Our town newspaper has a logo 'tis a priveledge to live in the Ozarks, and having been born in this area I can honestly say that is true. I have lived all over the globe growing up with my father in the military, dad retired in 1985 and we headed back home to Springfield.   When you change schools 16 times in 18 years seeing the East coast, living on military bases and living in foreign countries with buildings predating our nations founding in 1776 it gives you a unique perspective on just how young America is but it also makes you appreciate your own home town. 

The Ozarks has been a great place to live and a great place to raise a family.  I have had the priveledge of assisting people buy their homes in this marvelous place for 13 years now and really enjoy doing the best job I can even in a time when getting a mortgage may seem like an arduous process, to the end goal of home ownership.

Things will continue to change in the mortgage industry and there will be no doubt be different forms, disclosures and entire re-vamping of closing statements- the focus however is the client and making sure the American dream of home ownership is realized.

I want to say thank you to all of my business partners for your continued support through this year, I really appreciate you trusting me with your clients - and I will do everything that I can to assist. 

A special thank you to the men and women in the armed forces this week, as we salute our veterans on Wednesday - and to all the active military thank you for defending the greatest nation on earth.

Darren Stewart

OakStar Bank

The first time home buyers tax credit was extended to April 30, 2009 today- first time home owners will continue to receive up to $8,000 tax credit that would not need to be paid back as long as they occupied the home they were purchasing for 3 years.

In addition - they have enhanced the tax credit to couples who have lived at their existing residence for 5 years or more and are deciding to move up, that credit will be for $6,500.00.

Darren Stewart

OakStar Bank N.A.

Extension of the First time Home buyers tax credit has cleared both the House and Senate and is heading toward the White House for a signature.  President Obama has indicated that he intends to sign the extension into law that would not only extend the credit until April 30, 2010 but enhance the credit to include a $6,500 tax credit to borrowers that have been in their homes for the last 5 years.  What the details are in the bill on qualifying for the $6,500 and when that will go into effect or if it will be retroactive has not been elaborated on yet but I will be posting as soon as the extension goes into effect.

Should you have any questions regarding the tax credit please feel to contact me, email or call me!  2009 has been a great year and we look forward to assisting even more clients become home owners in 2010.

Darren Stewart

OakStar Bank, N.A.

The last quarter of the year is a time where the funding of rural development loans may experience delays at some lenders - that is not the case with us !  We continue to fund USDA loans we process and close in our own name and then are able to sell it to our servicer who continues to fund so that there is no interruption of service or delays in closing.

We are also unique in the way we process our USDA loans we send our underwriting package and we send the USDA package at the same time which allows for us to close USDA loans within a 30 day contract window.

For faster, uninterrupted, service on the Rural Development Loans please feel free to contact me.

Darren Stewart

OakStar Bank

The clock is ticking..........

The first time home buyers tax credit deadline is fast approaching - all persons wanting to utilize the current tax credit of up to 10% of the purchase price with a cap at $8,000 must be closed by the last business day in November.   That means you need to be finding a house NOW ..there are a myriad of things that can happen when you go to purchase a property - repairs may need to be made, not to mention the Thanksgiving holiday will be thrown in there as well.

Its also important to note that no matter what type of loan that you get VA, FHA, Conventional or USDA - if you have not owned a home in the last 3 years you are still eligible to receive the tax credit. 

I have spent the last 21 years in the banking industry and the last 12 helping first time home buyers reach their dream of home ownership.

I originally posted this as a comment on another blog but thought I would repost this comment on my own blog. It is advice to a client who is thinking of making an offer on a short sale. Can it be done, you bet!  is it for everyone - NO WAY!    

I am a loan originator, I have seen buyers and realtors go through a huge amount of hoops in order to obtain a home.  Before they venture on this journey of making an offer on a short sale I have a few things that I always tell my clients -

1) if you need something from them please give them at least 2 weeks or longer - if they need something from you get it to them in 2 hours.  Patience is a huge thing and you will at the end of the day feel like you are being jerked around.

2) Your agents are going to be working hard for you - and you will get frustrated with them and you need to realize that alot of what is happening is not in anyones control, not the selling agent and not your agent.  Its not their fault -

3) The seller is an entity not an individual- your agent will be navigating different departments and may be told one thing and then another, they are not dealing with a motivated seller who communicates clearly they are dealing with a seller who is trying to mitigate the amount of loss that is going to occur to them as a company and walking away from the transaction for them while it may not be logical may occur.

4) Focus on the positive - take a picture of the home - off of the listing or copy of the appraisal and  put it somewhere in front of you - to remind you of the end goal.

5) focus on what your getting at the price your offering if you know your getting a home for $20k less than what you would normally pay for it - ask yourself is waiting 2 to 3 months for a home worth that amount of equity.

In some of these cases the buyers may or may not be able to live with what it takes to buy a short sale but all parties need to go into this type of transaction with eyes wide open, knowing it can change at anytime.

Darren Stewart

Missouri Loan Officer

I just wanted to thank my business partners for a great June - and thank you for allowing me to assist your clients get into their new homes.

I have had several requests for MHDC Bond Money loans and we have several of those scheduled to close in July.

Bond Money is available in the state of Missouri  if your not familiar with this loan program for first time home buyers please feel free to contact me and I can explain how this program is working for 2009! 

If you have had clients before that used but its been awhile please feel free to contact me and I would be happy to update you on changes to that program.

Marketing toward that program in first time home buyer price ranges can get that home sold faster, and up until 12/1/2009 the first time home buyer qualifies for the IRS Tax credit for home purchase which would not have to be paid back if the client lives in the home for 3 years.

Again thank you for making my month and I look forward to assisting you all in July, 2009.

Darren Stewart

OakStar Bank

417 447 7927

fax 417 447 7920

dstewart@oakstarbank.com

What an amazing year 2009 has been so far, we have had a great refinance boom thanks to low interest rates, great interest in home buying due to rates and prices being lower, along with the incentives that are out there for first time home buyers.

Home buying is a huge economic engine for our ecnomy, inside a real estate transaction there can be up to anywhere from 12 to 20 different jobs represented, including: loan officer, loan processor, realtor, assistant, title company staff, county recorder, appraiser, insurance agent, flood company, credit bureau employees, surveyors, builders, home inspectors, engineers, attorneys and the list goes on and on. 

When you make a decision to buy a home you employ alot of people that help the economy turn, rewards for buying a home are numerous - home ownership, investment, tax deduction, belonging to a community etc. 

If you have been thinking about home ownership and are looking at buying your first home, this is perhaps the best time to purchase a home now, interest rates are still historically low, prices on homes are down from previous years, and there are government incentives this year to first time home buyers that may reward you up to $8,000 for buying now. 

May and June have been outstanding months in real estate, with record closings and volume we are set to assist you when you decide to purchase your next home!

Darren Stewart

OakStar Bank

417 447 7927

Our volume that we are seeing has been amazing currently we have in our 2 month pipeline approximately 6 months of what we did last year, and we continue to see a growing trend, and for that i wanted to thank all of my business partners and past clients that put their faith and trust when they refer me another client.

I can not thank you enough YOU are the reason our business continues to grow. Right now I am running about 50% purchase business and 50% refinance business and I believe its due to the fact that more people are deciding to take the plunge and not only shop for a home but also put their home on the market, there is something stimulating to a seller if their buyer is a first time home buyer and is going to get a tax credit for buying a home. 

I thought I would also highlight things that we need for the loan application these items are: 

•q Signed application and disclosures

•q Copy of driver's license

•q Copy of social security card

•q 2007 & 2008 federal tax return (1040's) with all schedules

•q 2007 & 2008 W-2 forms for all employers

•q Most recent four (4) paystubs

•q Most recent two (2) bank statements from all asset accounts (all pages)

•q "WEBSITE PRINTOUTS WILL NOT BE ACCEPTED FOR STATEMENTS"

•q Insurance agent name & phone number

•q Copy of real estate purchase contract

•q Copy of canceled earnest money check (front & back)-obtain from bank

•q Signed gift letter from donor

••q Copy of fully executed HUD-1 settlement statement from sale of home

 There may be other items that are required based on a case by case basis for instance was there a recent divorce?  A copy of the divorce decree would then be required to especially if debts that are the previous spouse still are showing on the credit bureau.

There may have been a bankruptcy in the past, providing a copy of the discharge could be required.

Perhaps a debt that is now paid off or a recently acquired debt that does not show up on the credit bureau yet in both cases documentation could be required.

Should you have any questions about applying for a mortgage or the items that you need please feel free to email me anytime at dstewart@oakstarbank.com.

Darren Stewart

OakStar Bank

Time, ask any one in real estate and they will all say TIME is of the essence, with that being said our team has a dedicated site for the quick loan application that is linked to our web site, its a great way to start the process in a quick fashion!

Simply go to www.oakstarbank.com, at the bottom right hand corner is mortgage loans Apply Now, click the link and a pop window appears that will allow you to read our privacy policy, following that proceed to loan application and your first drop down menu allows you to select a loan officer.  My name is located there and once selected and the quick application completed it will automatically email me and email my cell that I have an online loan application, we will then pull that information and begin the loan process and follow up with you!

Should you have any questions regarding the online application please feel free to call me at 417 447 79297 or email dstewart@oakstarbank.com.

Darren Stewart

OakStar Bank

4174477927