May 2009

Check out these programs that you should know about!

Super Jumbo loans ($417,001 to $2,000,000) -- 5/1 ARM rates below 5% for an owner occupied SFR with 60% or less LTV/CLTV and 760+ FICO.

Conventional loans for a Conforming SFR Purchases up to 95% LTV -- minimum 680 FICO, owner occupied only.

I have an amazing FHA ARM program:

• Loan amount up to $729,750 in most counties
• Start and Qualifying rate in the 3% range
• 1.000% Annual Cap
• 5.000% Life Cap
• Assumable
• 3.5% down payment

I can process FHA refinances down to a 500 credit score! Most lenders draw the line at 620.

Are you a public school teacher? Did you know that you can put down as little as 3% on a purchase AND have financing with no mortgage insurance?

Conventional loans for a Conforming SFR Purchases up to 95% LTV -- minimum 680 FICO, owner occupied only. Most lenders are at 90% LTV.

In this market you need all of the options that you can get. I have the answers.

Eric Whang
Senior Loan Consultant
UNITED AMERICAN MORTGAGE
800.708.5626 ext 107
949.250.1300 ext 107

End of the Year

Take note that lenders want all loans with loan amounts falling into the temporary government stimulus loan amounts to fund by early December, 2008. I have lenders that will fund these loan amounts until December 31st. If you need such a loan for a purchase or refinance, you need to act now.

Remember that I provide relationships with almost every national lender operating today and many portfolio lenders that very few brokers can access. This allows me to provide my clients with every option available paired with our Preferred Broker incentives and rates.

· Purchase and Refinance transactions
· FHA, VA, CalSTRS, CalPERS, and CalHFA loans
· Residential and Commercial properties
· No maximum number of financed properties
· Stated income

Smaller brokers with only a few lending relationships may be in trouble as lenders pull out of the market. Citi Mortgage announced that they will be decreasing the number of brokers that they work with by 90%! We are fortunate to be one of their top brokers.

Some of our lenders (updated 5/20/09): AmTrust Mortgage Banking, Astoria Federal Mortgage Corp., Bank of America, Charter One Bank, Citi Mortgage, Fieldstone Mortgage, FirstCal, First Federal Bank of California, Flagstar Bank, Franklin American Mortgage, Home Savings, Icon Residential Capital, ING Mortgage, Kinecta Federal Credit Union, Luther Burbank Savings, MetLife Home Loans, Mountain West Financial, Netmore America, Provident Bank Mortgage, Provident Funding, Sierra Pacific Mortgage, Stearns Lending, SunTrust Mortgage, Taylor Bean & Whitaker, Thornburg Mortgage, Trust One Mortgage Corp., Union Bank of California, Wells Fargo Home Mortgage, Western Reliance Funding...

If you have any questions or would like me to review a mortgage scenario, please feel free to contact me.

Service in Today's Market

The mortgage market is completely different from where it was just a month ago, but I assure you that I can provide the best in mortgage programs and rates – especially with my portfolio lender relationships. If someone you are looking to refinance or purchase a home, please call or e-mail me.

Even with the changes in loan guidelines that are happening every day, I can still provide the following:

· Preferred Tier 1 Rates
· No cost rate float downs if the market improves during the lock
· 95% or financing for purchases
· Discounted rates on title and escrow for refinances

Including:

· FHA Mortgages
· VA Mortgages
· CalSTRS
· CalPERS
· CalHFA Mortgages - State programs for first-time home buyers in CA
· Reverse Mortgages
· EquityKey solutions for select property owners 62 and older
· Commercial property loans

Know someone looking to buy their first home? Let me know so that I can send them my Home Buyer’s Handbook, which will educate them on the buying process and terminology.

Thank you for your business and your referrals!

The Mortgage Marketplace

In light of the current market situation I would like to shed some light on the current lending marketplace. Over the past few months many banks have closed their doors. Over the past few days, a few other banks, Prime and Sub-Prime, have frozen their pipelines, and their future remains uncertain. Essentially, some banks are facing what we call a liquidity crisis. This means that they are holding loans on their warehouse lines that they cannot sell. A warehouse line is like a gigantic credit card which banks use to fund their loans - they later sell them off to investors in bulk. When these banks are stuck with millions of dollars of un-sellable loans, what are they to do? They take a loss, and get the loans off of their line. This loss often times is what shuts bank doors overnight. Now, when you see banks freeze their pipelines, they are essentially stepping away from the table to analyzing how to react to the situation. Some, then, choose not to return. Make sense?

As for rates, you have all seen rates skyrocket in recent weeks and not follow any correlation to the bond yields. Why? The tags on various loan products are tied to risk factors. The risk factors have increased recently, and this is due to the increase in defaults. Investors are demanding more return and a higher yield for the increase of risk they are assuming. Thus, higher risk means higher rates.

What does this mean? If you are considering refinancing or purchasing a home, you should get it started sooner than later. Programs and guidelines in place today, may not be tomorrow.

Fortunately, I have so many lending options that I am your best resource for your mortgage needs. If you are refinancing, call me today so that we can lock a rate. If you are in the market to purchase a home, call me so that we can lock a rate for 60 or 90 days (even without a property under contract) to take advantage of today’s rates and available programs.

Looking forward to working with you!

Eric Whang
Senior Loan Consultant
UNITED AMERICAN MORTGAGE
800.708.5626 ext 107
949.250.1300 ext 107

Trusted. Tried. True.

United American Mortgage has been a leader in providing the best mortgage options since 1993. We are a full service mortgage broker, able to handle all of your home mortgage needs including home purchase, mortgage refinance, lines of credit, first time home buyer or experienced home owner, excellent credit, and not-so-excellent credit.

No one lender has the best rates for every type of program. Take advantage of almost 100 lender relationships that I have and the Tier 1 Preferred Broker rates that we receive for our volume and quality of loans! My having so many lender relationships provides you with what you need...options.

The foundation of my business is customer service and communication, making your mortgage experience the best that it can possibly be.

Please feel free to call with any mortgage questions.