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real estate financing: 3.5% Closing Credit from Fannie Mae - 04/20/11 11:16 PM
An early Easter present has been announced by FannieMae who in an effort to stabilize communities through the speedy resale of Fannie Mae owned homes is providing buyers with a 3.5% credit towards closing costs. This extra credit is being offered on Fannie Mae "HomePath Properties". The HomePath loan also available for borrowers to use in the purchase of these homes includes an additional "no appraisal" required benefit and a 3 to 5% down payment. The 5% can be a gift. The "catch" on the closing credit is that the contract needs to be written AFTER April 11th 2011 and escrow MUST close by June … (3 comments)
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real estate financing: Eight Things IRS Wants You to Know about Claiming Your 1st Buyer tax credit - 02/08/11 10:02 PM
If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date of purchase; for a married couple, only one spouse must meet this age requirement. A dependent is not eligible to claim the credit.
Here are eight things the IRS wants you to know about claiming the credit:
1. You must have bought - or entered into a binding contract to buy - a principal residence located … (2 comments)
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real estate financing: Tip #3- Down Payment. (Ten Tips You Should Know Before Buying a Home) - 01/30/11 10:45 PM
You will need a down payment. Down payment requirements vary depending on the loan type. Most conventional loans currently require 10 - 15% down depending on the location of the property. FHA loans require 3.5% down and VA will still allow a veteran to buy with ZERO down payment.
One reason for find a knowledgable lender, especially if you are a first time home buyer, is to be provided with information as to options available for you. Those options could include down payment assistance in the form of a silent 2nd or a grant.
A silent 2nd is a loan that has … (0 comments)
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real estate financing: Tip#2- Marginal Credit; Ten Tips You Should Know Before Buying a Home - 01/25/11 12:03 AM
Contacting a lender prior to house hunting is important for another reason... checking to see if you are credit worthy. The lending industry has tightened up and you want to be sure there are no "quirks" that will stand in your way.
Upon receipt of your loan application one of the first things your lender will do is a thorough credit review. This process consists of more credit than credit scores, although the scores will play a key role. Lenders look at number of open trade lines, payment history and areas such as public records (judgements) and collections.
Typically, buyers with scores over 720 … (2 comments)
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real estate financing: Thinking of Buying a Home? What Should You Know About Financing? - 01/19/11 01:13 AM
Today I'm starting a 10 part series of what you should know before starting the house hunt.
TIP #1. Before you start looking for a home; get pre-qalified for a loan.
Now you say, that sounds "just like a Lender"... Get Pre-qualified"! Yes, but when talk to a real estate professional the same "get pre-qualified" encouragement will be espoused.
There are several reasons to take the time to connect with a lender. You'll want to find someone that is professional and trust worthy. Unfortunately, there are still a few folks that don't take time with their customers. If you are buying your first home it is … (4 comments)
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real estate financing: The 4 "C"s of Credit - 11/15/10 07:44 PM
When we hear the "credit" words such as; credit scores, timely or late payments, and ratings are typically what come to mind. But from a lender's point of view, credit is spelled with 4 "c"s and account for so much more than just scores, ratings or balances.
The 4 "C"s are; Credit History, Capacity to Repay; Cash assets available to close the transaction; and Collateral. Let's get more specific.
Credit history:
Yes, this is where the credit scores are important. Most lenders require a 640 mid credit score in order to move forward with a financing transaction. There are, however, some 1st … (1 comments)
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real estate financing: Don't Own? - Why NOW is a Good Time to Buy - 08/16/10 12:19 PM
Last week while at the grocery store I overheard a couple discuss waiting for a repeat of the 1st Time Home Buyer's Tax Credit before making their home purchase. Fools. Now is a great time to buy a home. Yes, I said home... not house. A house is an investment... a home is where you and your family live... memories are built, the good and bad things in life "happen"... grandma comes to visit ... get the picture? Any way, here are some reasons why you don't want to put off the purchase: 1. Interest rates are at their lowest … (0 comments)
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real estate financing: 10 Costly Home Purchase Traps to Avoid - 04/26/10 03:49 PM
With 30 years combined experience in sales and lending I’d like to touch on the most common traps or trip ups when buying a home.
The Wrong House. So what does the wrong house look like? It could be one that is either too large or too small for your family. It could be that it needs too many repairs and you’re not handy or don’t have the assets to pay for the work. The location may be to far from work or in an area that isn’t safe after dark or has issues with the school. You need to … (0 comments)
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real estate financing: What is a Complete Loan Application? - 04/15/10 12:21 AM
So, what is a complete loan application and why is that important? Over the course of the last few years with the "easy" lending, I have found that folks (including some loan consultants) have gotten lazy when it comes to the loan application. What I mean by that is the application comes in with lots of blanks. A professional loan consultant will take time to review the application with you asking the right questions to provide the Lender's underwriter and ultimately the investor a complete picture. In today's market it is even more important to provide a good picture, thereby increasing the odds of loan approval. … (0 comments)
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real estate financing: Ten Steps to Homeownership - 02/17/10 01:11 AM
Step 1. The Application
The key to the loan process going smoothly is the initial application interview, after receipt of the application by the loan consultant. It is at this time that all pertinent information is obtained and necessary documentation is reviewed so unnecessary problems and delays may be avoided. This is when loan programs best suited to meet the homebuyer's needs are reviewed and discussed.
Step 2. Automated Underwriting
Credit is pulled and reviewed with the homebuyer for accuracy. The application is then "uploaded" to an Automated Underwriting engine. The Artificial intelligence then reviews and analyses details such as income, … (0 comments)
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real estate financing: Federal Home Buyer Tax Credit for Married and Unmarried... IRS Q&A - 02/06/10 02:00 PM
As a lender I am continually asked so many questions about the 1st Time Home buyer tax credit and the Home buyer tax credit. Since I am not a tax advisor it is just best to go directly to the source....
Q. I am a long-time resident (have owned and used my current home as a principal residence for five consecutive years out of the eight-year period ending on the date of purchase of the new residence) but my spouse has lived there for only three years. Can we qualify for the long-time resident homebuyer credit if we purchase a new principal residence?
A. No. Both spouses must … (0 comments)
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real estate financing: This month's bizarre holiday; National Puzzle Day! -What does that have to do with Loans? - 01/19/10 10:31 PM
This month's bizarre holiday; National Puzzle Day!
Puzzles are a favorite pastime for millions of people, young and old; National Puzzle Day honors puzzles of all size, shape and form. Whether you're into crosswords, jigsaws, or even a simple word search - doing puzzles is fun! For some, they enjoy the challenge, for others it's a way to kill time - either way, puzzles keep your mind sharp.
What do puzzles have in common with Real Estate Lending? - Everything!
When a lender receives a loan application - it is like putting together a puzzle. The final loan package submitted to … (2 comments)
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real estate financing: Three Reasons Why Now is the Time to Buy your Home -Reason #3 - 01/14/10 05:06 PM
Have you looked at your paycheck lately? How much are you paying the government? How much of your money goes to Federal and State income taxes? Let's talk about some of the financial reasons you want to own your home.
1. The interest you pay for your mortgage is tax deductable. The property taxes are also tax deductible. what does this mean to you? Let's assume that you are buying a $200,000 house. The interest payment if your rate is 5% on a 30 year loan with 3.5% down payment is roughly $9,650. Average CA property taxes would be about $2,500 … (0 comments)
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real estate financing: Three Reasons to Buy Now ... Reason #2 - 01/12/10 08:22 PM
Three Reasons to Buy Now ... Reason #2
Now is the time to get off the fence. Dawdling home buyers beware... the low interest rates are coming to an end. The Federal Reserve has helped keep rates low through the purchases of mortgage backed securities. But, that program is winding down and will end in April 30th, 2010. "the government is throwing everything at the market, but the kitchen sink," said Peter Schiff, president of Euro Pacific Capital. "It can't prop up the housing markets forever." (with lower rates).
30 year mortgage rates have been in the unheard of 4.375 … (2 comments)
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real estate financing: Rent vs Buy - Now's the Time to Buy... - 11/08/09 10:58 PM
Yes, buying real estate is a big commitment but many times not buying real estate is a bigger mistake. Let's compare the costs of renting a property in today's market versus buying the same property today. First to establish an example. My figures will work with any example, but let's use a home that would rent for $2,000 a month or would sell for $400,000 at 3% down.What would your cost per year be to buy when compared to the $24,000 you would pay in rent? Let's use very oversimplified figures:Interest: 5% on $388,000 = $19,400Property Taxes = $ 4,000Insurance = … (0 comments)
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INGRID PIERSON NMLO#233666 800-530-9421
Roseville,
CA
More about me…
VITEK Mortgage Group
Address: 3 Park Center Circle, Sacramento, CA, 95825
Office Phone: (530) 885-1545
Cell Phone: (916) 709-5626
Email Me
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