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Refinancing a Coop in New York

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coop refinance in new yorkCoop living in New York is attractive because it allows you to buy “shares” in a building. Coop mortgages allow you to buy these shares without spending a dime from your own pocket. However, if you have an existing mortgage, you can choose to refinance it.

Why Refinance a Coop Mortgage in New York?

You can refinance a mortgage to get a cash out, switch to a fixed rate or get a better interest rate. Whatever reason you have to refinance the coop mortgage, there is a procedure you need to follow for best results.

Understand the Effects of Refinancing

You need to understand the effect that refinancing will have on the underlying loan. The new loan needs to give you savings that will justify the cost of the new loan. One thing you need to look at is the cost of the loan and any penalties, such as prepayment penalty.

Identify the Right Lender

Once you decide whether you are looking at rate and term refinance or cash out, you need to find a lender to give you this loan. You need the right lender offering best terms to refinance your mortgage.

Seek Board Approval

The coop board plays a vital role when it comes to coop issues. Once you identify a lender, seek the approval of the board to refinance the loan. Being in good standing with the board places you at a better chance of being approved.

How Can We Help?

These loans are available as 30-year and-15 year fixed-rate loans. They are available if you live in New York and you own or plan to buy a coop. at Centex Capital, we offer the best programs with expert advice. This program requires a specialized lender since it is not available with every lender on the market.

Click here for our Approved Coop Buildings list.

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Expanded No Income Check Program

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no income checkThere are constant changes when it comes to no income check loans and that is because the issue of occupancy. Lenders are not allowed to make no income loans on primary residences. The property must always need to be an investment property. So there are always lending guideline changes.

The most recent one is that the no income check mortgage will be hard to obtain for SFR (single family residences) when it comes to purchases, it will still be available for refinancing purposes but don’t forget the property must be an your investment property. As a mortgage broker we work with multiple lenders that handle stated income loans and we are still able to allocate a lender that will lend on 1 family residence for purchase transactions,

To contact us for more information please call 800-842-2910.

PayOff Revolving Debt to Qualify

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It is with great news that we share that we have updated the guidelines with regards to Fannie Mae Loans and Paying Off Debt to Qualify.

Effective with 2015-06, FNMA has reversed their position on revolving debt payoff and will no longer require a revolving debt to be paid in full to also be closed. With this change, Fannie Mae now aligns with Freddie Mac and no longer requires revolving debt to be paid off at or prior to closing  to be closed as a condition of excluding the payment from the DTI.(debt to income).

Specifically, FNMA states “revolving accounts that are paid down to zero at closing may remain open and no monthly payment needs to be included in the DTI ratio”.

Existing loans in the pipeline and new loan submissions can benefit from this enhancement immediately and no longer require revolving debt to be paid to be closed.

Should you have any questions / comments, please don’t hesitate to reach out to us 800-842-2910.

W2 Transcript Only

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w2We are please to announce our W2 Transcript ONLY program. Typically, 1040 tax return transcripts are required for all borrowers to submit for qualifying purposes, however, our guidelines now allow just W2 transcripts to be pulled and a signed 4506 T signed at closing in lieu of 1040 transcripts. This great news eliminates qualifying dilemmas that borrowers come across when unreimbursed expenses show up on tax returns and has a negative affect on qualifying ratios, now, no more worries, no more 1040 transcripts needed, please see the summary below.

SUMMARY

Applies to FHA – VA – and CONVENTIONAL Loans !
- Minimum Credit Score 580
- All borrowers must be paid with W-2 (wage earner borrowers only)
- Do not submit tax returns
- 4506T form must select W2 transcripts (#8 on the form)
- No 1099s employees
- No Commission income borrowers
- Cannot be self employed
- Cannot be in the construction industry
- Helps with those borrowers that might have Unreimbursed Employee expenses on their tax returns and not having to count those against the income!

If you are doing business with us alreay Thank YOU!!

Program Highlights

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We at Centex Capital are able to offer certain type of mortgage products that most definitely fit any borrower situation. Check out below the type of programs we specialize in. If you have questions about any of these programs give us a call to discuss. (718) 997-7000.

 

  • Conforming Conventional Fixed and ARM including High Balance and Super Conforming – loan amounts to 5 million.
  • FHA Fixed and ARM including High Balance and Streamline Refinances
  • VA Fixed and ARM including Jumbo and IRRRLs
  • Jumbo Fixed and ARM
  • My Community Mortgage®
  • Freddie Mac Home Possible® and Home Possible Advantage SM
  • DU Refinance Plus
  • Freddie Mac Relief Refinance Mortgage SM
  • FHA 203(k) Full and Streamlined
  • USDA Guaranteed Rural Housing
  • HECM (Reverse Mortgage) product line

Conforming Conventional Program Highlights

  • Delayed Financing options and transferred appraisals allowed. If you bought property all cash, you can cash out refinance right away with no seasoning requirements.
  • W2 only transcripts allowed for salaried borrowers with < 25% commission or bonus income. This eliminates the use if tax returns which discloses reimbursed income.
  • Full gift allowed for down payment on conforming conventional loans. No need for own funds.
  • One year tax returns may be accepted on self employed borrowers and blended ratios with non-occupant co-borrower. Freddie Mac Retained program allows up to six financed properties, including cash-out transactions, when the subject property is a second home or non-owner occupied property.
  • Manually underwriting allowed on conforming Fannie Mae and Freddie Mac Retained Programs for borrowers with erroneous credit or foreign address.
  • LTV to 97%: My Community Mortgage® and Home Possible Advantage SM, lower MI cost (including LPMI), CLTV to 105%, Community/Affordable Seconds allowed. First time home-buyer not required on Home Possible.
  • Fannie Mae Retained: Up to 10 financed properties allowed when subject property is second home or investment property.
  • Freddie Mac Super Conforming: All occupancy type transactions with higher LTVs than Fannie Mae High Balance. Allows cash-out investment property. Blended ratios allowed with non-occupant co-borrower.
  • DU Refinance  Plus & LP Relief Refinance. Up to 125% LTV and unlimited CLTV for owner occupied and second home Transactions. LTV up to 105% for investment properties and High Balance. Transferred mortgage insurance is allowed.
  • Community Enrichment Program (CEP) eligible for conforming balance loans and properties located within specific census tracks.

Government Programs and Features

  • Transferred appraisals allowed. If you had an appraisal done with another lender and want to switch to us we can accept another lenders appraisal.
  • W2 only transcripts allowed for salaried borrowers with < 25% commission or bonus income.
  • FHA: Manual underwriting allowed for Refer/Eligible per HUD guidelines.
  • VA IRRRL and FHA Streamline allow non-owner occupied properties.
  • VA IRRRL and FHA Streamline (including Jumbo): No appraisal required. No employment, income or debt ratio verification. Mortgage only credit report with credit scores and key factors. VA and VA Jumbo allow true cash-out to 100% LTV with 680 Credit Score.
  • VA Jumbo loan amounts up to $1,500,000.
  • FHA HUD REO: $100 down payment allowed and/or REPAIR escrow up to $5,000 allowed on HUD REO approved sales contracts.
  • USDA Guaranteed Rural Housing: Purchase, Rate/Term Refinance, Streamline Refinance and Pilot Program Refinance.
  • Community Enrichment Program (CEP) eligible for conforming balance loans and properties located within specific census tracks.

Jumbo Program Features

  • Elite Jumbo: Loan amounts up to $2,500,000. Allows for asset depletion (per Fannie Mae requirements), delayed financing and payoff of seasoned second as Rate/Term Refinance.
  • Minimum Credit Scores:
  • 580: FHA Purchase, Rate/Term Refinance, & Plaza serviced Streamline Refinances
  • 620: FHA 203(k), Conventional conforming and High Balance, VA conforming, VA IRRRL, VA Jumbo purchase, USDA, FHA High Balance
  • 640: FHA High Balance Cash Out and VA Jumbo refinance
  • 700: Elite Jumbo

There is no better time than now to give us a try and consult with one of our licensed loan officers about what is it that we can do for you. 718-997-7000

 

Freddie is on board with low down payments!

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It’s official – Freddie Mac’s minimum down payment requirement is now 3%!

3% down payments back again + affordable property values + historically low rates = the perfect market conditions to attract first-time home buyers!

And with Radian as our MI partner, 97% LTV lending can be 100% awesome!

  • Just 3% down payment required instead of the FHA’s 3.5%
  • MI premiums are still eligible for cancellation (unlike FHA!)
  • No upfront premiums that increase the loan amount
  • Ability to use gift funds
  • Savings in premiums paid over the life of the loan
  • Faster equity build up
  • Faster underwriting process to help close the deal
  • Available on a purchase or a rate and term refinance

low down payments

 

 

Reduction of annual MIP

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Effective Monday January 26 FHA will reduce the annual MIP ( Mortgage Insurance Premium) to make it more affordable for people to use FHA loans. 

 The following table shows the existing and the new annual MIP rates by amortization term, base loan amount and Loan to Value (LTV) ratio. All New MIP amounts set forth in this table are effective for case numbers assigned on or after January 26, 2015.

 

fha mip

 

FHA PMI Removal

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FHA Mortgage Insurance Update

We have a freshly updated database of 583,746 FHA homeowners that should no longer be paying Mortgage Insurance (PMI). These homeowners are prime candidates for conversion to conventional financing to eliminate their PMI burden. There are many more FHA borrowers <95% that could see substantial savings by converting to a conforming 95% Loan to Value. Many of these homeowners would actually get a reduced rate, and they could greatly reduce their PMI payment, on MI that homeowners can actually get rid of!

Call us today to consult with one of our Loan Originators to show how we can remove Mortgage Insurance from your mortgage payment. If you are currently paying PMI on your mortgage, you NEED to contact us immediately and start saving now.

Email or call us today for more details. FHA Borrowers with 100K+ Mtg Amount with greater than 80%  Loan to Value and was Originated 01/2010 – 12/31/2013 have a chance of removing PMI from their loan.

New Start Program

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newstartWe are launching our “New Start” program starting Dec 1, 2014.

The expanded features and guidelines will allow qualified borrowers additional options for home financing:

• No seasoning or mortgage pay history required after short sale, deed-in-lieu, bankruptcy or foreclosure

• Bank statement option for self-employed borrowers

• Minimum FICO score 580

Full product details contact our office at 718.997.7000 or email support@CentexCapital.com for more information on how you can take advantage of the New Start Program.

Reduce Closing Costs

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gdfjhhjkjlok;';nl'']5 Ways to Reduce Closing Costs on Your Mortgage

Whether you are taking out a new mortgage or refinancing an existing one for your property in Queens, you have to pay closing costs. Some of these costs are optional while others are mandatory. There are two types of costs you pay for the loan: recurring costs and non-recurring costs. Recurring costs such as mortgage insurance and property tax are paid once and that will be it. On the other hand, non-recurring costs such as lender and appraisal fees are paid over the life of the mortgage. There are various ways you can save on closing costs.

Using Seller Contributions

You are allowed to get seller contributions to pay closing costs for a purchase loan. However, you cannot use this for the down payment. The maximum amount you can use varies according to the loan type, property type and your LTV.

Using Lender Credit

You can decide to take a higher mortgage rate in exchange for lower costs on both purchase and refinance transactions. This means you have to pay more per month but you don’t have to pay closing costs.

Use Real Estate Agent Credit

Your real estate agent can give you credit towards the closing costs. This reduces what you pay without incurring high interest rates.

Do Comparison Shopping

You can check what other people charge in terms of insurance costs. You can shop for different insurance providers and pick the one offering the lowest rates.

Roll Costs into a New Loan

To avoid paying high costs on a mortgage, you can roll the costs into a new loan. This is possible when refinancing an existing mortgage.

What Can We Do for You?

At Centex Funding, we offer various loans with low closing costs. We also allow you to use various methods to lower your closing costs.

Callus at (800)842-2910.

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