Tony Grego, Your Place for Great Rates!

Credit Score Changes for FHA and VA Mortgages

Tony Grego with American Bank - 317-714-8080 — Wed, 02 Dec 2009 17:46:47 -0600

Hey Folks!

As a mortgage bank we may service new loans or sell them to servicers. With all of the news with the upcoming changes with FHA I want to share the minimun credit scores that many servicers are currently using. Please remember that these may increase very soon along with a bunch of other changes so if you have a client that wants a FHA or VA mortgage it is best to find a home and lock now while they will still qualify:

Other recent investor Credit score overlays:

Wells Fargo
o Conventional 660
o FHA & VA (standard) 620
o FHA streamline refinances 640
o FHA High Bal 660
o VA IRRL 620
 No Conv. appraisal if Wells Serviced

Franklin American

o FHA & VA (standard) 620
o FHA streamline & VA IRRLs 640
 FHA streamlines must be treated as manual underwrites - not scorecard eligible.

US Bank

o FHA & VA (standard) 620
o FHA streamline & VA IRRLs 620

BB&T

o FHA (standard) 660
o FHA streamline & FHA /VA High Bal 660
o VA (standard) &IRRL 620

Bank of America

As you can see it is not getting any easier to get a mortgage. if you have any questions or need to submit a application give me a call or email. I will close it in 10-days or less.

Always at your service,
Tony Grego
Mortgage Banker at American Bank
o FHA & VA (standard) 620
o FHA streamline 640 (case #'s after 11/18)

Quote/Thought Of The Day

Tony Grego with American Bank - 317-714-8080 — Wed, 02 Dec 2009 11:50:13 -0600

Hey Folks!

Well we always want to know what our clients are thinking. What do we do to measure. To get us going enjoy today's quote:

"Feedback is the breakfast of champions."

~Rich Tate

And now for the Thought of the Day:

"Some people have a difficult time handling constructive criticism. As an entrepreneur, I've always welcomed honest feedback and disagreement from anyone on my team. In fact, another one of my favorite quotes is: 'In business, if two people always agree . . . one of them is unnecessary.'"

~Mac Anderson
Charging the Human Battery

Thanks for reading. When you have mortgage questions or need to apply just give me a call or email. I can help and get your mortgage closed in 10-days or less.

Always At Your Service,
Tony Grego
Mortgage Banker at American Bank

Motivation for Today - Your Vision

Tony Grego with American Bank - 317-714-8080 — Wed, 02 Dec 2009 06:21:39 -0600

Hey Folks!

To find were your going you need to see the road:

What is your vision for your life? Have you thought about it lately, or ever?

There is some vision, some dream, some goal so absolutely compelling that you cannot help but make it happen. Find it and connect with it.

There is a purpose within you that longs to be expressed. In following that purpose you will bring great value and fulfillment to your own life and the lives of those around you.

Feel the intensity of that purpose. Surrender to it and allow it to pull you powerfully forward.

It is never too early and never too late to immerse yourself in the empowering glow of your purpose. Now is when you can know the overwhelming sweetness of true fulfillment.

Step decisively toward those most treasured dreams that spring from your purpose. Right now, in this moment, fulfill the best of what you know life can be.

-- Ralph Marston

Hope you enjoyed and have a great day. Remember when you have mortgage questions or need a quote just give me a call or drop me a email.

Always At Your Service,

Tony Grego

Mortgage Banker at American Bank

FHA to Toughen Mortgage Rules in Lenders Crackdown

Tony Grego with American Bank - 317-714-8080 — Wed, 02 Dec 2009 06:17:37 -0600

Hey Folks!

FHA was very busy these last couple of days. With foreclosures rising and home prices falling the Federal Housing Administration is proposing new rules to crack down on lenders and asking Congress for the authority to raise certain borrower requirements, all in a effort to reduce risk to it $685 Billion in it mortgage portfolio. It is going to make a FHA mortgage harder and harder to get approved.

David Stevens, FHA Commissioner was interviewed on CNBC and stated that FHA will be looking for new ways to reduce risk (this means bigger down payments, higher credit scores, and reducing seller concession from six to three percent).

It could also include raising the up-front and annual insurance premiums. This would require Congressional authority.

Lenders will also be held more accountable for origination quality and compliance with FHA policies. The proposal includes a much higher net worth requirement from $250,000 to $1,000,000 in 2010 increasing to $3,500,000 in three years. This will eliminate most brokers and small banks.

These changes are to help slow down the skyrocketing delinquencies. Currently the delinquency rate for FHA loans now stands at just over 15%. This is according to the Mortgage Bankers Association.

So if you have folks that may be on the edge to qualify for a FHA mortgage share this post or give me a call or email. Lets get these folks in a home while we still can.

Always At Your Service,

Tony Grego

Mortgage Banker at American Bank

25 Reasons to Use American Bank

Tony Grego with American Bank - 317-714-8080 — Tue, 01 Dec 2009 17:26:09 -0600

Hey Folks!

Just when you think you will need to turn a buyer down give me a call or email. Chances are I can help.

1. JUMBO Loans to $1.5 million
2. No Add to Rate on Loans up to $900k
3. Cashout up to 90% ltv
4. No Mortgage Insurance on Special Programs
5. Stand Alone 2nds up to 85% ltv - up to 350l loan amount
6. No Hit for Cashout and No Hit for Escrows
7. Allow 1 Day OFF MLS
8. Interest Only on 3/1 $ 5/1 ARMs
9. No Reserve Requirement
10. 80% on Manufactured Homes
11. Purchases up to 90% ltv (higher with FHA)
12. 2nd Homes up to $500k - 80% ltv
13. No Declining Market Hit! (Special program)
14. HELOC 1st & 2nds up to $350,000
15. Rural Properties OK
16. Land Contracts - provide 12 months cancelled checks - does not need to be recorded
17. 50% DTI on Fixed and 45% DTI on ARMs (includes taxes and insurance)
18. Small 1% pre-pay, Or can buy out for 30bps on all non-conventional, govt programs
19. No Seasoning on Jobs - W2 wage earners
20. FHA Lender in all states
21. VA Lender
22. USDA Rural
23. Work with a personal banker
24. Quick processing and underwriting
25. Close in 10 days or less

Please note that not everyone will qualify for all programs and not everyone will want all programs. I'm just showing options for folks that need solutions that are out of the box.

Drop me a email or call with any questions.

At Your Service,
Tony Grego
Mortgage Banker at American Bank

Tiger Woods Humor (You knew they were coming)

Tony Grego with American Bank - 317-714-8080 — Tue, 01 Dec 2009 12:05:06 -0600

Hey Folks!

I'm sure this is just the start....

Tiger Woods is so rich that he owns lots of expensive cars. Now he has a hole in one.

What's the difference between a car and a golf ball? Tiger can drive a golf ball 400 yards.

Tiger Woods wasn't seriously injured in the crash, but he's still below par.

What were Tiger Woods and his wife doing out at 3:30 in the morning? They went clubbing.

Tiger Woods crashed into a fire hydrant and a tree. He couldn't decide between a wood and an iron.

Perhaps Tiger should be using a driver?

This is the first time Tiger's ever failed to drive 300 yards.

After a wayward drive, Tiger Woods found water before nestling behind a tree.

Apparently, the only person who can beaqt Tiger Woods with a golf club is his wife.

Apparently, Tiger admitted this crash was the closestshave he's ever had. So Gillette has dropped his contract.

Hope you enjoyed? When you have some mortgage questions or need to submit a application just give me a call or email.

Always At Your Service,
Tony Grego
Mortgage Banker at American Bank

Mortgage Rate Update

Tony Grego with American Bank - 317-714-8080 — Mon, 30 Nov 2009 13:13:48 -0600

Hey Folks!

Hope everyone is having a great end of November? I know that I am.

As for mortgage rates we don't have much going on. Trading is very light and last week was flat. I look for things to heat up later this week when we see what is pressure Wasington is going to put on the servicing companines.

Please note that we have some of the lowest rates on history and unless something crazy happens (no one expects it) the only way rates are going is up.

So if your in the market find a banker/broker you're comfortable with and get approved and locked. I would like to be that partner so give me a email and I will help find the best mortgage for your needs.

Always At Your Service,
Tony Grego
Mortgage Banker at American Bank

Thought of the Day

Tony Grego with American Bank - 317-714-8080 — Mon, 30 Nov 2009 13:06:35 -0600

Hey Folks!

Were still here! Yep the end of November and 2010 is just a month away and we have surived. Now some have had a great year and some others have decided that this is not the career they want. In the end we will all be stronger. I'm sure we're all made a few mistakes over this last year? Today's thought of the day addresses them. Enjoy:

"When I'm making a decision that might involve risk (and as a life-long entrepreneur, I've made a few) it's comforting to know that if I fail, I'll learn something and move forward. Without question, my willingness to take calculated risks that I believe in has been the key to any success I've enjoyed in my business career."

~Mac Anderson
Charging the Human Battery

Now when you have some mortgage questions or need a quote. Just ask. We are still closing in 10 days or less.

Always At Your Service,
Tony Grego
Mortgage Banker at American Bank

Quote of the Day

Tony Grego with American Bank - 317-714-8080 — Mon, 30 Nov 2009 05:53:51 -0600

Hey Folks!

Everyone ready for a great day? As November ends and we begin December I found a great quote to help us focus and keep our eyes on the target. Enjoy?

The only place success comes before work is in the dictionary.
Vince Lombardi

So as we ready for the holidays don't forget we still need to get some work done.

Have a great end of November!

Always at your service,
Tony Grego
Mortgage Banker at American Bank

US Treasury to meet with mortgage servicers Monday

Tony Grego with American Bank - 317-714-8080 — Sun, 29 Nov 2009 19:53:45 -0600

The U.S. Treasury Departm is expected to meet with lenders on Monday to press them to do more to rework troubled home mortgage loans, a source familiar with the Treasury's thinking said.

Herbert Allison, the Treasury Department's assistant secretary for financial stability, is expected to meet with the mortgage servicers, said the source who requested anonymity because the meeting has not been publicly announced.

The New York Times in its Sunday edition quoted Michael Barr, the Treasury Department's assistant secretary for financial institutions, as expressing dissatisfaction with lenders over the slow pace at which they are amending loan agreements to help borrowers make their monthly payments.

A Treasury spokeswoman said on Saturday the department was taking additional steps to enhance mortgage servicer transparency and accountability as part of a broader focus on maximizing conversion rates to permanent modifications.

The Treasury spokeswoman said that that could include new resources for borrowers and said the department will announce new measures on Monday.

November 29th - Today In History

Tony Grego with American Bank - 317-714-8080 — Sun, 29 Nov 2009 19:48:23 -0600

Just a little fun and trivia for a Sunday night. Enjoy:

On Nov. 29, 1961, Enos the chimp was launched from Cape Canaveral aboard the Mercury-Atlas 5 spacecraft, which oribited earth twice before returning

In 1924, Italian composer Giacomo Puccini died in Brussels before he could complete his opera ‘‘Turandot.'' (It was finished by Franco Alfano.)

In 1929, Navy Lt. Cmdr. Richard E. Byrd, pilot Bernt Balchen, radio operator Harold June and photographer Ashley McKinney made the first airplane flight over the South Pole.

In 1967, Secretary of Defense Robert S. McNamara announced he was leaving the Johnson administration to become president of the World Bank.

In 1981, actress Natalie Wood drowned in a boating accident off Santa Catalina Island, Calif., at age 43.

In 1986, actor Cary Grant died in Davenport, Iowa, at age 82.

In 2001, George Harrison, the ‘‘quiet Beatle,'' died in Los Angeles following a battle with cancer. He was 58.

John Drew Barrymore, the sometimes troubled heir to an acting dynasty and absent father of actress Drew Barrymore, died in Los Angeles at age 72.

Well I hope you enjoyed. Have a great night

Tony

Quote/Thought of the Day

Tony Grego with American Bank - 317-714-8080 — Sat, 28 Nov 2009 06:11:47 -0600

Hey Folks!

Well now that we all made it past all those Black Friday sales it is now time to get back to business. Let's go sell some houses and get some good mortgages!

To get the day off right I just wanted to pass on a little motivation.

Quote of the Day:

"A storyteller, like a travel agent, can help gather us up from wherever we are, and put us down in another setting."
~John Leggett

(In our industry we are all story tellers. Just remember to make it a great story)

Thought of the Day:

"Each of us wants to be part of something bigger than ourselves. Call it purpose, destiny or a simple desire to get beyond the insufficiencies of our current existence. An individual's yearning to reach outside his life is a seed of greatness waiting for a stream of inspiration. Carving that stream to people's hearts is a simpler task if the endeavor you are leading them into is attached to a bigger story."

~Mac Anderson and Tom Feltenstein
Change is Good... You Go First

That's it for today. Hope you enjoyed? If so please let me know. Also when you have Mortgage needs or questions just drop me a note. I'm a nationwide banker and close mortgages in all 50 states. Best part? I can close in 10-days or less.

Have a great selling weekend

Always At Your Service,
Tony Grego
Mortgage Banker at American Bank

Quote and Thought of the Day

Tony Grego with American Bank - 317-714-8080 — Thu, 26 Nov 2009 17:42:03 -0600

Hey Folks!

Well I hope everyone is having a great Thanksgiving? Central Indiana while a little wet and chilly is a great place to spend Holidays.

Now is is the Quote of the Day:

"Progress involves risk. You can't steal second base and keep you foot on first"

Frederick Wilcox

Now the Thought of the Day:

"Success doesn't happen by accident. It starts with an unwavering commitment to build a dedicated team who serves their boss...the customer."

Mac Anderson

Enjoy and when you have mortgage questions or need one done quick you can count on me.

Always at your service,

Tony Grego

Mortgage Banker at American Bank

Happy Thanksgiving

Tony Grego with American Bank - 317-714-8080 — Wed, 25 Nov 2009 18:35:04 -0600

Hey Folks!

Another Thanksgiving is just a day away. While getting a few mortgages ready for close I just wanted to reflect on how special a day we have. This year we have shown that we are a Nation that may bend but will not break.

Good and bad all year but as we ready for 2010 we are a stronger Nation, a stronger industry, and stronger agents and brokers. Yes everything is not perfect and we have plenty of work to get done but lets not forget were we have been or where we need to go.

Happy Thanksgiving to all

Tony Grego

Mortgage banker at American Bank

Mortgage Rate Update

Tony Grego with American Bank - 317-714-8080 — Wed, 25 Nov 2009 11:58:51 -0600

Hey Folks! While most get ready for the Thanksgiving holiday not much happening. If you missed last weeks rally we should see a little bounce next week. Folks if you get lucky you might the the 1/4 you lost from last week. Should see at least a 1/8 bounce. If so lock, if not lock anyway. Today's job news is good for the country but bad for rates. As more jobs get added rates will rise. If you have any questions or need a quote please email or call. Hope evryone has a happy and safe thanksgiving. Always at your service, Tony Grego mortgage banker at American Bank

Peyton Manning is the best

Tony Grego with American Bank - 317-714-8080 — Mon, 23 Nov 2009 08:39:09 -0600

Hey Folks!

Just a self-serving Indianapolis resident and Colts fan. About a week ago we had a very interesting game with New England. Of course we won but it was not to the last minute. Below is a debrief with the Patriots coaches and managers. It is about 4 minutes but fun.

When you have some mortgage questions or quotes just drop me a note. I know I can help.

Always At Your Service,
Tony Grego
Mortgage Banker at American Bank

Monday Motivation

Tony Grego with American Bank - 317-714-8080 — Mon, 23 Nov 2009 08:18:17 -0600

Hey Folks!

Well it's a short Holiday week. We still need to help folks. November is always a challenging month with weather/time change, Holiday and getting ready for the guy in the red suit. Sometimes we may run a little short. Here is something to help:

"Empty pockets never held anyone back. Only empty heads and empty hearts can do that."
Vincent Peale

If you need some help with a deal and need it fast drop me a note or give me a call I can help.

Always At Your Service,
Tony Grego
Mortgage Banker at American Bank

Quote/Thought Of The Day

Tony Grego with American Bank - 317-714-8080 — Mon, 23 Nov 2009 08:03:07 -0600

Hey Folks!

Well we hear about Character and Leadership all of the time. Here is a few things to help us ponder on what it really means:

Quote of the day:

"Character may be manifested in the great moments, but it is made in the small ones."

~Phillips Brooks

And now for the Thought of the day:

"As a leader, you have to take responsibility for your own failures as well as successes. That's the only way you'll learn. If you keep learning, you'll improve. If you improve, your leadership will get better. And in time, you will earn the right to lead on the level you deserve."

~John Maxwell
The Right to Lead

Folks, when you have some mortgage questions or needs just drop me a note. I will help.

Always At Your Service,
Tony Grego
Mortgage Banker at American Bank

Fact of the Day

Tony Grego with American Bank - 317-714-8080 — Sun, 22 Nov 2009 07:26:38 -0600

Hey Folks!

Just having a lazy Sunday morning. Doing a little sufing I came across this interesting fact:

"A newborn turkey chick has to be taught to eat, or it will starve. Breeders spread feed underfoot, hoping the little ones will peck at it and get the idea. Turkeys tend to look up with their mouths open during rainstorms. As a result, many drown"

Just a little mindless trivia for I hope to be a great day!

Now if you need any mortgage help or any questions you can count on me.

At Your Service,
Tony Grego
Mortgage Banker at American Bank

Quote/Thought Of The Day

Tony Grego with American Bank - 317-714-8080 — Fri, 20 Nov 2009 10:21:45 -0600

Hey Folks!

Hope everyone is having a great day. Today's Quote and Thought asks us to look deep and know why we are all here. Enjoy.

Quote Of The Day:

"You have been created in order that you might make a difference."

~Andy Andrews

Thought Of The Day:

"Is there an ending to this story? Exactly who was it that saved the two billion lives? Is there a specific person to whom we could point? How far back would we have to go? How many lives would we need to examine in order to determine who it really was whose action saved two billion people...a number that continues to increase every minute? And how far forward would we need to go in your life to show the difference you make?"

~Andy Andrews
The Butterfly Effect

Best Wishes for a great Weekend

Tony Grego
Mortgage Banker at American Bank

Quote/Thought of the Day

Tony Grego with American Bank - 317-714-8080 — Thu, 19 Nov 2009 16:52:48 -0600

hey Folks!

Well I hope it is busy in everyone's world. Today has been very hetic and just having a chance to post. I guess in life and business it is about the "extra"

Quote of the Day:

"The difference between ordinary and extraordinary is that little 'extra.'"

~Mac Anderson

And now the Thought of the Day:

"What I've found over the years is that most companies want to do the right thing. They know how they would like to treat their customers and their employees, but they have a difficult time communicating the message in a way that is both inspirational and understood by all."

~Mac Anderson
Customer Love

Now if you have some questions or need some help just let me know

At your service,
Tony Grego
Mortgage Banker at American Bank

25 Reasons to use American Bank

Tony Grego with American Bank - 317-714-8080 — Wed, 18 Nov 2009 09:54:44 -0600

Hey Folks!

Just when you think you will need to turn a buyer down give me a call or email. Chances are I can help.

Please note that not everyone will qualify for all programs and not everyone will want all programs. I'm just showing options for folks that need solutions that are out of the box.

Drop me a email or call with any questions.

At Your Service,
Tony Grego
Mortgage Banker at American Bank

Quote/Thought of The Day

Tony Grego with American Bank - 317-714-8080 — Wed, 18 Nov 2009 08:56:49 -0600

Hey Folks!

Here is today's Quote Of The Day (It begs us to look at what we do and what we want):

"Aim for service and success will follow."

~Albert Schweitzer

And now for the Thought Of The Day:

"If people don't have in their hearts the desire to serve and make a difference for others, they will not give great service. Mary Kay Ash, the founder of Mary Kay Cosmetics, often said that the secret of her success was hiring nice people and then allowing them to be as nice as they could be."

~Barbara Glanz and Ken Blanchard
The Simple Truths of Service

Well I will tell you that I'm here to serve. So when you have mortgage concerns or questions I can and will help. Folks as a nationwide lender I can help with conventional, FHA, and VA. Just let me know what help you need.

At Your Service,
Tony Grego
Mortgage Banker at American Bank

Quote/Thought of the Day

Tony Grego with American Bank - 317-714-8080 — Tue, 17 Nov 2009 08:30:08 -0600

Hey Folks!
Today's quote and thought is to remind us all that at the end of the day while we are all sales folks we need to not skip the steps that will make us successful

Quote of the Day:

"Wherever you go, go there with all your heart."

~Todd Duncan

Thought of the Day:

"To rebrand society's view of salespeople, we'd all be wise to follow in the footsteps of the doctor. Question, assess, diagnose and prescribe."

~Todd Duncan
The Simple Truths of Selling

When you have mortgage needs and questions I'm here. American Bank has direct bank rates and will close in 10-days or less.

At your service,
Tony Grego
Mortgage Banker at American Bank

Hey Bill Belichick! Don't forget about the basics (or the win)

Tony Grego with American Bank - 317-714-8080 — Mon, 16 Nov 2009 07:29:02 -0600

Was at the Indianapolis Colts game last night. As always (it seems) the game is billed as the game of the week/year. Last night was so different. What did I see at the end. Ego vs. common sense.

With just over two minutes to go with a six point lead the Bill Belichick decides to "go for it." As I heard one of the players interviewed on the radio "you don't even do this on the video games."

Well the patriots did not get the first down. Allowed the Colts to eat up the clock, score and win the game. Just another example of putting ego ahead of common sense.

How does this relate to our business? How many times do we let ego control how we handle clients and situations? I guess if we really look it happens many times.

I don't know the the Patriots and Bill Belichick learned a lesson last night but In know that I did.

Happy Selling (with common sense)!

At your service,
Tony Grego
Mortgage banker with American Bank