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
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