Cindy's Blog

Tax Credit Warning!

Cindy Tomlinson (USLending Company) — Fri, 18 Sep 2009 13:08:47 -0500

The tax credit expiration is only 75 days away. Buyers delaying any longer on their decision to purchase a home is in all likely-hood going to knock them out of receiving the first time homebuyer's tax credit of up to $8,000. Even as recently as today, the government has not indicated that they will extend the credit beyond November 30th.

As you know, it is taking sometimes 45 to 60 to even 90 days to close on a home.If buyers do not locate a home by the end of this month, the chances on them closing in time to be eligible for the credit narrowing.

I know you may be tired of seeing me and others write to you about this, it is just that I hate for people to miss out on great opportunities when it comes to purchasing real estate. If I can be of any assistance to you in any way, please feel free to call me directly at 530-722-3150.

Call Me Today for More Information About:

Purchasing w/Low Down
FHA Loans
VA Loans
USDA 100% Financing
203k Rehabilitation Loans
Refinancing to Lower Your Payment
Refinancing for: Cash Out, Debt Consolidation, Remodeling, etc.
Reverse Mortgages for Seniors
Home Equity Line of Credit
Construction Loans
Commercial Property Loans

If you know anyone that could use the help of a professional mortgage broker, please feel free to give me a call. I am thankful for the opportunity to assist you in any way I can.

I appreciate your business and look forward to talking to you soon! Have a great day!!!

Sincerely,

Cindy Tomlinson
Loan Officer

USLending Company

DRE Lic # 01520422

530-722-3150 Office

Email- cindy@uslendingcompany.com

or visit my website:
www.realestateloanca.com

Hope for Homeowners- A great opportunity!

Cindy Tomlinson (USLending Company) — Tue, 07 Oct 2008 13:18:43 -0500

To date, this has to be the best solution for struggling home owners who are facing foreclosure! Hope for Homeowners is the program we have been waiting for. The program will let hundreds of thousands of homeowners trapped in mortgages they can't afford on homes that have decreased in value escape foreclosure by refinancing into a more affordable, fixed-rate FHA loan.

Affordability vs. value: The current lenders will take a loss on the difference between the existing lien and the new loan, which is based on 90% of current appraised value. The lender may choose to provide homeowners with an affordable monthly mortgage payment through a loan modification rather than accepting the losses associated with declining property values.

Borrower eligibility: Lenders that determine the H4H program is a feasible and effective option for mitigating losses will assess the homeowner's eligibility for the program:

* The existing mortgage was originated on or before January 1, 2008;

* The existing mortgage payment(s) as of March 1, 2008 exceeds 31% of the borrowers gross monthly income;

* The homeowner did not intentionally default, does not have an ownership interest in other residential real estate and has not been convicted of fraud in the last 10 years under Federal and state law; and

* The homeowner did not provide materially false information (e.g., lied about income) to obtain the mortgage that is being refinanced into the H4H mortgage.

Details are still arriving daily on the "How, What and Where" of this program, and I am in line to get that information.

If you, or any of your family and friends have any questions on this program, or others, Call me today to discuss your situation.

Please forward this to anyone you know who might benefit from a consultation.

Cindy Tomlinson
Loan Officer
USLending Company

530-722-3150 Office

Email- cindy@uslendingcompany.com
or visit my website: www.realestateloanca.com

HOPE FOR HOMEOWNERS

Cindy Tomlinson (USLending Company) — Fri, 03 Oct 2008 21:30:55 -0500

President Bush signed the Housing and Economic Recovery Act of 2008. It is said that over 400,000 homeowner's will be able to take advantage of this bill. Home owners will be able to stay in their homes providing their current lender agrees to the terms of the FHA backed, "Hope for Homeowners".

This program will allow the hundreds of thousands of homeowners trapped in mortgages they can't afford on homes that have plummeted in value escape foreclosure by refinancing into more affordable, fixed-rate loans backed by the Federal Housing Administration.

There are still details of this program that are coming, but what I have confirmed, is that it will allow those to refinance into a new loan at 90% of the current appraised value.

Lenders would have to agree to take a substantial loss on the existing loans, and in return, they would walk away with at least some payoff and avoid the often-costly foreclosure process. The bill sets a cap of $625,000 on the loans that Fannie Mae and Freddie Mac may buy and the FHA may insure. It lets them buy and back mortgages up to 15 percent above the median home price in certain areas.

Call me today to discuss your situation.

Please feel free to forward this to anyone you know who might benefit from a consultation.

Cindy Tomlinson
Loan Officer
USLending Company

530-722-3150 Office

Email- cindy@uslendingcompany.com
or visit my website: www.realestateloanca.com

Keeping Our Eyes WIDE Open!

Cindy Tomlinson (USLending Company) — Fri, 03 Oct 2008 20:24:24 -0500

"A Day in the Life as a Loan Officer in Redding California"... yet another great title. WOW! Has this been yet another unbelievable week in the Mortgage Business.

Just when you think you've heard it all.. USDA comes in with their own set of delays. Not to worry, they are said to be worked out very soon.

The USDA Program runs on a fiscal year which just ended Sept 30, 08. Due to increased demand of the USDA 100% no MI program, all funds for 2008 were completely exhausted. In past years, any funds remaining were rolled into the following year beginning Oct 1. This year that just wasn't the case.

President Bush has now signed what is being called the "Continuing Resolution" insuring the continuance of the USDA program for all of fiscal year 2009. The USDA program is on a year by year basis thus having to have presidential approval annually to stay a viable GSE.

So all in all, USDA is alive and well and will be around through all of the fiscal year 2009. This is a fantastic loan program for homebuyers, whether it is their first time buying or not.

Cindy Tomlinson
Loan Officer
USLending Company

Direct- 530-722-3150

Email- cindy@uslendingcompany.com

Visit my website @ www.realestateloanca.com

100% FINANCING WITH USDA

Cindy Tomlinson (USLending Company) — Fri, 03 Oct 2008 15:43:14 -0500

"A Day in the Life as a Loan Officer in Redding California"... yet another great title. WOW! Has this been yet another unbelievable week in the Mortgage Business.

Just when you think you've heard it all.. USDA comes in with their own set of delays. Not to worry, they are said to be worked out very soon.

So all in all, USDA is alive and well and will be around through all of the fiscal year 2009. This is a fantastic loan program for homebuyers, whether it is their first time buying or not.

Cindy Tomlinson
Loan Officer
USLending Company

Direct- 530-722-3150

Email- cindy@uslendingcompany.com

Visit my website @ www.realestateloanca.com

FHA & USDA- Some of the Mortgage Choices in Redding

Cindy Tomlinson (USLending Company) — Tue, 23 Sep 2008 22:06:59 -0500

Daily, as Mortgage Loan Originators, we are faced with the daily task of investigating what the current programs are that we have to work with. More and more, I am finding that the rules are still changing as we go, and that for the majority of the buyers I am working with, the best option is good ol' fashion FHA Financing.

FHA has lending limits that are suitable for many in the area of Shasta County. The average 1st time homebuyer can utilize this program with only 3% down, which can be in the way of a gift from mom/dad, etc. The rates are very comparable to conventional, yet they allow higher LTV's. It's a great choice.

Another great option for many homebuyers in Northern California is the USDA Loan. Now we are talking 100% Purchase Mortgage- and it's still available.

Don't get me wrong, there are still plently of need for the Conventional and Jumbo products, as well... As we continue this windy road in the "mortgage world", I think being able to utilize the various programs we do still have, and knowing the in's and out's of these loans - again... always subject to change, but I think my point is made.. It is my goal for my clients, and associates is to provide accurate information, and to address changes, twist or turns quickly, and move forward.

Cindy Tomlinson
Loan Officer
USLending Company

www.realestateloanca.com

530-722-3150, Direct

FHA and USDA- Mortgage Loans in Shasta County!

Cindy Tomlinson (USLending Company) — Tue, 23 Sep 2008 22:04:21 -0500

Another great option for many homebuyers in Northern California is the USDA Loan. Now we are talking 100% Purchase Mortgage- and it's still available.

Cindy Tomlinson
Loan Officer
USLending Company

www.realestateloanca.com

530-722-3150, Direct

Hope for Homeowners in Redding

Cindy Tomlinson (USLending Company) — Tue, 16 Sep 2008 12:16:24 -0500

Approaching the date of October 1^st, we are finding to be faced with many questions. Yes, the government has passed a new bill, which includes what is being called "Hope for Homeowners". What does that mean? Who will qualify? How will they qualify?

For me it means another solution for some. For those who find themselves with a bigger balance on their mortgage than their home is worth. For those that cannot afford their payment because it has adjusted and is no longer manageable.

I am anxiously awaiting updates on this new program. Hope for Homeowners looks to provide a great solution for a number of homeowners facing foreclosure, or facing issues with being unable to sell their home, etc. Check back to my blog for the latest details. If you have specific questions, please feel free to call or email me anytime.

Help for Homeowners in Shasta County

Cindy Tomlinson (USLending Company) — Tue, 16 Sep 2008 11:42:23 -0500

Teamwork = Results!

Cindy Tomlinson (USLending Company) — Tue, 09 Sep 2008 13:11:19 -0500

Being in the mortgage industry has its twists and turns, but yesterday was a reminder of how great this job is! I had the pleasure of originating a loan for yet another first time homebuyer! We all worked together and succeeded in closing this escrow!

Back up 4 1/2 months. I received a call from a realtor, referring a client to me to get prequalified. Later that day, I met with Mr. and Mrs. Homebuyer. After reviewing their income documentation, and credit report, it was now time to come up with a plan. As it was, Mr. Homebuyer had a credit score in the mid to low 600's. BUT Mrs. Homebuyer hadn't a FICO score to be found. It just so happened, that they had purchased a vehicle, had a few credit accounts, but only used Mr. Homebuyer's information over the years. They never even put her on as an authorized user.

Well, we had a plan. They were to pay down one of the cards, and add Mrs. Homebuyer as an authorized user on the accounts. She was in fact, assisting with payments, and part of this household. She should earn some credit for this. My advice, confirm this is done, and lets recheck her credit in 30 days.

This is the part of my job that I hate to admit, doesn't always result in success. There are many potential buyers out there. There are several who are great at following through with a bit of "homework". There are also those that just get turned off at not having the instant result. I am what I would call pretty reliable at checking in with those from time to time, as a cheerleader, or teacher, or just to give that extra support, but sometimes it just doesn't matter. Sometimes life is just too busy, and sometimes, they just procrastinate, and lose track of the goal of owning a home.

Not this couple. Nope. They called the next day, all was taken care of. They wanted to buy a house. So, fast forward about a month. It was time to check on her credit. Unbelievable! At nearly 30 years of age, Mrs. Homebuyer was now the proud holder of a mid 600 credit score. Hurray!

With two eligible buyers, we were now ready. The goal is to get 100% financing with 6% credit from seller for closing/reserves, etc. This can still be done. The house they were interested in, I discovered it to be eligible for a USDA Loan, which allows 100% financing. It was all coming together for them. So... Offer made.. Offer Accepted... Loan Approved... Docs Signed... Loan Funded... Recorded... KEYS IN HAND YESTERDAY!

This has been an unbelievable year in the Real Estate/Mortgage Industry. As many of us hear of the negative impact we are experiencing in the industry, it can be quite discouraging. It is amazing the changes that I have seen over the last year. I have to admit, while it is a hard time for many, it is still a great time for most! It is a very good time for buyers to take advantage of low interest rates, and lower home prices. For me, it is a daily task to keep educated on the continuous changes, and the new products that are becoming available. This transaction is a reminder of why I am very optimistic and find it quite comforting to focus on what positives we have with this market.

Team Effort..

Cindy Tomlinson (USLending Company) — Tue, 09 Sep 2008 12:50:25 -0500