Good Morning!
Simple Truths sent me this movie again. ...I swear every time I watch it I get choked up.
I encourage you to watch it.
...guarantee it will give you some perspective on your day.
http://www.tacmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, February 23, 2010
Monday, February 22, 2010
Another Day - Another Federal Law Going Into Effect...
Good Morning!
I wanted to let you know that on the 15th of Febrary FHA joined the ranks of Fannie Mae and Freddie Mac...
They now require appraisals to be ordered through a third party system. Loan officers are no longer allowed to order or have direct contact with FHA appraisers.
Like any new regulation - there is good and bad to it.
The good... It reduces the risk of artificially inflated property values.
The bad... Buyers, Sellers, Realtors, and Loan Officers will have to deal with properties not appraising more often.
...Oh well, another day - another federal regulation going into effect.
I hope you have a good day today. Thanks for reading!
Brett
I wanted to let you know that on the 15th of Febrary FHA joined the ranks of Fannie Mae and Freddie Mac...
They now require appraisals to be ordered through a third party system. Loan officers are no longer allowed to order or have direct contact with FHA appraisers.
Like any new regulation - there is good and bad to it.
The good... It reduces the risk of artificially inflated property values.
The bad... Buyers, Sellers, Realtors, and Loan Officers will have to deal with properties not appraising more often.
...Oh well, another day - another federal regulation going into effect.
I hope you have a good day today. Thanks for reading!
Brett
Friday, February 19, 2010
Don't Do This For A Down Payment...
Hello,
Believe it or not, having cash in the mortgage industry is a bad thing.
If you have cash saved up for a down payment on a home - and you were planning on using it for a down payment - it will present a problem when it comes time to getting a mortgage.
The mortgage world is all about documentation.
...The guidelines on cash are designed to prevent the seller from just giving you the down payment.
So, if you have a down payment - you will have to show where it came from... ...checking = good, ...savings = good, ...gift from relative (fha/va/usda) = good, ...retirement account = good, ...cash = NO GOOD.
The best solution for this?... Put the cash in the bank. ...Leave it there for 60 days. ...After 60 days sitting in the account - it doesn't matter where it came from.
I hope you have a good day today. Thanks for reading!
Brett
Believe it or not, having cash in the mortgage industry is a bad thing.
If you have cash saved up for a down payment on a home - and you were planning on using it for a down payment - it will present a problem when it comes time to getting a mortgage.
The mortgage world is all about documentation.
...The guidelines on cash are designed to prevent the seller from just giving you the down payment.
So, if you have a down payment - you will have to show where it came from... ...checking = good, ...savings = good, ...gift from relative (fha/va/usda) = good, ...retirement account = good, ...cash = NO GOOD.
The best solution for this?... Put the cash in the bank. ...Leave it there for 60 days. ...After 60 days sitting in the account - it doesn't matter where it came from.
I hope you have a good day today. Thanks for reading!
Brett
Monday, February 15, 2010
Don't Miss This Deadline...
Good Morning!
I just wanted to remind you that the current tax credit for First Time Home Buyers, and Move Up Buyers ends on April 30th, 2010.
The tax credit applies to sales occurring on or before April 30th, 2010. In cases where a binding sales contract is signed by April 30th, 2010, a home purchase completed by June 30, 2010 will qualify.
So, if you are eligible for this tax credit - and you want to take advantage of it just contact me to get prequalified to buy.
I hope you have a good day today. Thanks for reading!
Brett
I just wanted to remind you that the current tax credit for First Time Home Buyers, and Move Up Buyers ends on April 30th, 2010.
The tax credit applies to sales occurring on or before April 30th, 2010. In cases where a binding sales contract is signed by April 30th, 2010, a home purchase completed by June 30, 2010 will qualify.
So, if you are eligible for this tax credit - and you want to take advantage of it just contact me to get prequalified to buy.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, February 9, 2010
More Favorable Financing For Real Estate Investors...
Good Morning,
If you are interested in buying real estate as an investment I have good news for you...
The mortgage industry is starting to make your life a little easier. Up until recently you needed to put 20% down on investment property, however Fannie Mae is changing this.
Fannie Mae foreclosures that are listed as qualifying for the Homepath program have more favorable financing for investors.
The benefits to investors are...
1) Up to 90% LTV financing.
2) 660 FICO score minimum.
3) No MI.
4) No appraisal.
5) Up to 2% sellers concession from Fannie Mae.
6) 75% LTV with a 620 FICO score for over 4 financed properties.
7) Up to 10 financed properties total.
Just ask your realtor to do a search for Homepath properties. ...then call or email me, and I will get you the loan.
I hope you have a good day today. Thanks for reading!
Brett
If you are interested in buying real estate as an investment I have good news for you...
The mortgage industry is starting to make your life a little easier. Up until recently you needed to put 20% down on investment property, however Fannie Mae is changing this.
Fannie Mae foreclosures that are listed as qualifying for the Homepath program have more favorable financing for investors.
The benefits to investors are...
1) Up to 90% LTV financing.
2) 660 FICO score minimum.
3) No MI.
4) No appraisal.
5) Up to 2% sellers concession from Fannie Mae.
6) 75% LTV with a 620 FICO score for over 4 financed properties.
7) Up to 10 financed properties total.
Just ask your realtor to do a search for Homepath properties. ...then call or email me, and I will get you the loan.
I hope you have a good day today. Thanks for reading!
Brett
Monday, February 8, 2010
Here's Another Credit Tip For You...
Good Morning!
Here's a credit tip for you...
If you have a tradeline on your credit report that you have disputed - and it's listed on your credit report that the "customer is disputing this account" - this can actually work against you when it comes to underwriting your mortgage.
The reason is that the dispute will downgrade your file to a manual underwrite. ...Even if we have an automated approval on you - it will still down grade your file to a manual underwrite.
...This instruction comes directly from HUD.
Manual underwriting isn't as kind to your file as automated underwriting. So keep this in mind when leave an account in a "disputed" status.
I hope you have a good day today. Thanks for reading!
Brett
Here's a credit tip for you...
If you have a tradeline on your credit report that you have disputed - and it's listed on your credit report that the "customer is disputing this account" - this can actually work against you when it comes to underwriting your mortgage.
The reason is that the dispute will downgrade your file to a manual underwrite. ...Even if we have an automated approval on you - it will still down grade your file to a manual underwrite.
...This instruction comes directly from HUD.
Manual underwriting isn't as kind to your file as automated underwriting. So keep this in mind when leave an account in a "disputed" status.
I hope you have a good day today. Thanks for reading!
Brett
Thursday, February 4, 2010
Here's A Cheaper Way To Get Your Credit Scores Up...
Good Morning!
If you are needing a bump in your credit scores in order to get qualified for a loan - I have a cheaper option for you...
Let's face it, if you want to get higher credit scores you really only have two options...
1) You can work on your credit scores yourself.
Or...
2) You can hire someone to work on your credit for you.
When you do it yourself it's easy to feel lost. You don't really know what to do to get your scores up quickly.
If you hire someone - it can be very expensive.
Here's a cheaper alternative for you...
We subscribe to a service called Credit Xpert. It knows the scoring model for each bureau. It will look at your credit and give you specific steps you can take to quickly bump your scores up.
...let me give you a recent example of how it works: I had a borrower that had a 595 mid score. We needed a 620 score to get him qualified on the program that was best for him.
We ran Credit Xpert on him. It gave one suggestion - that he pay down one of his accounts to $14. He did this, and we did a Quickscore to quickly update his score. ...within 4 days his score went up to 626. ...now he's buying a house.
There are three costs associate with this process you need to be aware of...
1) An updated credit report would cost $20.
2) The Credit Xpert costs $19.99 per borrower.
3) If we need to do a Quickscore - Kroll charges $30 per trade line / per bureau.
...It's a lot cheaper than hiring someone.
If you're interested in this - just shoot me and email or call me and let me know. it's quick and easy to run.
I hope you have a good day today. Thanks for reading!
Brett
If you are needing a bump in your credit scores in order to get qualified for a loan - I have a cheaper option for you...
Let's face it, if you want to get higher credit scores you really only have two options...
1) You can work on your credit scores yourself.
Or...
2) You can hire someone to work on your credit for you.
When you do it yourself it's easy to feel lost. You don't really know what to do to get your scores up quickly.
If you hire someone - it can be very expensive.
Here's a cheaper alternative for you...
We subscribe to a service called Credit Xpert. It knows the scoring model for each bureau. It will look at your credit and give you specific steps you can take to quickly bump your scores up.
...let me give you a recent example of how it works: I had a borrower that had a 595 mid score. We needed a 620 score to get him qualified on the program that was best for him.
We ran Credit Xpert on him. It gave one suggestion - that he pay down one of his accounts to $14. He did this, and we did a Quickscore to quickly update his score. ...within 4 days his score went up to 626. ...now he's buying a house.
There are three costs associate with this process you need to be aware of...
1) An updated credit report would cost $20.
2) The Credit Xpert costs $19.99 per borrower.
3) If we need to do a Quickscore - Kroll charges $30 per trade line / per bureau.
...It's a lot cheaper than hiring someone.
If you're interested in this - just shoot me and email or call me and let me know. it's quick and easy to run.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, February 2, 2010
Here Are Web Sites That Will Help You Learn More About A Home Or Neighborhood...
Good Morning!
If you want to learn more about a particular house or neighborhood - these sites can be helpful to you...
http://www.cyberhomes.com/
http://www.zillow.com/
These web sites will give you details about a particular home. ...The tax value, and what homes are listed for in these neighborhoods.
They will also give you an estimated appraised value of a home.
I hope you have a good day today. Thanks for reading!
Brett
If you want to learn more about a particular house or neighborhood - these sites can be helpful to you...
http://www.cyberhomes.com/
http://www.zillow.com/
These web sites will give you details about a particular home. ...The tax value, and what homes are listed for in these neighborhoods.
They will also give you an estimated appraised value of a home.
I hope you have a good day today. Thanks for reading!
Brett
Monday, February 1, 2010
No Money Down When Buying From Family...
Good Morning!
I have this situation come up at least once a week, so I wanted to address it again...
Did you realize that when buying a house from an immediate family member - the buyer doesn't have to come out of pocket for a down payment with an FHA loan? (As long as it's a owner occupied residence for seller and buyer.)
...this is because the guidelines allow the seller to "gift" equity to the buyer.
So, the 3.5% down payment on an FHA loan can be a gift from the seller. ...in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).
Neat, huh!
I hope you have a good day today. Thanks for reading!
Brett
I have this situation come up at least once a week, so I wanted to address it again...
Did you realize that when buying a house from an immediate family member - the buyer doesn't have to come out of pocket for a down payment with an FHA loan? (As long as it's a owner occupied residence for seller and buyer.)
...this is because the guidelines allow the seller to "gift" equity to the buyer.
So, the 3.5% down payment on an FHA loan can be a gift from the seller. ...in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).
Neat, huh!
I hope you have a good day today. Thanks for reading!
Brett
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