Morsusu, Home of World First Interest Free Money

Hello Tricontneers,

We like to welcome all of you to our latest project MORSUSU, a one and only home of INTEREST FREE MONEY (money without interest) in the world.

MorSusu is a members funding exchange company, that matches people, businesses and organizations with other people, businesses and organizations in needs of interest free money for home buying, homeownership, refinancing, business startup and expansion, investment, purchasing an automobile or machines, paying medical bills, etc.

Thank you again for all your trust and financial needs.
Sincerely,
Aideyan Omoregbee
morsusu loving

Please come back soon!!!

FHA 203(k) Rehabilitation Mortgage

By Aideyan Omoregbee

FICO 580 REQUIRE

FHA 203(k) MORTGAGES
FHA section 203(k) insured mortgage enables homebuyers to finance a purchase or to refinance an existing house plus the cost of its rehabilitation through a single mortgage.

Purpose
Section 203(k) fills a unique and important need for homebuyers buying a house that needs repair or modernization by reducing the stress associated with the complicated and costly process. The initial loan for buying and improvement of the property usually come with relatively high interest rates, short repayment terms and a balloon payment at loan’s end.

However, Section 203(k) offers a solution to both borrowers and lenders by insuring a single, long term, fixed or adjustable rate loan that covers both the buying and rehabilitation of the property. 203(k) insured loans save borrower’s time and money and protect the lender by letting them insured the loan before the condition and adequate value of the property can be fully determined.

FHA's Streamlined 203(k)

1.      FHA's Streamlined 203(k) loan program is used for less extensive repairs/improvements, allowing homebuyers to finance between $15,000 - $35,000 into their mortgage to improve or upgrade their home before they move in.

2.      With FHA's Streamlined 203(k), homebuyers can easily tap into cash to pay for property repairs or improvements identified by a home inspector or FHA appraiser.

You can find out more about a Streamlined 203(k) program by calling a Tricont Mortgage Client Advisor (803) 317-2500 or email us @ aomoregbee@tricontmortgage.com about your questions.

Type of Assistance
Section 203(k) insures mortgages by covering the purchase or refinancing and rehabilitation of a home that is at least a year old. A portion of the loan proceeds is used to pay the seller, or, if a refinance, to pay off the existing mortgage and the remaining funds are placed in an escrow account and released as rehabilitation is completed. The cost of the rehabilitation must be at least $5,000, but the total value of the property must still fall within the FHA mortgage limit for the area at completion.

The value of the property is determined by either:

1.      The value of the property before rehabilitation plus the cost of rehabilitation, or

2.      110 percent of the appraised value of the property after rehabilitation, whichever is less.

Many of the rules and restrictions that make FHA's basic single family mortgage insurance product (Section 203(b)) relatively convenient for lower income borrowers apply here. But lenders may charge some additional fees, such as a supplemental origination fee, fees to cover the preparation of architectural documents and review of the rehabilitation plan, and a higher appraisal fee.

Eligible Customers

1.      All persons who can make the monthly mortgage payments are eligible to apply.

2.      Cooperative units are not eligible

3.      Individual condominium units may be insured if they are in projects that have been approved by FHA or the Department of Veterans Affairs, or meet certain Fannie Mae guidelines

Eligible Activities
The extent of the rehabilitation covered by Section 203(k) insurance may range from relatively minor (though exceeding $5000 in cost) to virtual reconstruction: a home that has been demolished or will be razed as part of rehabilitation is eligible as long as the existing foundation system remains in place.

203(k) FHA insured loans can finance the rehabilitation of the residential portion of a property that also has non-residential uses. They can also cover the conversion of a property of any size to a one - to four- unit structure. The types of improvements that borrower may make using Section 203(k) financing include:

1.      Structural alterations and reconstruction 

2.      Modernization and improvements to the home's function

3.      Elimination of health and safety hazards

4.      Changes that improve appearance and eliminate obsolescence

5.      Reconditioning or replacing plumbing; installing a well and/or septic system

6.      Adding or replacing roofing, gutters, and downspouts

7.      Adding or replacing floors and/or floor treatments

8.      Major landscape work and site improvements

9.      Enhancing accessibility for a disabled person

10.  Making energy conservation improvements

11.  HUD requires that properties financed under this program meet certain basic energy efficiency and structural standards.

Application
To apply for a 203(k) loan, please call a Tricont Mortgage client advisor (803) 317-2500 or email us @ aomoregbee@tricontmortgage.com for assistance

MORE INFORMATION

For more information and/or to apply for this loan program, please call a Tricont Mortgage Client Advisor @ (803) 317-2500 or email us @ aomoregbee@tricontmortgage.com for assistance. .....Thank you very much for your trust and business.

Hope we can earn your trust and help you with all your mortgage and financial needs.....  PLEASE RATE & LEASE US A COMMENT.

Note: A brochure on, rehabilitating a Home with HUD's 203(k), is available by calling a Tricont Mortgage Client Advisor @ (803) 317-2500 or you may email us @ aomoregbee@tricontmortgage.com  with your request.

Obama (sotu) Purchase and Refinance Homeowners Incentives

By Aideyan Omoregbee
FICO REQUIRED (NA)

Obama New Home Purchase and Refinance Incentives
During the January 31, 2012 State of the Union message, President Obama announced a brand new plan to help responsible homeowners buy or refinance their home and heat up the housing market that is beginning to see some improvement but still sluggish. 

As with previous announcements by the president, if this plan is effectively executed, a lot of homeowners who are now confused about how they will get out of the jam they are in will get help. With this incentives giving them the needed boost to their confidence, they will be able to do all they can to hold on to their homes. We at Tricont Mortgage, believes that this plan will help more of our homeowners get out of this limbo and we urge you to do so. 

To learn more about this plan Please call (803) 317-2500 or click on the following link to read Obama's Plan to Help Responsible Homeowners and Heat the Housing Market 

MORE INFORMATION
For more information on different mortgage loan types, purchases, refinances, blog posts, please visit us at any of our following sister sites @ Tricont Mortgage www.tricontmortgage.com, Tricont Buzz www.tricontbuzz.com, Tricont Post www.tricont.posterous.com  Tricont Blog www.tricontblog.com and Tricont Mortgage Blog www.tricontmortgage.blogspot.com before closing on your purchase or refinance mortgage loan. 

Hope we can earn your trust and help you with all your mortgage and financial needs..... PLEASE RATE & LEASE US A COMMENT. 

NOTE: .......As always, please call your Tricont Mortgage Client Advisor @ (803) 317-2500  for any additional help on how you can take advantage of this latest plan or email us @ aomoregbee@tricontmortgage.com

USDA 100% RURAL HOME LOANS 3

By Aideyan Omoregbee

Fico 620 Require

Part III

DIFFERENCES BETWEEN THE SECTION 502 (USDA) GUARANTEED AND DIRECT LOAN PROGRAMS

There are several other Section 502 loan programs, but the only one that approaches the guaranteed program in number of loans made is the Homeownership Direct Loan Program.

LENDER

1.      The lender for Section 502 guaranteed loans is a private savings and loan institution, bank, or mortgage company which also handles all the loan servicing.

2.      The lender for the direct program is the Rural Housing Service (RHS); Rural Development (RD) handles the servicing.

INCOME LEVELS

      Income levels for Section 502 guaranteed borrowers are capped at 115 percent of the area median income (AMI)

      Income levels for the direct program must be no more than 80 percent of the AMI.

PAYMENT ASSISTANCE

1.      Payment assistance subsidy is not available through the guaranteed program.

2.      Payment assistance, which can reduce the interest paid on the mortgage to as low as 1 percent, is available for borrowers in the direct program and is based on the borrower’s income as a percent of AMI.

BORROWER PROTECTION

      Borrower protections differ between the programs. Applicants for guaranteed loans do not have the rights of moratorium or of appeal that accompany the direct program.

      Also, in the case of default, Section 502 guaranteed loans are liquidated by the commercial lender, while direct loans are liquidated by the government.

MORE INFORMATION

For more information on different mortgage loan types, purchases, refinances, blog posts, please visit us @ Tricont Mortgage www.tricontmortgage.com, Tricont Buzz www.tricontbuzz.com, Tricont Post www.tricont.posterous.com  Tricont Blog www.tricontblog.com and Tricont Mortgage Blog www.tricontmortgage.blogspot.com before closing on your purchase or refinance mortgage loan …..I can be reach @ (803) 317-2500 or email me @ aomoregbee@tricontmortgage.com........Thank you very much and Welcome.

Hope we can earn your trust and help you with all your mortgage and financial needs..... PLEASE LEASE US YOUR COMMENTS.

NOTE: Approximately 30% of Guaranteed 502 loans are made to families with incomes below 80 percent of AMI... A decision on your application should come within 30 days of receipt of your file at the Rural Development office. Rest assured! Your new home may be right in front of you

FHA 203(b)

FHA 203(b) POOR CREDITS MORTGAGES (Fico 580 Require)

To follow soon…..Please come back, thank you

USDA 100% RURAL HOME LOANS 2

By Aideyan Omoregbee

Fico 620 Require

Part II

USDA 100% LOANS REQUIREMENTS

1.      Loans must be from lending institutions that have been approved by RHS.

2.      Be a 30-year terms and fixed rates at present market interest rates.

3.      Loans may be for up to 100% of the market value or the purchase price, whichever is less.

4.      The maximum loan amount is based on the homeowner or household (adjusted) income.

5.      Loans may include closing costs, legal fees, title services, escrow account setup fees, prepaid items fees, etc. as long as the appraised value is higher than the sales price.

6.      RHS charges the lender a one-time guarantee fee of 2 percent of the loan amount which the lender may decide to pass on to the borrower.

7.      No private mortgage insurance is required and Fannie Mae and Ginnie Mae accept the loan on the secondary market.

8.        RHS guarantees the first 35% of the loan at 100% and the remaining 65% at 85 percent of loss respectively. The maximum loss payable by RHS cannot exceed 90% percent of the original loan amount.

TERMS
Loans are for 30 years. The promissory note interest rate is set by the lender. There are no required down payments. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.

Loans are for up to 33 years (38 for those with incomes below 60 percent of AMI and who cannot afford 33-year terms). The term is 30 years for manufactured homes. The promissory note interest rate is set by HCFP based on the Government cost of money at time of approval. However, that interest rate is modified by payment assistance subsidy.

STANDARDS:
Under Section 502 program, housing must be modest in size, design, and cost. Modest housing is property that is considered modest for the area, does not have market value in excess of the applicable area loan limit, and does not have certain prohibited features. There are no restrictions on size or design. Typical amenities, except in-ground swimming pools, are allowed.

The house (residence) constructed, purchased, or rehabilitated to be purchased with the guaranteed loan must conform to the voluntary national model building code adopted by the state and HCFP thermal and site standards CABO Model Energy Code and to the structure, facility, and termite standards established by the U.S. Department of Housing and Urban Development.

Manufactured homes must be new and permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards.

Approval

Interested, please contact a mortgage client advisor at Tricont Mortgage (803) 317-2500. You can also visit our low rates warehouse page @ www.tricontmortgage.com or email us @ aomoregbee@tricontmortgage.com to complete an application.

NOTE: Approximately 30% of Guaranteed 502 loans are made to families with incomes below 80 percent of AMI... A decision on your application should come within 30 days of receipt of your file at the Rural Development office. Rest assured! Your new home may be right in front of you

For more information on different mortgage loan types, purchases, refinances, blog posts, please visit us @ Tricont Mortgage www.tricontmortgage.com, Tricont Buzz www.tricontbuzz.com, Tricont Post www.tricont.posterous.com  Tricont Blog www.tricontblog.com and Tricont Mortgage Blog www.tricontmortgage.blogspot.com before closing on your purchase or refinance mortgage loan.

Hope we can earn your trust and help you with all your mortgage and financial needs..... PLEASE LEASE US YOUR COMMENTS.

Part 3 of 3

DIFFERENCES BETWEEN THE SECTION 502 (USDA) GUARANTEED AND DIRECT LOAN PROGRAMS

To follow soon…..Thank you

USDA 100% RURAL HOME LOANS

By Aideyan Omoregbee

Fico 620 Require

Part I

GUARANTEED AND DIRECT LOAN PROGRAMS

The Rural Housing Service (RHS) is a part of Rural Development (RD) in the U.S. Department of Agriculture (USDA). RHS operates a wide range of programs that were once administered by the Farmers Home Administration to support affordable housing and community development in rural areas. RHS provides direct loans (made and serviced by USDA staff) and also guarantees loans for mortgages extended and serviced by others.

USDA 100% Rural Home Loans is Booming throughout SC

A USDA Government guaranteed and insured loan is a loan that offers purchase or fixer upper borrowers a 100% financing in the rural areas of the country. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Some urban areas also qualify for these loans. More than 75% of South Carolina qualifies for USDA mortgage loans.

With a USDA loan program, an individual or family may borrow up to 100% of the appraised value of the home. NOTE: Many USDA loans are available with:

•  No Money Down.
• No Mortgage Insurance
• Affordable by Low Income Borrowers
• Come with Low Monthly Mortgage Payments.
• Borrower only Needs 620 Credit Score

 Important Characteristics of USDA Guaranteed Rural Housing Loans (Section 502) (U.S. Dept. of Agriculture) Mortgages

PURPOSE

The USDA (Section 502) loans are primarily used to help individuals or households with steady, low or modest income, but are unable to obtain adequate housing through conventional financing to purchase homes in rural areas.

Funds can be used to build, repair, renovate or relocate a home, or to purchase a new or existing dwelling or the purchase of a new manufactured home and prepare sites, including providing water and sewage facilities. RHS does not make a loan directly to an eligible applicant, but reduce the risk by guaranteeing a loan made by a commercial lender

ELIGIBILITY

Applicants for direct mortgage loans from Rural Development Housing & Community Facilities Programs (HCFP) must have very low or low incomes. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI.

Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance, which are typically within 22 to 26 percent of an applicant's income. However, payment subsidy is available to applicants to enhance repayment ability. Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories.

ELIGIBLE ACTIVITIES

An eligible applicant must have an adequate and dependable income (up to 115 percent of adjusted area median income, [AMI]) a decent credit history and be unable to qualify for conventional mortgage credit.

To qualify the applicant, RHS uses two formulas to determine a family’s ability to undertake the responsibility of a mortgage loan.

• First, the burden of principal, interest, taxes, and insurance (PITI) must be 29 percent or less of the applicant gross monthly income.
• Second, the total of monthly debts must be 41 percent or less of gross monthly income.

MORE INFORMATION

For more information on different mortgage loan types, purchases, refinances, blog posts, please visit us @ Tricont Mortgage www.tricontmortgage.com, Tricont Buzz www.tricontbuzz.com, Tricont Post www.tricont.posterous.com  Tricont Blog www.tricontblog.com and Tricont Mortgage Blog www.tricontmortgage.blogspot.com before closing on your purchase or refinance mortgage loan….. I can be reach @ (803) 317-2500 or email me @ aomoregbee@tricontmortgage.com........Thank you very much and Welcome.

Hope we can earn your trust and help you with all your mortgage and financial need..... PLEASE LEASE US YOUR COMMENTS.

Part 2 of 3

USDA 100% LOANS REQUIREMENTS

To follow soon…..Thank you