HARP-loan-refinance-scale-home-money

HARP Refinance Program: Problems With Fannie/Freddie Loan Lookup Tool

If you are trying to use the HARP refinance program to redo the loan on one of your homes you will need to use the Fannie/Freddie loan lookup tools to check for program eligibility.

But many people have found the hard way these tools are not always accurate and there are some things you can do to make sure you’re not getting the dreaded “your loan is not eligible” feedback from the lookup tools in error.

HARP- Home Affordable Refinance Program

Fannie Mae Loan Lookup Tool

Freddie Mac Loan Lookup Tool

Things To Keep In Mind

  1. USPS Address Verification Tool
  2. Exact Name Spelling
  3. Additional Main Borrowers
  4. Check and Recheck

USPS Address Lookup Tool

Be sure you are using the exact address that the lender used when closing your initial loan when inputting it into the lookup tools.  Many addresses have multiple variances but you want to determine the exact official address for your property.

These examples are all different addresses to the lookup tools.  If you don’t input yours exactly the way USPS has it listed then you may be missing out.

3 Example Address Variances Of Same Address
123 N. Main Street
Chicago, IL 60606

123 North Main St.
Chicago, IL 60606

123 North Main Street
Chicago, IL 60606

If you are using the wrong variance of your address that doesn’t match up in the database that could cause a problem.

Use Exact Name Spelling

Peoples names can have many variations of spelling.  Make sure you are using the exact one in full that the lender used.  The default master name is usually the one on your drivers license.  But some lenders don’t require the exact legal name so the loan officer may have used the name you just gave them directly.

Maiden Names- If you got married and your name changed make sure you are using the one that was your name at time of application and closing on your mortgage.  Even if the lender has updated your name on your mortgage statement that name hasn’t been changed on the security instruments like the mortgage and note.

4 Examples Of Name Variations

  1. John Smith
  2. John A. Smith
  3. Jonathan Smith
  4. Jonathan A. Smith

These are all the same person but they aren’t all listed this way in the Fannie/Freddie lookup tools.  This could cause you to get a “property not eligible” error message when you could be eligible for a refinance.

Any Additional Main Borrowers?

Think back to when you did your loan.  Were you married to someone else?  Were there any other co-borrowers or main borrowers that helped you get that loan?

These could be reasons you aren’t finding your loan eligibility using only your name.  If there are additional names on the loan try looking those up as well.

Check And Recheck At A Later Date

Fannie and Freddie are constantly buying new loans and it’s possible that your loan wasn’t eligible in the past but now is.  Even if your loan servicer hasn’t changed it’s still possible that your end investor has.

We find loans that become eligible like this all the time.

Call Us We Can Help

If you’re still having problems with checking the eligibility of your HARP refi then call us.  We may be able to check it in a different way for you and also will have other program alternatives.

cat-looking-up-property-taxes

Quick Links: Illinois Property Tax Lookup

Search your tax bill quickly with our quick links to these major Illinois counties.

Do a property tax bill search and look up your tax bill.  Some sites will require you to have your PIN number.  You can retrieve that on your tax bill or by looking up your property address on the county assessor’s website.  Some counties are also helpful by phone.

Cook County Tax Bill Lookup

  1. Look Up PIN First- Cook County Assessor
  2. Look Up Tax Bill Second- Cook County Treasurer

DuPage County Tax Bill Lookup

Kane County Tax Bill Lookup

Lake County Tax Bill Lookup

McHenry County Tax Bill Lookup

Will County Tax Bill Lookup

future-next-exit-mortgage-divorce

How to get a mortgage before your divorce is finalized.

Getting Mortgage Before Divorce Finalized Audio File

Did you know that you can buy a home with a mortgage before your divorce is officially over?

Many lenders have overlays in their guidelines that don’t allow their company offer mortgages to individuals with pending divorces.  But there are some lenders out there that understand this landscape and have products to help them.

We have bridge loans you can use to buy a new home before your pending divorce is finalized.

Typically the idea is that you use our loan to acquire the new property.  Then once your divorce is finalized you will have a high likelihood of qualifying for a conventional mortgage.  Then you can refinance out of the bridge loan and into long term financing.

How do I buy a new house before my divorce is finalized?

Requirement Checklist

  • Minimum 30% Down Payment
  • Reserve Assets
  • Able To Qualify Conventional After Divorce
  • Responsible Credit Profile

Talk To Your Attorney

Even if a mortgage loan officer can get you a loan that doesn’t mean it’s a good idea to buy that house.  Talk to your attorney to see if there are any special considerations you need to make.  You may be introducing new marital property to the equation that could complicate matters.

Here is a recent post regarding many indications you need to look out for when getting a mortgage while in a pending divorce.

Get Pre Qualified

We love helping out borrowers that are in a tough spot when getting divorced.  If you are in the Chicago area and are in a situation like this we’d love to help you out.

Getting your own home will help you move on with your life.  You will leave behind all those “reminders” you once had in a previous marriage.

Give us a call at 847-613-7843 and ask for Sean.  We’ll show you how easy it is to buy a home before your divorced is finalized.

 

Luxurious Apartment Complex

Types Of Commercial Loans Offered

Backed by real estate?  Then let’s do it.

We can find a home for any commercial loan that is backed by some kind of real estate. That includes a building, proposed building or land.

There are literally thousands of programs and options available. This list should help visualize the types of transactions we are capable of structuring.

Typical Deal Flow

  1. Talk to client on phone to determine appropriate financing.
  2. Send document checklist to client.
  3. Follow up questions.
  4. Loan term sheet is presented with rate, term and details of proposed loan.
  5. Client acceptance.
  6. Order appraisal and continue underwriting loan.
  7. Close on loan.

Commercial Mortgage Summary Sheet Template

Transaction Types

  • Purchase
  • Rate and Term Refi
  • Cash Out Refi
  • Bridge Loans
  • Mezzanine
  • Construction Loan
  • Acquisition and Development

Property Types (anything backed by real estate building or land)

  • Multi Family Apartment Building
  • Student Housing
  • Senior Housing
  • Office Buildings
  • Retail Centers
  • Industrial park
  • Hospitality, hotels and motels
  • Restaurants
  • Land Loans
  • Churches
  • Automotive
  • Municipal Facilities
  • Mixed Use Properties, residential/commercial

Conventional Loan Terms- well qualified borrowers and deal structure

  • Loan Amounts $200,000-$200,000,000+
  • Rates 3%-5% (better qualified deal gets lower rates, lower LTV, borrower strength and shorter term)
  • Fixed Rate Options
  • Interest Only
  • Floating Term Options
  • 2 year-30 year Fixed Term Options

Hard Money Loan Terms- distressed deals, property condition issues, borrower issues)

  • Loan Amounts $200,000-$200,000,000+
  • Rates 7%-14% (better qualified deal gets lower rates, lower LTV, borrower strength and shorter term)
  • Fixed Rate Options
  • Interest Only
  • Floating Term Options
  • 2 year-30 year Fixed Term Options

Loan Sources

  • Insurance Companies
  • CMBS
  • Fannie/Freddie
  • FHA
  • SBA
  • Private Money
  • Private Banks
  • Proprietary Bank Lending Products
  • Local Banks
  • Credit Union

Standard Commercial Loan Doc Checklist

  • 2 Years Personal Tax Returns
  • 2 Years Business Tax Returns
  • 2 Year Rent Roll
  • Balance Sheet/YTD P&L
  • Sponsor Resume

Supporting Documents

  • Site Survey
  • Business Plan (new projects)
  • Asset Statements
  • Previous Appraisals

 

 

 

Residential and Commercial Mortgage Broker – Loan Officer