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USDA Loan Program - 03/31/09 08:26 PM
I am fairly new to USDA Loans, because in the past they were limited in where they could be done here in Middlesex County, Connecticut, where I do about 90% of my business. However, this loan program is now available in all of Middlesex County except Middletown, and Cromwell. In fact this Loan Program is now available in most of Connecticut. There are only three Counties that now have limited number of towns that it can be done in, Hartford County, New Haven County, and Fairfield County. The rest of the Counties in the State, there are only one or two (12 comments)
Social Networking Workshop - 03/29/09 04:27 PM
The Middlesex Chamber of Commerce will be conducting a workshop on Social Networking on Wednesday April 22nd from 9:00 to 10:30 a.m. The workshop will actually be conducted by an ActiveRain member in Middlesex County, Connecticut, Diana Bartolatta. This was actually discussed at our monthly Middlesex Realtors Council meeting a couple of months ago, and everyone present felt that this playing a big part in the way we do business today. The goal of the workshop is to help us expand our business, and should benefit all who attend. The workshop will be tailored specifically for the Real Estate Industry, and (11 comments)
FHA Approvals - 03/28/09 04:36 PM
I had planned on blogging about something else today, but after a Pre-Approval that I did this morning, I decided that I would blog about that instead, because the results just floored me. Over at least the last six months I have not been able to get an Approved/Eligible though DU (Direct Underwriting) Automated Underwriting System for FHA Loans (FHA TotalScore Card) with ratio's of more than a 38/52. This has been the case even for Borrowers with Credit Scores in the 700's and with one to three months of reserves in the bank. That was until this morning. This morning (40 comments)
When we hear someone say CHFA here in Connecticut, we automatically think Mortgage Program for First First Homebuyers. But mortgages for First Time Homebuyers are not the only programs that CHFA provides. One of those programs that is provided by CHFA that is not well know is “The Emergency Mortgage Assistance Program (EMAP)”. This program offers financial assistance for up to five years to Connecticut homeowners who are going through a temporary financial hardship, who have fallen behind on their mortgage payments, and have been given a foreclosure notice by their lender. This program (11 comments)
25th Realtor Day At The Capitol - 03/26/09 06:43 PM
On Wednesday April 1st Realtors as well as other Real Estate professionals will be gathering at the State Capital in Hartford for the 25th Realtor Day At The Capitol. This event has always been well attended in the past, and it is an opportunity for Realtors from all over the state to raise their concerns to their State Senators, and House Representatives about proposed legislation. By coming together like this Realtors have been able to prevent the passage of legislation that would have negatively affected Buyers and Sellers. This year as in the past there is legislation that is being proposed (5 comments)
FHA Appraisals - 03/25/09 03:58 PM
It has been a little over three years since FHA made changes to their appraisal process. It is hard to believe that it has been that long, but it is even harder to believe how many people in this Industry are still not aware of those changes. In January of 2006 FHA finally listened, and made major change to their appraisal requirements, these changes removed many of the obstacles that use to have us all running around trying to correct in the past. With these changes FHA moved significantly closer to being on par with conventional appraisals. When these changes were (65 comments)
Spring Fresh ................. Business Resolution. - 03/24/09 01:19 PM
Sally Cheeseman's latest contest for the "POSITIVE ATTITUDE for the Weary Soul" Group, "Spring Cleaning & Fresh Ideas For Changing Times"! got me to do some spring cleaning in coming up with Spring Fresh Ideas by evaluating how I do business. Everyone in sales is always looking for a new idea, marketing tool, website, or product that will reach-out to their client base and generate more referrals and business. I feel that sometimes we spend so much time looking for ways to get more business, that we forget to just stop and ask ourselves one simple little question, "Why Do People Do (30 comments)
Open House Survival Kit - 03/23/09 03:21 PM
A regular part of my weekly routine is to stop by Open Houses on Sunday, on my way home from Church. Saturday evening I plan what Open Houses I will stop at, usually three, and the best route to take. I have been doing this every week since I became a Loan Officer, and it has not only been a great marketing tool, but one that I also really enjoy doing. Many of the business relationships that I have made with Realtors has been a result of doing this. Most of the Open Houses are between 1:00 – 3:00 in the (86 comments)
HUD-1 .................. Closing Customs - 03/22/09 02:54 PM
Connecticut is an Attorney State, which means that Attorneys are the ones that conduct Residential Real Estate Closings. This also means that Attorneys besides preparing the Closing Paperwork are the ones that do the Title Search, take out the Title Policy, and prepare the HUD-1. Here in Middlesex County most Attorneys follow a similar procedure to one another, but when it comes to preparing the HUD-1 and funds needed for Closing, like oil tank adjustments, and special assessments. they do not follow one set procedure. This can be a problem for those of us who try to give our Buyers/Borrowers a (12 comments)
Middlesex County Chamber of Commerce .............. Business After Hours - 03/21/09 01:59 PM
The Middlesex County Chamber of Commerce will be holding their 25th Annual Business After Hours Taste of Downtown & Auction, on Tuesday, March 24 2009, 5:00pm - 8:00pm at the Sons of Italy Hall in Middletown. This is a great event to not only help to raise money for the community by bidding on items that have donated by Chamber members, but to also to taste delicious food from 18 downtown restaurants,and network with others in the community. I have attended this event in the past, and have always had a great time, and made new business connections. So mark you (7 comments)
Credit Scores ............ Increased Importance In The Mortgage Obtaining A Mortgage - 03/20/09 02:45 PM
These days with Lending guidelines tightening as much as they have, and so much emphasis on Credit Scores, it is more important than any other time in recent years to make sure that Credit Scores are as high as they can possibly be. These days Credit Scores are playing a major part on how much money a Borrower will have to come up with at Closing. If the middle Credit Score is under 740, and the Borrower does not have 20% to put down on a house, they will have to pay points. This is not being imposed by Lenders, it (15 comments)
Team Work .......... Relieve the Stress of Buying A House - 03/20/09 02:23 PM
Buying a house can be one of the most stressful experiences that anyone will ever go through. For many this stressful experience is even more stressful, because they are First Time Homebuyers, and have no idea of what to expect. Buyers will stress over: Whether their offer will be accepted or not. Obtaining a loan. Downpayment & Closing Costs. New monthly payment. Home Inspection. Where to obtaining Homeowners Insurance. Selling a house is no piece of cake either, especially these days with all of the inventory out there, Sellers have lots to stress about. Sellers stress about: Whether they will get (41 comments)
VA Mortgage - 03/18/09 12:51 PM
With the number of our young men and women serving overseas in recent years, we once again have a large number new Veteran’s who are eligible for VA Mortgages. Our men and women who have bravely served our country receive very little in return for putting their lives on the line, so that we back home can enjoy the freedoms that we have been blessed with. Aside from the pride of knowing that they are protecting our freedom, and hoping to extend the same to others around the world, there is very little else that they return back home with. A (17 comments)
New Proposed Appraisal Regulations ............ "Home Valuation Code of Conduct" - 03/17/09 02:51 PM
On May 1, a new code of conduct, the "Home Valuation Code of Conduct" (HVCC) is scheduled to be implemented for loans purchased by Fannie Mae and Freddie Mac. The objective behind this new regulation is to prohibit Loan Officers, Brokers, and any one else that has a vested interest in the approval of a mortgage loan, from being able to order appraisals or influence the choice of Appraiser. There have been several reports in recent years of Loan Officers, and Brokers, and yes even Realtors, who have teamed up with Appraisers, or have tried to influence Appraisers in the evaluation (18 comments)
Thank You ActiveRain For The New Re-Blog Button!!! - 03/16/09 01:20 PM
I have not seen a Post from ActiveRain announcing this latest change that I just noticed. We now have a New and Improved "Re-blog Button". Under the new button you will now see little green dot(s) if your blog has been re-blogged, instead of a number that use to appear to the right of it before. Whenever anyone previously re-blogged one of my posts, I was always left wonder who had re-blogged it. Sometimes the person would tell me that they were re-blogging me, but most of the time I was left wondering. Well the brain trust at ActiveRain has (18 comments)
My Favorite Day of the Week - 03/14/09 05:35 PM
Tomorrow is my favorite day of the week for several reasons. It is a day of Worship and for giving thanks for everything I have been blessed with. These days with everything that is going on in the Real Estate and the Mortgage Industry, we need to be particularly thankful that we are not one of the ones that have had to seek other type of employment. Sunday is a day of peace, a day to recharge and to get ready for the week ahead. Even though I do Open Houses on Sunday, it is only for a couple of hours, (17 comments)
DPA's ............... Not A Good Idea - 03/13/09 02:21 PM
As you know, AmeriDream, Nehemiah and other Down Payment Assistance programs (DPA's) were eliminated October 1, 2008. FHA had been trying to eliminate these programs for years, and they were heavily opposed not only by the organizations that provided this service, but also by many Brokers and Loan Officers who made a very good living as a result of their Borrowers utilizing the DPA's. The two sides went at it pretty hot and heavy but when the smoke cleared and Bill H.R. 3221 was past, FHA came out on the winning side. The merit of DPA's has been blogged about here (11 comments)
Who Needs Comedians When We Have Loan Regulations. - 03/12/09 02:11 PM
I was pre-qualify a borrower for a FHA Loan yesterday, and they asked me about the use of border income. I rarely come across this so I pulled out the FHA Guideline Book to see what the regulations were on this. It took me to Section 203.13 Rental Income, and in the third paragraph titled Roommates/Borders I found my answer. As I began to read the regulation I broke out laughing. Here is what it states: "Roommates/Boarders. Income from roommates in a single-family property to be occupied as the borrower's primary residence is not acceptable. Rental income from boarders is acceptable (23 comments)
Obama Plan ............... New Refinancing Program. - 03/11/09 03:52 PM
Yesterday I wrote the first of two parts on the Homeowner Affordability & Stability plan that was released by the Obama administration on Wed March 4th. Which contained two major parts they hoped would have an impact on assisting homeowners with troubled mortgage. The first part of the plan which I blogged about yesterday is a modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure. The second part of the plan which I am blogging about today, a refinance program for existing Fannie Mae or Freddie Mac loans. As I stated (32 comments)
Obama Plan ............... New Loan Modification Program - 03/10/09 04:45 PM
The Homeowner Affordability & Stability plan was released by the Obama administration on Wed March 4th. There were two major parts of this plan that affect the Mortgage Industry. The first part of the plan is a modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure. The second part of the plan is a refinance program for existing Fannie Mae or Freddie Mac loans. While our Executive Vice President at McCue Mortgage, Kim Neilson and others are still assessing the details of the Fannie Mae/Freddie Mac plan to determine our next (103 comments)
FHA New Loan Limits Accepted With McCue Mortgage. - 03/09/09 02:50 PM
On February 25th as a result of the new stimulus package FHA announced their new high loan limits in their Mortgagee letter 2009-07. The new loan limits were the same as the 2008 TEMPORARY LIMITS. I say TEMPORARY because these limits will only be in effect until December 31, 2009, unless FHA extends them. I wrote a blog the next day "FHA New TEMPORARY Loan Limits 2009" announcing this. But I also stated in that blog that just because FHA was implementing these new loan limits, it did not mean that Lenders were going to be able to lend up to (7 comments)
Debt-To-Income Ratios ................. Changing In The Right Direction. - 03/08/09 07:03 PM
There have been a lot of changes going on in the Mortgage Industry, most of them in my opinion have been more for the benefit of the major organizations that back the majority of all Mortgage Loans, and not the Borrower. But one change that has been implemented that I feel benefits Borrower in making better purchasing decisions, is a return to tighter Debt-To-Income Ratios. Many years ago Underwriters used to follow a hard set rule that ratios would be no more than 28/36. But with the implementation of Automated Underwriting (DU & LP), this guideline changed and ratios went through (16 comments)
Congratulations Middletown Wrestling Team - 03/07/09 01:25 PM
CONGRATULATIONS to the Middletown High School Wrestling Team. In what was supposed to be a rebuilding year after having graduated 12 of its 14 varsity wrestlers, the team really stepped up and achieved beyond expectations. The graduating wrestlers left big shoes to fill, having won Conference for the past 3 years, and were State Class L Wrestling Champions for the last 2 years. Coach Mark Fong, and assistant coach Brandon Souto (my youngest son) knew that this year’s team had great potential, but were expecting a down year while they gained experience. Middletown has a tough wrestling schedule in which they (9 comments)
As I stated in my previous blog, last week I posted a blog updating some of the changes to Connecticut Housing Finance Authority (CHFA) since my previous post. This post covered most of the requirements for CHFA Loans as well as additional programs that they have. The danger, as I stated before, of writing a post like this is that it covers so much, that it is very easy to miss some very important points that most do not know, or have a misconception about. The reason why I included so much in that blog is because I wanted (6 comments)
Last week I posted a blog updating some of the changes to Connecticut Housing Finance Authority (CHFA) since my previous post. This post covered most of the requirements for CHFA Loans as well as additional programs that they have. The danger of writing a post like this is that it covers so much, that it is very easy to miss some very important points that most do not know, or have a misconception about. The reason why I included so much in that blog is because I wanted a blog that (12 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.