The NMWelcomeHome Team Blog - Carlos Martinez

Can you tell me what HAFA is and what it means for homeowners?

HAFA (Home Affordable Foreclosure Alternatives, is part of the part of the Makeing Home Affordable Programed which helps homeowners during this current economic crisis through short sales and deeds-in-lieu.

The programs gives a $3,000 cash incentive to homeowners to avoid foreclosure and successfully complete a short sale or deed-in-lieu.

Probably the most appealing part of the HAFA program is the lender agrees to forgive the remaining mortgage debt for which the home sells for or for the deed to the home.  Note: New Mexico law allows for a deficiency judgements which can be brought by the lender to the borrower for the difference from the mortgage balance to what the actual selling price was and closing cost.  The HAFA program specifically waives a…

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2010 Local Food Festival

If you like to eat, shop, garden and entertainment plan on attending this years Local Food Festival and Field Day.  You can support and sample local restaurants, shop local growers, learn some gardening tips and listen to live music.

Free! So bring the whole family and enjoy the a day of fun...

Sunday June 6th,
11 am to 4 pm,
at the Historic Gutierrez-Hubbell House and Demonstration Farm.  (map)

www.LocalFoodNM.org

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Join Us for an Open House

8001 Saddlebrook Ave NW 87120 Wednesday May 22 1-5 PM

Click on the flyer below for property details and map.

http://www.nmwelcomehome.com/idx/single-family/671842/details.html

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How will Short Sales effect your home’s value?

By now most have heard what a short sale* is, know that it can sell for less than what is owed and possibly less than market value.  So how does this effect your home value?

Well it doesn’t…unless it becomes a large part of the market sales in your area. Only then will it have to be considered in determining market value for your home.  For example if there was maybe one or two short sale homes out of 10 sold in the last month, then the market valuation would not consider these sale types as good comparable** properties to your home.  If 4 or 5 homes that sold in the last month were short sales that would represent a large share of the market and would weigh in on determining market value for your home.

I don’t know the formula, stats or information…

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Wells Fargo Renovation Loan

I recently sat down with Danielle Duran from Wells Fargo Home Mortgage here in Albuquerque NM who gave me the requirements for this loan program...I was so impressed and excited to tell you all about it.  Below is a general outline of the program.  You still must qualify through income, credit etc but can be a great option to add  new appliances to a foreclosure home or new carpet, paint and roll it all into the loan. 

The Purchase and Renovate Wells Fargo program provides financing that enables you to immediately turn the house you just bought into the home always wanted.  Add a bath, cook up a new kicthen, repair, renovate or extend - all with a single loan at attractive first mortgage rates.  As long as you qualify the loan can be used…

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Home Buyer Assistance Program MFA - Update

Lender friend of mine Roger Gettler with First Community Mortgage provided this update to me and I thought it was worth passing on to you.

The booster second mortgage problem, which provides additional funds to the borrower to cover closing costs, has had a rate increase from 5.75% to 6.00%.This is also a permanent increase so don’t expect the rate on the booster to drop anytime soon.  It shouldn’t affect your borrower’s ability to qualify, primarily because the maximum loan amount for the booster is $8000. As an example, one borrower of mine had his payment increase monthly by $1.20.

After the tax credit is gone MFA may be a great option for those seeking downpayment and/or closing cost assistance. Call me to find out more.  Carlos Martinez 505-350-8184

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First Time Home Buyer New Mexico Mortgage Finance Authority (MFA)

New Mexico Mortgage Finance Authority also known as MFA is a home buyer assistance program.  Without getting into to much detail the program assist low to moderate income buyers with housing.  There are income limits but is much more flexible than traditional type of financing.  It is possible to get a loan to cover your down payment and closing cost. Although flexible MFA made the below change. 

Sole and Separate-poor credit for spouse. A sole and separate is to disclaim or relinquish his or her right, title and interest to the property. This establishes that it is the desire of both spouses that title to the property be granted to one spouse as that spouse’s sole and separate property. For example: Lee Buyer, a married man, as his sole and separate…

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E-Signatures Approved By Federal Housing Administration

Being a real estate professional in today's market requires the use of technology to give great customer service.  For about a year I have used a secure online system called Docusign to allow my clients to sign documents online quickly and easily. Our biggest road block was that FHA did not allow e-signatures for official documents...

Well today that changed! With the issuance of the mortgagee letter we can now make it convenient for all clients to sign online.  This is a huge time saver for everyone and my clients love it.  If you would like to know how signing a document online works give me a call.  I'd love to show you how!

Carlos Martinez

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Another Albuquerque Deal of the Day!

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Albuquerque Foreclosure Deal of the Week

Albuquerque, NM Ventana Ranch Paradise Hills

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