ARAMCO Report - The Mother of ALL Mortgage Blogs!

Veterans, Need a Less Expensive Home Loan?

Posted by The Aramco Group on Tue, Mar 3, 2015 @ 11:03 AM

Americans Who Served Our Country Get Help Affording the Homes of Their Dreams Whenever They Need

USS Makin Island Departure resized 600

What is a VA Loan?

A VA Loan is a home loan that is open exclusively to eligible Veterans of the United States Military and DoD, and their eligible surviving spouses. The loans are insured by the Department of Veterans Affairs and often allow veterans to get better rates than they would otherwise be able to with other sources of financing. 

While the loan is a home loan, there are no instructions or limitations on how a veteran must spend the money they qualify to borrow. Veterans use the loan for a variety of reasons, but the two most common are the reassessment of one’s mortgage payments or the consolidation of—possibly many—other debts into a more manageable package spread over the life of the loan. The loan may be used for either purchase or refinance of your home. 

ARAMCO Mortgage has worked with all ages of Veterans, active and retired, from all of the branches of the Armed Services. The servicemen and service women that contact us range from 25 to 80 years old with the average age of a service member seeking a VA Loan being in their mid 40s. Most—but not all— have already completed their transition back to civilian life.

A VA Home Loan makes more money available to the Veteran than another type of loan would. The Department of Veterans Affairs’s insurance on the loan allows lenders to provide cash equal to 100% of the home’s value with no money down — depending on how much money any particular Veteran qualifies for and assuming the sales price doesn’t exceed the appraised value. 

Generally speaking the lender is also more lenient with credit score requirements for qualified VA Loans. It is ARAMCO’s experience that most home loans underwritten by Freddie Mac or Fannie Mae have required borrowers to qualify with credit scores in the low 700s (e.g. 720), and only very few borrowers qualified with FICCO scores lower than that. A score of 640 is about the lowest our office has ever seen for conventional financing. Our loan officers have been able to originate VA Loans for Veterans with credit scores as low as 580 however.   

The VA Loan is one of the least expensive home loans to originate. The VA ensures that there are no private mortgage insurance premium requirements. VA rules limit the amount you can be charged for closing costs. Closing costs may be paid by the seller. The lender can't charge you a penalty fee if you pay the loan off early. And the VA may be able to provide you some assistance if you run into difficulty making payments. If you have disability benefits, any disability benefit score at 10% or above waives the VA Loan’s origination fees. 

Even though VA Loans come with more favorable terms and the preceding paragraphs provided examples of those benefits, specific terms are all particular to each individual borrower’s situation. Your situation may be different. ARAMCO will work with you to find out if you qualify. 

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Topics: veterans, Military, VA Loans, Refinancing, Department of Veterans Affairs, Home Loan

The Aramco Group Mourns Loss of our Friend, Icon Jerry Coleman

Posted by Athena Bakris on Wed, Jan 8, 2014 @ 20:01 PM

                                                           Jerry Coleman Aramco Ambassador Voice of the Padres

It is with an extremely heavy heart that the Aramco Group offers its deepest and heartfelt condolences for our local icon and good friend, sports announcer Jerry Coleman who passed away on Sunday, January 5,2014. “It’s a terrible day not just for San Diego; It is a terrible day for the entire country who lost an amazing man and decorated war veteran.” said Darius Aram, Director of Marketing and Business Development for the Aramco Group.


“Jerry was an amazing, dynamic man who touched the hearts of those both near and far simply through his voice” Aram continued. A humble man, Jerry “The Colonel” Coleman was formerly a fighter pilot, Major League Baseball second baseman for the New York Yankees and former manager for the San Diego Padres. Coleman had many accolades including rookie of the year in 1949 and All-Star in 1950 as well as appearing in six World Series, winning four during his career as a New York Yankee. After leaving the game to serve his country twice, he would return back to the USA as a Lieutenant Colonel and become a play-by-play announcer for the San Diego Padres. In 2005, Coleman was honored by the National Baseball Hall of Fame with the Ford C. Frick award for his broadcasting contributions.  

After having semi-retired, Jerry was most recently involved with the Aramco Group and graciously agreed to work with ARAMCO to record his reading of the Declaration of Independence in July, 2013. Coleman was scheduled to take part in a January 16th workshop for the Aramco Group. “Jerry will always have a place in our hearts and I know he will remain in the heart of anyone who knew him” Aram concluded.

For more about Jerry’s exclusive footage of his reading the Declaration of Independence or his involvement with the Aramco Group, please visit this page on our site. www.thearamcogroup.com/coleman/

 

Topics: The Aramco Group, veterans, Military, Announcer, New York Yankees, Baseball, Declaration of Independence, "The Colonel", San Diego Padres, Jerry Coleman

From Campsites to Your Perfect Home, ARAMCO's Director of Real Estate Does It All

Posted by The Aramco Group on Mon, Jul 8, 2013 @ 15:07 PM

Eagle Scout Craig Sutliff brings his extensive experiences coupled with his keen attention to customer needs to his new position

SAN DIEGO, CA—Top San Diego mortgage and financial firm, The ARAMCO Group, announced the expansion of their team; bringing on experienced Realtor Craig Sutliff as their Director of Real Estate. Sutliff has a long list of accomplishments behind his name including working in the insurance and banking industries, as a Home Mortgage Consultant as well as being a realtor. “It’s always a challenge when looking to find the ‘right man for the job,’ and frankly we’ve found him in Mr. Sutliff.” said Mehran Aram, president and founder of The Aramco Group. “I look forward to watching him ‘wow’ our client base and am excited for San Diego to experience the level of service and expertise he brings to the table.”

Versatility is key when expanding a team and that is exactly what The ARAMCO Group obtained. Born and raised in Northern California, Sutliff’s ancestral roots were in San Diego, which prompted his return at the age of 19 to get his Bachelor of Science degree in Finance at San Diego State University. He has over 13 years experience as a Mortgage Consultant and over 8 years experience as a realtor. Sutliff’s variety of experiences has lead him to be skilled with sound knowledge in over ten different loan products including FHA and Reverse Mortgage loans.

In addition, to earning his conventional education, Sutliff earned the rank of Eagle Scout in 1986 within the Boy Scouts Of America. Sutliff’s love of giving back streams not only through his passion for real estate, but also within philanthropic endeavors amongst the community.  Sutliff currently serves as a Project Manager for local San Diego charity “Operation Caregiver” which was established in 2004 to send care packages to Military servicemen overseas.  Sutliff also serves as Assistant Den leader for his son’s Cub Scout Pack and the President on the Board of Directors for the Friendly Sons of St. Patrick, a fraternal organization with a membership of over 300 men.

When he is not working or volunteering his time, Sutliff spends his time with family and friends.

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The ARAMCO Group is a consortium of real estate financing companies collectively committed to serving the needs of its customers. ARAMCO Mortgage specializes in providing mortgage financing for home buyers and those seeking to refinance their existing home loans. ARAMCO Financial specializes in effecting government insured reverse mortgages for seniors. ARAMCO Properties is the Real-Estate  division of The ARAMCO Group and offers representation for buyers and sellers as well as offering short-sales and REOs. Mehran Aram, the president of The ARAMCO Group, has been active in the mortgage industry for nearly 20 years and is the official mortgage analyst for a number of radio and TV stations as well as newspapers, more information e-mail info@ARAMCO.biz or call 888.600.1130.

Topics: Reverse Mortgage, Aramco Financial, San Diego, real estate, California, Boy Scouts Of America, San Diego State University, Operation Caregiver, Military, Servicemen, ARAMCO

Happy Independence Day! - From The Aramco Group

Posted by The Aramco Group on Wed, Jul 4, 2012 @ 08:07 AM


The Aramco GroupAs we celebrate this Independence Day, I’d like to take just a few minutes of your time from your hot dogs, fireworks and patriotic music to thank the men and women who have given us the amazing blessing of being able to celebrate our Nation’s 236th Birthday. This country has given millions of people the ability to follow their dreams, and has left us with no excuses for falling short. I’d like to thank all those who have served in the armed forces and have sacrificed their time, talents, and even their own lives and the lives of their family members, for the continued safety and freedom that we have come to expect in this great country. 

While there is no shame in celebrating with fireworks, barbeques, friends and family, we should remember the brave soldiers today, who are still stationed across the globe to preserve the freedom that we so often take for granted. A special Thank You goes out to these men and women who have put their country first, and have honorably sacrificed for the greater good of our country. As I sit here watching the magnificent firework show with my neighbors, I can’t help but think of how lucky we are to be living in this country. Whether you’re an immigrant who came to the U.S.A. looking for a better life, or an American, born and raised, we can all agree that we have a lot to be thankful for being able to call ourselves, American. 

This 4th of July is a perfect time to explain Aramco Financial’s new motto, “You Secured Our Future, We’ll Secure Yours.”  Aramco Financial who serves the seniors of California with its Reverse Mortgage expertise, has introduced this as a representation of our thanks to the men and women who have shaped this country into what it is today. To the women who rallied for voting rights, the brave people who protested for equality, to the men who fought in the bloody world wars, and the everyday Americans who took it upon themselves to pass down to us the most amazing gift of freedom, Thank You. 

We truly have today’s seniors to thank for the comforts we enjoy today. So to the Americans who have passed along to us freedom, innovation, and the American Spirit, thank you for Securing Our Future, and in turn We’ll Secure Yours. Whether it’s by securing your retirement with a Reverse Mortgage, or even simply answering a couple burning finance questions you might have, we want to in our own way show our thanks. We wish you all a happy and healthy 4th of July, and once again, Thank You.

 

You Secured Our Future. We’ll Secure Yours.

 

Happy Independence Day!

The Aramco Staff

Topics: Veteran's Administration, Reverse Mortgage, HECM, Aramco Financial, The Aramco Group, San Diego, senior citizen, Retirement, veterans, trust, California, Aramco Mortgage, Carlsbad, Senior Moments, Military, retirement planning, Aramco Properties, ethics

President Obama's Latest Mortgage Moves

Posted by The Aramco Group on Wed, Mar 7, 2012 @ 08:03 AM

During his State of the Union address six weeks ago, President Obama focused more on the housing crisis than he did in his previous two SOTUs combined (albeit three years too late). Yesterday, in his first press conference of 2012, he returned to the topic.

The President discussed providing housing relief for members of the military and veterans and refinance assistance for responsible homeowners (I get nervous whenever I hear the administration use the term "responsible," since it puts the definition of what constitutes responsible in the President's hand - in other words, responsible becomes what he says it is.).

According to the administration, the FHA will cut its fees for refinancing loans already insured by the FHA. It estimates that two to three million borrowers could be eligible for this savings, providing the typical FHA borrower with the opportunity to save about a thousand dollars a year through refinancing than they could have under today’s fee structure.

The other announcement is a very good one, particularly here in San Diego and in North County where we have so many military personnel (and thanks to each and every one of them for their service). On top of the historic settlement completed by the Federal government and 49 state Attorneys General last month (that means in addition to), major servicers will be providing significant relief to thousands of servicemembers and veterans. Under the agreement, they will:

  • Conduct a review of every servicemember foreclosed upon since 2006 and provide any who were wrongly foreclosed upon with compensation equal to a minimum of lost equity, plus interest and $116,785;
  • Refund to servicemembers money lost because they were wrongfully denied the opportunity to reduce their mortgage payments through lower interest rates;
  • Provide relief for servicemembers who are forced to sell their homes for less than the amount they owe on their mortgage due to a permanent change in station;
  • Pay $10 million dollars into the Veterans Affairs fund that guarantees loans on favorable terms for veterans; and
  • Extend certain foreclosure protections afforded under the Servicemember Civil Relief Act to servicemembers serving in harm’s way.

I've been very critical of President Obama, but these are good moves by the administration.

Click me

Topics: Veteran's Administration, San Diego, veterans, Carlsbad, Military, President Obama, federal programs