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 free and offered to you.  All you have to do is download the following:
 Here's a link to Andy Williams's mobile tool kit for mortgages: http://andyw.mortgagemapp.com/mobile.

Contact me with any questions or difficulties loading the app.

Andy Williams
President
Abacus Regional Mortgage
484 695 5972
www.abacusmortgage.com
NMLS # 118317

Ask the "Mortgage Man": How is the Government Strike going to effect My Mo...

Ask the "Mortgage Man": How is the Government Strike going to effect My Mo...: How is the Government Strike going to effect My Mortgage? The answer is very little.  Other than the slow down of an already slow mortgage...

How is the Government Strike going to effect My Mortgage?

The answer is very little.  Other than the slow down of an already slow mortgage product (USDA), there will be very little delay to new loans and loans currently in progress. Unlike any other type of mortgage, the USDA loans require a full underwritten mortgage packet to be sent to them so that the USDA can rubber stamp the file with their seal of approval.  Assuming the strike continues for another week, this will delay the USDA loan closings for up to 2 weeks.  FHA, VA and other government backed mortgages will continue to get funded without delays.  These loans are insured by the government but not funded by the government, so they will continue without delay.  The only possible hiccup is that most lenders require an income tax transcript from the IRS prior to allowing funding on a loan.  This can be done at the very beginning of the loan process or just before the closing.  Most loans already in process have the transcript  in hand.  New loans that won't be closing for several weeks have plenty of time in which to obtain the transcript before closing.  The transcripts are usually processed within 48 hours, so there still remains plenty of time after the strike has ended, to get these documents from the IRS.  Rest easy, there is a 95% chance your loan will not be effected.

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

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

A New Twist To An Old Program

Can the market for mortgages be softening? Way back in 1993, the federal government came out with a program called "My Community".  This mortgage program was granted to people who wanted to do a conventional loan yet didn't have the required 5% down payment.   This program offered 97% financing, thus the need to only put 3% down on a prospective house.  At the time,  FHA mortgages required only 2.25% down payment, but the house had to pass rigorous inspections by the appraiser in order to qualify for an FHA mortgage.  Peeling paint and minimum distances between well and septic tanks, were some of the problems associated with getting a  house to pass through FHA's tough standards.  Since conventional loans didn't have such requirements, this new "97 My Community" offered a better alternative to the FHA loan.

Again,  they've introduced a new and improved "My Community" 20 years later.  For a few years,
when the housing bubble burst in 2008, the government cracked down on mortgages limiting many lenders to 10-20% down payment requirements for conventional loans.  Now the lending guidelines have slowly been easing and now history has repeated itself 20 years later. The program requires only 3% down payment from the buyers own money.  A gift is not allowed for the down payment minimum requirement to be met by the borrower.  The seller can contribute 3% of the selling price toward the buyer's closing costs.  Back in 1993, there wasn't any internet to help determine a borrower's credit worthiness.  There wasn't even such a thing as credit scores. 
They relied on the appearance of a person's credit history, as it appeared on a report to determine how strong of an applicant they appeared to be.  Now, everything is decided by the software used by the government agencies to determine eligibility of a buyer.  This newest version of "My Community"
offers a new twist for spouses or roommates who can't be on the mortgage.  In terms of qualifying for the loan, we can now use occupying spouses and roommate's income  who won't be on the mortgage.  Perhaps their credit scores aren't good enough to be listed on the loan, or maybe they will be living there temporarily.  We can use a percentage of these co-habitator's income for the purpose of helping the borrower to qualify for the home. 

For more specifics on this and many other programs, please ask the Mortgage Man.  I am licensed to do mortgages in the state of Pennsylvania.

Andy Williams
President
Abacus Regional Mortgage NMLS # 113984
484 695 5972
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

Lexington Law

Is there a reputable company to rehab people's credit who doesn't just take consumer's money? I don't know where this company came from or how long they've been in business, but I've heard their name mentioned many times in the past few months.  For years, potential home buyers have asked me for recommendations on whom they can go to for credit disputes and resolutions.  Until now, I wasn't recommending anyone because all the companies appeared to do the same thing.  They take your hard earned money and don't improve your credit score at all. I told my customers the same thing.  " Until I find a company that actually improves credit scores and actually earns their money, I don't recommend anyone as being reputable".

Lexington Law has been a company whom I've heard many wonderful stories from adding 100 points to a borrower's credit score within a few months, to removing old collection accounts that were in dispute within 30 days.  I will highly recommend them to anyone who asks for a reputable company that actually does what they say they are going to do for a consumer.

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