jim cunningham: Jim's Soap Box June 2010 - 06/04/10 06:00 PM
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jim cunningham: Jim's Soap Box August 2009 - 09/01/09 06:14 PM
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jim cunningham: Jim's Soap Box (June 09) - 06/18/09 07:11 PM
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jim cunningham: Jim's Soap Box April 2009 - 06/17/09 12:51 PM
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jim cunningham: Jim's Soapbox (November 08) - 11/25/08 12:43 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - November 08)
GOOD NEWS - A handful of my prayers were answered today as rates plummeted into the mid 5's. It is the largest single day reduction in rates I have seen in the last 20 years. The refinance mini-boom I was predicting in September may have arrived this morning with the Feds public commitment to infuse another $800 billion into residential lending organizations.
The goal of my newsletter is to provide educational material mixed with Jim's unsolicited yet fascinating opinion on the Arizona housing market and real estate ownership in general. If … (0 comments)
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jim cunningham: Jim's Soapbox (September 2008) - 10/28/08 07:05 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - September 08)
GOOD NEWS - It looks like the real estate market has taken another big step in the right direction. The rates on conforming loans have dropped significantly since last week, and many people will be able to take advantage. This rate drop should continue to increase Purchase volume and begin a potential Refinance mini-boom.
The goal of my newsletter is to provide educational material mixed with Jim's unsolicited yet fascinating opinion on the Arizona housing market and real estate ownership in general. If you would like me to address a specific … (0 comments)
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jim cunningham: Jim's Soapbox (October 08) - 10/27/08 06:14 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - October 08)
THE GOOD NEWS - New home sales rose 2.7% Nationwide in September - according to the Associated Press. This came as a surprise to many who thought it was going to drop again after an awful August where new home sales dropped 12%. This bounce-back of volume did not really shock me but the reason I mention this to you is that the West was the driving force in September sales. Here is the breakdown of that National average by region.
West +22.7%
South +0.7%
Midwest - … (0 comments)
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jim cunningham: Fannie Mae, Freddie Mac & Government: What it means to you in the short term - 09/09/08 01:19 PM
In case you haven't heard yet, the Federal Government took control of Fannie Mae & Freddie Mac over this last weekend. This means (among other things) that all changes to their loan programs will have to go through congress now. The potential long term effects of this Government intervention are still uncertain, however, the short term effects have been amazing. RATES ARE LOWER.
30 year rates have fallen about .5% in the last 24 Hours. Good borrowers can get a 30 year rate at 5.875% (without a buy down) as of 6:00 this morning. This is good news for people currently … (1 comments)
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jim cunningham: Worst underwriting experience ever... - 08/27/08 06:13 PM
I am writing this blog with the intent of warning all other Loan Officers to avoid the following lender unless you want to waste a lot of time and effort. If you like using the combination of logic and communication when dealing with underwriters please do not submit files here.
I recently submitted a file to Washington Federal Savings (Jumbo Cash Out to 90% Full doc). I admit this product looks sexy, because not many places have it. This is the main reason I pursued this lender.
Long story short - I submitted the file and it was declined after 3 weeks (at the … (4 comments)
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jim cunningham: Jim's Soapbox (August 08 Newsletter) - 08/20/08 05:53 PM
The goal of my newsletter is to provide educational material mixed with Jim's unsolicited yet fascinating opinion on the Arizona housing market and real estate ownership in general. If you would like me to address a specific topic in the future, please email it to me and I will respond in the following newsletter.
First off, I would like to proudly announce that July was a great step in the right direction for both me and the mortgage industry here in Arizona. The amount of Purchase Contracts that crossed my desk doubled in July, and I even had a couple of … (0 comments)
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jim cunningham: Jim's Soapbox (July 08 Newsletter) - 08/20/08 05:45 PM
The goal of my newsletter is to provide educational material mixed with Jim's unsolicited yet fascinating opinion on the Arizona housing market and real estate ownership in general. If you would like me to address a specific topic in the future, please email it to me and I will respond in the following newsletter.
Bank Owned Property & Short Sale Property
The majority of purchases I have seen in the last 9 months are primarily buyers who are looking at either Bank Owned properties or homes that are being sold "short" to avoid foreclosure. There are simply not that … (0 comments)
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jim cunningham: 100% FHA Financing Still Alive & Kicking - 08/11/08 03:50 PM
Things are currently changing at a record pace within the mortgage industry. Loan guidelines, programs, and parameters are changing on a weekly basis. Some of the changes have been for the better here in Arizona, but many have been more restrictive to the first time home buyer and real estate investor. I am happy to inform you as of this very moment (8/11/08) 100% financing is still alive and well for borrowers who qualify.
FHA purchases are designed to have a 3% down payment. For years there have been institutions that will "assist" borrowers who need help with the 3% down. … (3 comments)
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jim cunningham: Should I buy a house or rent one? - 08/01/08 04:52 PM
This is an excellent question to ask yourself before taking action. Despite the economy being sluggish, and fuel prices skyrocketing, the old rules of thumb are still accurate. Here are a few questions to address before you change your address.
•· Can I afford the monthly payments?
Keeping your housing payment to 35% of your monthly gross income is a conservative target. If your potential mortgage payment is significantly higher than 35% you should probably rent a little longer until you identify cheaper housing, or increase your income.
•· Can I afford a down payment?
The availability of 100% (no money … (0 comments)
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jim cunningham: How do I check my Credit Report? - 07/23/08 05:38 PM
Here is a little advice for anyone looking to get a copy of the credit report before they start the whole application process.
There are many ways to get your hands on a credit report today. But like many things in life, you get what you pay for. There are three major credit reporting bureaus and all three of them are relevant in the mortgage industry; Experian, Equifax, and Transunion. All three of these bureaus can be found on the internet and all three of them will allow you to request a free copy of your credit report.
•· experian.com
•· … (4 comments)
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jim cunningham: What is a LSR? - 07/23/08 01:27 PM
I have had several inquiries as to the function of a LSR - so here goes...
LSR is an acronym for Loan Status Report. After an application is taken by a lender, and they perform their due diligence to approve you in good faith, you get a Loan Status Report. This document states that you have consulted with a lender and you are pre-approved to purchase a house. The letter will have a maximum dollar value on it indicating how much money you have been approved for. It will also indicate what kind of financing you are approved for and the … (7 comments)
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jim cunningham: Jim's Soapbox (June 08 Newsletter) - 06/25/08 06:25 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - June 08)
You may have heard recently that this is a great time to purchase investment property. One reason for this is because you can now "cash flow" them again. That sounds like a pretty good idea, but what does that really translate into? What really makes this a better time to buy and hold investment property rather than 18 months ago?
I would like to give you a brief overview on the two major concepts of making money on investment property, and why it is a perfect time to acquire and hold an … (1 comments)
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jim cunningham: What can I expect during a purchase? - 06/12/08 11:13 AM
What can I expect during a purchase?
Something that is often overlooked within the home loan industry is the education of the client in the steps of doing business together. As the borrower, you should want know what the process is, and what to expect from your loan officer. This is a basic account of the events that take place during a purchase transaction when you are dealing with me.
First Contact - Every loan starts somewhere, and in the technology age it is usually a phone call or an email. Occasionally, it still happens when I meet someone in … (0 comments)
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jim cunningham: Don't give lender's your Credit Card - a true story - 05/28/08 08:21 PM
In any industry you are going to experience good and bad representatives within that industry. Be it an accountant, a mechanic, or a bartender - there are great ones and there are very poor ones. The lending industry is no different. I need to share a true story I heard from a perspective client an hour ago.
I got a just call from a woman named Tanya who lives in Georgia. She found my name & number on Google from an old Active Rain blog I posted in Nov 07. (Active Rain Really Works) Anyway, she wanted my opinion on her recent phone call with Quicken Loans.
Apparently, she … (6 comments)
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jim cunningham: Rural Housing in Arizona Group - 05/14/08 07:10 PM
I have seen some impressive activity on Blogs I have posted over the last few weeks regarding the RHS 102% Rural Housing Program. If Rural Housing (in the state of Arizona) is of interest to you, I would like to invite you to join a group the specializes in the topic.
You can go to the groups screen and find us under Rural Housing in Arizona. Not a very original name - but you at leats know what we are about. I would like to simply send you a link to join but I have not mastered that part of the Active Rain interface. You can find both the guidelines for the … (0 comments)
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jim cunningham: Rural Housing Update on Pools - 05/14/08 05:47 PM
The RHS Rural Housing Program has provided a fantastic product for people purchasing a new primary residence for years. One of the few regulations of the program I have found disappointing, has been the inability for the property to have an in-ground pool and be still be considered Rural. Knowing that this is a National loan program, I am confident that they did not consider the number of rural properties on the outskirts of Metro Phoenix and Metro Tucson that have pools, when they wrote that rule.
Recently, I heard that you can ask for an exception from the RHS to … (0 comments)
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