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va: Second Mortgage Won't Accept The First's Approval - 05/06/11 09:48 AM
I am currently representing a Buyer client on the purchase of a Short Sale. The Seller's first mortgage is a Fannie Mae backed loan with Wells Fargo. The second is with US Bank. This is a traditional short sale, not HAFA.
Wells Fargo has issued their approval, with no Seller contribution at closing or promissory note. They have allocated 10% to the second mortgage, per their investor guidelines, and will permit no more - to the exclusion of additional funds/promissory notes from the Seller or the Buyer that those parties would be willing to bring to the closing table. US … (14 comments)
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va: Utilities are Not Required to be on for a VA Appraisal - 12/16/10 11:41 PM
VA Appraisals and Utilities Update: According to VA Denver, the utilities, furnace, water heater, etc do not need to be on for a VA appraiser to complete the appraisal. Most lenders/underwriters, such as those at Wells Fargo and KeyBank, agree that they only require the property to meet VA guidelines, and do not have additional lending/underwriting layering. The appraiser is only required to note deficiencies if there is an obvious problem ie a red tagged furnace. This is great news if you happen to be working with a VA buyer on the purchase of a foreclosed or short sale home, especially … (12 comments)
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va: VA Appraisals and the "Reasonable Person" Theory - 12/15/10 08:45 PM
I have always been under the impression that the utilities must be on and the furnace, water heater, etc must be in operating condition when a VA appraiser appraises a home. Apparently, that isn't the case. It is true for FHA appraisals, but not VA. This morning, I received a telephone call from a VA appraiser to schedule an appointment to get in to one of my (approved) short sale listings. I told him that the home was vacant, but that the seller had made arrangements with the utility companies to have utilities all on the previous week, for the buyer's … (9 comments)
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va: FHA/VA Rates Jump - 11/17/10 04:26 PM
For over a month, FHA and VA 30-year fixed mortgage rates have steadfastly held at 4%. Those rates have jumped to 4.25%, most likely as fall out over the Fed's $600 Billion Monetary Stimulus Plan initiated the day after the mid-term elections on Nov 2nd. As a VA buyer who purchased my first home back in the early '80's when the "discounted" VA rate was 12%, and getting ready to refinance my current VA loan at at a 3% 5/1 ARM, I believe that a 4.25% 30-year fixed rate is still kinda sorta really good :-) … (7 comments)
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va: Veteran Homeowners VA Loan Foreclosure Prevention Handbook - 12/12/09 03:45 PM
As a CDPE® serving the communities surrounding Hill AFB UT, I compiled this handbook to aid my active duty, prior service and retired military clients understand their options to overcome obstacles created by the current mortgage and housing crisis. Click Here for a copy of my handbook. Although the primary subject matter relates to Foreclosure Prevention, there is also guidance on how to take advantage of the military benefits of the 2009 ARRA American Recovery & Reinvestment Act (original and enhanced). In particular is the Extended Dept. of Defense HAP Homeowners Assistance Program which provides relief in the event deployment or … (2 comments)
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Kim Novak, REALTOR®
Layton,
UT
More about me…
RE/MAX Masters
Address: 3636 N 2900 E, Layton, UT, 84040
Office Phone: (800) 977-7835
Cell Phone: (801) 726-1443
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