Are your listings and buyers ready?

So far FHA has not renewed the Flip Waiver and starting with new case numbers pulled on or after February 1st, 2011 will be subjected to the previous flip provisions as specified in  FHA Mortgagee Letter 06-14.

Per HUD requirements, the fully executed purchase contract (signed by both the buyer and seller) must be dated on or before January 31, 2011. HUD allows no exceptions to this rule.

We will continue to offer this product until it expires and I will update this blog if the Flip Waiver is extended.

Do you have questions or need creative solutions, please call me, I'm happy to help!

Catherine Eusea
Selling Branch Manager
NMLS# 237244
970-223-8300 Direct
720-300-6777 Cell
877-260-7114 Fax
catherine.eusea@prospectmtg.com
www.EuseaTeam.com

There is a lot of buzz about FHA's Energy Efficient Mortgage Program or EEM! Prospect Mortgage is happy to announce that we do these mortgages and have been for a long time as a supporter for energy efficiency and helping buyers & home owners reduce their operating costs.

Did you know......?

• This mortgage is underwritten as a regular FHA with a little more flexibility with debt to income ratio up to 2%. (Stretch Ratios)
• You can finance up to 5% (not to exceed $8,000) of the property's value, or $4,000 whichever is greater.
• Borrower may finance 100% of the expense of a cost effective energy package
• The eligible properties are both new and existing 1-4 units including condo and manufactured homes.
• PURCHASE OR REFINANCE!!

Area focused for Energy improvement

· Making thermal improvements to
  building shells, including insulation,
  weatherization and replacing outdated
  windows and doors.

· Replacing older heating systems, cooling
  systems, lighting, and other energy
  -using devices with new and efficient
  equipment.

· Repairing or adjusting existing
  energy-using equipment.

More  information and detailed examples please visit the official FHA WEB SITE

http://www.hud.gov/offices/hsg/sfh/eem/eemhog96.cfm  

For an Energy Efficient Mortgage expert please call me at 970-223-8300 or 720-300-6777!  

Catherine Eusea

Selling Branch Manager

Eusea Team at Prospect Mortgage

2032 Caribou Drive, Suite 102

Fort Collins, CO 80525

970-223-8300 Direct

720-300-6777 Cell

877-260-7114 Fax ***NEW FAX NUMBER

www.EuseaTeam.com

NMLS License-237244

CO License-100029963

After speaking with an active duty vet currently serving over in the Iraq War I realized that there are a lot of them who are unaware of the special extension of the 1st Time Home Buyer Tax Credit & the Repeat Tax Credit. I think this is great considering their situation, I just wish there was more attention and information for them.

VA extension update!

Armed service, intelligence service and Foreign Service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes - to May 1, 20ll. Another benefit is a waiver on the time of occupancy. Most home buyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and Foreign Service members do not have to repay the credit if they sell their home in less than three years if they move because of official business. Under the tax credit extension, eligible first-time home buyers can get a tax credit up to $8,000.

Current homeowners are eligible for a $6,500 tax credit, provided they have lived in the home they are selling, or have sold, as their principal residence for five consecutive years in the past eight years. Income limits for eligible homebuyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000.

To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

If you know of a vet that needs more information and details on the tax credit please forward their information to me. Send this to every vet that you know, they likely will know someone serving our country.

To the veterans that read this, thank you for serving our country!

Catherine Eusea

Selling Branch Manager

Eusea Team at Prospect Mortgage

970-223-5009 Direct

720-300-6777 Cell

Email me at catherine.eusea@prospectmtg.com

www.myprospectmortgage.com/ceusea 

ATTENTION! Mortgage insurance companies are adapting a similar rule as FHA in regards to flipping properties. This will impact the mortgage market starting 10/12/2009, not leaving us with much time. If you have Conventional buyers above 80% loan to value, please make sure the mortgage insurance has been ordered prior to this date. This is coming out at rapid speed 3 out of 5 mortgage insurance companies have adopted this rule. The other two are in the process and have strict requirements to do a loan under 90 days and I believe they will be changing their rules as well within the next couple of weeks.  Also, ALL are requiring restrictions up to 180 days much like FHA does with requiring improvement details, appraisal reviews & extra underwriting requirements.  Please prepare your buyers and sellers, this is something that will impact all of us. If you have sellers/investors, make sure they are making sound upgrades and keeping ALL receipts of services performed. Fannie Mae & Freddie Mac have not adapted this rule YET, but there are talks of doing so. Please be prepared.

Below are a few guidelines of what is NOT a flip.

•·         A lender, mortgage investor or a mortgage insurance company that acquired the property as a result of a foreclosure or deed in lieu of foreclosure

•·         A spouse who acquired the property through a divorce settlement

•·         An employer that acquired the property through its relocation program

•·         An administrator, executor, or personal representative selling property of an estate

I'm here to be a resource for you, if you need anything please do not hesitate to call me!

Catherine Eusea

Selling Branch Manager

Eusea Team at Prospect Mortgage

2032 Caribou Drive, Suite 102

Fort Collins, CO 80525

720-300-6777 Direct

866-598-0647 Fax

As the month of August ends I regroup and think of what could I have done to improve my business and the communication with my clients? It then dawned on me that this was an unusual month. I was working with three buyers and no matter how much I encouraged them to work with agents that I knew was competent and proficient at their job, the buyers went with a family friend. I knew this was going to be trouble, not only was this dealing with family in the 2 out of 3 cases, all three of them worked full time jobs!

In this day and age, the business is far too complicated and forever changing that to do this job part time is an injustice for not only the buyer but everyone working with them. I can handle new agents who are putting 120% effort toward learning and executing but not part time agents or professionals who want the mad money of real estate and the stability of their jobs.

All three transactions were a mess, unorganized and because none of them had experience with FHA & VA loans did not know what to do. They took the most of my time, I remember conversations with a Realtor that lasted 1.5 hours trying to go over inspection items because she didn't know what would and would not be a problem with the FHA appraiser....even after I sent her the link. Not to mention, I got that 7-9pm call from one of them every night to go over the file because they were at work all day.

2 out of the 3 buyers were extremely dissatisfied; with one buyer it cost them an additional $300 for a survey that was not needed because agent didn't pay attention to the title commitment. 2 out of the 3 buyers have already sent me an e-mail on how they would never do this again, with family or a part time agent and why. I'm going to frame it and next time a buyer says "I want to use a friend of the family's that is also a part time agent" I'm going to have them call these very disappointed buyers or read the letters.

I read a great saying today that says "IF YOU DON'T RISK ANYTHING, YOU RISK EVEN MORE!" Erica Jong. It is so relevant here!

So here I go, I was asked to help the Womens Council of Realtors to learn a bit more about social networking. At first I thought "hmmm I can do this, I'm on this thing all the time" and then it dawned on me that I still have a lot to learn.

So I need your help, can you please help me shed some light on what your best starting tips would be for a group that has little exposure to Active Rain and Social Networking.

Think of this as a Social Networking baby shower and you have to write on the little index cards to provide the soon to be parent of Social Networking your best tips, tricks, alerts, and advice you have.

Who better to turn to than the KING/QUEEN of Social Networking!! I will be covering Active Rain & Facebook so feel free to throw them both out there!

Catherine Eusea

I'm struggling, I have two credit repair companies that I have been working with for a while now. I send them business, they accept the business I send by signing up the clients, take their money and then time goes buy...nothing.  I have a client that 18 months later (at $69 a month) he is told by the repair company that his credit is 50 points higher and I then pull the borrowers credit and the score is lower than before and nothing has been done.

Unfortunately, I do not have the time to help these folks clean up their credit....this is what these companies get paid for.

So I ask the real estate world out there, are you working with a competent credit repair company and if so send me their contact information. Or do you feel it's all a big scam?

Thanks for your help....as always.

Catherine Eusea

Did you know that the Home Buyers Scouting Report is one of the top home searching websites? It was never open to the puplic and in order to get on the system you needed to be referred to it.

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Catherine Eusea

Senior Loan Officer

National City Mortgage,

2032 Caribou Drive, Suite 101

Fort Collins, CO 80525

720-300-6777 Cell

970-212-2228 Direct

970-266-1076 Fax

catherine.eusea@ncmc.com

APPLY ON-LINE

www.ncmc.com/catherineeusea

So do to an accident I had a period where I was not as active on ActiveRain. Now three months later I realize my basic blog needs an upgrade but where do I start?

I think pictures are valuable but I see that there are links to key words and so much more. I have picked up my speed to catch up with this crazy boat but I'm really starting to flounder a bit. Maybe because I'm just frolicking in the ocean and just haven't seen the value of these details.

What type of classes are there to help me catch up?

• Is it essential to have all the details?
• Where do you get all the great pictures?
• What is the deal with the Tags and linking them?
• My home page is boring how do I spruce it up?
• What is the value of paying for ActiveRain?
• What other things do I need to know?
• Please tell me what I'm missing in my blogs, I don't get many comments anymore.
• Are there people available who have an expertise  

I know successful people love to share their success, ActiveRain is the breeding place for that. So with that said, please help a girl out.

Thanks,

Catherine Eusea