August 18, 2015 • 8:22 pm 0
Stay Connected Like Never Before!
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Filed under: Mortgage Advice, Alex Romo, Alexander Romo, FHA Loans, mortgage app, Mortgages, The Mortgage Banker
July 27, 2015 • 2:35 pm 0
What are the benefits of FHA condo approval?
1 FHA condo approval dramatically increases the pool of potential buyers
Statistics show that approximately 60% of new homebuyers intend to use an FHA Loan. If your community does not have FHA condo approval, you potentially limit the buying pool to only 40% of homebuyers. NOTE: These are “regular” buyers – an FHA loan is not associated with low-income HUD programs, such as Section 8. In some counties, an FHA insured loan can reach amounts of $800,000.00 or more. Since the recession, most American buyers are using FHA insured loans, and this will be the trend for years to come.
2 Increased Home Value
FHA approved Condos have a larger pool of prospective buyers, therefore increasing competition and demand for the product. This can result in higher purchase prices and an increase in market value. This will increase the value of units throughout the community.
3 FHA Loans are Assumable
This means that in the future an FHA Loan can be assumed (including the interest rate) by a new buyer. With interest rates at an all-time low, this can be a very valuable asset to an HOA community.
4 Marketability
Some real estate agents won’t show units that aren’t FHA Approved. Being approved sets your community apart from others in your same area.
5 Awareness
Going through the FHA condo approval process gives your Homeowners the sense that you as a Board cares about the community and wants it to thrive. By avoiding the approval process it will hamper your owners when they go to sell their units.
6 Less Renters in the Community
Generally speaking, Buyers who use FHA loans are more likely to reside in the unit, and not rent it out. Conversely, communities without FHA approval will attract buyers that can make large down payments. These buyers are usually investors who will rent the property for a profit.
7 Fiduciary Duty
Board Members and Property Managers are expected to maintain property values in their communities. Several HOA attorneys advise that it is the fiduciary duty of the condo Board to apply for FHA condo approval to maintain or increase property values for residents.
What are the cons of FHA Condo Approval?
There are no “cons” to being FHA Certified. Remember, chances are, your community was certified when it was developed. Most communities in the US are currently seeking FHA eligibility, but may not meet the strict FHA guidelines, and will not qualify. Misconceptions regarding FHA Condo Approval:
Misconceptions of Obtaining an FHA Approval
1 Being FHA Certified will bring in “low-income” buyers – FALSE
This is completely false! FHA Condo approval is completely unrelated to affordable housing programs. The FHA can insure loans upwards of $800,000.00 in some areas. Since the recession, most American buyers are using FHA insured loans, and this will be the trend for years to come.
2 FHA Loans caused the mortgage crisis – FALSE
FHA loans are not Sub Prime Loans. Although they do offer lower down payments than traditional mortgages, there are credit score requirements, debt to income analysis, and income verification. Also, in 2009 FHA loans made up about 2% of the loan market, in 2010 they were up to 40% and climbing.
3 The guidelines are too strict and it’s cost prohibitive – FALSE
Well-managed and financially stable communities have no trouble becoming FHA approved. The cost has dropped dramatically since 2010. When the guidelines initially changed, Attorneys were charging upwards of $5,000 to review the documents. My team and I at The Federal Savings Bank work with the Condo Association to obtain all documentation and submit directly to HUD for FHA Approval for a very low fee of $0. That’s correct! I charge $0.00
If you or anyone you know lives in a condo development, call me today!
-Alexander Romo
Senior Vice President -Mortgage Lending
312-738-8430
The Federal Savings Bank
NMLS 217060
Filed under: Mortgage Advice, Alex Romo, Alexander Romo, Conventional mortgage, fha, FHA CONDO, FHA CONDO APPROVAL, FHA Loan, FHA Loans, fha mortgage, The Federal Savings Bank
May 8, 2015 • 2:15 pm 0
LEARN WHAT IT TAKES TO PURCHASE A HOME! GET PROFESSIONAL GUIDANCE ON THE IMPORTANT STEPS OF HOME OWNERSHIP!
ENGLISH JUNE 16TH AND 25TH
SPANISH JUNE 18TH AND 23RD
ALL EVENTS ARE FROM 6PM-7:30PM
HOME BUYER INCENTIVES! FREE RAFFLE GIVEAWAYS!
Filed under: Housing Market, Mortgage Advice, PROFESSIONAL GUIDANCE
February 10, 2015 • 2:32 pm 0
Illinois will be discounting the Down Payment assistance for Veterans this Friday February 13th!
If you’re a veteran planning on purchasing or know someone who is, call me today!
As a veteran owned bank and premier VA Lender, we specialize in helping veterans purchase their dream home!
It’s not too late. I can reserve the funds before the deadline!
Filed under: Mortgage Advice, Alex Romo, Alex Romo Report, Alexander Romo, down payment assistance, Home Financing, Home Loans, IHDA LOANS, Mortgages, SPECIALIZE LENDING, VA Lender, Veterans, WLECOME HOME HEROES
January 19, 2015 • 12:22 pm 0
Many homeowners are under the assumption trying to sell their homes during the winter is a bad idea. However, the numbers show otherwise. The housing market doesn’t dip in winter months as much as people think, and plenty of buyers are still out looking for the right deal. There’s no need for homeowners to wait until spring to put their houses up for sale or pull their properties from the market starting in November.
“There are plenty of people who need to buy a home in the winter, whether it’s because of a job relocation or major family change, like a new baby” said Redfin real estate agent Paul Stone. “These buyers want to get into a home quickly, and are sometimes willing to pay top dollar.”
Follow the numbers
According to data released by Redfin last December, homes put on the market during winter months between March 2011 and March 2013 were more likely to sell by 9 percentage points compared to homes listed during warm months. Not only were they more likely to sell overall, but the homes listed December through March sold faster and for more money compared to homes listed during other months. On average, 56 percent of homes entering the market during non​-winter months sold within six months, while 65 percent of homes listed during winter sold within six months.
Go against the grain
Homeowners willing to ignore the naysayers and follow the numbers should spruce up their homes for winter to draw in potential buyers.
It’s true the dark and cold could potentially put buyers off from house shopping, but the right amount of curb appeal will get them into their coats and to a seller’s door for a showing. Sellers can take advantage of the holiday cheer and winter aesthetics by adding outdoor lights and hanging wreaths on the front door – maybe even putting some flameless candles in the windows to make the inner warmth of the home seem enticing.
Not only is what buyers see important, but also what they smell when entering a home. Homeowners can use pine in wreaths to evoke pleasant winter memories or bake a few sugar cookies before a showing.
Additionally, sellers should make sure to always keep their walks clear of snow and ice so that buyers don’t see potential safety hazards before they get to the door.
First-time home buyers shopping in winter should contact Alex Romo at the Federal Savings Bank, a veteran owned bank, to learn more about low rate mortgages and the pre-approval process.
Filed under: Housing Market, Uncategorized, Alex Romo, Alexander Romo, Home Buying, Home Loans, Home Ownership, Home Purchase, Home Sale, Housing Market, The Federal Savings Bank, The Romo Report
January 17, 2015 • 2:51 pm 0
Often when veterans seek out the benefits of a home loan from the U.S. Department of Veterans Affairs, they are not alone. They may want to bring on a co-borrower to help finance their home purchases and pay for the mortgage. In these cases, veterans should carefully look at the eligibility requirements for co-borrowers and whether they should partner with someone else to secure their houses.
Who qualifies as a co-borrower for a VA loan?
According to realtor.com, there are two types of people who are typically considered co-borrowers for a VA loan:
Before veterans decide whether they will bring on another person to apply for the loan, they should consider their and their prospective co-borrowers’ current finances to determine whether they are compatible. Lenders may be hesitant to lend money if the co-borrower does not have the means to pay for a loan in case the prime borrower is unable to or if he or she does not meet the definition of the usual co-borrower. The VA noted that a co-borrower will be required to continue paying off a loan if a veteran dies before the loan is completely paid off.
Here are ways to improve chances of approval with a co-borrower on a VA loan:
Check creditworthiness
Although potential home buyers may have known their co-borrowers for years, it’s important that they check their co-borrowers’ credit scores to see where they stand financially. Veterans can ask the co-borrowers what their scores are and whether they have any negative marks that could weigh on lenders’ minds during the approval process.
Determine income
When applying for a loan, the lender will have to verify income for the borrowers. Veterans should ask the co-borrower what his or her income is and for him or her to provide documents proving this before having everything ready to hand over to lenders.
As veterans go deeper into the loan application process, they can contact Alex Romo @ Federal Savings Bank, a veteran owned bank, to learn more about what they need for approval.
Call me today! I will close your VA Loan in 30 days!
Filed under: Housing Market, Mortgage Advice, Alex Romo, credit, Department of Veterans Affairs, eligibility requirements, Home Buying, Home Loans, Home Mortgage, Home Purchase, loan application, loan applications, The Romo Report, VA, VA Loans, Veterans
January 12, 2015 • 10:13 am 0
With my exclusive program, I can help improve your credit so you can purchase that dream home!
Since I have launched this program 2 yrs ago, we witnessed extraordinary results instantly!
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watch my quick video on this awesome program!
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Alex Romo – Senior Vice President – Mortgage Lending
312-738-8430
Hablamos Español
Filed under: Housing Market, Mortgage Advice, Alex Romo, Alexander Romo, credit repair, CREDIT REPAIR PROGRAM, FHA Loan, fha mortgage, Home loan, Home Purchase, Pre-Approval, Senior Vice President, The Federal Savings Bank, The Romo Report, VA Loans
January 10, 2015 • 2:59 pm 0
Before starting your home purchase – getting fully pre-approved for a home mortgage is key!
Not being sure about your credit can be nerve-wracking. Having less than perfect credit can have serious mortgage limitations.
Not to worry – I have the perfect program for you!
Click here for quick intro to my exclusive program – MY CREDIT REPAIR PROGRAM
CALL ME TODAY – 312-738-8430
Alex Romo – Senior Vice President – Mortgage Lending
Licensed to lend is ALL 50 States!
Filed under: Mortgage Advice, Alex Romo, Alexander Romo, credit repair, CREDIT REPAIR PROGRAM, dream home, FHA Loans, Home loan, Home Mortgage, Home Purchase, The Romo Report
October 4, 2014 • 5:46 pm 0
Just having good credit doesn’t mean you’ll be able to obtain a mortgage. Whether you are purchasing a home or simply trying to refinance your current home – there are several important parts in order to getting approved!
It’s easy to walk in to your neighborhood bank and expect the process of obtaining a mortgage approval as easy as opening a checking/savings account.
Unfortunately, many of us have learned this is not always so. Mortgages are tough to obtain. Plain and simple.
In today’s market, it’s gotten so tough that our nations Top Banker cannot even obtain a mortgage! He was denied when applying to refinance his home! read more
This is just another reminder to make sure and work with a True Mortgage Professional who is dedicated and knowledgeable of today’s mortgage program qualifications.
Filed under: Housing Market, Mortgage Advice, Alex Romo, Alexander Romo, Bernanke, Home Financing, Home Loans, Housing Market, Loan Officer, mortgage expert, The Federal Savings Bank
April 30, 2014 • 10:09 am 0
The Romo Report 