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loans: The 4 Things you Need to Get Approved for a Mortgage!!!! - 09/13/10 09:06 AM
I wish it were that easy. There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage. Each category has so many what ifs and sub plots that each box can read as it's own novel. In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you're pretty much dead in the water:
Income You need income. You need to be able to … (64 comments)
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loans: After you apply for a mortgage.....Don't move til after close! - 07/08/10 10:49 AM
Here's the deal Your credit will be re-pulled prior to closing! Book it! Bank on it! Expect it! Last month we had about 1500 closings and two issues came up prior to closing. One person had new credit because of a recent purchase and the other person had just "looked" into obtaining credit. The real issue is this. Don't do anything once you've applied for a loan. After you've gone to closing,
then you can go purchase items til they come through your wazoo, but until then....
Fogettaboutit! Recently, I've seen companies getting bit in the butt by this new rule. … (63 comments)
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loans: USDA has approved more funding. - 05/11/10 03:48 PM
This just in. The United States Department of Agriculture has approved funding of conditional committments after the current amounts are exhausted. Breaking new for sure.
The Condition? It's:
1) Subject to the availability of funds; and
2) A congressional authority to charge 3.5% guarantee fee; and
3) The ability to charge 2.25% guarantee fee for refinances;
Lenders can process new loan applications and close loans during this time. The big rub is that lenders are holding the paper until the new funds are issued. In the event that funds don't get issued by the government, the lender may be stuck holding … (4 comments)
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loans: Fannie Announces New Loan Limits - 11/16/09 11:35 AM
Fannie Mae has issued Announcement 09-34, Confirmation of Conventional Loan Limits for 2010, to provide notification of our 2010 conforming loan limits. As in 2009, both the general loan limits and the high-cost area loan limits are provided by our regulator, the Federal Housing Finance Agency (FHFA).
There will be no changes to the general loan limits or the high-cost area limits for loans originated in 2010.
2010 Conforming Loan Limits (maximum original principal balance for first liens)
*The chart indicates the maximum loan limit for high-cost areas - note that each geographic area has its own specific high-cost area … (3 comments)
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loans: FHA...the time to act is now! - 09/03/08 10:26 AM
FHA mortgages are the best thing out there. Now representing over 40% of the market in this economy, this once dinasour of a program that was thought to be near extinction is now the buzz for most home buyers. What does FHA give you as a homebuyer?
1) The loan is assumable. If you want to, when you sell your home, you can get your mortgage to be assumed by future homebuyers. If rates climb to 9% and the rate your in is 6.5%, you can have your mortgage be assumed by a future homebuyer;
2) Gifts are still allowed for … (3 comments)
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loans: Time To Dominate - No Whiners Please - 05/09/08 10:12 AM
Just got back from the awards presentation for our Company headquarters at Cherry Creek Mortgage. A few nice things that I experienced. First, I was able to go to our corporate offices, have drinks with the staff, leaders and heirarchy of Cherry Creek. Later that night they had the awards dinner. After dinner, I picked up my production trophy for taking 5th place nationally for loan origination production. Not too shabby....#5 nationally, but next year, I expect to be in the top 3. I was so close too!!!!!!
The next day we had a meeting for all four of the regional vice … (8 comments)
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loans: Illinois Home Equity 2nd Help - 05/08/08 08:38 AM
Although I really know my stuff (ha, ha), I am looking for a tough situation here. I have a borrower who wants to refinance a jumbo high rise condo downtown in chicago. Oh yeah, it's a second home and a high rise. At least it's a full doc loan, but, I'm looking for a 2nd mortgage company. I have a first mortgage approval, but the "end lender" on the home equity loan said that they don't like the scenario. Low DTI, great FICO. Since I really hate home equity 2nds, I don't delve into that foray too often. Having said that, … (2 comments)
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loans: New FHA loan limits. Kane County is now $410,000!!!! - 03/06/08 09:44 PM
The results of the economic stimulus package is here. FHA has been debating over the last two weeks to determine if and what the new limits will be. Well....after much adieu, FHA today, announced that it has raised new loan limits in Kane County to $410,000. This is huge. However, in a lagging move, FHA will be placing price hits on the loans that never existed in the past. The bottom line is that FHA has drastically increased the loan limits in the Chicago collar counties as well as in Kane County. Great news for all.
… (2 comments)
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loans: Record Month...well not quite, but pretty awesome anyway! - 12/03/07 01:17 PM
This month I'll close about $5,000,000 in real estate transactions. Pretty awesome if you ask me. But let's be honest, it's been brutal out there. Many of the competitors have closed their doors and many individuals have left the business. Interesting to see who is week and who becomes strong in this environment. I, too, have experienced just a frenetic sine wave over the last few months. Good days, bad days, good weeks, bad weeks. Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community. Nevertheless, the payoff is now. I … (8 comments)
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loans: Record Month...well not quite, but pretty awesome anyway! - 12/03/07 01:17 PM
This month I'll close about $5,000,000 in real estate transactions. Pretty awesome if you ask me. But let's be honest, it's been brutal out there. Many of the competitors have closed their doors and many individuals have left the business. Interesting to see who is week and who becomes strong in this environment. I, too, have experienced just a frenetic sine wave over the last few months. Good days, bad days, good weeks, bad weeks. Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community. Nevertheless, the payoff is now. I … (2 comments)
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loans: Record Month...well not quite, but pretty awesome anyway! - 12/03/07 01:17 PM
This month I'll close about $5,000,000 in real estate transactions. Pretty awesome if you ask me. But let's be honest, it's been brutal out there. Many of the competitors have closed their doors and many individuals have left the business. Interesting to see who is week and who becomes strong in this environment. I, too, have experienced just a frenetic sine wave over the last few months. Good days, bad days, good weeks, bad weeks. Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community. Nevertheless, the payoff is now. I … (0 comments)
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loans: Staying Motivated - 10/01/07 11:53 PM
What do you do to stay motivated? I have a few activities that I do to hopefully.....keepme focused and motivated. Primarily the things I do are as follows:
1) Read the Bible - Need this daily. I love the quote...you are what you eat. If you eat crap, you become crap. When I'm away from the word...bad things happen. When I force feed myself....I am pumped up and focused and keep my mind on the things that are important to me. This keeps me focused, on task and fresh.
2) Working out - I work out almost daily....at least 5 times a week. … (10 comments)
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loans: Outrageous Closing #3 - 09/15/07 09:51 PM
OK....here's the grand finale....Just this year there was a closing at Chicago Title where the sellers were at closing. Husband tells wife, after they get the proceeds check, to hang tight and he'll go get the moving van that had been loaded up and then he'll come by and pick her up for their trip to Arizona. She says fine, and that she'll finish up and wait for him to get the truck.
Husband goes and picks up moving truck with furniture and takes proceeds check with him. He NEVER CALLS....NEVER STOPS BY...JUST VANISHES. Wife waits, then calls, but still no answer. … (9 comments)
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loans: Outrageous Closing #2 - 09/15/07 09:35 PM
When I first became and attorney and BEFORE I became a lender, someone at Chicato Title told me this incredibly outrageous story. I checked out the story and it was validated, but this is insane. Man and wife come to closing to sell their home at Chicago Title. They go and sell their home. They take proceeds and leave town. One week later the wife, THE REAL WIFE, returns as a business executive from Europe and goes home. Turns out that the key won't open the door. LONG STORY SHORT....
Wife comes home and can't get in her home. Turns out wife was in … (8 comments)
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loans: Outrageous Closing - 09/14/07 10:37 PM
Had a closing the other day. The borrower negotiated 2.5 points for a temporary buydown. The seller was to pay that 2.5 points at closing. Illinois is an attorney state. In other words, closings have attorneys representing both sides. I really believe that each state should have attorneys on both sides. However, even attorneys can drop the ball sometimes.
This closing, the seller owed the buyer over $5,000 credit at closing irrespective of any other seller credits. Anyway, the borrower brought a driver's license that had expired. If the license was recently expired, that wouldn't be a problem. It would be … (15 comments)
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loans: United State Department of Agriculture (USDA Loans) - 09/14/07 10:17 PM
Check out www.rurdev.usda.gov. The United States Government started a great FHA parallel that allows loans for housing in rural areas. This website shows the exact areas that the rural housing development loans can be permitted. This can be such a great and powerful tool. You'd be surprised at some areas that are classified as RURAL. In other words, just because there is a higher population, it doesn't mean that it these loans are available. They are really powerful loans. Great for first time home buyers and very much FHA - like guidelines. If you want more info, then look at the … (0 comments)
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loans: Wow...powerful tool for integrous lenders....OFFER ANGEL - 08/08/07 08:08 AM
Today, at our loan officer meeting, we had a great visit from Megan Burns. She is a principal and CEO of Offer Angels. She is on AR. I never knew her, spoke with her, or met her until she came to our office today. She has a program that is free that allows your clients to compare your mortgage loan with your competitors by comparing APPLES TO APPLES. Not apples to oranges...
You see....most lenders fight each other with scripts or by dropping 3rd party charges and borrowers end up just selecting the lower rate. Actually the lower rate MAY BE … (18 comments)
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loans: Subprime going down the toilet....Don't flush away your revenues - 06/28/07 08:24 AM
Tired of all of your subprime loans going down the tube? Too many crappy deals? Don't flush your deals away.......Seek FHA as a viable alternative
-Can have a 30 year rate discounted 1, 2 or 3 percent for up to the first 3 years-HUGE!!!!!
-95% Cash out refinances
-FHA says no minimum credit score required and ....the lack of credit is not a reason to deny a borrower (thanks Brian Schulman)
-Allows people who won't occupy the property to co-sign as well
-Fixed rates as well as arms
-Don't need any cash investment into the property from borrower
-100% of downpayment can come in form of gift.
-Low mortgage … (13 comments)
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loans: Foreclosures not as prevalent as we're led to believe - 06/21/07 02:49 PM
On Tuesday RealtyTrac released some pretty scary numbers relating to foreclosures. According to its data, RealtyTrac said, more than 176,000 people got foreclosure notices in May, an increase of 90 percent since the same month one year ago and the highest figure ever recorded in their monthly report.
The bad news made all of the network newscasts but we have always been a little leery of this particular source because RealtyTrac basically sells information on individual foreclosures to those interested in investing in the product. Information to non-subscribers on their website is limited. Nothing wrong with that; we would just like to … (5 comments)
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loans: Commercial Loans - 06/08/07 11:29 AM
Looking for an outlet for commercial loans? We'll consider any real estate loan. We're entertaining projects from a couple of hundred thousand dollars to three to four billion dollars. If the project is right, we'll take a great look at it. We'll go anywhere nationally. Just give a call.....let's do something fun.
… (0 comments)
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Larry Bettag Illinois FHA Specialist
Saint Charles,
IL
More about me…
Larry Bettag - Cherry Creek Mortgage
Address: 40W310 LaFox Road, Saint Charles, IL, 60175
Office Phone: (630) 524-9677
Cell Phone: (630) 417-7172
Email Me
1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.” ( John 14:1-4, New King James Version)
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