine with both mortgages.
Property Value: 605,000
Loan Amount: 484,000 (80% LTV)
FICO: 800
Loan Terms: 30yr
Type of property: Condo
Type of occupancy: Owner
Purpose: Purchase
Zip code of the property: 92620
Answer: No, they have to do the purchase as a non-owner or refinance the current as a non-owner then do the purchase as owner occupy.

New Laws on Degree Brokers, Vacant REOs, and Military Servicemembers

Realegal®

New Laws on Degree Brokers, Vacant REOs, and Military Servicemembers
On August 27, Governor Brown signed three significant legislative bills into law that may be of interest to REALTORS®. The full text of each law is available at www.leginfo.ca.gov.
  • Restricting New Degree Brokers: Under a C.A.R.-sponsored law that comes into effect on January 1, 2013, the education exemption to the experience requirement for applying for a new real estate broker’s license is more stringent. Under existing law, an applicant must, among other things, be actively engaged in the business of a real estate salesperson for at least two of the last five years. The applicant, however, may petition the DRE for an exemption from the experience requirement if he or she graduated from a four-year college or university with a specialization in real estate. Because “specialization in real estate” is broadly worded, the new law requires that, to satisfy this exemption from the experience requirement, a degree broker’s course of study must have included “a major or minor in real estate.” Both the existing and new law also allows an applicant to petition the DRE for another exemption from the experience requirement by demonstrating at least two years of general real estate experience. Source: AB 1718.
  • Maintaining Vacant REO Properties: An existing law requiring an owner of vacant residential property acquired through foreclosure to maintain the exterior of the property, was originally set to expire on January 1, 2013, but has now been extended indefinitely. To prevent blighted neighborhoods, this law allows a governmental entity to impose a fine up to $1,000 per day for any violation. Violations of this law include allowing excessive foliage growth that diminishes the value of surrounding properties, failing to take action against trespassers or squatters, failing to prevent mosquitoes from breeding in standing water, and other public nuisances. This new law, which is part of the California Homeowner Bill of Rights, also gives a buyer of residential property foreclosed after 2007 an opportunity to correct substandard conditions. Starting January 1, 2013, if that buyer has purchased and is in the process of diligently abating any building standard violations, an enforcement agency cannot commence any action or proceeding for nuisance abatement for at least 60 days after the buyer takes title to the property, unless a shorter period is deemed necessary to prevent an immediate threat to health and safety. Also commencing January 1, 2013, any mortgage lender who releases a lien from a property with a recorded notice of pendency of action must notify the enforcement agency that issued the order within 30 days of releasing the lien. Source: AB 2314.
  • Protecting Military Servicemembers From Foreclosure: Starting January 1, 2013, the existing California protection for a servicemember against foreclosure by a mortgage lender during the period of military service or within three months thereafter, has been extended to nine months thereafter. Exceptions apply to sales made by agreement or court order. This law applies to mortgage loans originated before a servicemember’s period of military service for which the servicemember is still obligated. The nine-month period mirrors the foreclosure protection under the federal Servicemembers Civil Relief Act. However, President Obama recently signed into law the federal Honoring America’s Veterans and Caring for Camp Lejeune Families Act which extends, from February 2, 2013 to December 31, 2014, the foreclosure protection to one year after the period of active duty. Source: AB 2475 and H.R. 1627.


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NOTICE: FREE California Short Sale Training Event. Fast close,
direct assignment short sales. Learn how to become a Lender
Preferred Short Sale Agent. Grab your spot and register now!
Warning: Limited space available for this FREE event.
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Realegal® is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 160,000 REALTORS® statewide.Edited by: Stella Ling, stellal@car.org

Fannie Mae Modifications

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Fannie Mae Modification

Fannie Mae Modification Fixed Interest Rate

 4.625%

(As of January 1, 2012 through August 31, 2012)

4.25%

(As of September 1, 2012)

Servicers must employ the appropriate rate based on the effective date of the Fannie Mae non-HAMP modification. These rates are only for conventional loans. The modification may be adjusted based on market conditions. For further details, see the Servicing Notice.


Fannie Mae Modification is designed to help those borrowers who are ineligible for the Home Affordable Modification Program (HAMP), or who defaulted on a HAMP modification or under certain circumstances, a non-HAMP modification, by changing the terms of their mortgage loans to make them more affordable.

    Resources

    For historic forms, including the Fannie Mae Hardship Affidavit (Form 194) and Fannie Mae Trial Period Plan Notice (Form 195) please visit our Forms page.
    View Forms page

    https://www.efanniemae.com/sf/servicing/fmmod/index.jsp

    0.5% Down FHA LOAN PROGRAM FACTS

    0.5% down for 580+ fico – 43% Max Debt Ratio
    3.5% down for 580+ fico – 57% Max Debt Ratio
    10% down for 500 – 579 fico – 43% Max Debt Ratio
    500 Minimum FICO score
    Disputed Accounts must be resolved
    Collections over $1,000 need to be paid off
    No Bk in the last 2 years
    No Short Sale In the last 3 years
    No forclosure in the last 3 years
    SFR, PUD, Condo, 2 Units
    Owner Occupied Only

    3% Down Payment Assistance Programs (DPA) with A FHA 96.5% First Loan Program.
    1. ACCESS FHA Loan Program:
    580 Minimum Fico Required
    43-47% Maximum Debt Ratio
    2nd Mortgage Payment is Required @
    8.25% rate on a 15 Year Fixed Amortization
    Access admin fee is $350
    Must meet county income limits (ex. LA County income limit is $85,680 combined household income)
    Manual Underwriting Allowed
    No score with Non-Traditional credit allowed

    2. CHADAP FHA Loan Program:
    640 Minimum Fico Required
    3% towards closing costs/pre-paid expense
    Up to 47% Maximum DTI Ratio
    No 2nd Mortgage Payment
    DPA is Forgiven as long as they don’t refinance or sell in the first 9 years
    CHDAP admin fee is $350
    No min. down payment required from borrowers funds (.5% can gifted funds)
    Must meet county income limits (ex. LA County income limit is $102,480 for 1-2 people in household or $119,560 for 3-4 people in household)

    3. PLATINUM FHA Loan Program:
    620 Minimum Fico Required
    3% towards closing costs/pre-paid expense
    Up to 50% DTI
    4.5% rate (no buy down available)
    No 2nd mortgage payment
    DPA is forgiven as long as they don’t refinance or sell in the first 9 years
    No non-occupant co-borrowers allowed
    No min. down payment required from borrowers funds (.5% can be gifted funds)
    Must meet county income limits (ex. LA County income limit is $85,680 combined household income)

    NOTES:
    It is easier for them to retrieve the FTHB Certificate online at www.mgichome.com (save time and it is free).