Texas Home Loan Blog

How Can Realtors Answer Those Pesky Demographic Questions?

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sun, 22 Nov 2009 14:31:17 -0600

How Can Realtors Answer Those Pesky Demographic Questions?

Realtors have the unfortunate duty to say NO in a lot of cases. So when a client presses for information about a neighborhood, how can a Realtor legally & ethically answer the question? Well, thy can't.... But there is no law saying that they cannot point the client to internet tools so they can do the research themselves.

Client: "Hello Jo Realtor, what's the skinny on this neighborhood? Old? Young? White? Black?

Realtor: "I can't give you the skinny.... You need Zip Skinny"

Zip Skinny uses census data to provide demographic info sorted by zip code.

I found the Occupation and Household Income iformation particularly interesting. As well as the 'stability' data. Homes in my area are owned 5+ yrs.

Realtors, share this site with your clients instead of walking that fine line

http://zipskinny.com/

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Non Purchasing Spouse with Texas FHA Loans

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sun, 22 Nov 2009 14:04:36 -0600

Non Purchasing Spouse with Texas FHA Loans

The non purchasing spouse is a married person NOT on the mortgage loan. But there is special treatment of the non purchasing spouse with respect to FHA Mortgage Loans in Community Property States like The Great State of Texas.

A non purchasing spouse situation arrises when for whatever reason one spouse is left off of a mortgage loan. Typical reasons are that one spouse has bad credit and the other spouse can buy the home solely on their income and credit.

In Texas, as all community property states, the non purchasing spouse will have their credit pulled. Debt payments not showing on the Purchasing Spouse's credit will be added to the loan application and as a result affect the debt ratios on the loan. This is to assure that there aren't any 'Household Debt' that would affect the ability to repay the loan. <= Which simply means, that the non purchasing spouse cannot hide the $700/month lease payment on their Lexus from FHA.

Borrowers in this situation should work with a lender who understands the guidelines and can offer a Conforming option to their borrowers.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

FHA Streamline Refinance Changes

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sun, 22 Nov 2009 09:49:02 -0600

FHA Streamline Refinance Changes

We have seen tightening of all loan guidelines.... And the same is true for the FHA Streamline Refinance Loan.

Key Revisions:

* Seasoning: At time of application the borrower must have made at least 6 payments.

* Payment History: For mortgages with less then 12 months payment history, all payments must be paid on time. For mortgages with more than 12 months history, no more than one 30-day late is allowed.... and the previous three months must have been made on time as well.

* Net Tangible Benefit: The lender must determine that there is a benefit to the borrower making the loan. A reduction in PITI(payment) or refincing from an ARM to a fixed rate or reducing the term of the loan. See your preferred lender for the fine print.

* Certifications & Verifications: Employment must now be verified. And any cash to close funds must be verified.

* Credit Score: Most lenders require 620 FICO score.

* Maximum Combined Loan-to-Value: If subordinate financing(2nd lien) is to remain in place then the maximum CLTV = 125%

With or without an appraisal, this is still a very good loan for those who purchased back when rates were a little over 6% and would like to lock in at these historically low rates today!!

The biggest benefits to the loan is that lenders do not care about new debt taken out since the mortgage was originally taken. And borrowers who have seen a decline in income are not affected.

Talk to your preferred lender today and see if an FHA Streamline Refinance is right for you!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

General Mortgage Loan Guideline Changes - Regarding Debt Ratios

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 21 Nov 2009 16:52:06 -0600

Mortgage Loan Guideline Changes

Capital Market adjustments to guidelines:

Conforming Fannie Mae & Freddie Mac Debt Ratios:

Effective on loans funding after December 12, 2009 the maximum debt ratios are as follows. References to DU 8.0 are due to the pending update to Desktop Underwriter(automated underwriting).

* DTI > 45% must be approved thru DU Version 8.0
* Fannie Mae indicated that debt ratios exceeding 45% require compensating factors. Fannie does not publish a list of compensating factors and it is unknown whether DU 8.0 will approve above 45%

FHA, VA, USDA & Bond Program Loans:

Effective with loans funding on or after December 12, 2009 the maximum debt ratios are as follows.

* Maximum DTI 50% regardless of AUS(automated underwriting) Findings.
* DTI 45% - 50% at the sole discretion of the underwriter who will require measurable compensating factors, including, but not limited to 12 months verified housing history with no late payments. Limited payment shock. Cash reserves. Possible increased down payment.

Minimum FICO on ALL LOANS will be 620..... Gov't or Conforming.
Get ready for 640+ credit score requirements as I believe the tightening will continue.

Borrowers need to prepare themselves to provide more documentation than ever before. Realtors... prepare your clients!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

But, I Have Good Credit......

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 21 Nov 2009 14:53:44 -0600

Good Credit

I recently denied client for a loan.... She thought she had good credit. And on the face of it she did.... Zero derogatory accounts, perfect payment history. And that would have been enough if she had a few more accounts with some age on them.

But why did she get denied? Every credit card was maxed out!!! That's right... right up to the limit. If she had a $1000 limit on a card, it was sitting there with a $980 balance. THIS is Bad Credit!!!

Huh, you say? Well, a great % of your credit score is how you use your revolving credit lines. And the maxed out cards had the FICO Scores depressed by at least 60 or 80 points. With her short credit history this was too much to overcome.

Think you've got good credit? Are your credit cards maxed out? Then you have BAD CREDIT!!!

Edie Webber with Clean Slate Credit Repair explains balances in proportion to credit limits.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

New Tax Credit For Homebuyers

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 21 Nov 2009 12:30:03 -0600

Found a little video that describes the Homebuyer Tax Credit very well.

RE/MAX Chief Executive Officer, Margaret Kelly, talks about the government's extension/expansion of the first-time homebuyer tax credit. Certain existing homeowners can now qualify for the credit and homebuyers have until April 30, 2010 to put a contract on a house. Find out more on www.remax.com and www.facebook.com/remax.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Free Website Marketing For Real Estate Agents

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Wed, 18 Nov 2009 17:13:03 -0600

Hey guys.... I highly recommend Chad Weber and his service.

I went thru his training.... He knows his stuff!!!

He has another class coming up!!

Via Loan Officer Marketing Lab/ Real Estate Marketing Lab:

I promised you last week I had something very important I wanted to share. I apologize in advance if this is going to sound a bit on the unbelievable side - But if you check out the link I've provided below, you'll see how all of this possible: www.freerealestatemarketinglab.com/realestate

- 3 days of intense online marketing instruction (We don't charge a penny for this)
- A fully built, lead generating website (No cost)
- Learn how to properly use Google to find home buyers
- A proper email follow up strategy that turns prospects into clients

So what makes all of this unbelievable? Well, probably the simple fact that I'm going to give you all of the above, as well as 3 days of hand-holding without charging a single penny, and also without hitting you with obnoxious product pitches! (Like everyone else does)

Am I doing this because I'm a nice guy? Well, sort of - Meaning yes, I am a nice guy, but I do have my own ulterior motive of course. I want to attract a whole lot of attention for my new website. The best way for me to do this is to give away the best darn training you've ever seen and to do this at no cost! (This really works - We drove 40,000+ video views to our mortgage video in less than 10 days using this same model -There really are no strings attached!)

Here, have a look at this: www.freerealestatemarketinglab.com/realestate

Enjoy the free resource! You're going to learn the very same techniques we use to develop lead generating websites for small businesses, mortgage companies, and even our own website network. Enjoy!

CW -

PS - I hate to be a wet blanket, but I really can only get 200 real estate agents onto this training... So please register early if you're serious about learning how to get more traffic using the web...

TX Mortgage Rates.

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 17 Nov 2009 13:53:12 -0600

Texas Mortgage Rates, Dallas TX Lender

What a year. We have seen rates as high as in the mid 6%'s and as low as the low 4% range on 15yr loans.

We are staring at the lows right now.... A great time to refinance to a low fixed rate that you will never have to refinance out of.... It is that low!!

Remember.... Refinancing has costs..... Either out of pocket or rolled into the loan. It doesn't always make sense to refinance your loan. If you think there is a good chance of moving for your job, you might be better off in your current loan.

Contact me today to determine whether your Mortgage Loan is performing for you the best that it possibly can!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Please share this article on your facebook wall!!

New Homebuyer Tax Credit.... What you need to know

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Sat, 07 Nov 2009 10:51:20 -0600

New homebuyer tax credit

A new tax credit for homebuyers has been enacted and there are some changes. Income limits have been increased and it is no longer restricted to First Time Homebuyers.

I have included a chart below from the National Association of Realtors. This is the best illustration I have seen so far and will help answer many questions. I have heard positive feedback from those that have called the IRS from the phone numbers found on their website, irs.gov. Hold times are short and you can easily get to a human being!!

The effective date of this new credit is November 6, 2009 as that is the day this was signed into law!!

I hope this is helpful for those with questions.

As you can see, the income limits were increased to include more participants in the program as well as the inclusion of buyers who have previously owned a home.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Please share this article on your facebook wall!!

And re-blog if you are an activerain member!!

When Credit Card Companies Lower Your Credit Limit

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 03 Nov 2009 10:04:13 -0600

When Credit Card Companies Lower Your Credit Limit

Has this happened to you? It may have happened and you didn't know it because it was tucked into the fine print of your recent bill. But if you aren't using the full limit..... Does this action by the credit card company help you or hurt you!?!?!?!?

It will hurt!! Plain and simple.

There is a term used by the experts in credit scoring.... And that word is Utilization. We are referring to how much of your revolving credit lines that you are currently using. And this is about 30% of your FICO Score.
So how can this hurt? Let's start with an example:

Joe owes $750 on his Visa card. The limit is $2500. Joe is currently using 30%(750/2500) of his credit limit. Experts agree that you should strive to keep that utilization % below 30% and the lower the better. Why? Because once you start approaching the higher percentages.... The FICO Scoring Method sees you as a great risk. Think about it.... Someone with 30% utilization vs someone with all of their credit cards maxed out.... Who is the better risk? Well, FICO knows.... and the person with the high utilization will have a much lower FICO Score as a result.

Ok.... So Joe is being responsible. His hot water heater breaks and he put that purchase on the card to the tune of 30% utilization. But then the credit card company lowers Joe's limit to $1000 to reduce their exposure to risk. Overnight, Joe went from a responsible 30% to utilizing 75%(750/1000) of his credit limit. Ooooops!!! Now what? Well, it is quite possible that Joe's respectable 720 credit score falls into the high 600s. Let's say 660 or so. What is the impact? Go try and buy a car with a 660 FICO and 720 FICO and see what interest rate difference you get. Try to buy a home on a conventional mortgage with a sub 680 FICO Score and see the if you are eligible for PMI.

But, Tom, I pay off the balance in FULL each month? So this doesn't affect me!!
Not so fast.... If you put $800 travel expenses on that $1000 limit credit card and that gets reported to the credit bureaus on the 4th of the month..... Yet you pay your bill on the 5th.... What number will FICO use? That's right, they will assume 80% utilization and dock you many points for it right then and there.

So, how can you protect yourself?
Keep more than one credit card.
Spread out large expenditures over a few cards.
Open a store card for that one time purchase(hot water heater example)
Know when your credit cards report your balance and pay history to Experian, Equifax & Transunion so you can pay off/down those cards before you apply for that big purchase like a car or new home.

Note: FICO says that it adds up all of your limits and all of your balances to calculate FICO. However, I have seen people suffer greatly by maxing out one card when they had 3 other cards with zero balance. Don't ask me why... This has been experienced by me more than once.

This credit scoring tip has saved many of my clients thousands of dollars... And it could save YOU many thousands too!!!

Did you know: That if a credit card company raises your interest rate that you have a right to cancel the card and pay it off under the old terms**?

** Remember: If you close that account, it lowers your total revolving credit available balance and could raise your 'utilization' which we discussed.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

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Download this video for free and you have video content on your site!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Mon, 02 Nov 2009 21:57:24 -0600

Some neat home 'staging' tips on the attached video!!

Via Tara Jones- Atlanta, GA (Reel Productions TV- Real Estate Video ):

We've been preaching it for a very long time...Real estate professionals need high quality video content on their website. It helps with SEO results, it portrays a more professional image and retains viewership some 70-percent longer than a website without video.

But let’s get real. Times are tough and high quality video production can be expensive. Well, we have the solution. The Video Connector , is sending out an early holiday gift... FREE VIDEO!!

It’s simple. Just log on to TheVideoConnector.com/FreeVideo and cut and paste the embed code, put it on your site and reap the benefits!

Free Lifetime Hunting & Fishing License - Promotion

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 27 Oct 2009 10:21:38 -0500

Free Lifetime Hunting & Fishing License

What a great fundraiser! And what a great State Agency. Texas Parks & Wildlife does a fantastic job with conservation, not to mention what they do with all of the fantastic parks and lake acces facilities. I am a huge fan of Texas Parks and you should be too!!

What a great gift idea for that hunter/fisherman in your family.... And it only costs $5 to enter.

This is your chance to win a Lifetime Super Combo License, giving you the right to hunt and fish in Texas without ever having to buy another state license or stamp.

Only $5 per entry and you can enter as many times as you like!

Purchase your entries wherever Texas hunting and fishing licenses are sold.

Find a retailer near you or purchase online now!

Drawings will be held December 30, 2009 and June 30, 2010. Enter by December 27, 2009, and you will be eligible for both drawings! Entries for the June 30, 2010 drawing must be purchased by June 27, 2010.

All proceeds from the Lifetime License Drawing fees go directly to the Texas Parks and Wildlife Department for on-the-ground conservation efforts that help make Texas one of the best places in the country to hunt and fish.

2009-2010 Official Rules

Click here for more information on Lifetime Licenses.

* Winners not exempted from the Federal Duck Stamp requirement.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

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How to use your blog to enhance relationships with existing prospects and clients

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Fri, 23 Oct 2009 14:51:38 -0500

How to use your blog to enhance relationships with existing prospects and clients

Do YOU use your activerain blog catalog to reach out to existing clients and prospects? Here is what I have done.

I have used extensively my article on FHA Streamline Refinances. I get questions by email and thru discussion forums about the FHA Streamline Refinance Loan and 99% of them can be answered with this article. I have pasted a link to this article on a prospect's facebook wall and pasted a link to the same article to answer many questions on the Trulia Answers q&a.

I can think of other occasions that I have linked a potential client to 'my' articles when that article was really only a re-blog of some very well written content. I simply state that "a friend of mine wrote a great article about this" and send the link and follow up with a phone call.

I also use my Happy Hour Announcements on facebook. Posting a couple of times during the week about the upcoming event or posting a link right on the page of who I really want to see come out. <= This isn't clients, but realtors are the target!! I know, I am a sneaky guy!!

I write off topic articles sometimes too. I like to really promote those because it reminds people that I do have a blog. While they may not want to read an article about Fannie Mae Guidelines Changing they might jump over to activerain to see a little article about my 8yr old's baseball team..... Hey, I got them there.... now they can look around.

My First Time Homebuyer Tax Credit Quick Reference Chart got leveraged big time. A short article with a chart or an example whether it be a photo or a diagram is a great way to get a few cliks and pass along answers to frequently asked questions!!!

I wish I could say that it has been more exciting than this but it isn't really all that sexy. It is just using my best content over and over again.... To save me time. And I really do feel like it brings a little prestige to me as I am a 'published author'. LOL.

I never really considered what I was doing until I read Bob's article today. http://activerain.com/blogsview/1298767/using-your-blog-to-enhance-existing-relationships

I like a challenge.... And when Bob Stewart is giving away a ridiculous amount of points for accepting the challenge then that just makes it all the sweeter.

Here are a few ways I have leveraged MY content to enhance relationships with prospects and clients.... What ways have YOU leveraged your catalog of articles?

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Educating Real Estate Agents On How To Use Modern Technologies To Better Their Business Will Never Be The Same!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Fri, 23 Oct 2009 13:43:30 -0500

Educating Real Estate Agents On How To Use Modern Technologies To Better Their Business Will Never Be The Same!

On November 17th, 2009 dozens of the most respected educators in the real estate industry converge to host the first of its kind, Virtual Real Estate BarCamp.

Virtual Real Estate BarCamp is a 1-Day Learning Extravaganza.
From 9am until 4pm PST, three concurrent webinar "rooms" will each host 9 different sessions, for a total of 27 different presentations.
There is something for everyone and everything for someone, and best of all, IT IS FREE and attendance is unlimited!

Click below to:
Register.
Learn more.
See who is coming.
Check out the Session Calendar.
Get sponsorship info.

Attendance is projected to be at least 1000 agents, nationwide.
Do not miss out on being part of this ground-breaking event.

Session topics include:

Social Media Risk Management
Flickr for Real Estate
Developing Your Brand
Online Advertising Secrets
Facebook for Real Estate
WordPress Training
Daily Goal Tracking
Starting a Real Estate Blog

...and much more, with new sessions being added every day.

And if that wasn\'t cool enough, individuals from around the country are volunteering to host In-Real-Life MeetUps for after the event.
Learn all day, and then meet to have a beer with local participants. This is going to be a blast!

We hope to see you there!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Dallas Real Estate Industry Happy Hour

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 20 Oct 2009 11:21:45 -0500

Dallas Real Estate Industry Happy Hour

AMP Networking Event - Dallas - 3rd Wed Every Month

Wednesday October 21, 2009 from 6:00pm - 8:00pm

Bluefish

18149 Dallas Pkwy # 100
Dallas, Texas 75287-7141 Get Directions

Real Estate & Mortgage Industry Networking Event for Realtors, Lenders, Builders & Vendors.

AMP Networking promotes & provides FUN events, education and travel opportunity to deepen business and social relationships, improve networking, and further career opportunities for real estate and mortgage industry professionals. Our member invitation list is over 10,000, and 500 people attend our Mortgage Industry Networking events every month in Dallas, Plano, Tarrant County, Houston & Austin.

Bring your BUSINESS CARDS for ENTRY!

Share food, drinks & networking with friends in the Real Estate & Mortgage business

Retail Loan Officers
Realtors
Builders
Mortgage Brokers
Loan Processors
Wholesale Lenders
Credit Reporting
Doc Prep Attorneys
Title Companies
PMI Companies
Appraisers
Surveyors
Insurance Agents
Financial Consultants
Placement Firms
Credit Repair Reps
other Vendors

Come see your old friends and make new ones!
Delicious Appetizers and Happy Hour Drink Specials
are provided by your Strategic Partners

Join us for a FAMOUS good time!

Homepage
http://www.AMPNetworking.com

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

The 9 words that strike fear in the heart of every Loan Officer

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 06 Oct 2009 19:50:18 -0500

The 9 words that strike fear in the heart of every Loan Officer

“We're using a Realtor we found on the Internet”

Buyers have the right to use any Realtor they want for their transaction. But when one of my pre-approved borrowers tells me that they will be using the Realtor they found on the internet…. I cringe!!!

You see, when I pre-approve my borrowers I am happy to refer them on to one of my ‘Preferred Realtors’. I know that my Preferred Realtor will be responsive and go to closing and explain all of the intricacies of home buying from a professional’s perspective.

I know what will NOT happen when my client uses my Preferred Realtor, that happens all too often with the “Internet Realtor”.

I know that my clients will benefit from fair and accurate comps being used in the negotiation at MY CLIENT’s best interest.

I know that they will not be stranded at closing.

I know that there will be no sneaky little transaction fee inserted on the HUD-1 without my knowledge.

I now that they will not be badgered into signing up for the bad Realtor's MLM scheme.

You see…. Internet Realtors promise great service with a ride in a fancy car from a bright smile and freshly perfumed holder of a real estate license. They offer % cash back to entice even the wiliest of buyers into their lair. Yet, the Internet Realtor actually brings little to the transaction and leaves both the client and myself stranded and disappointed.

You see... As a professional Loan Officer I KNOW that an Internet Realtor must be bad because.... well... They were found on the internet!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

;-)

Follow up: This article was a satirical response to http://activerain.com/blogsview/1271038/9-words-that-strike-fear-into-the-heart-of-every-realtor

Video Replay of NAMB State of the Union is Now Live

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Fri, 02 Oct 2009 16:08:01 -0500

Thanks to the 4,281 passionate mortgage professionals who participated in Thursday's State of the Union Address with NAMB President Jim Pair and NAMB Government Affairs Chair Harry Dinham.

A video replay of the webinar is now live and can be found at http://www.namb.org/state-of-the-union.

We plan on conducting these webinars much more often and will ensure that for futures we have enough capacity for everyone who wishes to participate. There were a lot of questions pertaining to the future of YSP, so be on the lookout for another Webinar on that topic. We'll be sure to send you an invitation very soon.

Thanks again to everyone who took the time to participate in the discussion and have a great weekend!

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

Emergency State of the Union - Live Q & A With NAMB President Jim Pair - TODAY October 1st

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Wed, 30 Sep 2009 10:03:25 -0500

Emergency State of the Union - Live Q & A With NAMB President Jim Pair TODAY October 1st

This is a FREE Live Webinar. Please re-blog this article to your sphere.

The National Association of Mortgage Brokers is the voice of the mortgage broker industry, representing the interests of mortgage brokers and homebuyers since 1973. But this webinar is open to all of us in the industry.... Bankers and Realtors too!!

You do not need to be a member to join this webinar.

https://www2.gotomeeting.com/register/296700555

*   YSP is going away come January 2010 - or isn't it?

*   FHA lending will become more accessible for third party originators - or won't it?

*   Congress is seriously considering an 18-month moratorium on HVCC - or aren't they?

Our industry is facing huge challenges and NAMB President Jim Pair wants to hear from YOU - so YOU can be heard on Capitol Hill.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

Dave Ramsey - say it ain't so!!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Fri, 25 Sep 2009 11:10:06 -0500

Shame on you Dave Ramsey!!! Re-blog this!!!!

Another symptom of what is wrong with this industry.

Some lender can pay to get an endorsement and people trust that?!?!?

I do NOT trust Ramsey Endorsed products for the reasons spelled out below in Lewis' article.

I know Dave has helped MANY people and I commend him for that. But it sounds like he is pimping out his name and not following thru with due diligence to make sure the lender, in this case, is holding up their end of the bargain.

Shame on you Dave Ramsey!

Lewis Poretz's article follows~

Via Lewis Poretz - expert mortgage advice:

Let me begin this post with this disclaimer…. THIS IS NOT AN ATTACK ON DAVE RAMSEY - he is an idol of mine… I have purchased his products and believe in what he is all about….   This is simply the facts on how their endorsed agents handle consumers and how Dave Ramsey personnel handle complaints…..

I am a huge fan of Dave Ramsey... honestly, he doesn't preach anything we don't already know but his delivery is spot on and about as real as it gets..... i recently received a loan proposal from one of Dave Ramsey's "endorsed agents"...

- let me ask the Active Rain community.... is 2.75% on the front end in ponts + junk fees what you would expect from the man, myth and legend called Dave Ramsey? I had to take a pic of the actual quote and insert into this post as I was not able to cut and paste it.... take a look for yourself........ i have left out the company and originators name, just as i did in the initial email i sent to the folks at dave ramsey --- see their reply below...... ** as a side note - i copied about 13 of my long time friends from AR.... we all know them...... these people know exactly how this went down.... it is a disgrace!

-------------------------------------------------------------------------------------------------------

One option I would suggest is going FHA. This reduces the monthly mortgage insurance by almost half.

Home Loan Specialist

XXXXXXX Mortgage

Office: 866-xxx-xxxx

Cell:

Fax: xxx-xxx-xxxx

Exclusively Endorsed by Dave Ramsey:

------------------------------------------------------------------------------------

I have sent Dave numerous emails and all they do is get screened by his workers..... see below... especially if you are a fan of his.... let me know your thoughts...

quote on 9/15/2009 30 Yr loan 5.125% 2.75% points cost of points $9679.56 est closing costs $2825.00 APR 5.56% huh????? I don't think so!!!!
___________________________________________________________________

Dear Dave,

I am a huge fan. I drive my wife and kids nuts making them watch you on TV and listening o your products in the car. I would give my left arm to be endorsed by you. I have tried multiple times but my requests go unanswered. With that said – I have a MAJOR concern.

I am an 18 Yr vet in the mortgage business. I believe in a fair profit. I believe in Dave Ramsey. I do not believe in flat out rip offs such as the example below………. *** I am NOT accusing the actual company off ripping off clients – however I can prove in an email I have possession of that the company in mention does not police their originators -- Let me break this down for you…. I was forwarded this quote from a past client who wanted a competitive loan proposal…….. My mission here is not to get anyone fired or punished but it is to make you aware of the lack of quality control your company has with regards to your endorsed agents…… in fact, I have removed the agents name and cell phone – if you want that information just give me a call…. I can forward the complete email…… regardless, this is not the Dave Ramsey I admire and turn to for advice on a nightly basis and I feel I owe it to you for all the free advice you have given me over the years.

I quote this refinance 5.0% ( which is par pricing ) and 1 point. The one point is my paycheck and it covers associated loan costs as well.

Your Dave Ramsey endorsed agent is charging the consumer 5.125% and 2.75 POINTS!!! On top of that, the APR – which is what the government tells consumers should be used as the basis for loan comparisons – is incorrect! I have not seen 2.75 points since the 90’s and the days of the 125% second mortgage……. this is worse than banks overdraft and over the limit fees….

Dave – say it ain’t so. Tell me you don’t endorse this crap……….. I look forward to your response….

Lewis Poretz
President – Open Mortgage

-------------------------------------------------
Lewis, please send me the entire e-mail. We take these issues very seriously.

As an 18 year veteran in the business, you certainly know that all loan situations are different. I would ask that you allow me to find out all of the facts before accusing XXXXXXX of being “crooks.” That is a very hefty word to throw around. We have worked with XXXXXXXX for over 15 years and never have I had an accusation like that thrown at them.

I will definitely check into this once you send me all of the information.

Thanks.

XXXXXXXXX

Director of National Sales & Sponsorships

The Dave Ramsey Show

877.410.3283, ext. XXX (voice)

______________________ Below is my response to the original email from dave ramsey people.....

Wow - I think it is awesome you guys responded to this that fast….

listen, I am not calling that company a crook. The company does not create the good faith estimates, the loan officers do…… But I can tell you this – I am part of a weekly conference call of about 20 small and medium sized mortgage shop owners like myself all over the country… we call ourselves the mortgage mastermind group - we are experts….. we also have principals and morals and as Dave says “ a heartbeat”….   I will gladly forward anything you request but I would like a phone call from you guys just telling me my client or myself will suffer no repercussions…… in other words… I don’t want any pissed off loan officer coming after my ass…… so I don’t want my name or my clients name passed out…. can you call and confirm that?

Lewis   410-956-0050      below are comments from my group, they all love Dave as well….   I thought I owed it to Dave Ramsey to blow the whistle… I just don’t want to get in the middle of this….

Shit, tell David Ramsey that he should chop off this loan officers hand, for using him as an endorsement, when she is raping this person. Hey, I don’t see a huge problem with someone making $8,000…. But there is $9,600 in upfront points plus about 1 pt on the back end, which is another $3,500…..   so, $13,100 on a $351,000 loan amount?   Just a wee too much…..     if my client ever found this out, I would not have a client for life nor referrals.

Send it to dave along with a rate sheet

Send it to Dave along with a carefully crafted story and maybe he'll have you on the air.

----------------------------------------------------------------------------------

Lewis, I would have to send the customer’s information to XXXXXXXX in order to get the whole story. It’s kind of pointless without that, wouldn’t you agree? Making a judgment without that information is the equivalent of blindly taking your word over XXXXXXXX and forgive me if I decline to do that.

If you won’t give me the information then I cannot help your client.

----------------------------------------------------------------------------------------

at this point i sent him the complete quote along with the originators name and contact info ---

All I want is a call from you… it is not the client you need to help…. he understands that it was a bad quote…… he can clearly see the charges in black and white… it is Dave Ramsey’s reputation…   why are you defending this shit…   here   do what you will but if I find you passed my name out as the whistle blower and something happens to me or my family by some loan officer who has nothing to lose I am giving forewarning… I want myself and my client to remain anonymous…   please   why do I feel as if I am the bad guy here????…….

----------------------------------------------------------------------------------------

and this is the BS i get back from someone who works for one of my mentors.......

1)     You refuse to give me all the information needed for me to look into this.

2)     I have said that we take accusations like this very seriously and that I would look into this situation once you provide me the information I need to do so. You responded by accusing me of “defending this shit.”

3)     You’ve copied 13 people in on the e-mail chain who have nothing to do with this conversation.

4)     Your actions and your language are completely unprofessional.

5)     I will not waste a single minute on the phone with you.

6)     I will not respond to any further e-mails from you.

xxxxx xxxxxxxxx

Director of National Sales & Sponsorships

The Dave Ramsey Show

877.410.3283, ext. xxx (voice)

xxx xxx xxxx (facsimile)

So you think you outsmarted the crowd because you skipped the $8,000 first time homebuyers tax credit

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Wed, 09 Sep 2009 09:16:58 -0500

I am seeing a lot of people trying to get into a home before the cut off when they really aren't ready.

I would like to see some of these people wait a while and save some money..... But that $8,000 would be pretty tempting to me too!!

Anyway.... Here is an article by Jeff Belonger - The FHA Expert!

He links to an opposing opinion by Janet Guilbault which is another good read!

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

How smart do you think you are? Do you think you can outsmart people, just because you read some good advice, yet it failed to share with you the opposite side of things. That has been one of my biggest fears and pet peeves when it comes to blogging. And another? That many blogs are opinions, not facts, yet they sound like facts.

Janet Guilbault wrote this interesting post that makes a good point : Outsmart the crowd : Skip the $8,000 tax credit & wait to buy - She talks about skipping the first time homebuyers tax credit in hopes that you could get the house of your choice for $20,000 less. She adds that winter is around the corner and the market should be slower, which could get you that price reduction. Again, some good food for thought, yet forgetting some very key points to her opinion. And just for the fact, in my opinion, this is a risk. Are you willing to chance your $8,000 tax credit? Let's look at this further....

RISK – CHANCE – HOPE – LUCK – FALSE HOPE

Again, Janet states that you should skip the $8,000 tax credit, because you could get a better deal on a house in the winter months. And because there wouldn't be as many buyers in the market, because of the first time homebuyers tax credit of $8,000 would not be available. Overall, I feel really strongly against this kind of advice.

Here are my thoughts on why you should be careful of such advice :

Reduced property values - You got the house for $20,000 cheaper, and based on a $250,000 mortgage, that would save you $120 a month. So you didn't get the $8,000 tax credit. It would take you 5.5 years to save that tax credit with your monthly savings.

Interest Rates - Do you have a crystal ball? Do you know where mortgage rates will be in December? You get that new house for $230,000, yet the rate increased .375 of a percent. Your new savings will now only be $64 a month. That means that it would take you 10.4 years to save that $8,000.

Real Estate Market - Do you know how appraisals truly work? Do you understand that an appraisal is an opinion from a certified appraiser? Not one house is the same and in many cases, not all appraisals of that same house are the same. I could give you many examples of specific homes in recent months, having a few different appraisals that could vary from $3,000 to $20,000 in value.

$8,000 tax credit in your pocket - You now have the $8,000 in your pocket 2 months after settlement. What could you do with that monies?

- Use the money to fix up the house.

- Use the money to pay off some credit cards, which could save you more money in the long run.

- Possibly pay back some debt to those that helped you get into your new home.

- Save for any housing emergencies that could happen at any moment.

- Ryan Shaughnessy, in comment # 11, states that you could use the tax credit to pay for 12 months of your mortgage payments. Imagine that, no mortgage payments for a year.

Waiting for a possible increase to the tax credit, possibly a $15,000 tax credit - So you take Janet's advice and say to yourself, maybe they will extend the tax credit or raise it to $15,000. Ouch, in my opinion, that is a huge risk. If you are actually in the market now, why play the market? If you come across your home now, but it now, don't roll the dice.

Real Estate Market - Each real estate market is different. In my opinion, even the experts can't truly predict what the housing market will do. Some have said that we have hit bottom. Some say it could be a year. But then again, in some markets, prices have increased already. In Janet's post and in a few of the comments, some people have stated that there will be a correction to this. Again, it's an opinion, not a fact.

$20,000 reduced value - You don't physically see this money. You don't get 20k in hand. And what happens if the house was over-priced to begin with? What happens if values don't increase in 5 years? The only equity is that equity that you build yourself. In 5 years, you knocked your principal balance down by $16,000.

Conclusion : Janet ended her post with this ... "If you save $20,000 on your house, do you care if you sacrifice an $8000 tax credit? Probably not. (But don't expect anyone in the real estate industry to talk about this until AFTER the rebate ends)."

Well, I will still be talking about it, no matter if the tax credit continues or ends. I am all about educating the consumer, sharing both perspectives on real estate and mortgage issues. And yes, I would care if I sacrificed the tax credit, especially based on what I stated above. Especially if interest rates went up a half of a percent by December. In my opinion, I can go to Vegas and or Atlantic City to gamble. But why gamble on free money, money that you don't have to pay back. We are in a very tight economy now. I don't think many of you have money to gamble with as you did several years ago. (I don't want to get into the statement of free money, because yes, as tax payers, we are paying for that)

Lastly, excellent time for first time homebuyers. Home values are lowest in the last 5 years, with interests being close to the lowest in several decades, and $8,000 given to you if you qualify.

IMPORTANT REMINDER – The $8,000 first time homebuyers tax credit ends on November 30^th, 2009

FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger of Infinity Home Mortgage Company, Inc

2009 NCAA College Football 'Helmet' Schedule Spreadsheet Download

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Thu, 03 Sep 2009 16:52:23 -0500

Download the 2009 NCAA College Football Helmet Schedule

The 2009 NCAA College Football Season kicks off TONIGHT!!!!! See who's on the schedule.

I finally found the 2009 version of the popular 'Helmet Schedule' that makes it so convenient to keep track of upcoming College Football games by conference.

Last year's spreadsheet was one of my highest viewed blogs of 2008. So I am happy to find this thing again and host it for download.....

The 2009 NCAA Football Helmet Schedule can be downloaded here.

Enjoy!! And please reblog to share with your friends.

Credit: http://simononsports.blogspot.com/2009/04/download-2009-college-football-helmet.html

Download the 2009 College Football Helmet Schedule

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

Code Red: Emergency Calling System for Collin County Texas Residents

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Tue, 25 Aug 2009 13:07:02 -0500

Code Red, Collin County Texas

Code Red: Emergency Calling System for Collin County Texas Residents

Are you signed up?

Thanks to a grant from Homeland Security,Collin County residents can be alerted to emergency information via pre-recorded phone call. This is a free service that went into effect in August 2009. Collin County is doing it's best to add all local phone numbers to their database. But if you would like to include your cell phone to this list you will need to register. They have an option to receive text.... curious how that will work with phones that truncate long messages. Hmmmm

Collin County continues to be a great place to live and work. City leaders envision Plano to be a City that others will strive to compare. If you are moving to the Dallas/Ft. Worth Metroplex, make sure to see Beautiful Plano.

Collin County Residents can sign up here to register their phones(cell phones too) so they will get delivery of recorded emergency/disaster information.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/

Texas Home Loans

Dallas Mortgage Loans

Texas Home Loan Information

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.

FHA Streamline Texas

Texas Home Loan BlogMy outside blog!!

Top 10 reasons I should be your North Texas Appraiser

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Thu, 13 Aug 2009 20:22:00 -0500

Looking for a quality Appraiser? Someone who can withstand the industry shakeout?

Here she is......

DallasLoanGuy.com Approved!!!

Via Gynell Stalford (Metroplex Appraisal Services - The FHA Appraisal Shop):

10. I'm still here.

9. 7 years Experience in this Market

8. Carry E&O Insurance

7. State Certified Residential Appraiser

6. Friendly Happy Timely Service

5. Specializing in Complex Residential Appraisals

4. 24 - 48 Hour Turnaround from time of inspection

3. FLAGSTAR APPROVED

2. FHA APPROVED

1. I love Appraising and it shows in my work!!!!!!!!!!!!!!!!

FHA Streamline Refinance Mortgage Loan

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Fri, 07 Aug 2009 14:10:10 -0500

The FHA Streamline Refinance Mortgage Loan is still a good deal for many homeowners.

Interest rates are near historical lows!

The calls are starting to come in... And quite a few of the callers have already been advised by the DallasLoanGuy to NOT refinance. It just doesn't make sense for every homeowner.

But, if you have a rate that will adjust in the near future or your fixed rate is 6% or higher.... This might just be the opportunity that is too good to pass up. It costs nothing to bring your profile to a professional Mortgage Banker for a tune up. And you could save thousands in interest payments over the life of your mortgage. (Note: Some lenders charge an application fee... And should be avoided).

At DallasLoanGuy.com, we refinance Convetional, FHA & VA loans.

FHA clients have a unique option not available to conventional borrowers. The Streamline Refinance.

There are three of FHA Refinance options.

1. Non credit qualifying without appraisal.
2. Non credit qualifying with appraisal.
3. Credit qualifying, or full doc refinance.

UPDATE: Credit qualifying or not... Lenders now require 620 FICO.

The Non Credit Qualifying FHA Refinance, without appraisal.

This loan is a pleasure. Streamline Refinances WITHOUT an Appraisal. The maximum insurable
mortgage is the Original Loan Amount: The original principal balance on the mortgage (which will
include any upfront mortgage insurance premium) plus the new upfront premium
that will be charged on the refinance. This loan does not require the borrower to re-qualify. Income/debt/assets are not considered. Verification of on-time payment of current loan are the only qualification.
If the borrower doesn't have sufficient equity, the 'with appraisal' option may be required.

The Non Credit Qualifying FHA Refinance, with appraisal.

The maximum insurable mortgage is the lower of the appropriate loan-to-value ratio

applied to the appraiser’s estimate of value or the sum of the existing indebtedness
and related closing costs and prepaid expenses for the refinance.
Again, the income/debt/asset information is not considered. Verification of on-time payment of current loan are the only qualification.

Credit Qualifying

This loan is used when the borrower will experience an increase in payment due to length of term or deletion of a borrower. Assurance of ability to make future payments is considered. The lender must provide a verification of income, a credit report, compute the debt-to-income ratios and determine that the
borrower will continue to make mortgage payments

As you can see, the FHA borrower has many more favorable options than others.... Call the DallasLoanGuy Today to explore whether a Rate & Term Refinance is right for you!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/

Texas Home Loans

Dallas Mortgage Loans

Texas Home Loan Information

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.

FHA Streamline Texas

Texas Home Loan BlogMy outside blog!!

Critical UPDATE to the USDA Guaranteed Rural Housing loan program that is a must read for Realtors & Lenders alike!

Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com) — Thu, 16 Jul 2009 13:28:44 -0500

For those interested in the USDA loan.... Here is an update by a friend of mine.

Darin knows his stuff

Via One Source Mortgage, LLC:

  This is a very CRITICAL UPDATE and anyone using the USDA loan, or if you KNOW of someone using USDA loans, please pass this blog link along, or RE-BLOG it to your sphere!!

I have included at the bottom of the BLOG, the entire list of loan coordinators within the United States of America! Email first if you can!

   Also, check out the music video at the end as well!

The reason for this update is because the USDA is experiencing it's highest volume since the inception of the program!

**************************

BEFORE I SUMMARIZE the changes, we need to first cover LENDER OVERLAYS!

What is a Lender overlay you ask? Well, Im glad you asked! Thanks!

A Lender overlay is a requirement that a specific LENDER has, that maybe another Lender does not have! For example, if you speak directly with a USDA office about a specific requirement on a loan application, offer to purchase, or confront them about a situation, and you get a FAVORABLE RESPONSE, it may not mean anything at all! WHY? Because the LENDER that is UNDERWRITING and approving the loan PRIOR to the loan going to the USDA, may have a sticter rule, or may not approve a loan under those circumstances! Hence, enter the LENDER OVERLAY!

Another example, JP Morgan Chase & Taylor Bean & Whittaker, are the only two companies I AM AWARE of that allow a USDA loan product to be processed as a "Subject to" appraisal, or as a "fixer upper" loan!

Wells Fargo, and other companies do not! Why? Because they have LENDER OVERLAYS! What this is REALLY telling you is that they dont understand them, dont want to have anything to do with them, and aren't we all afraid of the unknown? They do not want to take the risk!  Who does today?

NOW TWO VERY QUICK THINGS TO WATCH FOR IN THE COMING DAYS!

Realtors-  If you are not getting them already, start watching for a CHANGE in loan committments! Loan committments are going to start coming through with stipulations on them! This isn't a bad thing necessarily, but you will start seeing approvals come through that say..."this loan approval is SUBJECT TO an acceptable appraisal, and any other further sitpulations put forth by the Rural Development office!

Lenders- Start looking over your appraisals WAY more closely! DO NOT RELY on your internal underwriter,manager, or processor! LOOK AT THE DARN THING YOURSELF! A friend of mine recently had her USDA loan suspended, due to the site value being 30.10% of the appraised value! Limit in USDA loans is 30%. Yes, it is only 1/10th of 1 percent, but look at the grief we are getting!

Okay, now on to the summary!



Let's first talk about rate locks!

Rural Development has experienced a HUGE increase in volume. Directly from the USDA, they are asking both Lenders & Realtors alike to allow ample time for a review of the file and a response. "Plan accordingly with your rate locks and loan closings. Contacting Rural Development multiple times as a Lender,Broker,Realtor, or borrower, will only delay your important request. " In other words folks, be patient! Lenders, make sure your Realtors understand time frames and turn times! Realtors, take your heart medication and drink lots of fluids! In other words, plan for an extended delay in high volume processing areas!

This is a quote from the USDA alert regarding CONTACTING the RD office!

"While many parties are anxious for their request to be acted upon, commication concerning guaranteed loan applications will occure between the Rural Devlopment and the approved Lender. Brokers, correspondent lenders,Realtors,or potential borrowers,etc..should communicate with the approved lender, NOT Rural Development."

Lenders

The Guaranteed Underwriting System (GUS), will reduce proceesing times and allow approved lenders to verity loan data for accuracy in a timely manner! Here's the rub tho: There are MANY new GUS rules that may REQUIRE ADDITIONAL DOCUMENTATION to be submitted on "ACCEPT" loan files when a "final" underwriting submission is executed.

Read all your findings! What does this mean to Realtors? Well, sadly, they can add things at the end! I know we don't like hearing that...but they can! Tough! However, communication is VERY important on this!



Okay, now here are Bucky's Tips & Best Practices straight from the USDA!

Any of these changes may adversely affect your Conditional Loan Committment!

1. if the loan amount increases

2. if the loan interest rate increases

3. if there is an increase in mortgage or personal liabilities

4. if there is a decrease of assets, and/or the income decreases

How about an example? Let's say, your customer is buying a home. They get their Conditional Loan Committment and everybody is happy! House is inspected and/or appraised, and it is determined that the house needs a new roof. Seller refuses to pay for it! Well, the USDA plan allows for a new roof to be financed! Hurrah! However, that spells DELAY! Hence, the loan amount increases,the mortgage liability increases, and more than likely the debt ratio goes up! This means that it will need to go BACK to underwriting! Sometimes this is 1 day, or 1 week! Depends on volume! PLAN AHEAD!

LASTLY

USDA LOANS DO NOT REQUIRE HOME INSPECTIONS! Hello?? Bueller??

Click HERE for the income limits link

Click HERE for the income income eligibility link

Click HERE for the property eligibility link

THE FOLLOWING STATEMENT BELOW IS DIRECTLY FROM THE USDA!

         Sign up for our email distribution list to receive timely updated information regarding program origination, GUS underwriting or servicing. Sign up at: http://www.rdlist.sc.egov.usda.gov/listserv/mainservlet.



STATE CONTACT PHONE # EXT. FAX # E-MAIL ADDRESS

AK Karen LaMouria (907)761-7732 (907)761-7794 klamouri@ak.usda.gov

AL Al Butler (256)532-1677 (256)532-1931 al.butler@al.usda.gov

AL Lou Rambo (334)279-3442 (334)279-3448 lou.rambo@al.usda.gov

AR Linda McCaslin (501)301-3235 (501)301-3290 linda.mccaslin@ar.usda.gov

AS Stephanie Taketa (808)933-8308 (808)933-8327 stephanie.taketa@hi.usda.gov

AZ Earl Tatlow (602)280-8709 (602)280-8879 earl.tatlow@az.usda.gov

CA Annete Joyer (916)714-1104 107 (916)714-1118 annette.joyer@ca.usda.gov

CA Ed Amen (530)226-2589 (530)226-2567 ed.amen@ca.usda.gov

CA Nellie Nunez (559)734-8732 110 (559)732-3481 nellie.nunez@ca.usda.gov

CA Viloet Gomes (831)757-5294 106 (831)424-7289 violet.gomes@ca.usda.gov

CO Jamie A Spakow (720)544-2918 (720)544-2970 jamie.spakow@co.usda.gov

CT Arlene Nunes (413)253-4300 4333 (413)253-4347 arlene.nunes@ma.usda.gov

DE Stacey Slacum (302)857-3603 (302)857-3611 stacey.slacum@de.usda.gov

FL Bob Coordsen (352)338-3435 (352)338-3437 bob.coordsen@fl.usda.gov

FL Roger Taylor (352)338-3435 (352)338-3437 roger.taylor@fl.usda.gov

FM Stephanie Taketa (808)933-8308 (808)933-8327 stephanie.taketa@hi.usda.gov

GA Ashley Carlan (706)546-2169 (706)613-3046 ashley.carlan@ga.usda.gov

GU Stephanie Taketa (808)933-8308 (808)933-8327 stephanie.taketa@hi.usda.gov

HI Stephanie Taketa (808)933-8308 (808)933-8327 stephanie.taketa@hi.usda.gov

IA LindaKay Rhoades (515)284-4723 (515)284-6668 linda.rhoades@ia.usda.gov

ID Pamela S. Cook (208)378-5628 1 (208)378-5643 pamela.cook@id.usda.gov

IL Lindsey Rademacher (217)403-6216 (217)403-6231 lindsey.rademacher@il.usda.gov

IN Vince Maloney (317)290-3100 414 (317)290-3096 Vincent.Maloney@in.usda.gov

KS Kevin Culley (785)271-2722 (785)271-2784 kevin.culley@ks.usda.gov

KS Tim Rogers (785)271-2718 (785)271-2784 tim.rogers@ks.usda.gov

KY Don Johnson (859)224-7361 (859)224-7450 don.johnson@ky.usda.gov

LA Scott Pousson (318)473-7630 (318)473-7829 scott.pousson@la.usda.gov

MA Arlene Nunes (413)253-4300 4333 (413)253-4347 arlene.nunes@ma.usda.gov

MD Stacey Slacum (302)857-3603 (302)857-3611 stacey.slacum@de.usda.gov

ME Dale D. Holmes (207)990-9110 (207)990-9119 dale.holmes@me.usda.gov

ME Lorrie Hamlin (207)990-9110 113 (207)990-9119 lorrie.hamlin@me.usda.gov

MH Stephanie Taketa (808)933-8308 (808)933-8327 stephanie.taketa@hi.usda.gov

MI Kevin Smith (888)771-6993 113 (517)676-1909 kevin.smith@mi.usda.gov

MN Linda Behrendt (651)602-7797 (651)602-7825 linda.behrendt@mn.usda.gov

MO Nathan Tutt (573)876-0990 (573)876-9348 nathan.tutt@mo.usda.gov

MO Randall L. Griffith (573)876-0976 (573)876-9348 randy.griffith@mo.usda.gov

MP Stephanie Taketa (808)933-8308 (808)933-8327 stephanie.taketa@hi.usda.gov

MS Ivan Kiani (601)965-4325 133 (601)965-4561 ivan.kiani@ms.usda.gov

MS Robert (Don) Thames (800)548-0071 146 (601)965-5384 Robert.Thames@ms.usda.gov

MT Laura Horn (406)585-2559 (406)585-2565 laura.horn@mt.usda.gov

NC Dale Darroch (919)873-2036 (919)873-2075 dale.darroch@nc.usda.gov

NC Mel Ellis (919)873-2041 (919)873-2075 mel.ellis@nc.usda.gov

NC Neal Sherrod (919)873-2059 (919)873-2075 neal.sherrod@nc.usda.gov

ND Barry Borstad (701)530-2046 (701)530-2111 barry.borstad@nd.usda.gov

NE Krista K. Stevens (402)437-5518 (402)437-5408 krista.stevens@ne.usda.gov

NE Michael Buethe (402)437-5574 (402)437-5408 mike.buethe@ne.usda.gov

NH Colleen Ladew (603)223-6035 (603)223-6061 colleen.ladew@nh.usda.gov

NJ Neal Hayes (856)787-7732 (856)787-7737 neal.hayes@nj.usda.gov

NM Art Garcia (505)761-4973 (505)761-4977 arthur.garcia@nm.usda.gov

NV William L. Brewer (775)887-1222 13 (775)885-0738 william.brewer@nv.usda.gov

NY Janette Smith (607)753-0851 4 (607)753-3190 janette.smith@ny.usda.gov

OH Jerry Greenbaum (614)255-2405 (614)255-2561 Jerry.Greenbaum@oh.usda.gov

OK Jackie Walther (405)742-1070 (405)742-1084 jackie.walther@ok.usda.gov

OK Richard Himbury (405)742-1079 (405)742-1084 richard.himbury@ok.usda.gov

OR Rachel Shultz (503)414-3337 (503)414-3394 rachel.shultz@or.usda.gov

PA Jeremy Wilson (717)237-2277 (717)237-2193 jeremy.wilson@pa.usda.gov

PA Rob Lane (717)237-2275 (717)237-2193 robin.lane@pa.usda.gov

PR Arlene Zambrana (787)766-5095 222 (787)281-4993 arlene.zambrana@pr.usda.gov

PW Stephanie Taketa (808)933-8308 (808)933-8327 stephanie.taketa@hi.usda.gov

RI Arlene Nunes (413)253-4300 4333 (413)253-4347 arlene.nunes@ma.usda.gov

SC George Randolph (803)253-3094 (803)253-3827 george.randolph@sc.usda.gov

SD Kathy Chase (605)352-1132 (605)352-1154 kathy.chase@sd.usda.gov

TN Tom Favreau (615)783-1364 (615)783-1391 tom.favreau@tn.usda.gov

TX Joyce McGlothlin (254)742-9763 (254)742-9735 joyce.mcglothlin@tx.usda.gov

TX Leon Carey (254)742-9772 (254)742-9735 leon.carey@tx.usda.gov

UM Stephanie Taketa (808)933-8308 (808)933-8327 stephanie.taketa@hi.usda.gov

UT Kristine Dahlberg (801)524-4329 (801)524-4406 kristine.dahlberg@ut.usda.gov

VA Agnes Rollins (540)433-9126 (540)432-1707 Agnes.rollins@va.usda.gov

VA Byron Waters (804)287-1547 (804)287-1784 Byron.Waters@va.usda.gov

VA Gwen Fender (804)287-1598 (804)287-1784 Gwen.Fender@va.usda.gov

VI Bob Coordsen (352)338-3474 (352)338-3437 bob.coordsen@fl.usda.gov

VI Roger Taylor (352)338-3495 (352)338-3437 roger.taylor@fl.usda.gov

VT Bob McDonald (802)828-6013 (802)828-6018 bob.mcdonald@vt.usda.gov

VT Michael Bard (802)828-6013 (802)828-6090 michael.bard@vt.usda.gov

VT Rita Weisburgh (802)828-6003 (802)828-6067 rita.weisburgh@vt.usda.gov

WA Benjamin (Ed) Reynolds (360)704-7765 (360)704-7718 WA-grh@wa.usda.gov

WI Julie Czappa (715)345-7620 119 (715)345-7699 Julie.Czappa@wi.usda.gov

WV Scott Mullin (304)263-6461 110 (304)267-9172 scott.mullin@wv.usda.gov

WY Shauna Gibbs (307)233-6722 (307)233-6739 shauna.gibbs@wy.usda.gov

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STATE	CONTACT	PHONE #	EXT.	FAX #	E-MAIL ADDRESS
AK	Karen LaMouria	(907)761-7732		(907)761-7794	klamouri@ak.usda.gov
AL	Al Butler	(256)532-1677		(256)532-1931	al.butler@al.usda.gov
AL	Lou Rambo	(334)279-3442		(334)279-3448	lou.rambo@al.usda.gov
AR	Linda McCaslin	(501)301-3235		(501)301-3290	linda.mccaslin@ar.usda.gov
AS	Stephanie Taketa	(808)933-8308		(808)933-8327	stephanie.taketa@hi.usda.gov
AZ	Earl Tatlow	(602)280-8709		(602)280-8879	earl.tatlow@az.usda.gov
CA	Annete Joyer	(916)714-1104	107	(916)714-1118	annette.joyer@ca.usda.gov
CA	Ed Amen	(530)226-2589		(530)226-2567	ed.amen@ca.usda.gov
CA	Nellie Nunez	(559)734-8732	110	(559)732-3481	nellie.nunez@ca.usda.gov
CA	Viloet Gomes	(831)757-5294	106	(831)424-7289	violet.gomes@ca.usda.gov
CO	Jamie A Spakow	(720)544-2918		(720)544-2970	jamie.spakow@co.usda.gov
CT	Arlene Nunes	(413)253-4300	4333	(413)253-4347	arlene.nunes@ma.usda.gov
DE	Stacey Slacum	(302)857-3603		(302)857-3611	stacey.slacum@de.usda.gov
FL	Bob Coordsen	(352)338-3435		(352)338-3437	bob.coordsen@fl.usda.gov
FL	Roger Taylor	(352)338-3435		(352)338-3437	roger.taylor@fl.usda.gov
FM	Stephanie Taketa	(808)933-8308		(808)933-8327	stephanie.taketa@hi.usda.gov
GA	Ashley Carlan	(706)546-2169		(706)613-3046	ashley.carlan@ga.usda.gov
GU	Stephanie Taketa	(808)933-8308		(808)933-8327	stephanie.taketa@hi.usda.gov
HI	Stephanie Taketa	(808)933-8308		(808)933-8327	stephanie.taketa@hi.usda.gov
IA	LindaKay Rhoades	(515)284-4723		(515)284-6668	linda.rhoades@ia.usda.gov
ID	Pamela S. Cook	(208)378-5628	1	(208)378-5643	pamela.cook@id.usda.gov
IL	Lindsey Rademacher	(217)403-6216		(217)403-6231	lindsey.rademacher@il.usda.gov
IN	Vince Maloney	(317)290-3100	414	(317)290-3096	Vincent.Maloney@in.usda.gov
KS	Kevin Culley	(785)271-2722		(785)271-2784	kevin.culley@ks.usda.gov
KS	Tim Rogers	(785)271-2718		(785)271-2784	tim.rogers@ks.usda.gov
KY	Don Johnson	(859)224-7361		(859)224-7450	don.johnson@ky.usda.gov
LA	Scott Pousson	(318)473-7630		(318)473-7829	scott.pousson@la.usda.gov
MA	Arlene Nunes	(413)253-4300	4333	(413)253-4347	arlene.nunes@ma.usda.gov
MD	Stacey Slacum	(302)857-3603		(302)857-3611	stacey.slacum@de.usda.gov
ME	Dale D. Holmes	(207)990-9110		(207)990-9119	dale.holmes@me.usda.gov
ME	Lorrie Hamlin	(207)990-9110	113	(207)990-9119	lorrie.hamlin@me.usda.gov
MH	Stephanie Taketa	(808)933-8308		(808)933-8327	stephanie.taketa@hi.usda.gov
MI	Kevin Smith	(888)771-6993	113	(517)676-1909	kevin.smith@mi.usda.gov
MN	Linda Behrendt	(651)602-7797		(651)602-7825	linda.behrendt@mn.usda.gov
MO	Nathan Tutt	(573)876-0990		(573)876-9348	nathan.tutt@mo.usda.gov
MO	Randall L. Griffith	(573)876-0976		(573)876-9348	randy.griffith@mo.usda.gov
MP	Stephanie Taketa	(808)933-8308		(808)933-8327	stephanie.taketa@hi.usda.gov
MS	Ivan Kiani	(601)965-4325	133	(601)965-4561	ivan.kiani@ms.usda.gov
MS	Robert (Don) Thames	(800)548-0071	146	(601)965-5384	Robert.Thames@ms.usda.gov
MT	Laura Horn	(406)585-2559		(406)585-2565	laura.horn@mt.usda.gov
NC	Dale Darroch	(919)873-2036		(919)873-2075	dale.darroch@nc.usda.gov
NC	Mel Ellis	(919)873-2041		(919)873-2075	mel.ellis@nc.usda.gov
NC	Neal Sherrod	(919)873-2059		(919)873-2075	neal.sherrod@nc.usda.gov
ND	Barry Borstad	(701)530-2046		(701)530-2111	barry.borstad@nd.usda.gov
NE	Krista K. Stevens	(402)437-5518		(402)437-5408	krista.stevens@ne.usda.gov
NE	Michael Buethe	(402)437-5574		(402)437-5408	mike.buethe@ne.usda.gov
NH	Colleen Ladew	(603)223-6035		(603)223-6061	colleen.ladew@nh.usda.gov
NJ	Neal Hayes	(856)787-7732		(856)787-7737	neal.hayes@nj.usda.gov
NM	Art Garcia	(505)761-4973		(505)761-4977	arthur.garcia@nm.usda.gov
NV	William L. Brewer	(775)887-1222	13	(775)885-0738	william.brewer@nv.usda.gov
NY	Janette Smith	(607)753-0851	4	(607)753-3190	janette.smith@ny.usda.gov
OH	Jerry Greenbaum	(614)255-2405		(614)255-2561	Jerry.Greenbaum@oh.usda.gov
OK	Jackie Walther	(405)742-1070		(405)742-1084	jackie.walther@ok.usda.gov
OK	Richard Himbury	(405)742-1079		(405)742-1084	richard.himbury@ok.usda.gov
OR	Rachel Shultz	(503)414-3337		(503)414-3394	rachel.shultz@or.usda.gov
PA	Jeremy Wilson	(717)237-2277		(717)237-2193	jeremy.wilson@pa.usda.gov
PA	Rob Lane	(717)237-2275		(717)237-2193	robin.lane@pa.usda.gov
PR	Arlene Zambrana	(787)766-5095	222	(787)281-4993	arlene.zambrana@pr.usda.gov
PW	Stephanie Taketa	(808)933-8308		(808)933-8327	stephanie.taketa@hi.usda.gov
RI	Arlene Nunes	(413)253-4300	4333	(413)253-4347	arlene.nunes@ma.usda.gov
SC	George Randolph	(803)253-3094		(803)253-3827	george.randolph@sc.usda.gov
SD	Kathy Chase	(605)352-1132		(605)352-1154	kathy.chase@sd.usda.gov
TN	Tom Favreau	(615)783-1364		(615)783-1391	tom.favreau@tn.usda.gov
TX	Joyce McGlothlin	(254)742-9763		(254)742-9735	joyce.mcglothlin@tx.usda.gov
TX	Leon Carey	(254)742-9772		(254)742-9735	leon.carey@tx.usda.gov
UM	Stephanie Taketa	(808)933-8308		(808)933-8327	stephanie.taketa@hi.usda.gov
UT	Kristine Dahlberg	(801)524-4329		(801)524-4406	kristine.dahlberg@ut.usda.gov
VA	Agnes Rollins	(540)433-9126		(540)432-1707	Agnes.rollins@va.usda.gov
VA	Byron Waters	(804)287-1547		(804)287-1784	Byron.Waters@va.usda.gov
VA	Gwen Fender	(804)287-1598		(804)287-1784	Gwen.Fender@va.usda.gov
VI	Bob Coordsen	(352)338-3474		(352)338-3437	bob.coordsen@fl.usda.gov
VI	Roger Taylor	(352)338-3495		(352)338-3437	roger.taylor@fl.usda.gov
VT	Bob McDonald	(802)828-6013		(802)828-6018	bob.mcdonald@vt.usda.gov
VT	Michael Bard	(802)828-6013		(802)828-6090	michael.bard@vt.usda.gov
VT	Rita Weisburgh	(802)828-6003		(802)828-6067	rita.weisburgh@vt.usda.gov
WA	Benjamin (Ed) Reynolds	(360)704-7765		(360)704-7718	WA-grh@wa.usda.gov
WI	Julie Czappa	(715)345-7620	119	(715)345-7699	Julie.Czappa@wi.usda.gov
WV	Scott Mullin	(304)263-6461	110	(304)267-9172	scott.mullin@wv.usda.gov
WY	Shauna Gibbs	(307)233-6722		(307)233-6739	shauna.gibbs@wy.usda.gov