mortgage: Keep It Super Simple - Mortgage Grammar 101 - 05/13/09 11:18 PM
Keep It Super Simple K.I.S.S
Sometimes we get caught up in our craft that we tend to forget our clients are not familiar with our short jargon or abbreviated sayings.
Nobody wants to feel they are being talked downed to making them feel dumb or clueless on the words … (5 comments)
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mortgage: No Equity? Bad Credit? Refinance FHA Streamline Your Mortgage - 05/04/09 11:53 PM
Don't Be Quick To Turndown a Loan
Just last week a client was referred to me by reading one of my blog posts. The reason he was searching for a local lender is because he tried to get approved in refinancing his mortgage from an 8% rate. The lender … (5 comments)
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mortgage: Congratulations David Stevens on being appointed as the NEW FHA commissioner for HUD!! - 03/24/09 01:08 PM
David H. Stevens
It gives me great pleasure to congratulate David Stevens on his recent appointment from President Obama to head up the FHA Administration. (Washington Post Article)
Even though its not official until the Senate approves the final vote, I am very excited because of Two reasons.
1st of … (5 comments)
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mortgage: FHA Down Payment Assistance Program Alternatives - 10/23/08 08:10 PM
The Bad News…DAPS Going Away The Housing and Economic Recovery Act of 2008 eliminates seller-funded down payment assistance programs (DAPs) as an acceptable source of funds for FHA loans for all lenders. Officially, the Act eliminates seller-funded DAPs on FHA loans with final credit approval issued to the borrower … (30 comments)
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mortgage: FHA Removes Rental Income Because Of "Buy and Bail" Scams - 09/23/08 10:38 PM
Effective for all FHA case numbers assigned on and after September 19th 2008 to further notice.
A Borrower cannot use rental income to offset the payment on their departure residence without very specific and narrow exceptions.
The old guidelines when someone wanted to rent their current residence out to … (11 comments)
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mortgage: Microsoft Helps Turn A Negative Into A Positive - 09/21/08 11:56 PM
For the past couple of years, Apple has been aggressively advertising Macintosh's Brand as young, hip and trendy with the famous Im a Mac vs Im a PC ads.
I don't know what happened with Microsoft over the years they just stood there taking a beating from Apple with … (58 comments)
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mortgage: Bank Of America Gets Even Bigger With Merrill Lynch - 09/15/08 12:53 AM
September 15 2008 Bank of America Announced buyout of Merrill Lynch & Co., inc. for $50 Billion Dollars! [Article]
Merrill Lynch a 94 year old company seemed strong for a long time until recently of talk of the company losing money and ground in Wall Street.
The buyout deal … (11 comments)
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mortgage: Oct 1st Flat Fee for Upfront Mortgage Insurance Premiums - 09/13/08 11:48 PM
As a reminder the new change from Department of Housing and Urban Development (HUD), the upfront mortgage insurance premiums (UFMIP) on Federal Housing Administration (FHA) loans will revert back to a flat fee, effective with case numbers assigned on or after Oct. 1 2008.Upfront MIP factors effective with case numbers … (2 comments)
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mortgage: First Time Home Buyer Overview and Quick Tips - 09/10/08 02:01 AM
There are some great benefits in being a First Time Home buyer but what exactly defines a First Time Home Buyer and what are the benefits you may ask?
A First Time Home Buyer is considered an applicant who has not have held an ownership interest in a … (6 comments)
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mortgage: VHDA 103% Financing FHA Plus Loan - 09/10/08 12:58 AM
VHDA is Virginia's State Finance Company which more can be found here in my previous blog.
With the Down Payment Assistance programs being eliminated here shortly, there are very few true 100% loan programs out there.
There is hope though, VHDA has a loan program called FHA PLUS which … (4 comments)
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mortgage: VA Mortgage Quick Tip: BAH and BAS Income - 09/05/08 11:34 PM
Military Mortgage Progam - VA Loan Quick Tip
When calculating income used to qualify for a VA Mortgage, make sure you are working with a Mortgage Expert that can analyze your income correctly.
Many mortgage professionals fail to calculate the correct income on LES Statements.
A LES statement is … (11 comments)
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mortgage: Appreciate Your Blogs Before Its Too Late - 08/26/08 10:51 PM
This is a Re-Blog so to speak to provide additional awareness and promote blogger rights.
The Blog in reference is from Tina Merrit's Blog "A Sad Story of A Wonderful Blogger"
Naoma is actually a real good friend of mine who I met when I first started in the … (18 comments)
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mortgage: Its not FHA - Its VHDA: The FHA Alternative in Virginia. - 08/14/08 10:50 PM
What is VHDA?
VHDA stands for Virginia Housing Development Authority. Its Virginia's Mortgage Finance Agency. Most every state has their own Finance Agency.
Mission?
VHDA was created in 1972 by the General Assembly of Virginia to help overcome barriers to affordable housing.
VHDA is not for everyone. The … (8 comments)
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mortgage: The Waiting Game Simplified - 08/12/08 11:02 PM
We all hear the lines "Now is the time to buy" "Lock in rates now" "Hurry up, Take Advantage now"
These liners all have the same point in which to bring in a sense of urgency but we do we know the whole picture why its a bad idea to … (13 comments)
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mortgage: FHA Quick Savings Tip Regarding Increased MIP Change - 07/31/08 11:19 PM
Risk Based Mortgage Insurance Premiums
July 14 2008 FHA implemented a new system for the Mortgage Insurance Premiums.
FHA Premiums has been normally 1.5% and have now increased up to 2.25% based on credit worthiness.
Money Saving Tip
There is a way to avoid paying the max tier … (2 comments)
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mortgage: Positive Spin on Down Payment Assistance Programs Gloom - 07/29/08 07:56 PM
Hud has been playing the Grim Reaper on the Down Payment Assistance Programs lately.
As most are aware the Down Payment Assistance Programs has helped many homeowners in the past acquiring down payment assistance for government loans that required a minimum of 3% down.
Recently HUD has made … (16 comments)
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mortgage: Tax Incentive For First Time Home Buyers - 07/28/08 10:17 PM
Great News - Great News - Great News
A new incentive passed by the Housing and Economic Recovery Act of 2008 allows First Time Home Buyers to receive a $7,500 Tax Credit from the purchase of their new home.
From June 1st 2008 - June 1st 2009 will be … (6 comments)
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mortgage: Being Consistent - 07/23/08 08:17 PM
Consistency and practicing your core fundamentals is a strong trait to have.
Many times especially in this business professionals tend to become cumbersome in following through a complete transaction process and tend to find shortcuts or alternatives in doing their job.
I have had recently came across golden opportunities … (6 comments)
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mortgage: FHA 203k Streamline vs 203k Full Renovation - 06/13/08 10:57 PM
Renovation Lending
The main concept behind these loans a.k.a Rehab, Renovation, 203k and Home Improvement loans is quite simple, clients who wants to finance the costs of home improvements through the mortgage for a purchase or refinance.
Financing the costs of the home improvements through the mortgage can be cheaper than … (14 comments)
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mortgage: Returning Phone Calls Spells Success - 06/07/08 11:50 AM
I just had an interesting week of coming across misfortunes of clients who had explained to me that the effort in their Mortgage Broker / Loan Officer getting back in touch with them or even to touch base was unbelievable.
I know we are not at a time where … (9 comments)
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