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home loan: Spokane WA USDA Home Loan Program - The Cure For No Down Payment - 11/30/09 02:04 PM
I’ve written about the USDA home loan program in the past but its ease of use, great rates, and fairly liberal qualifying criteria make this a loan program that many home buyers should consider using – if you don’t have 20% to put down.
Besides the VA loan program this is the only 100% loan program in existence. With literally just a few hundred dollars out of your pocket you can purchase almost any home in Stevens County (and most of the rest of rural Washington as well). The goal of USDA’s lending programs is to “provide low- and very low … (3 comments)

home loan: First Time Home Buyer Tax Credit - 02/13/09 09:51 AM
Note: At this time the current stimulus plan has only been agreed to by the Senate and the House of Representatives - there has NOT been a final vote yet so details are still subject to change.
 The tax credit (not a tax deduction) will be 10% of the purchase price of a home, up to a maximum of $7,500 or $8,000 depending upon when you purchased. In other words, the government is providing first-time home buyers an interest-free loan to be used for home improvements or any other use.  The confusing part is we will now have two different, but … (3 comments)

home loan: Senators Deny Knowing of Home Loan Favoritism - the WRONG story as usual - 06/18/08 10:53 PM
Following is my comment tonight to the Washington Post in response to their article - Senators Deny Knowing Of Home Loan Favoritism ~
I've been waiting for this story to break and as usual the media misses the important part!Let's see the reporters ask the real questions - did any of these individuals take a reduced doc loan, and if so, did their loan application reflect their true income?Were any of these loans (or any others made to the committee members for that matter) reduced document loans like Countrywide's Fast N Easy program. In the industry we referred to these as the "Fast … (2 comments)

home loan: Self-Employed borrowers - getting a loan will get easier June 1st, 2008 - 05/01/08 11:07 AM
Fannie Mae is releasing an update to their ubiquitous Automated Underwriting System DU.
One of the unlikely benefactors of the guidelines being installed in the approval "engine" are self-employed borrowers.  In the previous versions of the DU software a borrower's self-employed status was considered an additional risk factor.  They have now removed this risk  factor so the type of employment will no longer be considered in approving the loan.
Fannie Mae did not explain why they made this change but the result will be to make it easier for a self-employed borrower to qualify for a home loan after May 31st, 2008.
If you … (11 comments)

home loan: 100% Commission Split - why work anywhere else? - 04/24/08 10:39 AM
I'm relatively new to the Spokane area and thought I'd reach out to my professional mortgage colleagues and introduce them to the First Priority Financial net branch opportunity.
First, a disclaimer - I am NOT paid by FPF to solicit for them or receive any other sort of compensation.  I am a loan originator and have been affiliated with FPF since 1999.  I and my business partner in California were one of their very first net branches. 
To find out how I ended up in Spokane (I'm actually living out in Suncrest on Lake Spokane) you can check out my personal web site at www.themullinadventures.com.
The … (4 comments)

home loan: I hope you don't have plans to use your home equity line of credit! - 04/14/08 02:29 PM
 Below is the content of an email message I received this morning from Citi Home Equity - essentially it says "weknow we agreed to provide you a line of credit of $100,000 (or whatever your line is for) and you only have abalance of $10,000 AND have been paying us on time, we are going to FREEZE your line so you can't access anymore money."
OUCH!
HELOC Reductions/Suspensions
April 14, 2008
Citi Home Equity has recently reviewed certain existing Home Equity Lines of Credit (HELOC) in light of recent real estate market conditions. In accordance with the terms of these loans, Citi Home Equity has … (2 comments)

 
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Michael Mullin MLO 11911 ~ Banker/Broker FHA, VA, USDA, Conventional Loans

Spokane, WA

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First Priority Financial, helping home owners in WA and CA

Address: 5978 Hwy 291, Suite 3, Nine Mile Falls, WA, 99026

Office Phone: (509) 252-9151

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