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michigan mortgage: HR 5017: The Entire Text is shorter than my last status and it has sat in the Senate for over a month now. - 05/22/10 12:06 AM
Rural Housing Preservation and Stabilization Act of 2010 (Introduced in House) HR 5017 IH 111th CONGRESS 2d Session H. R. 5017 To ensure the availability of loan guarantees for rural homeowners. IN THE HOUSE OF REPRESENTATIVES April 14, 2010 Mr. KANJORSKI (for himself, Mr. HODES, Mr. WILSON of Ohio, Mr. HINOJOSA, and Mr. COURTNEY) introduced the following bill; which was referred to the Committee on Financial Services -------------------------------------------------------------------------------- A BILL To ensure the availability of loan guarantees for rural homeowners. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. … (1 comments)
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michigan mortgage: Well, RD is out of Money...What Now??? - 05/21/10 11:32 PM
Simple! Help us get the program refunded and continue funding independent from appropriations for the life of the program.
How, you ask? Again, Simple but it will take a few moments of your time and a couple of long distance minutes on next month's phone bill.
The bill in question is HR 5017, or S3266. Call Any or Preferrably ALL of the following individuals and DEMAND attention on this important issue. You can also look for my soon coming blog that will provide a form letter that you can send to each of these people via their website, and oh yes...I … (3 comments)
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michigan mortgage: Icon to Continue closing RD loans despite exhausted USDA funding - 05/12/10 11:50 PM
Many of you may have read that the USDA will exhaust funds allocated for the Guaranteed Rural Housing Loan Program some time on Thursday May 12th. In response, Icon Mortgage Lending is pleased to announce that we will continue to close all RD loans just as if it were "business as usual".This announcement comes after months of various unqualified sources disputing over when the USDA in fact would be exhausted of funding. Many had alleged that the Rural Housing Program had already closed its doors as of April 1st.Of course, those that follow the Icon Mortgage Lending blogs and news sourced … (2 comments)
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michigan mortgage: Rural Development Sits Up and Running! - 03/05/10 10:07 PM
Just a quick update for everybody, that our satellite web sites are now up and running.
www.lapeerruralloans.com
www.livingstonruralloans.com
www.brightonruralloans.com
www.howellruralloans.colm
All of these websites are finished and are already gaining a lot of recognition from local buyers. I put these sites together to help potential home buyers find localized information on the Rural Development Loan Program that can help them navigate the loan process.
These sites are all meant to simply be a resource for unbiased information on Rural Housing Loans in each specific area. Any Realtor, Loan Officer, Appraiser, or other helpful related industry that wishes to take part in … (0 comments)
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michigan mortgage: First Time Home Buyer: FHA at a glance - 05/19/09 01:01 PM
First Time Home Buyer: FHA at a glance
The following was a general overview of the FHA loan program and a guide to figure out if this is the loan program for you.
Availability: Available in all areas.
Type of Homes they finance: Most property types. Single Family Properties and Multi-Family Properties will qualify. Site Condos are viewed the same as Attached Condominium Properties and are acceptable if they are approved condominium projects. You can search approved projects here: ******. Manufactured properties are acceptable if they meet individual lender requirements. Modular, Stick-Built, or BOCA-code properties are acceptable. Working … (0 comments)
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michigan mortgage: Michigan Real Estate Purchase: Lending Update - 05/12/09 11:33 AM
So, regardless all of the jibber-jabber out of Washington lending is continuing to tighten. I figured I would write just a general overview of some of the significant changes or non-changes here in my blog in case any of these issues may affect you.
First Time Home Buyers: Most of the news for you is good. So much is aimed at finding you and inspiring you to help get the economy moving again, that your business is still in demand. The current change is that banks are looking for a little more investment on your part to ensure that they are … (0 comments)
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michigan mortgage: (First Time) Home Buyer’s Frequently Asked Questions - 05/08/09 01:02 PM
I will be adding to this list as I go along, but I wanted to start a nice comprehensive FAQ for homebuyers. I put "first time" in parenthesis because really this can apply to anyone buying a home, but this will apply mainly to the questions I get from first time homebuyers.
Q: Why buy instead of rent?
A: Well, pride of ownership and having something that is yours to do with what you want. A home is also a long-term investment for your future. Don't let all of the exploding market talk scare you. Real Estate prices go up and … (0 comments)
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michigan mortgage: First Time Home Buyer: How to Demand Transparency from your Loan Officer - 05/07/09 12:18 PM
There are so many ways for a loan officer to fool you and I have heard them all in my time in the business. Now I bring this knowledge to you in how to demand that your loan officer never fools you. I will also cite all of the documents that your loan officer is legally required to show you yet rarely will. I will make you as close to impenetrable as possible.
Interest Rate: Ah the interest rate. As a consumer it is always the first thing on your mind, and always the first tool you use to shop for … (1 comments)
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michigan mortgage: Rural Development Funding Still Available - 02/10/09 10:10 AM
Hello all,
I, and pretty much all of our people at Icon have had many Realtors calling us over the past few days concerning the health of Rural Development loans. Apparently, some lenders are having problems dealing with the lapse in funding at the USDA.
Please be Aware that we are running business as usual with Rural Development loans.
Our main two RD channels are committed to closing and funding loans while new funds are in process of being appropriated for the USDA. There is no back up, there is no hold up, there is no closing issue. If you are having … (0 comments)
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michigan mortgage: Michigan Mortgage- Your Rights When Obtaining a Mortgage - 12/04/08 03:02 PM
I thought it would be helpful to provide an online copy of the Borrower's Bill of Rights. This is a form that is required of a lender to provide to a borrower when they apply for a mortgage. If a borrower sees it at all, it is normally at the end of a big stack of paperwork and it is rarely read to them. Below you can peruse at your leisure.
"BORROWERS BILL OF RIGHTS"
1. You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.
2. You have … (0 comments)
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michigan mortgage: Michigan Real Estate Purchase: Escrow Account - 12/01/08 11:33 AM
What is it? An escrow account is basically a mandatory savings account to pay your taxes and insurance from. Every month you will pay your mortgage payment and a portion of that payment will go to the mortgage and a portion will go to the escrow account. When your tax and insurance bills come due, they will be paid from your escrow account company automatically. You will never see a tax or insurance bill, yet they will get paid.
Why do you need it? With almost all loans an escrow account is required by the lender you are getting your loan … (0 comments)
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michigan mortgage: Michigan Real Estate Purchase: Pro-Rated Taxes. - 12/01/08 09:33 AM
Pro-Rated Taxes: Oh, the agony! Nothing causes headaches the way pro-rated taxes do. What exactly are they? It's your tax bill...and yes...it is YOUR tax bill. In most places in Michigan you get two bills for Property Taxes. One for winter and one for summer. In the vast majority of places, you pay these taxes in advance meaning you are paying in July for the tax bill between July of that year and July of next year; same for the winter bill Dec.-Dec. If you buy a house, let's say in August, the seller has already paid for the taxes through … (0 comments)
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michigan mortgage: Michigan Real Estate Purchase: Don’t Get Taken Advantage Of. - 11/26/08 10:07 AM
It's so odd to me that so many people claim to have been mistreated by their mortgage lender. There is a litany of paperwork we are required to provide to you when you apply. I am sure there were plenty of less than reputable loan officers out there that didn't care to go through the numbers, but an even slightly educated borrower can't be taken advantage of. So, here's how to become an educated borrower.
The Good Faith Estimate. Make sure you get one, make sure you get one from several lenders, make sure you compare them row by row and … (0 comments)
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michigan mortgage: Michigan Mortgages: Hope for Homeowners? This time it just may be true. - 11/25/08 11:42 AM
Call me a softy and a nerd. It's hard to believe, but yes I was one of the few that sat and watched Steve Preston's address to the National Press Club this past Wednesday. Many of you may not know who that is, but he is one of the most powerful people in the nation right now because he is the Secretary of the U.S Department of Housing and Urban Development (HUD) and he is trying to create hope for thousands of Americans that are currently facing foreclosure, or are soon to be facing foreclosure.
Unfortunately, as powerful as he may … (0 comments)
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michigan mortgage: Michigan Real Estate Purchase: Assembling Your Purchase Team - 11/20/08 09:29 AM
If you are going to buy a home in Michigan, especially in this foreclosure driven market, nothing is more important than the team of professionals you choose to represent you. Consider these points in your search.
Rome wasn't built in a day. Do you not rush into any situation. Take at least a week to look around for reputable companies to deal with. Talk to friends and family, do some research on a few companies you target, and never consider only one source for information.
Your loan officer is the first step and most important step. This person will be digging … (0 comments)
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michigan mortgage: Michigan Real Estate Purchase: Credit, or Reaching for Perfection - 11/20/08 09:17 AM
I know, seems so simple. Pay your bills on time, don't claim bankruptcy, but there is a lot more to it than that. So, what goes into a good credit score?
Good Payment History: Obviously.
Length of Payment History: One of the distinct disadvantages of a younger person.
Balance to Limit Ratio: For your credit cards it is essential to keep the balance below 50 percent. If you really want to have great credit, 30% is even better. The dollar amount is not important, it's the percentage.
Diversity of Accounts: Mortages, car loans, installment loans, student loans, credit cards, and charge … (0 comments)
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michigan mortgage: Michigan Foreclosure Purchase: What can the selling banks do or not do? - 11/19/08 12:44 PM
I have close a lot of foreclosure purchases over the last two years and have ran into some very odd demands from the selling banks. I would like to provide you with some of this information now on what these banks can and can not do that might help you in your own pursuit.
They can demand that you provide them with a pre-approval letter.
They can not demand that you obtain a pre-approval letter from any specific lender or broker. The doesn't mean you won't be told otherwise, but RESPA prohibits a seller, real estate agent, insurance agent, or anyone … (0 comments)
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michigan mortgage: If you can't seem to sell your home, Icon and Big Sky can help with our new program. - 11/18/08 01:05 PM
Icon Mortgage Lending is teaming up with Big Sky Development to bring a common sense approach to the "trade up" transactions that have become so popular. If you are having trouble selling your current home, we can help. Check out the clip below and call 810-953-4266 for more details.
For more information go to our website:
www.iconmortgagelending.com
For more in-depth answers or help, go to our website:
www.iconmortgagelending.com … (0 comments)
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michigan mortgage: Michigan Real Estate Purchase: Credit Scores and What to Think about Your Score - 11/18/08 09:54 AM
I know it is hard to understand exactly what your credit score is, how it is calculated, and especially how it affects you when you want to buy a home. Here is a general, and easy to understand guide to your score in reference to obtaining a mortgage.
Below 500: Well I can't sugar coat it, you are in pretty deep. This is where it may be a good option to seek consultation from a good attorney or a non-profit credit repair service (emphasis on non-profit).
501-560: You score is pretty low, but not beyond repair. You will not be able … (0 comments)
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michigan mortgage: Michigan Real Estate Purchase: The Deadly Repair Escrow - 11/18/08 09:32 AM
Bum Bum Buummm. Enter scary music and cold sweats, you just fell in love with a home that has a broken furnace and a big orange stain where a bathtub used to be. Chances are your financing is going to resemble that orange gunk on the tile right?
There are options. With conventional financing, yes you will be sunk. The bank will only want a safe asset to secure. There are some programs that allow flexibility here like HomePossible, but it is very impractical.
The good news is, that with the foreclosure boom, came the need to repair existing homes as … (0 comments)
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Matthew Watts
Grand Blanc,
MI
More about me…
Icon Mortgage Lending
Address: 3025 E. Hill Rd., Grand Blanc, MI, 48439
Office Phone: (810) 953-4266 x 205
Cell Phone: (810) 919-8138
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