As an experienced mortgage broker licensed in California and Florida, Attorney Roberts is an advocate for FULL DISCLOSURE and RESPONSIBLE LENDING. Under FHA and other government programs, you could be able to overcome certain challenges with a new home loan. Home loans are originated through their law firm ancillary business, Main Street Lending, Inc.

Answers to Commonly Asked Questions

Do you need a fixed rate refi for up to 125% of the value of your home?
Even if many homeowners are able to pay their mortgages on time, they might not be able to refinance in order to benefit from today’s lower rates – this could be due to a decrease in home value. Mortgages with variable rates are dangerous because they can drive people into foreclosure with ever-increasing payments over time. Thirty year fixed mortgage rates are at historic lows and a Home Affordable Refinance will help borrowers refinance into a more affordable mortgage that can be up to 125% of the appraised value. Additionally, existing mortgages could be subordinated or even extinguished for a one-time government payment of between 4 and 12% of the loan balance.

Need a fixed rate refi to catch up your mortgage payments? 
The HOPE for Homeowners program is designed for borrowers who are having difficulties paying their mortgages. They may be eligible to refinance into FHA-insured mortgages that are more affordable. Borrowers will not be judged by low credit score, payment history and other similar issues. New loan terms can be up to 40 years. These “foreclosure loans” allow folks who have gotten into financial trouble to refinance into a fixed rate loan for a fresh start.

Are you buying your first home? 
An FHA loan could be just what you need to purchase your first home. With the substantial drop in home prices, this could be a good opportunity for you. Your down payment can be as low as 3.5% of the purchase price of the home and most of your closing costs and fees can be included in the loan. This type of loan is available on 1-4 unit properties. Also, deals with no money down are available through the VA for military personnel. A first time home buyer tax credit of up to $8000 is available for qualified first-time home buyers who are purchasing a principal residence before December 1, 2009.

Can I refinance into a 30 year fixed rate if the value of my home is less then what I owe?
Yes, but you must currently have a Fannie Mae (1-800-7FANNIE) or Freddie Mac (1-800-FREDDIE) loan. Call Fannie or Freddie to see if you have such a loan in place. If you do, you could be able to borrow up to 125% of your home’s current appraised value. Additionally, your existing second mortgage could be “subordinated” into the new loan and kept in place if you are unable to pay off the second loan with the proceeds of the new loan.

Can I refinance if I am in foreclosure? 
Yes, under the Hope for Homeowners loan program, you may be able to refinance your way out of foreclosure and into a 30 year fixed rate loan regardless of payment history, credit score or arrearages owed. Income is the most important factor and the loans are limited to 96% of the appraised value of the home.

Can I buy a house with no money down? 
Yes, if you are active military or a veteran and you meet the criteria of the Veteran’ Administration. If not, FHA programs will allow you to buy a home with only 3 1\2 down. Income is the most important factor.

Mortgage Broker License Information

Main Street Lending, Inc. is incorporated in the State of California and operates under the Department of Real Estate, license number #01833748.

Main Street Lending Inc. does business in the State of Florida as Main Street Home Lending, Inc. and operates under the Office of Financial Regulation, license number #MBB-100000553

Main Street Lending, Inc. is a Title II Department of Housing and Urban Development, FHA approved Loan Correspondent ID number 26025-0000-4.

The company is authorized to originate mortgages in the states of California and Florida, only. Applications for properties in the other 48 states will not be considered.