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indiana fha: Don't wait to buy an Indiana Home - 01/28/10 04:15 PM
- Waiting Could Cost You $1000's
This is no April Fool's joke, but if you wait to buy an Indiana home you will be the fool. On April 5th, the required up-front mortgage insurance premium (MIP) will increase to 2.25%. So, buying a $150,000 home in Indiana with 3.5% down payment of $5250, the up-front MIP will be increased by $732.76. Granted, the up-front MIP is financed as a part of the loan, by why pay extra when you don't have to. Also, later on this Spring, Indiana Home sellers will no longer be allowed to give more than 3% in … (0 comments)
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indiana fha: REbarCamp Indiana the day after - 01/27/10 11:29 AM
RebarCampIndiana was a huge success with a sitting Governor coming in to speak to all those in attendance. That was certainly a first for a REbarCamp. There were over 475 people signed for the sessions. I got to lead two of them. One, by lets just say oversleeping on someone else's part. Hey, what happens in Indy stays in Indy, but I was with him when we closed down Scotty's Brewhouse the night before and I was there early.
Again, thank you to all of those that put on this great event and for those that volunteered their time … (2 comments)
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indiana fha: FHA and the Flipper - 01/21/10 02:27 PM
As foreclosures increase across the United States and that includes Indiana, banks are looking for ways to sell their overloaded REO inventory.
FHA has devised a plan that should be able to help many of those that buy homes, do some fixing up of the home and put it back on the market. In the hopes of turning a profit. FHA has waived the 90 day seasoning rule for sellers.
Here are the guidelines broke down.
The waiver takes effect February 1st, 2010 for a period of at least 1 year unless extended. (we will see if … (0 comments)
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indiana fha: Are you pre-approved - 07/09/09 01:22 PM
One of the most important and first question that every agent should ask is… Are you pre-approved? The pre-approval is, perhaps, the most important step in purchasing a home. A great place to start is here on the Mad Mortgage Machine and getting all of your ducks in a row to get pre-approved for the Indiana home loan. Remember that…when you get the loan approved upfront will save you so much trouble. It will eliminate the need for last minute shopping around for a mortgage after you have you have found the home of your dreams only to find out that … (0 comments)
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indiana fha: Indiana FHA Home Loan - 05/13/09 07:37 AM
Indiana FHA Home Loan POSTED BY Dave on May 13 under Business, Mortgage, real estate Are you unhappy where you are living? Are you too old to be living with mom and dad?
With an Indiana FHA Home Loan…You can change your life.
Whether, you are a first-time home buyer, have owned a home before or have less than perfect credit FHA more than likely has a program that will best suits your needs. I am Dave Woodson and I am The Mad Mortgage Machine and I will take you through the Indiana FHA loan process step-by-step.
With an FHA Loan … (0 comments)
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indiana fha: 10 Great Reasons to be a First Time Home Buyer - Part 1 - 03/23/09 02:55 PM
There are 10 Great Reasons to Buy a Home as a First Time Home Buyer
Here are the first 5
10. This is a double whammy, you get to tell your Landlord and the noisy neighbor upstairs to get lost
9. There are tons of great financing options for The Indiana First-Time Home Buyer
8. As an Indiana First-Time Home Buyer you have many Foreclosures, HUD Homes, Handy Man Specials, Estate Sale, or Short Sales to choose from some at a reduced price and that equals instant equity.
7.. Interest rates are near historical lows this is a great benefit as … (1 comments)
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indiana fha: A must watch - 03/09/09 10:16 AM
I want to thank Chris Hedges for bringing this to my attention. This is a great video that we all need watch. It really explains the Credit Issue in a fashion that we all can understand. I would suggest that we all take a moment and watch it. I posted this on my facebook and have already recieved several great comments.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
Please let me know what you think? I still think we will climb out of this and get back to a point of prosperity very soon. We just need to … (2 comments)
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indiana fha: The Indiana First Time HomeBuyer Tax Credit Form - 03/04/09 01:24 PM
First Time Indiana Home Buyers, As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 — better known as the…First-Time Homebuyer Credit Form.
True to tax code standards, the 10-field form is accompanied by 3 pages of instructions, but don’t worry it is not that bad. However, I am not a tax professional, nor do I play one on TV. If you would like a referral for one in your area please let me know.
The IRS form 5405 is a helpful, go-to resource for home buyers with questions about the tax credit … (0 comments)
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indiana fha: LaPorte and Surrounding counties FHA Loan Limits - 02/27/09 09:57 AM
As a part of the Stimulus Package,some counties in our area have increased, but the Indiana FHA loan limits for LaPorte, Starke, St. Joseph and Elkhart Counties will remain at the 2008 levels.
One-Unit - $271,050
Two-Unit - $347,000
Three- Unit - $419,425
Four Unit - $521,250
There really never has been a better time than now to buy, build or refi. If you or anyone you know are looking for a true mortgage professional to review the opportunities that are out there please give me a call at (219)872-8000. Or you can apply online at the Mad Mortgage … (0 comments)
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indiana fha: This Week, Switching to Decaf - 02/03/09 07:52 AM
This week, Consumer confidence hit an all-time low and 100,000 Americans were laid off last week, each of these events played a role in the mortgage market's decline. For the 3rd straight week, mortgage rates moved up coupled with average loan fees increasing, as well. However, seemingly lost in all of the negative economic news. There were two bright shining lights worth looking into and discussing. They show that we may be closer to a recovery than previously expected.
the supply of "used" homes for sale fell from 11 months to 9 months nationwide, and NW Indiana is a little better … (5 comments)
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indiana fha: 5 is the new 3.6 - 01/14/09 12:32 PM
I have often touted the benefit of Indiana home ownership is the tax benefits. Now, I am not a tax professional. Please consult a local tax professional.
Since, the IRS makes it difficult to understand how the benefits actually work.
Indiana Homeowners have two related tax deductions: 1. annual mortgage interest paid 2. estate tax bills paid
However, not every home owner is eligible. There are some exclusion that include amount borrowed, and whether or the home is a main residence or 2nd home. Which is very popular along the Indiana Shoreline.
The IRS publication is filled with notes and explanations … (1 comments)
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indiana fha: My Predictions for 2009... - 01/07/09 12:22 AM
I Predict that… 06 January 2009 | Business, Mortgage, real estate | admin
The New Year is not even a week old but that is not stopping the market “experts” from predicting what’s in store for us in 2009.
The calls on Indiana housing and Indiana mortgage rates run the gamut:
* Home prices will fall more * Home prices have hit bottom * Mortgage rates will dip just a bit more * Mortgage rates will rise a lot
If you put it all together it is pretty clear that the “so-called” experts have no clue what the future holds for … (5 comments)
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indiana fha: Important Indiana FHA Change - 01/06/09 01:31 PM
All Indiana loans: (FHA, VA, Conventional) A Credit report must be dated within 60 days of final loan approval. May be 120/180 days old at time of close.
Effective immediately Indiana FHA: We are seeing an influx of building on own land. We have to do it as a purchase. However, this loan can be closed as a refinance if there is no builder involved. Please remember these type of loans require an enhanced desk review on EVERY loan.
All Manual UnderWrites: Minimum allowed FICO score is 620, but this is a case by case basis Indiana FHA Cashout refis: approved … (0 comments)
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indiana fha: Indiana FHA Refi and streamline Changes now in effect - 01/03/09 02:11 AM
Changes have come to an Indiana FHA Lender near you. The HUD Mortgagee Letter 08-40 gives us changes to Indiana FHA refinances and are effective January 1st. This Mad Mortgage Machine update will include guidelines that are not being changed, but I have listed them anyway as a review for those Average Joe LOs that read my blog and a refresher to the rest of you already familiar with FHA guidelines.
There are 10 Things that you really need know about the recently updated Indiana FHA Refinance Guidelines:
1. The max LTV for rate & term Indiana refinances (including … (2 comments)
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indiana fha: Too Many Home plus Low Rates... - 12/28/08 09:37 PM
Equals Good News
For the first time in about a year, the sale of homes fell below 5-million units, this helps push the total home inventory just a bit higher by 0.1% nationwide.
Believe it or not, but based on that rate it would take over 11 months for the existing home supply to be exhausted.
For new home buyers in northwest Indiana, this is a true opportune time for negative news on housing.
To read the the rest of this great article on Too Many Homes Plus Low Rates
This great article is brought to you by an Indiana Home … (4 comments)
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indiana fha: Locking, Absolutely Locking - 12/23/08 05:14 PM
On a cold day in late-November, the Federal Reserve pledged $600 billion to buy mortgage-backed securities, not treasuries. This announcement drove down mortgage rates and kick-started a mini Refi Boom among NW Indiana homeowners.
And with all of the new mortgage applications it has caused a delay in underwriting, and an extended locking periods. What dates do you need to pay attention to for the next 30 days.
* December 24, 25, and 26 plus January 1 and 2 are lost to holiday * December 27, 28 plus January 3, 4, 10, 11, 17, and 18 are lost to weekends … (3 comments)
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indiana fha: Action - 12/08/08 05:23 PM
Action Precedes Motivation...
Been saying that for a while, but it is funny that we often slip into our old agreements instead of moving forward. We, all to often, fall back.
I am learning to get up and go. Don't let yourself over think the day. When there are times that I do not want to get to the gym. I go and with in 10 to 15 minutes of working out. I am so glad that I made it there.
The same goes for working the deals and heading out into the Lions Den (Realtor offices) that once I am … (0 comments)
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indiana fha: Integrity Hurts - 11/21/08 07:04 AM
Remember that song "love hurts". Well, integrity hurts, but I would not have it any other way. Does anyone get recognized for having it any more? Do you sit in your office and say that guy has a lot integrity or is it the opposite. I know the common saying in my office has been, "I would not trust that guy as far as I can throw him". I am glad that no one says or could say that about me. I think mostly it has been, "Dave is brutally honest".
Here is a story off of Tahoo! about a golfer … (7 comments)
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indiana fha: On the Extra Mile, there is no traffic jam - 11/04/08 11:49 AM
"The more things you do, the more you can do." Lucille Ball (1911–1989) Actress and comedienne
I was riding the bike in the gym this morning and as I always do, I was listening to a podcast. That got me to thinking that it is time for a iPod University 3, but before I do that I have something else in mind.
I am a reader and a listener. I love to learn and hear new ideas that may help me grow my business. If they are implemented correctly or at all. I have always thought of myself as … (3 comments)
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indiana fha: Share some Success with Everyone - 10/30/08 08:27 PM
I have never tried to hide the fact that I am a tad overweight. Though, I still argue that is water weight!
I have been extremely self-conscious about this year, with my hear pounding after playing paintball with my nephew and again two weeks ago moving wood out of someones backyard. It was up, not one but two inclines and it was very heavy wood. NO EXCUSES
Lets do a little contrasting in high school, I ran track, I would run the 300 meters in the 56 second range, that was once around the track at full speed. I was pretty … (19 comments)
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Dave Woodson
Chesterton,
IN
More about me…
Dave Woodson
Address: 212 E. Lincolnway, Valparaiso, IN, 46383
Office Phone: (219) 872-8000 x 219
Cell Phone: (219) 608-9790
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