Art's Blog

Free Homebuyer Education/Financial Awareness Class - CreditSmart

WR Starkey Mortgage — Mon, 21 Apr 2008 13:07:44 -0500

As a CreditSmart Trainer, I have the fortunate opportunity to help educate the community as a volunteer instructor of FreddieMac's CreditSmart program. Below are some details on the class as well as a schedule of upcoming classes. This class is FREE to the community and we usually provide lunch as well! There are similar classes in the major cities of Texas, but the info listed below is for the San Antonio market.

CreditSmart® is a multilingual financial education curriculum and consumer outreach initiative developed by Freddie Mac in collaboration with a number of multicultural groups. It is often delivered in workshops conducted by nonprofits, housing counselors, churches, and community-based organizations. It is designed to help consumers build and maintain better credit, make sound financial decisions, and understand the steps to successful homeownership. CreditSmart increases consumers' financial understanding by teaching them life-long money management skills and showing them how to avoid costly mistakes.

FREE CLASSES!!

2008 Schedule

First Saturday of each Month

10am-4pm

Spanish Class

March 1^st
May 3^rd
July 12^th
September 6^th
November 1st

English Class

February 2^nd
April 5^th
June 7^th
August 2^nd
October 4^th
December 6th

LEARN ABOUT:

Your Credit and Why it is Important
Managing Your Money
Goal Setting
Banking Services: An Important Step
Establishing and Maintaining Good Credit
Understanding Credit Scoring
Thinking Like a Lender
Avoiding Credit Traps
Restoring Your Credit
Becoming a Homeowner

Receive:

Comprehensive Workbook & Lunch

~ Call (210) 207-7650 to Register ~

~Ferrari Center ~ 107 West Rampart Dr., San Antonio TX 78216

Contact Art Ramirez 210-822-5577 for more details.

Free Homebuyer / Financial Awareness Classes

WR Starkey Mortgage — Mon, 21 Apr 2008 13:01:13 -0500

FREE CLASSES!!

2008 Schedule

First Saturday of each Month

10am-4pm

Spanish Class

March 1^st
May 3^rd
July 12^th
September 6^th
November 1st

English Class

February 2^nd
April 5^th
June 7^th
August 2^nd
October 4^th
December 6th

LEARN ABOUT:

Your Credit and Why it is Important
Managing Your Money
Goal Setting
Banking Services: An Important Step
Establishing and Maintaining Good Credit
Understanding Credit Scoring
Thinking Like a Lender
Avoiding Credit Traps
Restoring Your Credit
Becoming a Homeowner

Receive:

Comprehensive Workbook & Lunch

~ Call (210) 207-7650 to Register ~

~Ferrari Center ~ 107 West Rampart Dr., San Antonio TX 78216

Contact Art Ramirez 210-822-5577 for more details.

Lender Guideline Changes

WR Starkey Mortgage — Thu, 17 Apr 2008 19:10:39 -0500

Hola...

This note is intended as an informational tool, not a solicitation. The goal is to help inform the real estate community stay on top of this ever changing market.

In case you haven't noticed, as soon as the media slowed their negative slam on mortgages, business has picked up! And FHA is saving the day.

But the mortgage market has completely changed. If you havent been keeping abreast f the changes you or your client may be in for a surprise.

Here are some highlights of recent product changes for CONVENTIONAL CONFORMING LOANS:

100% financing is GONE!
Max 97% with a 680 FICO (3 weeks ago the min was 575)
Mortgage Insurance Premiums higher priced - FICO/LTV driven
Interest slightly higher- greater adjustments for FICO
Expanded approvals - Max 95% financing with a 660 FICO (again was a min of 575)
My Community / Home Possible - these where the programs designed to be more flexible and compete with FHA, help disabled borrowers, teachers, safety and health professionals - now require a 700 FICO with some companies others require 680.
No second liens allowed - whether institutional or seller
SISA/SIVA products going away as i type this.
Greater focus on Credit Profile and Reserves (liquid assets, i.e. checking savings, etc)
Look for at least 2 months PITI in liquid reserves

Although Fannie and Freddie still have loan products availble to 100%, the Mortage Insurance companies that provide the insurance for the Fannie/Freddie Loans have raised their requirements as well. Regardless, FHA and VA are your clients best bets.

Here are some highlights and reminders for FHA and VA:

FHA

Min FICO 580 - most lenders are moving to this requirement
Automated approvals required- most lenders are moving away from manual underwrites (they're clogging up the pipelines) unless there is no score/credit or a score greater than 580/620
Down Payment Assistance available! - Nehemiah or Ameridream = 100% financing!
Great Low Rates - still in the 6's
No reserves requirement
Generally max 33/43 on the debt ratios - or AUS approved
Gifts accepted - use the gift to cover the Min 3% investment from borrower
6% seller concessions plus DPA gets your borrower in with very little money out of pocket!
Single Family Residence - Owner occ only!
Duplex, Triplex - Owner occ only!
Manufactured Homes - Double wides only on FHA approved foundation - state requirements too
1.5% Upfront Mortgage Insurance Premium (% of loan amount)
.5% MI monthly
Don't forget about the City of San Antonio Homeownership Incentive Plan! Up to $12,000 in down payment and closing cost assistance! Works perfectly with FHA. Many other cities have similar programs.

Technically not credit driven but have not been able to get low 500 scores approved
100% LTV - the only true 100% loan left.
Funding fee of 2.15% (varies by ltv and borrower, i.e. reservist, subsequent use)
Funding fee expemtion avab for qualified vets
Max 41% debt ratio plus residual income requirements
Manufactured Homes ok - Doublewides only - FHA Approved foundation - plus state requirements
Best when combined with Texas Vet program.
Investor program too... rarely used - refinance existing VA into a VA Investor loan to free up entitlement for a new VA home loan.

Sincerely,

Art Ramirez

Certified Freddie Mac CreditSmart Instructor

Texas Real Estate Commission MCE Instructor

Champions School of Real Estate Instructor

City of San Antonio Homebuyer Education Instructor

Texas General Lines Property and Casualty Agent #1486936

Texas Mortgage Broker #65041

Down Payment Assistance! - San Antonio

WR Starkey Mortgage — Sun, 06 Apr 2008 12:15:57 -0500

The City of San Antonio among other cities offers first time homebuyers up to $12,000 in assistance for down payment and closing costs! Of course there are a few caveats. There are qualifications, but not many. If the home they are purchasing is taxed by the city and the purchase price is $110,000 or less and the household income requirement is met, then your buyer could qualify for significant savings! The buyer does have to complete a 2-day, 8-hour Homebuyer Education Class as well. I am a volunteer instructor for the City and I assist in facilitating the class.

If you would like to learn more, please give me a call or drop a note.

Thanks!

Art Ramirez

Ascent Home Loans

210-822-5577

art@mytexasloan.net

Down Payment Assistance!

WR Starkey Mortgage — Sun, 06 Apr 2008 12:12:14 -0500

The City of San Antonio among other cities offers first time homebuyers up to $12,000 in assistance for down payment and closing costs! Of course there are a few caveats. There are qualifications, but not many. If the home they are purchasing is taxed by the city and the purchase price is $110,000 or less and the household income requirement is met, then your buyer could qualify for significant savings! If you would like to learn more, please give me a call or drop a note.

Thanks!

Art Ramirez

Ascent Home Loans

210-822-5577

art@mytexasloan.net

Only in Texas!

WR Starkey Mortgage — Fri, 04 Apr 2008 11:14:53 -0500

I'm sure many of you already know that Texas is unique. We stand apart from everyone else in more ways than one.... especially when it comes to mortgages. Texas is the only state that has the Texas Veteran Housing Assistance Program also known as the Texas Vet Home Loan Program. Toda'ys 30 year fixed rate is at 5.51% and when combined with a VA home loan, qualified Vets, and active duty personnel can get into a home with no money down and a great rate to boot!

The program is only for purchases! And, if the Vet qualifies for all the rate discounts, they may have a rate as low as 3.86% on a 15 year fixed rate! For details, on the program, please visit the state's website at www.texasveterans.com. You may also visit my website at www.mytexasloan.net.

Thanks!