Did the subprime debacle kill the adjustable rate mortgage? - 12/21/10 12:11 AM
A few days ago, I wrote about the assumability feature for FHA loans. Another program feature that has not been discussed much over the past few years is the adjustable rate mortgage. With rates near all-time lows, it may not make sense for most borrowers to choose an ARM. However, if you plan on staying in your home for a short time or you need the lower rate to assist you in qualifying, then an ARM may be an option.
The subprime-loan debacle gave ARM products a bad name — primarily those that featured the "crazy first year adjustment." The first-year … (4 comments)

Are FHA Loans Assumable? - 12/18/10 10:50 AM
If asked, how many real estate professionals could tell you that FHA 203(b) loans can be assumed by an owner-occupied creditworthy buyer? I bet that if a survey was taken today within the real estate community, you would be surprised to learn how many have no idea about this assumability feature. Over the past few months, our company has closed hundreds of FHA loans at 4% or better.  As we stand today, those buyers have a selling niche that has not been seen in years: the assumable mortgage at a rate lower than the current market rate.
Did you know that … (5 comments)

First-Time Homebuyer Credit Is Still Alive for Some Vets - 12/15/10 12:35 PM
In the fall of this year, all eyes were on our industry and the last push to close loans under the First-Time Homebuyer Tax Credit (extension deadline: September 30, 2010). Like many of you, I took a deep breath after my last closing and moved forward.
However, I let the provision for veterans and other federal employees fall by the wayside, and only last night while searching the Internet for mortgage data did I have my moment of clarity and realize that I had dropped the ball in marketing to my veteran clients. When Congress took action in November 2009 to … (0 comments)

Five of the Most-Asked FHA Credit Questions in Today's Lending Environment - 12/14/10 10:01 PM
It has been a tough couple of years for most folks in this country, as reflected in the day-to-day questions that I field from potential customers and agents. I thought I would put down a few of those questions along with the answers for review and discussion.
1.How long after a Chapter 7 bankruptcy before I can purchase a home?The general answer is two years. The borrower must have re-established good credit or chosen not to incur new credit obligations. Under extenuating circumstances, a borrower may be approved earlier, but only if more than 12 months have elapsed since the bankruptcy release.
2.How … (4 comments)

Is A Deal Dead If The Appraisal Requires Repairs? - 12/12/10 08:39 PM
Most 203(k) loans start as 203(k) loans but not all.
This weekend, I had a conventional deal in Denver run into an issue with the roof and the HVAC system. The appraiser identified a possible issue with the roof, so a roofing specialist was sent out to review it. The tile roof was beginning to crumble in various spots, so a new roof was warranted. Earlier last week, a HVAC contractor had checked out the furnace and was going to make a $250 repair that would get the furnace up and running prior to closing; however, the HVAC specialist noted that … (3 comments)

 
Dustan Shepherd (Wells Fargo Home Mortgage)

Dustan Shepherd

Overland Park, KS

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Wells Fargo Home Mortgage

Address: 7127 W. 110th St, Overland Park, KS, 66210

Office Phone: (913) 319-7941

Cell Phone: (913) 579-3712

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