DIRECT MORTGAGE
(800) 309-0585

DIRECT MORTGAGE
(800) 309-0585

Friday, October 18, 2019
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FHA Loans

FHA Single Family Mortgage Insurance Program
Through this program, HUD’s Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a primary residence.

FHA Mortgage Insurance Costs
The borrower is able to finance the upfront mortgage insurance premium (MIP) into the mortgage. The borrower will also be responsible for paying an annual premium.

Down Payment Gifts for FHA Loans
FHA allows 100% of the down payment to be a gift from an acceptable donor.

Streamline Refinancing for FHA Mortgages
Streamline refinances are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage and must involve no cash back to the borrower.

FHA Single Family Rehab Mortgage - Section 203(k)
A single family home rehabilitation program that finances the purchase or refinance of a house and that includes the cost of its rehabilitation through a single mortgage.

FHA Single Family Adjustable Rate Mortgage (ARM) – Section 251
This program insures home purchase or refinancing loans with interest rates that may increase or decrease over time, enabling consumers to purchase or refinance their home at a lower initial interest rate.

FHA Property Improvement Loan Insurance - Title I
The Title I program insures loans to finance the light or moderate rehabilitation of properties, as well as the construction of nonresidential buildings on the property.

FHA Energy Efficient Mortgage
A program that provides mortgage insurance for the purchase or refinance of a principal residence that incorporates the cost of energy efficient improvements into the loan.

FHA Reverse Mortgage (HECM)
The HECM loan is a reverse mortgage insured by the federal government. It allows older home owners to tap into their equity to cover living expenses and health care costs while continuing to live in their home without having to make the mortgage payments that are required with a traditional mortgage or equity loan.

CPU Refinancing Playa Vista

Hi all,

I have been asked over the past 2 years about mortgage refinancing on a CPU in Playa Vista.  I was introduced to CPU condo's in Playa Vista in 2017. 

The refinancing of Controlled Price Units on condo's can be complex.  I have navigated the waters with over 2 dozen successful CPU refinances on condo's in Playa Vista.

I have been able to use the current market value, not the resale value, to help owners eliminate mortgage insurance.

Here are some yelp reviews:  (google: CPU Refinance Yelp)

"I just completed a refinance with Dave after he was recommended by several neighbors. Purchased a condo in 2017 and had to initially go with the lender that was recommended by the builder. I was paying PMI, which would be required for a few more years.

Dave was able to help me with a refinance and the process only took 2 weeks. He got rid of the PMI. As a result, monthly payment has decreased
saving me thousands in the long run."

Dave LaRose helped us to refinance our mortgage in Playa Vista this year. He got us out of PMI and lowered our monthly payments by over $500. He has taken the time to really know the ins and outs of the mortgage business and even complicated rules and regulations of CPU purchases. Highly recommend him and his team!

I don't even know where to start with reviewing Dave. He is an incredibly kind and intelligent man and did a wonderful job helping us refinance our mortgage on a CPU! From the first phone call, Dave was very informative and made sure both my husband and I understood every step. He sends over a quick text right before every docusign and is available for questions 24/7. He had us locked in at a better rate than we already had and with some changes in the market and a little time to spare before closing, he got us an even LOWER rate! We did not even have to ask him to do this. He genuinely wants his clients to get the best deal possible and works tirelessly to make sure that happens. We have already recommended him to several of our neighbors and will continue to do so. He made the refinance process stress-free and dare I say it... EASY! From now on, Dave is our one and only broker for all of our mortgage needs!

 

If you are looking to refinance your CPU, please reach out.

Dave LaRose

Direct Mortgage Source, Inc.

800-309-0585 ext. 101


 

CA-BRE # 01357986 NMLS #238291
16955 Via Del Campo #110 | San Diego, CA 92127
(800) 309-0585  Ext. 101 | (858) 487-7179  Ext. 11   | Fax: (800) 834-0799 

This material is not from HUD or FHA and has not been approved by HUD or a government agency.

 

CPU Refinancing Playa Vista

Hi all,

I have been asked over the past 2 years about mortgage refinancing on a CPU in Playa Vista.  I was introduced to CPU condo's in Playa Vista in 2017. 

The refinancing of Controlled Price Units on condo's can be complex.  I have navigated the waters with over 2 dozen successful CPU refinances on condo's in Playa Vista.

I have been able to use the current market value, not the resale value, to help owners eliminate mortgage insurance.

Here are some yelp reviews:  (google: CPU Refinance Yelp)

"I just completed a refinance with Dave after he was recommended by several neighbors. Purchased a condo in 2017 and had to initially go with the lender that was recommended by the builder. I was paying PMI, which would be required for a few more years.

Dave was able to help me with a refinance and the process only took 2 weeks. He got rid of the PMI. As a result, monthly payment has decreased
saving me thousands in the long run."

Dave LaRose helped us to refinance our mortgage in Playa Vista this year. He got us out of PMI and lowered our monthly payments by over $500. He has taken the time to really know the ins and outs of the mortgage business and even complicated rules and regulations of CPU purchases. Highly recommend him and his team!

I don't even know where to start with reviewing Dave. He is an incredibly kind and intelligent man and did a wonderful job helping us refinance our mortgage on a CPU! From the first phone call, Dave was very informative and made sure both my husband and I understood every step. He sends over a quick text right before every docusign and is available for questions 24/7. He had us locked in at a better rate than we already had and with some changes in the market and a little time to spare before closing, he got us an even LOWER rate! We did not even have to ask him to do this. He genuinely wants his clients to get the best deal possible and works tirelessly to make sure that happens. We have already recommended him to several of our neighbors and will continue to do so. He made the refinance process stress-free and dare I say it... EASY! From now on, Dave is our one and only broker for all of our mortgage needs!

 

If you are looking to refinance your CPU, please reach out.

Dave LaRose

Direct Mortgage Source, Inc.

800-309-0585 ext. 101


 

CA-BRE # 01357986 NMLS #238291
16955 Via Del Campo #110 | San Diego, CA 92127
(800) 309-0585  Ext. 101 | (858) 487-7179  Ext. 11   | Fax: (800) 834-0799 

This material is not from HUD or FHA and has not been approved by HUD or a government agency.