Nick's Blog

Home Loan for Police

Nick Porter (Traditional Home Mortgage) — Tue, 05 Feb 2008 13:11:27 -0600

Attention Police: Conforming Loan Limits are Rising!

Nick Porter (Traditional Home Mortgage) — Mon, 04 Feb 2008 16:51:24 -0600

The House has flipped and agreed to increase the loan limits for Fannie and Freddie. The increase is to be temporary until the end of the year and got traction because the jumbo loan market continues to be soft with rates for jumbos 50 to 75 basis points higher than conforming limits. As it is being structured, the limits will increase by 125% of the median home price in any market area to a max of $750,000. It was initially reported that the limit would go to $625K across the board.

According to a report on CNBC, Rep. Barney Frank's Finance Committee will soon release the details. Levels may be set based upon local housing markets. This would make sense considering home prices are much higher in places like California and New York as compared to Michigan or Texas.

Why is this important? Jumbo loan interest rate have been nearly 1.5% higher in some case than conforming rates. Your $550,000 could cost $400 a month less after this change.

The real estate market will bounce back(to normal pre-2003). With rates being very low, seller and buyers expectations becoming more realistic and now conforming limits increasing, this is exactly the lift we all need.

Nick Porter

nick@cffinfo.com

www.lawenforcement1st.com

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

Great Rates for Police Officers in 2008!

Nick Porter (Traditional Home Mortgage) — Mon, 04 Feb 2008 15:48:53 -0600

Despite all of the recent well reported real estate related woes, I have great news for everybody. RATES ARE DOWN! And truth be told, rates are actually way down. Rates are currently better than anything we have seen in the last 3 years, and by the time you read this, they could be at an all time low for the last 10+ years!

The reason they are so good today is really difficult to pinpoint. There are really dozens of reasons, but my market advisors are saying that these low rates are influenced from the speculation that the Fed will continue to lower prime (which is a good guess).

Here are my rates on February 4^th. These rates assume that you qualify. Qualifying has never been easier; the streamline process has reduced the documentation and time to refinance.

30 year fixed 5.375%

15 year fixed 4.875%

5 year ARM 5.175%

5 year ARM 4.75%

Please give me a call (or email) to explore if this is a good time to refinance. Aside from the many that will refinance during this rate spike, this is a fantastic time to purchase investment property.

Thank you!

Nick Porter

www.LawEnforcement1st.com

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

Police Officers in need of serious Help!

Nick Porter (Traditional Home Mortgage) — Thu, 31 Jan 2008 19:02:54 -0600

Law Enforcement 1st is now providing more services and discounts through business partnerships. I recently teamed up with Jessica Lucas from Hester, Heitel & Associates. She is a top notch insurance agent who has been working with Phoenix Law Enforcement Association for over a year now. We have decided to team up and provide Arizona's finest with even more benefits. Now they can get the best advice from one network including Insurance, Mortgages, Real Estate, Tax Services, and Investing. I have been developing the Law Enforcement 1st Loan Program which educates the Law Enforcement Personnel whether its buying their first home or multiple investment properties. The biggest benefit can be provided through collaboration to form a trusted adviser network for the Men and Women serving Arizona.

Please let me know if you have any questions concerning your mortgage or insurance needs.

Thank you!

Nick Porter

Law Enforcement First

Community First Financial

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

WWW.LAWENFORCEMENT1ST.COM

What is Phoenix Law Enforecement Association(P.L.E.A)?

Nick Porter (Traditional Home Mortgage) — Thu, 31 Jan 2008 18:37:54 -0600

I believe these Officers need a trusted adviser in the Real Estate and Mortgage Industry. Who looks after their best interests? I have listed below what PLEA offers it's Phoenix Law Enforcement Personnel. These services are so important to support our Law Enforcement Community and is why I want to be involved. PLEA also does a great job of teaming up with Law Enforcement friendly companies to offer a wide array of services and products. I was excited to see that Jessica Lucas from Hester, Heitel & Associates spends every Tuesday in the office to assist police officers and support staff with insurance. I have now teamed up with Jessica to combine our services and expertise in order to educate and supply the best information possible. I specialize in Law Enforcement Home Loans and Jessica has been working with Arizona Law Enforcement for over a year. This will give Law Enforcement Staff the opportunity to deal with specialists in two fields that hold the highest standards customary with Police Officers. Number one is TRUST. We are here to sit down with you at any time to discuss what we can do for you and your family. We want Law Enforcement to get the best deal and provide them with the Hub of trusted advisors.

What PLEA Does:

Following is a listing of just some of the duties and responsibilities of the PLEA Board of Trustees and its Member Representatives. Each of the items listed below represent a personal commitment of one or more of PLEA's personell.

REPRESENTATION - Approximately 9,600 individual official administrative investigations since 1976 (based upon a yearly average of 320 files. An equal number of administration investigations were resolved informally.

Grievances - Many of the member requests for assistance involve contract or issues of fairness.

Criminal (PORAC/LDF - Legal Defense Fund)

Civil Service (Law Offices of Mike Napier) - generally a rep is assigned to each of these cases.

AZPOST Hearings (Offices of Mike Napier)

Industrial Injury Claim appeals and re-openers (Mike Napier or PLEA's Chief Negotiator)

Member Health and Welfare

Member Benefits - including Life and False Arrest Insurance options

Retirement

COMMITTEES -

PLEA has a representative on a vast number of committees which include:

TAPS

COPS

Neighborhood Watch Oversight Commission (Chair)

Departmental:

IBR Steering and Working Committees, Transfer, Uniform, Matrix, DAC, PAS, FTO, Physical Fitness Board, Firearms, Negotiations, Labor-Management, Career Enhancement Point Committee, Vehicle, Workplace Violence, Domestic Violence Issues, Training Needs

City of Phoenix

City of Phoenix Health Care Taskforce

Incident Committee

Development Advisory Board

Honors Board

Block Watch Advisory Board

Neighborhood Watch Oversight Commission (Chair)

911 Memorial Commission

City of Phoenix Public Safety Advisory Committee

State of Arizona:

Industrial Commission, Deferred Compensation Board, Retirement Board

Please contact me if you need any Mortgage advice.

Thank You!

Nick Porter

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

www.Lawenforcement1st.com

Police Officers Restricing Listed Address's

Nick Porter (Traditional Home Mortgage) — Tue, 22 Jan 2008 19:38:58 -0600

This is one detail that many Police Officers forget to complete when purchasing a new home. In this line of work you don't want your address or phone number listed in the public directory or on public records. Given their profession, many Police Officers are too busy to seek out the forms or don't have someone in their corner to point them in the right direction. I have been thanked many times for reminding my clients to fill out and turn in the necessary forms after closing on the purchase of their home.

This is what the top of the form looks like and can be obtained from your local precinct.

AFFIDAVIT IN SUPPORT OF APPLICATION TO RESTRICT PUBLIC ACCESS TO ADDRESS AND TELEPHONE NUMBERS IN SPECIFIED PUBLIC RECORDS
PURSUANT TO A.R.S. §§11-483, 11-484, 16-153, AND/OR 28-454
(FOR USE BY PUBLIC EMPLOYEES OR OFFICIALS LISTED IN ITEM 3 ONLY)

One thing to recognize is that this not restricted only to Police Officers but support staff as well. Below is a list which is from the application for whom this is applicable.

[ ] Code Enforcement Officer	[ ] Justice
[ ] Commissioner	[ ] Law enforcement support staff person
[ ] Corrections or detention officer (adult or juvenile)	[ ] National Guard member supporting a law enforcement agency
[ ] Corrections support staff person	[ ] Peace officer
[ ] Executive Clemency Board member	[ ] Probation officer
[ ] Firefighter assigned to the Department of Public Safety Counterterrorism Center	[ ] Prosecutor
[ ] Judge	[ ] Public defender

as provided in A.R.S. §11-483 (N), §11-484(K), §16-153(K), or §28-454(K).

To obtain the necessary form for Arizona Law Enforcement, you can click on the following link:

http://supreme.state.az.us/selfserv/PIRA/PIRA-PE.pdf

Continuing support of our local heroes.

Nick Porter

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

WWW.LAWENFORCEMENT1ST.COM

No Money Down Mortgages Help Police Officers

Nick Porter (Traditional Home Mortgage) — Tue, 08 Jan 2008 17:48:20 -0600

Historically Police Officers looking for 100% financing have had to pay higher interest rates and have squeaky-clean credit histories. The first programs that rolled out required $500 down and we now have these no money down loans with $0 due at closing. It makes sense to provide these workers nationwide, whose pay scales normally rank in the low-to-moderate range, can get financial help buying a home, much like veterans do.

Benefits of Program

Higher Debt to income ratios
Seller can pay first 6 months mortgage payments
Reserves in bank not required
Interest only available
Interest rate can be bought down by buyer or seller
Allows for Seller or family member to contribute 6% of mortgage amount to closing costs or down payment.

If you are a police officer, police worker or police support staff and require advice or help from an experienced mortgage broker to assist with your police mortgage then please call or email for further advice.

Nick Porter

Community First Financial, LLC

480-305-8900 Ext: 308

541-231-3040 Cell

nick@cffinfo.com

www.communityfirstfinancial.com

Law Enforcement Home Buying Tool Kit - Opportunity

Nick Porter (Traditional Home Mortgage) — Tue, 20 Nov 2007 16:01:47 -0600

7. CLOSE on the property

Closing takes place at a title/escrow company. As we discussed in step 6 - Loan Analysis, you will need to know how much money to bring to the closing table.

There are a lot of documents, take the time to make sure you know what you are signing. If you don't know what a document is for, ask the title agent for clarity. While all of the documents are important, the HUD 1 is very important to review. This outlines who (seller, buyer) pays what and who (mortgage broker, Real Estate Agent, Title, etc.) gets paid what.

Take a friend, spouse, therapist, family member to closing with you. Remember this can be a very emotional experience, so if you need to have some 'support' with you, take it.

Team Members Needed - Title/Escrow Officer

Tools - Sample HUD 1

8. Execute your EXIT

Now that you have closed and own the property it is time to execute your exit. Is your plan to hold the house for a few years and then sell it? If so, you will want to talk to your CPA to discuss when to sell. Owning the property for 1 year and a day could be the difference between paying 30ish% tax (taxed as ordinary income) or using a 1031 exchange to roll the profit into another property, tax defered. If you own and have lived (occupied) in the property for 2 out of the last five years, you could take the profits with no tax hit. 1 day could be the difference between thousands of dollars that you may need to pay in tax.

Maybe your plan is to accelerate your loan pay down? Your mortgage broker should have tools to help you take what is normally a 30 year payoff to a 10 or 11 year payoff by using a combination of increased monthly payments and utilizing a HELOC (home Equity line of Credit).

Team Members Needed - CPA

9. EXPAND - What's Next

No matter where you are starting from, there are tremendous opportunities in real estate to create and make money...even in an up and down market. It often starts with your first home, and then you build from there.

So what resources are available to you get the education and find the right team members...

1. Join a real Estate Investors Club National REIA Website
2. Attend seminars in your area - you can find these in your local newspaper.
3. Attend the Community First Financial monthly book study Click here for details

Nick Porter

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

www.lawenforcement1st.com

Law Enforecment 1st Home Buying Tool Kit - Education

Nick Porter (Traditional Home Mortgage) — Tue, 20 Nov 2007 12:41:56 -0600

4. CONTRACT

When in doubt, tie up the property by getting the property 'under contract' and just ensure that your escape clauses are in place. Earnest money...it is important to know 'how much' earnest you need to put down. Truth is, all that you need to put down is $1 to $100, whatever amount is required by your title/escrow company to open an escrow account. Real Estate Agents will tell you they like 1% or some other amount because it show that you are a 'serious' buyer. Point is...earnest money is negotiable. Everything is negotiable.

Quick Contract tips..if you want something, be specific. If you want an 'escape' be broad. Two examples, I want the Viking Refrigerator so in my contract I am going to add the serial number and photograph..or; This deal is subject to my partners approval. You may not want that Viking to be replaced by a GE (no offense GE) and for the other example I never said that my partner was my dog and the property didn't pass the sniff test.

Real Estate Agent...getting into serious contracts, use a Real Estate Attorney.
Tools - Your real estate agent will have a standard purchase agreement. In case of you are looking for other legal forms click here.

5. ANALYSIS of the Property

There are 2 areas of property analysis to consider: Property condition and property value.

Property Condition- Do you know if you are buying a dog? Do you want to buy a dog? (Believe it or not some people do as they love the concept of fixing a property up.) The point is do you know what needs to be 'fixed' or 'updated' on the home prior to purchasing.   A good home inspector will identify issues or problem areas throughout the entire home. If your home inspector does identify issues, then you will want to bring in specialists to quote the work and evaluate what it will take to handle the work.

Property Value - When buying a home there is one primary number that you want to be aware of...The Appraised Value of the property.   You will get this from an appraiser, but one tip...ask for (and review) a copy of the appraisal before you close.

Real Estate Agent, Appraiser, Home Inspector, any other specialists required.
Tools - Sample Appraisal

6. LOAN Analysis

Below is a quick checklist of items that you will want to know concerning your loan. You will want to compare this information to your current financial situation and your exit strategy to ensure that this loan fits your needs. It is always recommended that you talk to at least 3 mortgage brokers about your deal, as every mortgage broker may have access to a different loan program.

Here is the hit list of what should be included in a Good Faith Estimate:
    -Interest Rate
    -Monthly Payments
    -Taxes and Insurance
    -Loan Amount
    -Pre-payment Penalties
    -Fixed or Variable Rate
    -Term (Length)
    -Amount of money needed to close (your check to bring to closing)

Tools - Possible Loan Options

Nick Porter

www.LawEnforcement1st.com

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

Law Enforcement 1st Home Buying Tool Kit - Relationships

Nick Porter (Traditional Home Mortgage) — Tue, 20 Nov 2007 12:26:35 -0600

1. Build your TEAM

If there was one thing that will make a difference between a good experience/deal or a bad experience/deal...it is your team. Your team could consist of a Real Estate Agent, Mortgage Broker, Title/Escrow Agent, Insurance agent, Home Inspector, General Contractor, Real Estate Attorney, and the list can go on. We are going to start with the most important...and that is your Real Estate Agent and Mortgage Broker.

So how do you know the difference between a good team member and a bad one...we recommend the book Rich Dad's Real Estate Advantages (Buy Book)...in chapter 5 it covers some of the questions to ask and what to look out for.

2. Your Exit STRATEGY (& Credit) = Loan Options

Most mortgage brokers focus on your credit as the key factor in placing you into a certain type of loan. While your credit is important...It is your intended exit of your property that will define your loan options. If you are looking to hold this property for the long term then you may be looking for a 30 year fixed loan that is paid off within the 30 years or sooner. If you intend to only keep this home a few years, then an interest only loan may make the most sense. Why, because it will keep your monthly payment low.

No matter what your exit is, there is a loan program for everyone. The problem, most people look for the 'best deal' instead of the loan program that is the 'best fit'.

Tools - Mortgage Calculators , Online Mortgage Application

3. FIND a Home

So here comes the step of going out and finding a home. One of the most important parts of this process is managing your emotions. Yes, the purchase of a home is an emotional decision...lets just be aware of that. To give you a different perspective though, it is important to understand the difference between a consumer and investor. Consumers make decisions based on emotions while an investor makes decisions solely by the numbers.

My recommendation is be both a consumer and an investor, get what you want (emotions) yet make sure it makes financial sense.

Real Estate Agent Tools - Real Estate Listings

Nick Porter

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

WWW.LAWENFORCEMENT1ST.COM

Law Enforcement 1st - Home Buying Tool Kit

Nick Porter (Traditional Home Mortgage) — Tue, 20 Nov 2007 12:01:25 -0600

The home buying tool kit is designed to describe the many steps that go into buying a home. Within each step we will identify the team and tools that will be helpful. In some cases we provide these tools for you, in many cases your team will have additional tools and resources.

The Home Buying Tool Kit - http://www.cfftoolkit.com/

The Home Buying Process is Broken down and deccribed in three different components.

Relationships
Education
Opportunity

The components will be broken down over the next three posts.

Nick Porter

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

WWW.LAWENFORCEMENT1ST.COM

The Loan for 2008 - Whether you’re a Homebuyer or Seller

Nick Porter (Traditional Home Mortgage) — Fri, 16 Nov 2007 15:35:57 -0600

Today I would like to give you some details on the PITI Abatement loan program. This loan may be what you've been waiting for if you have a home listed or are looking to buy in todays market.

What is PITI Abatement?

An incentive to the buyer to have up to the first 6 months of the mortgage paid by the seller.
PITI Abatement program is a product designed specifically for home-buyers. You can give a 6% Seller Contribution that can be used for Principle, Interest , Taxes and Insurance payments.
The seller can still contribute to closing costs.

What are the General Guidelines?

Loan amounts up to $417,000
Up to 100% of the purchase price
Minimum score of 575
Fixed Rates and ARMs
Interest Only is available
Income limitations may apply
Closing costs can be paid by seller too
No prepay penalty

How will this help sell your home?

Instead of dropping your listing price by $20K after a home is on the market you can offer PITI Abatement to potential buyers.
6 months without a mortgage payment for homebuyer means a lot, this allows them to buy the things they need when outfitting a new home.
For example, on a $250,000 home the PITI payment will be around $1,900 mth. The seller contributes $11,400 through escrow and in turn the buyer saves that amount in their first six months payments.

What is the Realtor marketing element?

6 MONTHS PAID!
BUY THIS HOME AND I WILL PAY YOUR FIRST 6 PAYMENTS
6 MONTH PAID MORTGAGE INCENTIVE
BUY MY HOME AND I PAY CLOSING COST AND 6 PAYMENTS

Realtors are using this program to move homes, it has to be marketed right and presented to the seller correctly. This is a powerfull tool!

For more details contact me,

Nick Porter

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

WWW.LAWENFORCEMENT1ST.COM

My Advice? Buy a Fourplex!

Nick Porter (Traditional Home Mortgage) — Fri, 26 Oct 2007 15:13:39 -0500

Community First Financial talks to hundreds of investors every month and there are some thoughts I would like to share with you on our experiences with investors, particularly first time investors.

One of the top questions I hear from investors is, What would you do?

If I could start my investing life all over again, I would buy a FOURPLEX as my first home. And when I say first home, I mean first home. Most people buy their single family house, live in it as their primary house, then look to buy their first investment property. For those that are flexible and motivated I suggest you buy a fourplex as your first primary home and investment property.

Here is why owner occupied fourplex's makes sense:

Qualifying for a first time home buyers loan on a primary residence easier.
You need less money down.
Rental income helps qualify.
You now have a primary home and an investment in one transaction.
Potential cash-flow or you could pay for your primary unit with the other three units cash-flow.
When you decide to move you have a 4th unit that becomes a rental.
On site property manager.

Highlights of loans available for a fourplex (primary residence):

Up to 95% financing
Loan amounts to $801,950
Only 3% of borrower's own funds/ 2% from flexible sources
Only 660 credit score
2 month asset reserve requirement

This is also a great idea for individuals that have kids and are in need of an idea on how to get started in real estate investing.

Nick Porter

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 302

541-231-3040 Cell

WWW.LAWENFORCEMENT1ST.com

Attention Police! Down Payment and Closing Costs Assistance Program

Nick Porter (Traditional Home Mortgage) — Fri, 26 Oct 2007 14:16:06 -0500

Community First Financial has partnered up with Maricopa County's initiative to offer first time home-buyers downpayment assistance. The program is designed to help home-buyers purchase a newly constructed or existing home by providing a below market mortgage interest rate with a 5% grant for down payment and closing cost assistance. The qualified borrower will receive the non-repayable grant that can be used anywhere in Maricopa county.

Eligible properties For Targeted and Non-Targeted Area's

-Single family detached houses

-Condominiums

-Townhouses

-Duplex older than 5 yrs

-Planned Unit Developments (PUDs)

-Within Purchase price limitations

•· New/Existing one unit: $311,625(Non-Targeted)

•· New/Existing one unit: $380,875(Targeted)

Eligible Borrowers For Targeted and Non-Targeted Area's

-First time home-buyers(have not owned home in last three years)

-If home is in a Targeted area the buyer does not have to be a First time home-buyer

-Primary residence

-Purchase only

-Within household income limitations

•· 1-2 Person household = $64,524(Non-Targeted)

•· 1-2 Person household = $74,203(Targeted)

Community First Financial has streamlined this process for the individuals or families who are wanting to qualify. Buyers purchasing a home in certain targeted area's within Maricopa county will receive a lower interest rate along with a 6% grant for down payment and closing cost assistance. To find out more on the downpayment assistance and to get a targeted area map contact Nick Porter.

Nick Porter

www.Lawenforcement1st.com

nick@cffinfo.com

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 302

541-231-3040 Cell

Ready to buy?? Educate First!

Nick Porter (Traditional Home Mortgage) — Thu, 18 Oct 2007 19:01:30 -0500

This holds true whether you're a first time home buyer or an investor. I was talking with a group of seasoned investors and we were discussing "Real Estate Advantages", written by Sharon Lechter and Garrett Sutton. This book is from the Rich Dad series, if you haven't read it.....you need to! One thing that always gets a few laughs is when we start talking about the mistakes we made when first investing in real estate. The part that isn't funny is that most, if not all of those mistakes could have been avoided by properly educating ourselves.

When I say educate, I don't mean that you need to spend years learning the ins and outs of the market to be successful. You will be far better off by using your time to align yourself with the right group of people. Start using your network to find successful investors who can mentor you during the process. If you don't have anyone in your network, start seeking them out through referrals. Or one might find active rain to be a good resource as well.

Phil Lechter and I were talking about having your first home be your first successful real estate venture. Why does this not happen more often? I know why it didn't happen for me, I didn't have the proper mentors to guide me through the process. I never looked at buying a duplex or fourplex, sure wish I would have! This can lead to positive cash flow on your first home. Some of the best deals for real estate are not on MLS. How do you find them? By finding a Realtor who is in the mix and comes across deals that may be 30% below market value and haven't hit the listing service. Now you have someone actively searching out investment opportunities for you as they come up.

Its important to be patient! The plan is to prepare yourself to buy when that deal comes up. This means having a lender that understands your financial snapshot and places your loan accordingly. This is just as important as your Realtor looking for the correct property.

Lastly, part of investing is learning. Mistakes will be made! Learn from them and apply those lessons to your next investment.

Nick Porter

www.LawEnforcement1st.com

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 302

Police Officers Documeting 2nd Job Income

Nick Porter (Traditional Home Mortgage) — Thu, 11 Oct 2007 20:27:26 -0500

When a Police Officer is getting ready to qualify for a mortgage the first decision they will face is how to document their income. A few things come into play here including whether they only work for the city or pick up off duty jobs. I will be addressing off duty income in this posting.

For Police Officers wanting to fully document their income, the mortgage company uses the Officers gross income reported on the past years W2 averages with their current paystub.

Documentation Options

-Full Documentation: There are several ways to do this. First is using 1 or 2 yrs tax returns. Second is using business or personal bank statements along with an asset statement.

-No Income Documentation: The Police Officer can state their income and prove assets or state income and state the assets.

Police Officers are busy, time is limited and a valuable resource. When it comes down to it, the time vs. reward of digging up financials may not be worth it. Lenders now offer Stated income loans at the same rate as full documentation loans with the right credit profile and loan to value ratio in their home.

Nick Porter

480-305-8900 Ext: 302

nporter@communityfirstfinancial.com

http://www.communityfirstfinancial.com/

ATTENTION REALTORS: Home Loan Program for Law Enforcement

Nick Porter (Traditional Home Mortgage) — Thu, 11 Oct 2007 16:34:00 -0500

ATTENTION REALTOR'S!

Community First Financial is proud to announce their Law Enforcement 1st Home Loan Program. The program is an educational and marketing tool for Realtors to network and market individuals in the Law Enforcement industry. Former Rich Dad (http://www.richdad.com/) executive, Phillip Lechter, comibines his working knowledge of real estate and education in to one program for Health Care employees.

What educational tools are available?

· Our Unique presentation of the home buying process

· Health Services home buying tool kit

· Free home buying seminars

· Rich Dad's Real Estate Advantages Book, by Sharon Lechter and Garrett Sutton - Free with Application

How is this loan different?

· Only for qualified Health Services and families

· Credit repair specialist available

· Community partnership for real estate discounts

"1% Rebate on Purchases"

How does this loan program help?

· Educates you on why buying a home is important

· Helps you choose the loan that is best suited for you today and the future

· Continued education on building wealth with real estate

Community First Financial is always interested in teaching realtors how to use our homebuying education as a marketing tool.

Nick Porter

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

http://www.lawenforcement1st.com/

Former Rich Dad executive creates opportunity in a down market and educates others how to do the same

Nick Porter (Traditional Home Mortgage) — Thu, 11 Oct 2007 14:50:54 -0500

2007-10-04 00:15:50 -

( EMAILWIRE.COM, October 03, 2007 ) SCOTTSDALE, Ariz. - This week, the National Association of Home Builders/Wells Fargo index of builder confidence plunged to 20, the lowest it's been since January, 1991. Foreclosures are up. Confidence is down. Buyers are waiting to buy and builders are postponing construction. The National Association of Realtors last week predicted the

housing slump would last until 2008, while Moody's Investors Service said the slump might continue into 2009.

Hardly a good time to get a new mortgage company off the ground, right? Not so, says Phillip Lechter of Community First Financial.

'While it may seem counterintuitive, it's actually a smart move to get into an industry when others are getting out,- said Lechter.

Despite the seemingly dismal market conditions, Lechter is enthusiastic about the prospects of his mortgage company. Prior to starting his new venture with partner Troy Schuricht in June 2007, Lechter served as Chief Communications Officer of the Rich Dad Company. Now, he's applying the principles he once preached at Rich Dad to propel the success his own company.

'What will really place a business above the competition is its value proposition,- said Lechter. 'It needs to be there. I am amazed at how many companies are discounting their services in a desperate attempt to attract business. If there ever was a time to ‘value up' and not ‘discount down', this is it.-

Community First Financial sees opportunity to survive and thrive in the current market by differentiating their services through financial education.

'Those who are looking to buy will be wary of locking a loan that will get them into future financial trouble, as has been the case with so many homebuyers over the last few years,- said Lechter. 'We are committed to building relationships, offering the appropriate financial education and providing investment opportunities for our customers to use what they've learned and make the right investments for the long term.-

Community First Financial has a comprehensive approach to offering financial education to both current and potential customers. First, partners Phillip Lechter and Troy Schuricht provide ongoing financial education through their blogs at http://www.philliplechter.com/ and yourlendertroy.blogspot.com. They are also developing tailored Home buying Tool Kits for teachers, emergency responders and health services employees - all groups who are having a particularly difficult time getting into a home in today's market. Additionally, the company has begun a monthly book review to help educate the public on real estate opportunities and pitfalls.

Community First Financial's next book review will be held Thursday October 18th from 11:30AM - 1:00PM at the company's offices at 7575 E. Redfield Rd, Suite 235, Scottsdale, AZ 85260. Space is limited, so seats should be reserved by calling 480-305-8900 or sending an e-mail to info@communityfirstfinancial.com. There is no charge for attendees. The book that will be covered at the October 18th meeting is Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors by Sharon Lechter and Garrett Sutton.

For more information please visit http://www.communityfirstfinancial.com/.

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Mortgages That Attract Homebuyers

Nick Porter (Traditional Home Mortgage) — Wed, 10 Oct 2007 17:35:50 -0500

Do great rates and great service fail to impress you? Well you are not alone. We are in a time where you need to find out who can create value with their services and ideas. And what I mean by value is, attracting customers.

Here are a few loans of value over the last few years:

100% purchase, non-owner, stated income, interest only
1% pay option ARM
100% cash out refinance
100% Jumbo Loans

There is great debate on whether these are good loans, but few can argue these loan did attract customers for Realtors, Builders, and Mortgage Companies.

What are the next generation of loans to attract customers? The loans of 2008!

3-2-1 buy-down
PITI Abatement
FHA/VA
My Community
Credit Repair

One might say that 2008 is the year of government backed mortgages. All the loans high lighted above are directly tied to the government through Fannie Mae, Freddie Mac or FHA/VA. Unfortunately the line is drawn right at $417,000. I hope they raise this number soon!
I will continue my education on the "the loans of 2008" in a series of blogs that describe the idea, guidelines, benefits and selling feature of each loan. Please let me know if you have any questions on these programs.

Thanks,

Nick Porter

www.LawEnforcement1st.com

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax