Tobias Team at Fairway Independent Mortgage Corporation

(480) 626-2202

team@tobiasteam.com
2325 E. Camelback Road #100
Phoenix, AZ 85016
Arizona's #1 FHA Lender (2014)
NMLS #221602 | FIMC NMLS #2289

Jan 04 2012

Protect Your Credit – Opt Out of Trigger Leads

Did you know that the major credit bureaus sell your personal information? It’s true! Known as “trigger leads”, the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.

For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional. We have included a link below for you to “opt out” of this practice and protect your credit.

Unfortunately, no legislation presently exists to prevent the credit bureaus from profiting at your expense. As a trigger lead, you are simply at the mercy of any number of too-good-to-be-true offers designed specifically to try and discredit the mortgage professionals you know and trust.

Don’t be fooled! Ultimately, there are only a limited number of sources where lenders may turn to obtain mortgage money, and it’s unlikely that you will find an unbelievably low rate without an unbelievably high cost. That’s why, prior to taking an application for any loan program, I always encourage my clients to opt-out of credit bureau solicitations by visiting OptOutPreScreen.com (click here). For new home buyers, this is the simplest way to avoid the problem altogether.

As you embark on what could be the largest financial transaction of your life, it’s important to have a professional mortgage specialist on your team who has your best interests at heart.

Dec 28 2011

SafeHouse Mortgage Protection Plan

NOVA Home Loans is offering the SafeHouse Mortgage Protection Plan – a program that will pay mortgage expenses on time should the participant lose his/her job or experience an economic misfortune.

In this economy, some are hesitant to purchase a home because they are worried about the stability of their jobs. With the SafeHouse program, they will know that their home, usually their largest investment and source of greatest security, will be protected from the decisions that an employer may face.

As you know, this is an ideal time to buy a home. NOVA does not want to see anyone else miss out on low interest rates and bargain home values because they are concerned about the stability of their employment. NOVA’s SafeHouse Mortgage Protection Plan makes the decision to buy a much easier one. Below is some important information about the program:

Eligibility

  • Homeowners 18-66 years of age
  • Must reside in the US
  • Cannot be self employed, contract employee, seasonal worker or Active Military
  • Employed full time (minimum 30 hours/wk) at time for mortgage closing

Coverage

  • 24 months from the closing date of the mortgage on purchase transactions
  • 12 months from the closing date of the mortgage on refinance transactions

Benefit

  • The lesser of the actual payment (PITI) or $1800 per month
  • Emergency mortgage grants for eligible participants

Benefit Period

  • Up to a maximum of 6 months during each coverage period

Waiting Period

  • 30 days from commencement of unemployment

Conditions

  • Unemployment must commence during the coverage period
  • Coverage is limited to payments due 30 days after unemployment begins (waiting period)
  • Claimant must qualify for state unemployment benefits
  • Claims payment cease immediately upon re-employment
  • In the event of subsequent unemployment, a new 30 day waiting period applies

Costs

  • Purchase – Full coverage both Borrowers: $770
  • Purchase – Borrower and/or Co-Borrowers prorated: $570
  • Refinance – Full coverage both Borrowers: $595
  • Refinance – Borrower and/or Co-Borrowers prorated: $395

NOVA offers this program in partnership with the Rainy Day Foundation. For more information about the Rain Day Foundation, go to www.rainydayfoundation.org.

Should you be interested in discussing the SafeHouse Mortgage Protection Plan in more detail, please don’t hesitate to call me.

Sep 20 2011

100% Financing Through the USDA is Still Available!

Did you know we can still offer zero down financing to buy a home? NOT all lenders have access to this program any longer, but the Tobias Team at NOVA Home Loans still does!  VA financing is the only other type of mortgage loan that will not require a down payment and is limited to veterans, USDA is open to anyone. 

Some interesting features of the USDA loan are:

· 100% Financing – And No Down Payment Required
· No Mortgage Insurance
· No Cash Reserves Required
· Low Fixed Interest Rates
· Loans up to $400,000
· For both Purchase or Refinance
· Down to a 640 Credit Score

USDA mortgages are overlooked by large scale lenders and mortgage brokers. The process is not strict or complicated compared to conventional mortgages. There are amazing concessions for both sellers and you can use gifts and other legal approved means to cover the closing costs. USDA loans also are free of mortgage insurance. Mortgage insurance is a necessary feature of all loans with down payments less than 20%. USDA loan borrowers are not required to pay ANY mortgage insurance which will reduce the monthly mortgage payment.

One thing must be kept in mind when applying, USDA loans are only given to individuals residing or planning to reside rural areas or areas outside city limits. Ask us if you qualify or if the area you are looking for does!

USDA loans are available only from pre-approved lenders of the USDA, like NOVA Home Loans. Those of you looking to locate in the rural vicinities of the Phoenix metro area (Queen Creek, Casa Grande, Maricopa, Buckeye, Anthem) should take advantage of this last chance at 100% financing loan.

Sep 19 2011

Equator Class: 9/22, 2pm -4pm, conducted by Scottsdale Law Group

How to Navigate Equator Presented by Scottsdale Law Group

September 22nd, 2-4pm 

Nova Home Loans – Tobias Team

 2850 E Camelback Rd #270 Phoenix, AZ 85016

 Equator is the software that Bank of America contracted with, to process short sale transactions. Over the course of the past 2 years several other lenders have followed suit to help organize the volume of transactions a bank is processing.

This class will cover the following points in an effort to ease the frustration so many have felt in initiating a short sale through the equator system:

-Illustrate traditional milestones within Equator

-Tips on optimal use

-WARNINGS! Pitfalls to avoid

-How Wells Fargo, Bank of America and CitiGroup are using the system

A Wireless Network will be available so please bring your laptops. You also must create an account within Equator to optimize this class, for new users, please go to www.equator.com Please RSVP to jon.tobias@novahomeloans.com as space is limited

Hope to see you there!

Sep 13 2011

When can I buy again after a Short Sale or Foreclosure?

A question I get asked daily: When can I buy again after a Short Sale or Foreclosure? I put together a helpful flier for those of you who have questions!

-The Tobias Team

Click here to download:
http://www.box.net/shared/zhbajxrs7fr81gqhfkxx

Light at end of Tunnel foreclosure flyer.pdf – File Shared from Box.net – Free Online File Storage

www.box.net

Sep 10 2011

CE Class for Flex MLS IDX: 9:00am – 12:00pm, 9/14

Attn: Real Estate Agents

CE Class for Flex MLS IDX  A Fully Integrated IDX Solution!

Instructed by: Brett Woolley

Please RSVP (Class will fill up!!)

Wednesday September 14th, 9:00am – 12:00pm NOVA Home Loans 2850 E Camelback Rd #270 Phoenix, AZ 85016

 A Follow-Up, Hands-on Class will be on Friday, September 16 from 10-12noon at Nova Home Loans

 In today’s world nearly every home buyer or seller looks at properties somewhere on the Internet both before and after talking with an agent. The big question is how can agents today level the playing field against the large public search sites. The answer is right in our own flexmls system!

In this workshop you’ll see examples of how flexmls IDX provides your clients with:

• Features such as Live Searching, Accurate Status, flexmls Reports, incredible flex Mapping tools, Documents and Compare features, etc.

• Interaction with clients as flexmls IDX is completely integrated with Contact Manager and the Web Portal. Learn how to be more efficient as clients with Portals can now save their own searches and favorite listings within the Portal!

• Tips and tricks such as how to activate flexmls IDX, how to set up links for pre-defined “One-Click” or Saved Searches on your agent Web site, and how to control your colors, reports, branding, etc.

• Learn Portal tricks for the best way to show your clients what homes are really selling for, the real key to an informed client.

 

Aug 24 2011

FHA Mortgage Loan Amount Limits Drop

I am sorry to inform everyone that the county loan amount limits will be reduced very shortly. For those of you in Maricopa/Pinal County, we will see a new loan limit of $271,050, revised downward from $346,250. To be eligible for the current max mortgage amount of $346,250, loans must be in process and underwritten by a DE underwriter by September 30th, 2011. Make sure your loan officer can deliver in time and has your file fully processed and approved by September 30th so you are not left out in the cold.

To see where your counties new loan limits will be set, go to HUD’s website here:

https://entp.hud.gov/idapp/html/hicostlook.cfm

For those of you who currently have a FHA mortgage amount that falls into this category whereby the loan amount is above the new limit and at/below the old, n ocause for alaram. You still have a FHA insured mortgage and you can still streamline refinance into a new FHA mortgage under certain terms:

• FHA to FHA refinances meeting all of the following requirements. It is important to note that all non-credit qualifying streamline refinances that have not closed prior to October 1, 2011 must meet these requirements in order to exceed the new loan limits.

o The existing loan being refinanced is an FHA insured mortgage.

o The loan amount for the new mortgage, including the financed MIP, does not exceed the original principal balance of the existing FHA loan being refinanced.

o The new mortgage does not have a term of more than 12 years in excess of the unexpired term of the existing FHA loan.

o The monthly payment due under the new FHA loan is less than that due under the existing FHA loan for the month in which the new FHA mortgage is executed.

I am aware many people are concerned that this will further constrict our ability to lend, and it will somewhat, but we do now have other options. Recently, NOVA Home Loans has been making available a 3% Down Conventional Financing loan program if one has 680 fico’s. However, if you can come up with 5% Down (FHA is 3.500% Down) we can approve people down to a 620 fico score in some cases! With this being said, do not to panic, we still have options and in my opinion these options are becoming available to keep the market alive respective of FHA’s changes, in further effort to lighten the government’s exposure to mortgages. For more questions on what you qualify for or if your loan officer cannot process your loan fast enough to be underwritten by September 30th, Call The Tobias Team, we can close in 2 weeks or less!

Jul 25 2011

Lead Generation for Real Estate Agents, Come See What We Have in Store for You! Tomorrow 7/26 @ 9:30-11:00AM

Real Estate Agents: Do you want to learn how to expand your business and create more leads? Come learn about this exclusive marketing program from
The Tobias Team at Nova Home Loans!
LIMITED SPACE AVAILABLE

9:30AM – 11:00AM
NOVA Home Loans Phoenix Branch
2850 E Camelback Rd #270
Phoenix, AZ 85016
RSVP: tobiasteam@novahomeloans.com

WWW.SIKKU.COM

Our home shopping tools enhance the experience for buyers and sellers by incorporating the things they use in their lives every day: cell phones, the internet, social networking. With better communication throughout the process of people buying or selling homes, purchases can move more quickly and more comfortably across the finish line.

•Buyers can search any home for sale using your network from their phone
•Learn how to post listings to Craiglist and Face Book
•Buyers can check prices and other home information while driving or walking around! We track it for you, so there’s no pen or paper needed.
•Get real estate information and listings at your finger tips in seconds!
•Listings are complete: price, square footage, rooms/baths amenities and more.
•Change your search location to search other areas in the country!
•Share your favorites and ideas with you, their Real Estate Pro!
•Find out the estimated value of any property in the United States!
•Be alerted whenever your client searches with Sikku!

Jul 13 2011

NOVA Home Loans Just Ranked as the#1 FHA Lender in Arizona!

Nova Home Loans is top-ranked

For a second consecutive week a company associated with the residential real estate business tops our good news. Tucson-based Nova Financial & Investment Corp., parent of Nova Home Loans, ranked as the largest Arizona-based originator of federal home loans in 2010 (FHA loans), according to the trade publication Inside Mortgage Finance.

Nova, which is licensed to operate in 18 states, did $1.4 billion in mortgage originations last year.

Jun 24 2011

USDA Rural Housing Loans = 100% Financing

The Phoenix housing market was severely hit with the housing bubble burst. With market conditions far from getting better, there is a great chance for families who lost their homes because of foreclosures and short sales to buy ideal accommodation. The median sales price has fallen to $83,000 for most Phoenix homes. Low income families can thus take advantage of the United States Dept. of Agriculture loan.

USDA loans are targeted towards low and very low income families. Most people will say what’s so attractive about that? But here is the good part, homes are 100% financed and there is a zero down payment. Phoenix residents who may be renting accommodation now have the opportunity to get affordable mortgages.

Some interesting features of the USDA loan are:

· 100% Financing – And No Down Payment Required
· No Mortgage Insurance
· No Cash Reserves Required
· Low Fixed Interest Rates
· Loans up to $400,000
· For both Purchase or Refinance
· Down to a 640 Credit Score

USDA mortgages are overlooked by large scale lenders and mortgage brokers. The process is not strict or complicated compared to conventional mortgages. There are amazing concessions for both sellers and you can use gifts and other legal approved means to cover the closing costs. USDA loans also are free of mortgage insurance. Mortgage insurance is a necessary feature of all loans with down payments less than 20%. USDA loan borrowers pay 2% down, but are free of the very significant mortgage insurance cost. This way, loan applicants are more probable to pay off their mortgage.

One thing must be kept in mind when applying, USDA loans are only given to individuals residing or planning to reside rural areas or areas outside city limits. Ask us if you qualify or if the area you are looking for does!

USDA loans are available only from pre-approved lenders of the USDA, like NOVA Home Loans. Those of you looking to locate in the rural vicinities of the Phoenix metro area (Queen Creek, Casa Grande, Maricopa, Buckeye, Anthem) should take advantage of this last chance at 100% financing loan.

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