Nationwide Mortgage Loans Rolls Out New FHA Refinancing with Increased Loan Limits - Nationwide Mortgage Loans introduces new FHA loan limits for refinance and home purchase loans. The newly raised FHA loan limits open the doors for many homeowners residing in high cost areas across the country. For example in 2007 borrowers in Los Angeles, California were restricted to $362,000 for FHA loans and in 2008 the economic stimulus package recently enacted by Congress increased the loan amounts to $729,750 in the high cost areas in California and other states. Last year, homeowners found it almost impossible to get approved for a home refinancing because often times their 1st and 2nd mortgages exceeded the conventional and FHA mortgage limits.
Press Play To Hear Podcast
In April of 2008, Nationwide Mortgage Loans spoke to PR Web about the positive impact the new FHA loan limits may have with homeowners looking to refinance their ARM into a fixed rate mortgage.
Home Equity Loan Broker Awarded Preferred Mortgage Broker Status for Second Consecutive Year from IHE For the second consecutive year, Nationwide Mortgage Loan Company was awarded "Preferred Broker" Status from Irwin Home Equity for home equity loans and 125% second mortgages. IHE announced last week that Nationwide was extended this award for their exceptional level of expertise for home equity loan origination. Last year, they were one of only three second mortgage brokers in the country granted this status.
Nationwide Introduces an Interest Only Home Equity Loans with a Fixed Rate Nationwide Mortgage Loans introduces an affordable interest only second mortgage that features an interest only payment option with a fixed home equity rate. This home equity loan allows consumers to get a fixed mortgage rate while also benefiting from a lowered monthly payment with increased cash flow. Homeowners have the luxury of converting their home equity line of credit into a fixed rate second mortgage while keeping the interest only option. Nationwide has released several new home equity products in 2006 that have offered additional "cash out" opportunities for homeowners without requiring them to refinance their existing 1st home mortgage.
Nationwide Mortgage Loans Introduces the Second Mortgage that Requires NO Appraisal for Home Equity Loans to 125% and Refinancing Credit Lines Nationwide Mortgage is proud to present the "Fast Fund" Second Mortgage Loan which requires no formal appraisal. The latest second mortgage program from Nationwide Mortgage Loans streamlines the funding process for home equity loans, because underwriting allows the use of an automated value model rather than a URAR or 2055 appraisal. Traditional appraisals require a licensed appraiser to visit, survey, and appraise a property and the comparable properties. In most cases, automated value models eliminate about 10 days of the home equity loan process by waiving the formal appraisal. The AVM accepted with these second mortgages takes the loan officer about twenty seconds to complete for most residences.
Second Mortgage and Home Equity Loan Compatible with the Controversial "Pick a Payment Loan"
Nationwide Mortgage introduces a second mortgage loan that can subordinate to 100% behind a negative amortization first mortgage. This new home equity feature opens the doors for many homeowners who have found it very difficult to get a second mortgage or home equity loan that is compatible with a first mortgage that has a negative amortization.
Nationwide Mortgage Company announced the arrival of the 110% Mortgage Program
This is a unique loan product, that allows borrowers the ability to exceed the value of their home when refinancing their first mortgage. The 110% program offers homeowners the ability to pay off debts, combine mortgage loans, or simply get cash back.
Nationwide Mortgage Loans is Awarded Preferred Broker Status with Irwin Home Equity
Nationwide Mortgage Loans is one of only three second mortgage brokers in the country awarded the "Preferred Broker" status from Irwin Home Equity. This reward program offers quality brokers lending benefits by adding a competitive edge for their 125% home equity products. IHE account executive, Dan Ambrose stated "this is an excellent opportunity for Nationwide to really expand its home equity market-share."
Nationwide Mortgage Offers a Convertable Home Equity Line of Credit with Options to Refinance Portions to a Fixed Rate Second Mortgage Loan
Nationwide Mortgage Loans now offers a convertible home equity line of credit that provides borrowers options for turning their variable interest rates to a fixed rate second mortgage loan. This unique home equity program allows homeowners to convert portions of their adjustable rate equity line into fixed rate home equity loans. Another key feature is that this second mortgage allows you to keep the unused portion of the home equity line open.
