My most challenging scenario has been matched. I was recently asked if I can finance a Mobile Home that sits on piers.  First of all, most conventional lenders won't finance mobile homes, whether they are on a permanent foundation, or they are situated in a mobile home park.  Given that this home is also resting on piers with the original axles and wheels underneath, makes this a nightmare to finance.  When the question was posed, I told the agent that only a very small local lender would consider financing such a property.  I gave a few names as suggestions based on the proximity of the subject property in relation to these lenders.  When I saw the agent last week, during my routine weekly visit,  lo and behold he told me that he tried all of my suggested banks, and Mauch Chunk Trust has agreed to finance this property.  If you have a mobile home, or a house that sits on piers located in Carbon, Monroe, or Northern Lehigh Counties, Mauch Chunk Trust will finance it for you.

Any questions, please call me at 484-6985-5972.

Andy Williams
President
Abacus Regional Mortgage
NMLS # 118317

Ask the "Mortgage Man": FREE Mobile App for your I Phone or Droid

Ask the "Mortgage Man": FREE Mobile App for your I Phone or Droid: This FREE App offers you the ability to calculate total mortgage payments, and offers industry news and current interest rates.  It is all f...

Does Fraudulent Activity Still Occur in the Mortgage Business?

A woman thought she had one over on me this week.  She didn't qualify on her own so I suggested she find a suitable cosigner to help her purchase a  home.  She suggested her ex-husband as a viable and willing candidate to go on the mortgage with her.  She had all of his information including his social security number, bank accounts and income figures, so I processed the application and ordered the appraisal for the subject property.  Since neither she nor her ex-husband live locally, I sent all of the papers by way of Federal Express to her home address.  As part of the normal requirements, I requested copies of financial information on both parties as well as drivers licenses for each borrower.  The entire package came back via the mail but her ex's drivers license was missing.  I requested it again and still she didn't send it back.  After much ado, I found that he never agreed to cosign the loan, and she was using his identification to help her get the mortgage. WRONG!  http://www.ssa.gov/employer/ssnv.htmIt is amazing to see just how far people will go to try and fool you.

Andy Williams
President
Abacus Regional Mortgage
484 695 5972
andrew.williams@abacusmort.com
NMLS # 118317

Why The Mortgage Man?

Why do they call me the mortgage man? I started my career in finance with Beneficial Consumer Discount in 1986 and became a collection manager.  Once I was given the option of moving out of town to manage my own branch, I decided to pursue a career as a Mortgage Underwriter with Merchants Bank of Allentown in 1988.  Once I had a thorough understanding regarding collections and underwriting, I took a job with Meridian Bank as a mortgage loan officer.  I continue to service 27 real estate offices and builders in three counties ( Monroe, Northampton, Lehigh ).  When Meridian was being sold to another bank, I decided to go out on my own as a Mortgage Broker in 1997.  I've owned my owns business for 16 years and know all the ins and outs of the mortgage industry.  I've seen interest rates as high as 16% and as low as 2.5%.  I've witnessed market bubbles, corrections, booms, busts, short sales, foreclosures, bankruptcies, wrap around mortgages, recasts, bridge loans, divorces, identity theft, fraud, subordinations, straw buyers, owner financing, hard money lending, and many other situations in my years in the industry.  Through it all, I've used my knowledge, experience, and contacts to help over 5,000 families purchase their home. I have almost any program or lender to get the job done.  If I do not, I know who may be able to help a potential home owner purchase their home.  It takes just one phone call to get the right answer!  Please call me with any situations or scenarios that you wish to discuss in confidential manner.


Andy Williams NMLS # 118317
President
Abacus Regional Mortgage
484 695 5972

Ask the "Mortgage Man": Rehab Loan Made Easy

Ask the "Mortgage Man": Rehab Loan Made Easy: Is there an easy way to finance the repairs into a home purchase?  I can't find a home for a good price that doesn't need tons of renovation...

Rehab Loan Made Easy

Is there an easy way to finance the repairs into a home purchase?  I can't find a home for a good price that doesn't need tons of renovations! Due to the high volume of foreclosed homes being sold on the market, anything in my price range is usually a foreclosure.  These are common responses I hear from potential home buyers in their search for a home.  I have a program that makes it easy and financially attractive for the buyer to finance the repairs with their home purchase.  It is called a Rehab Loan. 

The Rehab Loan is where a buyer adds the cost of needed repairs to the selling price of the home they wish to purchase.  For as little as 5% down, they can finance all the repairs into their loan.  Here is how it works. 
The buyer makes an offer on a house, they get estimates from a contractor, builder, Lowe's, Home Depot, etc. and adds it to the sale price of the home.  This combined total is what we call the Acquisition Cost.  We can finance up to 95% of the acquisition cost.  The buyer settles and takes possession of the house and that is when the work begins.  We will hold the money for repairs in escrow after closing and during the construction/ rehab period.  This means that we will release the monies to the person doing the work in stages or Draws, which are no more than 3 during the construction period.  As each stage of the work is completed, the bank will release the money to the builder/ contractor paying them as they go.  It is that simple!

These types of loans are now available with FHA under the 203K program.  Some banks offer the Fannie Mae Homepath renovation mortgages, too.  But for many, these two programs have distinct disadvantages that this loan doesn't have.  For instance, both the Homepath  and the FHA 203K programs offer higher than market rates (as much as 1% ) on these loans costing the buyer many tens of thousands over the life of the loan.  The FHA 203K charges a much higher Mortgage Insurance Premium ( both up front and throughout the life of the loan )- this is 50% higher than our program.  You have to choose an approved builder/ contractor, which takes away the ability to shop around for the lowest bid.  Our program offers the most competitive rates, most often at below national averages for current conventional fixed rates. 

To qualify for this loan, you must have a credit score of at least 680, and be purchasing a property located in the following counties: Lehigh, Northampton, Carbon, Pike, Wayne and Luzerne, PA.  The next time you are looking for yourself or to refer clients for renovation mortgages, please give them my name and number. 

Andy Williams
President
Abacus Regional Mortgage
NMLS # 118317
484 695 5972