Being in the Kansas City market, we are lucky to have many opportunities during the back to school months. With three Division I Universities within 100 miles of Kansas City (KU, MU and UMKC), there are unique opportunities for parents wanting to allow their children to have off campus living quarters.  Many of these parents are buying investment properties for their children.  As you know, the investment programs have gotten more difficult to qualify for and require more money down. 

Here is an idea.  Use FHA.  If the student is at least 18, the parents can co-sign for an FHA mortgage for the child.  The child would be the owner-occupied resident and the parents qualify for the loan.  3% down is MUCH better than 10% or even 20%. 

Please remember that FHA Seller Funded Down Payment Assistance Programs like Nehemiah and Ameridream are currently set to expire on September 30th.  There is new legislation presented to extend these programs, but as of now, the termination of the programs is on our doorstep.

I wish all of you a great Back to School season. 

Your Mortgage Partner For Life

Scott

I have been reading the following website for the past seven years.  The update is done daily and the author does a great job on giving what economic updates are due that day and in the near future.  Additionally, the author gives what the expected update reading should be and what "should" happen to mortgage rates when the data is published.  Granted, this is speculative, however, it is good information and allows for a more informed conversation with my clients.  There is even a suggested Lock/Float scenario (however, this should always be the decision of the client.)

http://www.moving.com/mortgage/mortgage-market-commentary.asp

I hope someone finds as much value as I have in this site.

Wow.  What a challenge the industry is giving to us daily.  I know we have seen constant change and will continue to see change for quite some time.  I believe what will make us successful is seeking out quality lenders and programs for our clients allowing them to purchase or refinance their home in accordance to their overall financial and investment objectives.

What 100% options are still available?  This still is asked by about every client we talk with.  The answer is not many.  VA is the first obvious choice.  The next would be using down payment assistance in conjunction with FHA.  This is scheduled to go away October 1st with the new bill passed by Congress.

The next option is USDA Rural Development.  While it does not work for everyone (it is income and location qualified), it is an AWESOME program.  In the Kansas City market, we have parts of the Greater KC area that are included such as Grain Valley, Smithville, Bonner Springs, Gardner are just a few.  This program will actually give a lower monthly program than FHA!

If you have questions, please let me know.  My office is 913-647-6080.  My cell is 816-352-4398.

I am located in the Greater Kansas City Market.  As many of you are seeing, there is an ever growing surplus of foreclosed and short sale homes available.  Additionally, with the credit tightening, FHA has become a more viable option for many current and potential homeowners,both for purchasing and high LTV/CLTV refinances.  Yes, FHA has lessened the appraisal requirements, however, sometimes there are just a few small items necessary to bring the house up to par.  Maybe even adding new appliances or replacing carpet and/or paint for the client into the loan will help them with initial expenses for the home.

I was certified as a Renovation Specialist with Wells Fargo in 2000 and spent three years producing 203k loans in the MO and KS market.  I again have the opportunity to offer an INCREDIBLE product to the KS and MO market.  In fact, our company offers this product in KS, MO, TN, GA and soon to be OK, AL, and SC. 

Up to $35,000 additional funds to be allowed with contractor bids for the NEW STREAMLINED 203K loan.  This is not the old 203K.  We are closing this streamline K loan in less than 30 days.  Not only that, but we are a market leader in interest rate and closing costs as well.  Regardless of the intial inspection or items needed to be repaired, Every home qualifies for this program! (exception: structual integrity issues are excluded and not allowed under this program)

Other specialty programs: 

HUD Foreclosures using FHA 203b financing with only $100 down - Insured and Insured with Escrow eligible

Homestyle Renovation - Conventional program for rehabbing homes - even investor program

Investor - Purchase and Rehab Hard Money 100% up to 80% ARV

Take the time to call me to discuss this program or any other home financing need you, your family, friends or clients might need.  913-647-6080 x 6084.  I promise to open the door to more clients and sales opportunities with this phenomenal program!