financing: Fannie REO Property Purchase Agreement Tips - 07/30/10 02:08 PM
A lot of Realtors have been asking me how to structure purchase agreements for Fannie Mae foreclosures (www.homepath.com).  First, a little background:
HomePath is a loan program developed by Fannie Mae to sell their foreclosed properties In order to make sure a qualified buyer can purchase one of these properties, Fannie has removed the need for mortgage insurance and a property appraisal.  That removes the problem of having to qualify the property along with the borrower. Sounds great, right?  It truly is if you know the strategies to best help your clients.  Here are a few simple tips to consider:
Although the … (1 comments)

financing: Where are all the FHA-approved Condo Projects? - 03/18/10 09:35 AM
I've been fielding a lot of questions recently on FHA condo approval.  As you know, spot approval has been discontinued by FHA, but you still have a couple more options.
This link, https://entp.hud.gov/idapp/html/condlook.cfm lets you know whether a property is approved for FHA financing.  I find it easiest to search by city and state to find properties that are already "HRAP/DELRAP" approved.
There is, however, another group of FHA condo properties that can qualify for FHA financing.  HUD-owned, REO-sales condominium projects are not required to be on the FHA Approved List.  You can find a list of those properties at the … (2 comments)

financing: 3.5% Fannie Appliance Incentive TRULY explained... - 03/13/10 10:46 AM
I'm hearing from a lot of Realtors that there's some confusion on the 3.5% appliance incentive offered on HomePathâ qualified Fannie Mae foreclosures.  I've outlined in bulleted-form the opportunities offered by this incentive...
You can find qualifying homes on the www.homepath.com website.  If it's HomePath eligible, you'll see the logo to the right of the listing. Any qualifying HomePath property can access the incentive, which can total up to 3.5% of the agreed-upon purchase price. The incentive is available regardless the type of financing.  That means Conforming, HomePath, FHA, VA or USDA. This is a big one and very unclear on the Fannie … (0 comments)

financing: Look for this Bogus Credit Fraudulent Account on your Report - 03/09/10 02:17 PM
As I travel about in my Mortgage Banker capacity, I have occasion to refer clients to a credit repair service so if they can't get approved now, they should be able to in a shorter period of time than trying to fix things by themselves.
I recently referred a client on whose credit report was an apparently well-known collection.  I see dozens of credit reports a day and I never knew anything about it, so I thought I'd share with you.
There are no better words to describe this than the email I received from the credit repair company president.  Edited for brevity, it read,
… (0 comments)

financing: Don't Say I Didn't Warn You. Tightening credit standards surprise borrowers - 04/17/09 08:58 AM
The other day, a client and I were discussing the next steps necessary to proceed with the purchase of his first home.  We had begun conversations several months earlier (he had even been pre-approved), but he decided to wait for what he and others were thinking-that the new administration would make it easier (and cheaper) for folks like him to buy.
He was shocked by what I had to say.
"You no longer qualify."
"What do you mean, I no longer qualify?" he asked.  "You pre-approved me back in December."
"I know.  You qualified back in December.  But since then, the … (0 comments)

 

Tom Hlavin

Chesterland, OH

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Real Street Marketing

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Tom Hlavin is the President of Real Street Marketing, a CRM ("Client Relationship Management") and New Media consulting firm. This blog is full of tips and tricks to more effectively employ today's technology to increase exposure, activity and sales to new, tech-savvy prospects.


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