Your Oregon FHA, USDA and VA Lender of Choice

Mortgage Pro Week in Review -- 09/13/10 through 09/19/10 -- Good Mortgage info is important

Mon, 27 Sep 2010 11:08:37 -0700

A friend of mine (who is an FHA expert in his own right) wrote a wonderful blog on the top 10 reasons to buy a home today!

Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

The MORTGAGE PRO Week in Review is back. This weekly review has been away the last 18 months due to the lack of volunteers, in helping to get mortgage related information out to the public and to help keep realtors up to date on the ever changing topics of mortgages. This review will appear every Sunday eevning, once a week. There will be a post in a few days about this group and how you can volunteer.

Onto Mortgages and Real Estate. Below is some very good mortgage posts that tell you what you need to apply for a mortgage, specific programs, and what you need to know about mortgages in general. Please take the time to read these posts, it could be worth your wild and could save you thousands of dollars as a borrower.

10 Reasons to Buy a Home TODAY, NOT NEXT MONTH, NOT NEXT YEAR BUT RIGHT NOW! by : Tom Burris

In my opinion, this post is not a scare tactic, just the basic facts to as why buying now could very well be better than buying later. Let's not forget, that is if you are in the position to buy now.

Houshold Budgets For Home Buyers #1 by : Paul Silver

Before you buy a home, you should have some sort of budget. Realtor, Paul Silver, writes a very good 3 part series on this.

Be Prepared for Mortgage Application .. Start Gathering These Documents NOW by : Gene Mundt

This shouldn't be a hard topic to figure out. Just be like the Boy Scouts, "Be Prepared". It never hurts to be prepared with all of your mortgage documents before speaking to a loan officer. Gene does a good job of breaking it down for you.

Save Big by Choosing the Best Rate Lock by : RJ Baxter

R.J. brings up a good point that many loan officers don't talk about, especially when the consumer is shopping around. Loan officers fail to talk about how to lock in your rate or what the differences are in the lock periods, yet they offer these so-called great interest rates. Just very simple information to understand.

The 4 Things you Need to Get Approved for a Mortgage!!!! by : Larry Bettag

What a better follow up to Gene's post, is Larry explaining on what 4 items gets your loan approved from a lenders perspective.

The Truth about Loan Modifications - Are you sure you want to look behind the curtain? by : Drew Sygit

This is an excellent post that goes into details that many didn't know about. I personally know that Drew did some research on this, bringing you the real facts and not what is perceived out there.

Fannie Mae Home Path Financing by : John Neil

This is a good program for some. John explains what you get with this type of program. The biggest selling point is that you don't have monthly mortgage insurance. This program is used for those properties owned by Fannie Mae. But please read below what Gary Miljour has to share, comparing this program with FHA loans. You do need to understand your options carefully and not just because this loan has no mortgage insurance. And showing these 2 was not a knock on either John or Gary. Each borrower and each loan program is different.

FHA vs. Fannie Mae Home Path Revisted by : Gary Miljour

Gary gives you a quick simple breakdown between FHA loans and the Fannie Mae Home Path loan. In his opinion, FHA loans are still the clear winner.

FHA Loans with a simplified explanation of FHA credit standards by : Jeff Belonger

FHA has some new changes pertaining to credit scores and down payment. And did you know that FHA is changing the monthly mortgage insurance that goes into effect on October 4th, 2010? Changes in FHA mortgages for the monthly mortgage insurance & UFMIP

Sir, I think your calculator is broken! by Nevin Williams

A very simple and easy to understand post. Just be careful when using online mortgage calculators. There are a few factors that you as a consumer aren't aware of.

203K: Why is it so difficult to find a contractor to do this 203k? Answers within... by : Brent Kludge

You first learn what a 203-k loan is and there is a group below that has some posts about this loan program. Brent goes into more specifics about the 203-k contractor, what to do and not to do.

Dressing Up Your Blog.... Nirvana Recipe by : John Zolsky

My bonus post - Non mortgage related, but realtor John Zolsky shares some very interesting tips about how to write within your blog posts, such things as fonts and colors.

The next 3 members for the Mortgage Pro Week in Review :

1.       Larry Bettag 09/20/2010    through    09/26/2010

2.       Gene Mundt    09/27/2010    through    10/03/2010

3.       Gerry Suarez 10/04/2010    through    10/10/2010

If you are writing mortgage posts or mortgage related posts, you should try placing them in the groups below. Not only is this good for the consumer or Realtor, but it helps those that are searching for top mortgage posts for the weekly review.

All About Mortgages/Mortgage Networking   Here is a group that many loan officers post their mortgage related blogs in. A good place to learn more about the type of programs, new industry news, and sometimes some inside tips. Don't hesitate to join.

The FHA Mortgage Group - Here is a group that specifically talks about FHA, FHA updates, and what FHA can do for your buyers and sellers.

Mortgages - Another group with anything and everything about mortgages. A diversified group.

FHA 203-k and 203-k streamline group - Special type of mortgage that allows you to roll in the costs of repairing you home, new or old.

USDA Rural Development Loan Group - All mortgage information pertaining to USDA loans, Rural Development Loans.

VA Loan Group - All mortgage information pertaining to VA loans.

Realtors Needing the services of the Lending Powers- A place where realtors can updates on mortgages in general.

Realtors® -For Real Estate Professionals to discuss marketing strategies, overcoming obstacles, successful sales techniques. And a place to add mortgage related topics helping the consumer and realtor.

We really could use some new volunteers for the Mortgage Pro Week in Review. Even if you are a realtor, a title person, or someone else that is related to the mortgage/real estate industry..... please read below.

MORTGAGE PRO Week in Review    A repository for the Mortgage Week in Review. Please don't hesitate in joining this group. And any volunteers for the mortgage week in review, please e-mail Jeff Belonger at jbelonger@ihmci.com

There will be no recreations of any type regarding the titles or content of this group or Review without the permission and expressed written consent of the Group's founder.

Mortgage Pro Week In Review - Copyright 2010^©

______________________________________________________________________________________________________________



                                                                            FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

Follow me on:

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium

Fri, 06 Aug 2010 11:46:28 -0700

I think I do an overall good job with my Blog, but for more detailed info on the FHA changes please see Jeff's Blog as well...and if you haven't done so yet...save it as a favorite.

Thanks Jeff!

Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

FHA first proposed the monthly mortgage insurance changes in the beginning of 2010. Bill H.R. 5981 was first passed by the House in the spring and was just passed by the Senate the other day. What does this bill do for FHA mortgages? They have projected that it will yield approximately $300 million per month to the FHA insurance fund.

So what are the new FHA changes? - For terms greater than 15 years -

LTV's <= 95% will increase the monthly fee by 85 bps

LTV's > 95% will increase the monthly fee by 90 bps

And lastly, it will reduce the Upfront Mortgage Insurance Premium, UFMIP, from 225 basis points to 100 basis points.

The plan is to go into effect by September 7th, 2010 on all FHA case numbers. FHA gives it's reasons to this new plan. FHA letter from David H. Stevens

So what do the actual changes mean to the average borrower that will rely on FHA loans when purchasing a new home or refinancing?

                - The Old Plan -

LTV's <= 95% will increase the monthly fee by 50 bps

LTV's > 95% will increase the monthly fee by 55 bps

Example of the changes regarding the FHA monthly mortgage insurance known as MMI or annual mortgage insurance premium and the FHA upfront mortgage insurance premium known as UFMIP.

As you can see, it would be much cheaper monthly with the old plan, even though you pay $3,317 more upfront, on top of your loan. This can also be a tax write off since it's included in your principal. You break even point on this type of scenario is 47 months, which is roughly 3.9 years. After this break even point, you would have started to spend more money in reality. This is how FHA will increase it's mortgage fund. As you can see, it won't be increased as quickly upfront, but over a longer period of time. So if you held onto this mortgage for 7 years, you would have spent approximately $2,522.

Now, there are several other factors to consider when reviewing this kind of information. Just for the fact that your original balance on the loan will be $3,317 lower and in 7 years, still be that much lower. And as I mentioned, you would have a little more of a tax advantage on the higher balance though.

All I wanted to do was to present the basics of FHA loans and not get into the extreme details on how one could show either side. What could this do to a potential home buyer? It could reduce your purchasing power. In this scenario, if you had originally qualified for a $275,000 loan with qualifying ratios of 31/43, what would your new purchase price be.

- New Purchasing Power after September 6th, 2010 -

With the new FHA monthly mortgage insurance and the FHA upfront mortgage insurance premium changes, your purchasing value would drop approximately $10,000, a purchase price of $265,000. Now, these are just averages, because this will all be based on the actual purchase price. Meaning if values are higher or lower, the total amount could change some. But this should give you a good understanding of what changes lie ahead for FHA mortgages in the near future.

_____________________________________________________________________________________________________



                                                                                       FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

Follow me on:

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Notice*** FHA CHANGES

Fri, 06 Aug 2010 11:30:48 -0700

Good Friday! There are some (big) changes to the FHA program beginning on September 7^th, 2010.

FHA is lowering their Up Front Mortgage Insurance (Financed on top of the loan) from 2.25% down to 1%. Yes, this sounds great doesn't it? Not so much, they are raising the monthly mortgage insurance from .55% to .90%. It may not sound like much, so let's take a look at the example below:

How does this affect our clients?

$200,000 Purchase price

4.5% Interest Rate

PRE- September 7^th

Principal interest and mortgage insurance payment: $1,127.16

AFTER- September 7^th

Principal interest and mortgage insurance payment: $1,172.45

As you can see the payments will rise by $45.29 in this example.

If you have a borrower looking for a home now (or on the fence waiting), it's important

to let them know about these changes. This can alter their "approved for" amount by as much as $10,000!

It's important to work with someone who understands how these changes will affect you and your clients.

Please let me know if I can help in any way.

Have a wonderful Weekend!

Travis

Below you will find the actual letter sent out from David Stevens.

August 5, 2010 LINKS

Over the past week, Congress has taken quick action and passed H.R. 5981.

The bill gives FHA the authority to adjust its annual mortgage insurance

premium, yielding approximately $300 million per month in value to the FHA

Mutual Mortgage Insurance Fund at a time when its reserves are perilously

low.

As I have previously stated in my testimony before Congress, FHA will lower its

upfront premium simultaneously with the increase to the annual premium¹. It

is our intention that effective on September 7 insurance premium will be

adjusted down to 100 basis points on all amortization terms and the annual

mortgage insurance premium will increase to 85--‐90 basis points on amortization

terms greater than 15 years². A Mortgagee Letter will be forthcoming once

President Obama signs the bill into Law schedule, I wanted to immediately

inform the industry of our plans so the lending community can begin preparing

for the operational and system structure on all new case numbers by September 7, 2010.

With this authority, FHA is in a better position to address the increased

demands of the marketplace and return the MMI fund to congressionally

mandated levels without disruption to the housing market. While we appreciate

and applaud this recent action, there is still work to be done. HUD remains steadfast

in its commitment to comprehensive FHA reform legislation, similar to the FHA

Reform Act passed earlier this year by the and risk management efforts.

We hope Congress will take swift action to pass management efforts will not be

complete without the ability to monitor lender performance and ensure compliance

with our rules.

Although the transition timeframe is short, implementation by September is

critical. Thank you in advance for the efforts of you and your organization to

make this change happen on such short notice. We appreciate your hard work

and continued partnership.

¹The upfront and annual premium changes do not apply to the following FHA Programs: Title I,

HECM, HOPE for Homeowners (H4H), Section 247 (Hawaiian Homelands), Section 248 (Indian

Reservations), Section 223 (e) (declining neighborhoods), Section 238(c) (Military Impact areas in

Georgia and New York).

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Updated Income Limits for the USDA Guaranteed Rural Housing Program

Thu, 15 Jul 2010 20:26:33 -0700

Via Jeff Wilmoth (HomeStar Financial Corporation):

Updated Income Limits for the USDA Guaranteed Rural Housing Program

Effective June 2, 2010, the USDA Guaranteed Rural Housing (GRH) Program offers even greater flexibility for your clients in terms of income limits. The base income limits for the USDA Guaranteed Rural Housing (GRH) Program have increased. The standard 2 tier system is still in place, however now more families can have access to the program due to the increased income limits. The 1^st tier provides an income limit for household sizes of 1-4 persons and the 2^nd tier provides an income limit for household sizes of 5-8 persons.

Here are the Base Income Limits for all non-high cost counties:

1-4 Person                           5-8 Person

$74,050                                $97,750

So, regardless of whether we have a buyer purchasing a home in a high-cost (metro areas) or out in "the sticks" (non-high cost county), the benefit is that all 1-4 person households will qualify based on the 4 person limit and all 5-8 person households will qualify based on the 8 person limit.

Tip: The number of persons used for income eligibility is always the number of persons living in the home, not the number of applicants on the file.

The new income limits can be found at the USDA Rural Development Eligibility Home page by following either of the links provided below:

http://eligibility.sc.egov.usda.gov

(Click on "Guaranteed Housing" under the "Income limits" tab on the left side of the page)

OR,

http://www.rurdev.usda.gov/rhs/sfh/sfh%20guaranteed%20loan%20income%20limits.htm

(Direct link to the 2010 Guaranteed Rural Housing (GRH) income Limits)

Wait a minute, it gets better...

For those buying in markets located within high-cost counties of Georgia, such as Coweta, Spalding, Fulton, Carroll, Heard, Henry and even Pike County, to name a few, there are also the Maximum Adjusted Income Limits. Because those counties mentioned are considered part of the Atlanta-Sandy Springs-Marietta Metropolitan Statistical Area, the income limits are increased to allow for the higher cost of living. A Metropolitan Statistical Area (MSA) is generally a county or group of counties with a combined population of at least 50,000. In addition, adjacent counties are included in a metro area according to commuting patterns.

The Maximum Adjusted Income Limits for counties included in the Atlanta-Sandy Springs-Marietta Metropolitan Statistical Area (high-cost counties) are...

1-4 Person                           5-8 Person

$82,600                               $109,050

Depending on your debt ratios, you can buy a lot of home in Metro Atlanta!

When in doubt rely on the professionals...

Many may assume that everything is dead if your annual income exceeds the Maximum Adjusted Income Limits. However, there are a few ways to help those whose annual income may exceed the Maximum Adjusted Income Limits. For example, for each resident of the household that is under 18 Years Old, Disabled or a Full Time Student, there is a $480 deduction to the annual income. In addition, the program allows for adjustments regarding various child care expenses. The most important factor regarding whether or not you qualify is that you should not assume anything and rely on the experts. By allowing the loan originator to "spend some quality time" with you, you are increasing your odds of a smoother transaction.

As a reminder, unlike other home-financing programs, there are no loan limits for the USDA Guaranteed Rural Housing Program. The maximum loan amount for USDA Guaranteed Rural Housing applicants is based entirely on their ability to meet the repayment ratios for the program, while simultaneously staying within the program's income limits.

Interested in more information on the USDA Guaranteed Rural Housing (GRH) Program? Please visit our website or

Jeff Wilmoth | HomeStar Financial Corporation...Serving all of Georgia!

848 Jesse Jewell Parkway Gainesville, GA 30501

Cell 404.597.5662 | EFax 678.623.0444
jeff@jeffwilmoth.com

Apply online: www.jeffwilmoth.com

Mortgage Loan Originator NMLS ID: 206798; HomeStar Financial Corporation, NMLS ID: 70864; Georgia Residential Mortgagee Licensee #17368; Nationally Approved USDA lender USDA GRH program; FHA Lender ID - 897400009; VA - 64103600000

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Who Are The Best People To Ask For A Referral?

Mon, 21 Jun 2010 22:09:09 -0700

Via Joe Stumpf (By Referral Only):

Answer: The people who were referred to you and have not yet referred anyone.

These people are twice as likely to refer you as any other person in your relationship base.

Strategy: Today make a list of three people who were referred to you that have not yet referred anyone. Then call each of them and use these Magic Words:

Hi, Rich, this is Joe.

I was thinking about you, and how Kate was kind enough to introduce you to me.

Rich, I was wondering who you know who's in a situation similar to what you were in, when Kate introduced us.

(pause) A person like you, who wants to buy their first home so they can reduce their tax liability.

(pause) The reason I ask is, there are some great starter homes on the market today, with low down payment financing that makes owning a home actually cheaper than renting.

(pause) The next time you're in a conversation with someone you care about and they mention they would love to own their first home, would you call me and do your best to introduce me, just like Kate did for you?

This is a great way to prospect for business and you can do it right now!

On Your Team,
www.MyByReferralOnly.com

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

365 Tips To Becoming A Successful Realtor® - A Week in Review - Week 4

Sat, 19 Jun 2010 23:37:01 -0700

Great Tips!

Via Mark Hall Vancouver Washington Real Estate (Elite Realty NW - Keller Williams, Vancouver Washington):

365 Tips To Becoming A Successful Realtor®

A Week in Review - Week 4

Tip #21 - Do Something Nice! The old saying is true, "What goes around, comes around." The game of life is a case study of give and take.

Tip #22 - The Lead Generation Machine - Follow these tips and build a machine that will send you leads every month.

Tip #23 - Guarantee Your Buyers' Loyalty with "The Book" - A simple method of getting buyers' loyalty every time.

Tip #24 - Negotiations. Seek First to Understand - Don't make the same mistake that I did. Read this NOW.

Free Referral Tool - Check out this cool web page! This is just a bonus. I found this free site and wanted to share it.

Tip #25 - Explaining the Market - Answer the question with this question for better success.

Tip #26 - Networking with Purpose - Why you should hang out with Indian Chiefs.

Tip #27 - Rude FSBO Tactic - Don't get upset. Get the listing with this tip.

For the over achievers in the group, you can go straight to all of the 365 Tips To Becoming A Successful Realtor® blogs to date by following this link:

365 Tips To Becoming A Successful Realtor®

When you choose us to handle your Vancouver Washington real estate needs, you choose a team of realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in Clark Countyand we specialize in Vancouver, Ridgefield and Battle Ground. We are also very experienced with new home and custom home construction having assisted several local builders in selling new neighborhoods in the Vancouver Washington area. Additionally, we have helped numerous families build their own dream homes. We are dedicated to helping you make intelligent, informed decisions and to providing you with exceptional service.

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Google Tools for Realtors

Fri, 18 Jun 2010 12:17:55 -0700

Good morning. Are you using Google to help you get more buyers/sellers? Maybe you should be... Below is a link to the tools offered by Google for the Real Estate Professionals.

By the way, I will be in town all weekend. If you need any assistance, I'm here to help. Questions...Pre-Approvals...Call anytime! Have a great weekend.

Travis Newton

503.931.4490

http://www.google.com/intl/en/events/realestatetools/index.html

Google Tools for Real Estate Professionals

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Countless home buyers use Google to browse for real estate information each month. Google offers a full suite of tools for real estate professionals that let you reach prospects in your region at all stages of their home search - while they're looking for properties, checking out locations, and selecting an agent or broker. It's how you reach more sellers, attract more buyers, and sell more homes.

Here's why it pays to use Google to connect to home buyers and sellers:

Google can help generate real estate referrals and leads.
Google has more real estate searches than other search engines combined, and more unique visitors than all real estate specific web sites.
Google is the most-used search engine for researching and purchasing real estate information and services.
The Google Network reaches over 80% of U.S. Internet users.

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Tax Credit Update

Thu, 17 Jun 2010 14:12:28 -0700

Tax credit is extended for those already in Contract on or before April 30th.

See article below.

WASHINGTON June 16 (Reuters) - The U.S. Senate voted on Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.

The Senate, with a vote of 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract.

The current deadline requires buyers to close by June 30 to get the $8,000 tax credit for first-time homebuyers. Existing homeowners buying a new primary residence are eligible for a $6,500 credit.

Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.

The proposal would not have a significant impact on future home sales as the extension would be only for home buyers who already had a contract in hand by April 30.

The popularity of the tax credit has caused some anxiety because settlement offices are inundated with buyers trying to close on transactions by the end of this month to get the tax break. (Reporting by Donna Smith; Editing by John O'Callaghan)

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

FHA Rumors & FHA Home Loans - June 2010

Wed, 09 Jun 2010 12:03:14 -0700

There is no one better at explaining FHA loans than Jeff!

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

          FHA Rumors & Myths about FHA LOANS

FHA Mortgages have gained popularity in the last 2 years because of the demise of the subprime mortgages and because of conventional loans. Conventional loans have become harder and in some cases, more expensive depending on your credit score and down payment.

In any case, I am still hearing some negative comments and input about FHA loans. I have been doing FHA loans since 1993 and I never felt that they hindered the loan process. These rumors are usually started by those that aren't as experienced in doing FHA mortgages.

List of FHA Rumors & Myths

FHA Origination Fees - This one angers me the most. If you ever have a loan officer tell you that part of the origination fee goes to FHA or HUD, don't walk, but run from them. The handbook states that this fee is for administration purposes. In reality, it can be used for the lenders costs or to buy down your interest rate. PS. I actually had a previous client was told this by a loan officer.

FHA Loans take forever, sometimes up to 2 months. Well, many loans are taking a little longer now because of all the checks and balances when it comes to the mortgage process. But if you are speaking to a very good loan officer and if they do their job properly upfront, then things should get done in a reasonable time. What is a reasonable time frame? 30 days from start to finish for a loan to close.

FHA appraisals are more harsh than conventional appraisals. This one always made me laugh. First, let's start with the realtor who should be looking out for your best interest. Why would anyone want to purchase a home that might need repairs. Secondly, FHA did away with the VC sheet prior to 2003, so we are just talking about specifics in most cases. Overall, it's not because it's an FHA appraisal, but more so because it's harder to comp for values in some areas.

FHA loans are more expensive than conventional loans. - This one would need to be broken down because there are to many variables and factors. The general fees and rates should be almost the same with any lender out there. For a better glimpse to why FHA loans might be cheaper, even with 10% down, please read this post. FHA loan vs Conventional loan with a 659 credit score

Summary : FHA loans in my opinion, are excellent for many borrowers. It just comes down to speaking with a very qualified loan officer who will ask the borrower about their goals, to figure out what loan best fits that borrower, not what's easy for the loan officer. And seriously, people need to stop listening to their friends, neighbors, family members, and some realtors that just don't know any better. There are also some loan officers that just don't know better or might be afraid of such loans as FHA loans, USDA loans, or VA loans. Just choose the loan officer wisely.

_____________________________________________________________________________________________________



                                                                                        FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Attitude

Mon, 07 Jun 2010 12:32:50 -0700

Good morning. I wanted to share something a bit different today. I know it sounds cliché but this is a poem I think about almost daily. In the Real Estate business we can only control so much.... Hope you enjoy it as much as I do. Attitude by: Charles Swindoll~~~~ The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than facts. It is more important than the past, than education, than money, than circumstances, than failures, than successes, than what other people think or say or do. It is more important than appearance, giftedness or skill. It will make or break a company... a church... a team... a home. The remarkable thing is we have a choice every day regarding the attitude we will embrace for that day. We cannot change our past... we cannot change the fact that people will act in a certain way. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude... I am convinced that life is 10% what happens to me and 90% how I react to it. And so it is with you... we are in charge of our attitudes. Have a wonderful week! Please let me know if I can help in any way.

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Rate vs Reducing the price

Mon, 24 May 2010 14:01:18 -0700

Rate versus Price Reduction:

Since the Fed's Mortgage Backed Securities purchase program ended, the markets have seen much more volatile price swings...and rates overall are off their lows. For potential buyers who are waiting to see if home prices come down a little more, that means the wait could well cost you more money in the long run.

Let's look at an example to see why. Say a home buyer wants to buy a home that costs $300,000. But the buyer wants a better deal on the home, so she delays a transaction until the home is reduced by $10,000. If, in the meantime however, rates were to rise .75% to 6.00% and the buyer financed 90% of the purchase price, the amount of total payments over a 30-year term would be over $35,000 more than paying the $300,000 purchase price and locking in the 5.25% interest rate. In other words, the buyer would save $10,000 only to end up paying $35,000 more.

Now these prices and rates are just for the sake of example. But the point is that home prices are already very affordable...and rates are still low for now. So in the end, waiting for a home price to reduce may end up costing you much more than you expect if rates rise.

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

FHA loans vs Conventional loans - Even with 20% down, FHA home loans could be better

Mon, 24 May 2010 00:20:36 -0700

thanks Jeff

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

FHA loans have become very popular in the last 2 years and there are several reasons for this. What I hate hearing is that FHA mortgages have taken the spot of the subprime loans. This is not true at all. This statement is from those that are inexperienced in both the mortgage and the real estate industries. To many subprime loans should have gone FHA and that is just a fact. But why are FHA loans getting bad press now, stating that they are the most defaulted loans recently? Read this : We should ABOLISH FHA loans...

In today's market, I am still hearing that if you have 20% down, that you are best using a conventional loan. But so many fail to realize that if you have credit score less than 680, that there are some major pricing hits. It's very sad when your loan officer doesn't even understand this and doesn't take the time to evaluate what the better loan is for their client. Even with 10% to 20% down and credit scores less than 680, FHA loans in many cases will be the best mortgage for you.

The example below is based on a $275,000 purchase price with 20% down. One reason why conventional rates are a little higher in this scenario as in FHA rates is because Fannie Mae and Freddie Mac have added penalties per se. If you are putting down less than 30% and your credit score is less than 720, certain fee penalties would apply to you, which would increase your rate and or points. The FICO (credit score) that I am going to use is 639. Keep in mind... Don't ever be fooled by that loan officer that says, don't worry, you can refinance later. This is a bad statement for many reasons that I will write about another time.

***And keep in mind, some lenders have penalties on FHA mortgages with credit scores under 660. And many lenders can't do FHA loans under 620. At Infinity Home Mortgage, I can do credit scores down to 580 now. Just beware of those that promise you a mortgage with scores under 620. It can happen, but they aren't as easy as advertised. Please read - Credit scores/FICO scores - I need a 700 credit score? ***

Disclaimer : These rates are examples of today's pricing, and the spread shown in the example is real with the same profit margin for both sides. To compare this scenario apples to apples, there are no lender fees and with 3/4 of a point on the conventional side because of the pricing hit for the fico score.

GOALS – Important :

**So IMPORTANT - your loan officer should always be asking your goals. For 3 years, 5 years, and 10 years. Yes, we all don't have crystal balls, but in many cases you should have an idea and a plan. As you can see, on paper, it looks like the conventional loan would be cheaper. But some important things to know. It cost the conventional borrower an extra $825 upfront, so that $33.18 saved a month actually doesn't truly start until the 25th year. In 5 years on all FHA loans, if you put 20% or more down, the FHA mortgage insurance falls off automatically. So after payment 60, you will now be saving $58.49 more a month on the FHA loan. And as you can see, in 5 years on the FHA loan, you shaved off $2,200 more on the principal based on the upfront MIP of $4,950 that was added to the loan. So as you can see, goals are very important. If you were to put even 15% down in the scenario above, FHA loans would be much cheaper right away.

For more FHA loans vs conventional loans comparisons :

FHA loans vs Conventional loans - A true numbers comparison with 5% down - 12-20-08 -Using a 710 credit score

FHA loans vs Conventional loans - A real comparison with 5% down - 11-15-08 - Using a 659 credit score

FHA Loans vs Conventional Loans - 20% down - A Rude Reality Check - 04-03-09 - Would you believe that FHA loans could be cheaper even with 20% down? Come see why and how.

FHA Loans vs Conventional Loans - 5% - 4 comparisons that you need to know - 05-02-09 -Comparing a FHA loan against 3 types of conventional loans with different types of monthly mortgage insurance. Guess who won while still using a 679 credit score.....

FHA loans vs Conventional loans - Knowing the true comparisons - 07-10-09 - A great comparison with a 679 credit score and 5% down. This example will still show that even with a better than average credit score, that FHA loans are still better in many cases.

FHA loans vs Conventional loans - Things you need to know with 10% down, especially in regards to Condos - 09-19-09 -

Donw Payment Series - A Must Read -

FHA loans vs Conventional loans - A real comparison with 20% down - Part 1 of 3 - 01-28-10 - Not much of a difference, unless you stay in the house for more than 5 years. Hence why a loan officer should be talking about your goals. So very important, yet many dont ask.

FHA loans vs Conventional loans - Don't be cash poor!! - Part 2 of 3 - 01-29-10 I want to show even a bigger difference if you put less down. And even if you decided to put less than 10% down, because cash is king now. You can't predict even next week. And keeping in mind of some misleading rumors, that you need more than 10% down to buy a house.

FHA loans vs Conventional loans - Get a bang for your buck - Large down payments aren't always the best way - Part 3 of 3 - 02-01-10 - Some great examples of having cash left over and not really affecting your monthly mortgage payment. And that you will have cash left over for emergencies. Keeping in mind that cash is king.

And sellers, don't listen to your agents on how bad FHA loans are.

_____________________________________________________________________________________________________

FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Does Your Lender (or Agent) Leave You Out in the Cold Just Because You Don't Qualify Right NOW?

Fri, 21 May 2010 21:59:25 -0700

Great Job

Via Charita Cadenhead, www.bhamwiire.com (Bham WIiRE Realty, LLC (You've Got Options)):

Does Your Lender (or Agent) Leave You Out in the Cold Just Because You Don't Qualify Right NOW?

So you're ready to buy a house and you do the smart thing and consult with a lender first. You're already ahead of many just by taking this small but very important first step. You've completed the application and your credit has been pulled (it's not completely warped, but just a few blemishes). Your mortgage loan officers sends it to underwriting for review and analysis and as it turns out, you won't be able to qualify for a mortgage loan right now.

Disappointed and perhaps a bit discouraged?
Of course you are and even more so if your loan officer did not discuss with you a plan to get your "credit house" in order. If your loan officer simply came back and told you that you could not qualify at this time without consulting with you on a plan of action and some timelines to shoot for, then perhaps you should reconsider this relationship.

No I am not talking about if you have credit issues that puts you completely in the dumps with no way out except with a lifeboat and lifeline. But your loan officer should be able to offer helpful suggestions to get you on your way. They should be able to help you with coming up with a plan to eliminate issues in order of priority. In other words, what issues will have the greatest impact on your successful qualification for a mortgage loan.

But don't forget to be proactive in the process

Ask your loan officer about how different types of debt may affect your chances for loan approval.

Ask about whether paying off a debt would be more beneficial than paying down a debt

Some lenders may still use alternative credit for scoring purposes in case you have little or no established credit. Alternative credit may be debts such as cell phone bills, home phone service, cable, utilities, buy here-pay here credit, etc.

Ask if they know how much your score will increase with each recommended course of action. For example, if you pay off a particular credit card, how much might your score increase in points? I have worked with lenders who have been able to provide this information (but don't discount the lender if he does not know this information).

Like Momma Used to Say: Delay Does Not Mean Denial
The bottom line here is that just because you don't qualify for a loan right now, your loan officer should not leave you hanging because you will not be bringing any immediate business to that company.

We're not talking about if you have totally disregarded your credit responsibility and haven't paid anyone since Shep was a puppy. But rather, if you've been rather responsible with your credit, but have a few blemishes, your loan officer should be willing to hang in there with you and follow through as long as you're making some effort to achieve the goals that the lender has outlined for you to get you "loan ready."

By the way, you should use a similar model in determining which real estate agent you'll be using as well. Just because you are not ready to buy now, doesn't mean we should kick you to the curb until you are ready. We'll work in tandem with your loan officer to provide you with the best possible service before and after the sale. But remember, our willingness is more often than note, tied to your efforts to cooperate and progress towards your goal.

Charita Cadenhead, Your Metropolitan Birmingham, Alabama Real Estate Broker of Choice

www.bhamwiire.com
bhamwiire@hotmail.com
(205) 527-1112 - cell
(205) 321-1200 - Office
(800) 496-7431 - Fax

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

10 ways to murder your loan

Fri, 21 May 2010 21:41:52 -0700

Blunt and to the point :)

Via Alan May, Coldwell Banker Evanston Realtor, Evanston Real Estate (Evanston Condos, Evanston Homes, North Shore Homes):

Here's a handy list of 10 things you can do to kill your chances of getting a loan today.

1. The house just needs too much work.
This applies to REO's, foreclosures, and short sales... sure they're good deal, but the financing can be rough. Any broken windows, bad appliances, leaking roof, water damage, obvious mold, health or safety issues, structural problems and of course any liens.

2. Low Appraisal
Appraisal used to be a "rubber stamp"... those days are long gone and best forgotten. Today, appraisers are trying hard to "prove up" your purchase price... and standards have become tougher (good!). If the appraiser can't, in good faith, shore up your purchase price... they're just not gonna. Re-negotiations (post appraisal) are becoming much more common.

3. Borrower has too much debt.
Back in the day, large debt/income ratios were given a "blind eye"... no more. 35-40% debt ratios are the top end... the guidelines have become very tight... and if your buyer does qualify... make sure they don't make any large purchases just prior to closing, as many lenders are pulling credit just before closing... and if something has changed.... weee doggies, lookout!

4. Buyer is self-employed.
Lenders today are looking for 2 years of tax returns for those who are self employed. And they look at you cross-eyed if your income is declining. Real income will not be used (such as a Waiter who doesn't report all his tips)... they're going to be based on the income shown on your tax return.

5. Borrower has just started being paid by commission only.
In an effort to save money, some companies have switched their long term employees to commission. Lenders will not count commissions unless they can show a history of at least 2 years.

6. Your tax return doesn't match your IRS transcript.
Oh, this is a fun one. Used to be that you submitted a printout of your tax return, and the lenders just "believed" you. Sometimes they would pull a copy of the return for their files, but only after closing. Today, they are pulling transcripts prior to closing, and if they don't match up.. .(in other words, you "doctored" your printout)... that's fraud, and the deal is off, the loan is dead. (And keep in mind that lying on a mortgage application is a federal offense, punishable by time in your local penitentiary!!)

7. You can't get PMI.
Again, PMI (Private Mortgage Insurance) used to be a "given"... no more. There are only two or three PMI companies nationwide, and they are picky, picky, picky. It is possible, today, to be approved for your loan, and yet denied PMI. Your credit needs to be good... you need to have low debt, and the better your down-payment, the happier they are.

8. The condominium has issues.
Lenders are looking closer and closer at condo budgets, reserves and their general financial health. They're concerned about any pending litigation, and upcoming special assessments. Lenders have recently been pushing condo boards to increase their Fidelity bond... enough to cover at least 3 months of residents not paying their assessments. And they're taking a hard look at any owners (other than the developer) who owns more than 10% of the units.

9. You haven't allowed enough time for your loan processing.
All of these tighter guidelines are causing long approval times. The loan papers are often only good for 90 days or so... and if you get to that deadline, and have to rework the papers, that could cause a delay. If you're purchasing a HUD property... a delay could cost you the property entirely. Allow plenty of time for short-sale approvals, and even for standard mortgages. Realtors need to be hands-on with the lender and loan officers.

10. You don't have all the necessary financial paperwork.
Lenders are looking for more documentation than ever. They want to see Bank Statements, verification of large deposits or gifts, earnest money and rent checks. They may ask for letters of explanation on credit inquiries, missed or late payments, income fluctuations. Make sure to have all your ducks in a row.

ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
-------------------------------
Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779 Cell: 847.924.3313 Email: Almay@aol.com

Evanston Real Estate & North Shore Real Estate

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

A little humor!

Mon, 17 May 2010 23:57:48 -0700

Every now and then we need to laugh! Here's something to chuckle at tonight! Let me k now what you think of it. I though it was hilarious!

http://dailyshite.com/2010/05/what-up-yall-check-out-da-swagger-wagon/

Thanks for watching it!

Trav

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

What are you doing to market your listings in today's market?

Fri, 14 May 2010 01:33:48 -0700

Great post!

Via Stacia Whatley (RE/MAX Town & Country):

I check my facebook tonight and a friend of mine posts on my wall, "We need to talk soon :)" I of course start wondering what could it possibly be. She is a photographer and she wanted my opinion on an idea that she has to expand her photography business. I know that these business's exist now, but I haven't seen too many agents actually use them. I can almost say for everyone that the reason why we don't pay for these services is because of an extra cost. I want your help!

She wanted my opinion on pricing and what us agents would like for this service. She would offer pictures, virtual tours, and video tours. She really wants an honest opinion about this service. Would you use it? How much would you pay for this service? I had suggested that instead of having a flat fee that maybe she should charge on a sliding scale. Or a percentage of the sales price so that if you have a home listed for 150,000 you wouldn't feel like you were being over charged to someone who has a home listed for over a million.

Please help me, help her! I want your honest opinions.

Thank You

If you would like to see her work go to www.elaineturso.smugmug.com

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Clean your Clutter!

Fri, 14 May 2010 01:32:47 -0700

As the saying goes, "A cluttered desk is the sign of a cluttered mind." How can prospects or clients have any faith in your ability to work on their behalf, if they see a desk overflowing with paper? Or, in this computer age, if they visit your office and watch you spend valuable time sifting through emails and folders, trying to locate pertinent information regarding their account?

To the client, a lack of organization projects a negative image. It symbolically waves a distress flag, which could cause them to run in the opposite direction. Take some basic steps to alter the appearance of an overcrowded, unorganized work environment and help fend off clutter.

If you have an assistant, delegate some of your responsibilities to free up some of your time. Remember, "No man (or woman) is an island." For your purpose, that means mail can be opened and prioritized by an administrative assistant, while you tend to other business. Some bosses even arrange for their office assistant to have access to their email inbox.

If you work alone, then you must handle every facet of your business. Schedule a consistent time each day for opening both mail delivered by the post office and email, and respond immediately whenever possible to get it off your plate. File correspondence systematically so you know exactly where to find it in the blink of an eye. Record notes on a hand-held recorder to follow up on loose ends.

Author and efficiency expert Maria Gracia offers simple organizing solutions.* She says regardless of your business stature, whether management, sales staff or administrative assistant, better organization saves time and increases productivity.

Garcia notes the importance of learning to say "no." Some people extend themselves beyond reason, then fall short and appear inadequate. But time, like office space, can become cluttered or overburdened, especially for Real Estate professionals, lenders and others who rely on networking as a means of advancing their businesses.

She also advises her readers not to feel obligated to say "yes" to everyone who asks for a favor. In other words, don't over-commit. Be selective when it comes to volunteering time and energy. You can offer to assist with a small portion of a project, but don't agree to organize the entire event. And, if you're truly in a time crunch and can't possibly help, politely, but firmly, just say "no." That will earn you greater respect as someone who can organize time and space.

From my friend at LTB

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Clen aout the Clutter

Thu, 13 May 2010 11:55:37 -0700

From my friend at LTB

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Oregon USDA Funding News!

Tue, 11 May 2010 14:38:45 -0700

According to our Investors there will be no delay in the locking, funding or purchasing of USDA RD loans through my Company as the investor is certain the bill will pass the Senate based on information they have received. Please keep in mind that there is approximately 2 days worth of 2% funding money left. Once those funds are gone all new commitments will require the 3.5% funding fee on all purchases, so make sure your borrowers are aware. Please contact me with any questions you may have!

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Where is everyone moving to?

Mon, 10 May 2010 15:50:25 -0700

Oregon is number 2 on the list of people moving in. This is fantastic news for the Real Estate industry in Oregon.

People are always on the move. However, if you watch carefully, you can see patterns emerging. Each year, United Van Lines - the country's largest household-goods mover - tracks the inbound and outbound movements of its customers within the continental United States. In 2009, the annual "migration" study tracked more than 143,000 interstate household moves. The destinations below are high-inbound locations (55% or more of moves going into a state), ranked from highest to lowest based on the percentage of inbound moves.

For the full report be sure to see the below link:

http://realestate.msn.com/slideshow.aspx?cp-documentid=24157680&GT1=35006

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

My BUYER is GREAT but the property FAILED !!!!

Mon, 10 May 2010 01:00:49 -0700

Fantastic blog post!

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

In a perfect world, every seller and or realtor would love to have a very good buyer that is pre-qualified properly when placing an offer on their property. But what about the property itself? Let's dig into this a little deeper.

When I pre-qualify a borrower, I ask at least 10 to 12 important questions which usually covers all of the basics. How should a realtor treat a seller when selling their home? Do they just ask them a few basic questions and maybe pull up the tax records? Isn't there a phrase used by some that buyers are liars? Okay, maybe not lying, but what about withholding information or misleading? Can't sellers do the same? I think so and I think it's the job of the listing agent to pre-qualify their seller a little more in-depth than what might be on the surface.

Now, I am not a realtor, so I don't know exactly what the protocol is and what questions are answered. Or what kind of research goes into the property when listing the property. But I can say this from experience, in some cases I don't think the correct questions are being asked.

List of Questions

As mentioned, there are a set of questions that I ask every borrower when I pre-qualify them. These questions generally cover all possible issues that could take place during the buying process, hence why I ask these questions upfront.

Just recently I had a few buyers run into problems when trying to purchase a new home, but that these issues didn't appear until later on in the process. Examples :

   1. The buyer was buying a twin which was also a PUD. (planned unit development) At one time, the seller converted the twin into a condo, which there are now 2 units. They actually got a lawyer involved and had a master deed drawn up. So now you actually have a property that is a PUD/condo. This type of property is rare and is more seen along some shorelines for a specific reason.

      Solution : As a listing agent, maybe have in their set of questions asking if they had ever legally changed or converted the property into another type of property. If you searched the tax records, it was listed as a PUD and the appraiser stated that it was a PUD. We didn't find out about the condo issue until title came back. Now you have a potential issue and not to get into details, it killed this specific deal at the end because we need to approve the condo as a FHA loan, even though they were usuing USDA financing.

   2. Illegal rooms or additions - This has happened more so in Florida because of the hurricanes. But I have seen this even in North Jersey to where a single family was converted into a duplex illegally. I have had a few deals in Florida to where the porch was converted into another room. Yet there were never any permits executed for this function or an inspection done after the fact.

      Solution : Maybe a realtor should always ask if any rooms have been added on or converted after they bought the property and if so, was it done properly and through the correct channels. Or for the fact that if they are selling a multi-family home, that it was done legally.

Summary : Overall, I just think many of us need to be proactive and not just dwell on the buyer. I think specific questions should be asked on every property, no matter what you think or assume, or what you have found in your research from the tax records. Especially making sure that conodos are approved for specific types of financing. What have you seen out there or happen? As a realtor, what kind of questions do you ask?

_____________________________________________________________________________________________________



                                                                                        FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

A Fathers Love!

Mon, 03 May 2010 11:34:28 -0700

Not sure if any of you have seen the video of Team Hoyt or not. Even if you have....you have to watch it again....and share it with others.

Everytime I watch it it brings tears to my eyes. Check it out and let me know what you think?

http://www.youtube.com/watch?v=64A_AJjj8M4

Thanks!

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Teacher Appreciation Week May 3rd to 7th

Mon, 03 May 2010 11:29:13 -0700

Teachers need more credit for their impact on our kids and community!

Via Joe Sosky (KW Commercial):

This is a very special week where we get to honor the people who work with our kids and grandkids. Take a moment and think back on your favorite teacher who encouraged you to seek opportunities and to expect your dreams to come true because you really can have a life by design. I did just that and sent Doug Helgeson, a middle school and high school teacher and coach of mine a thank you note on FaceBook. He was my teacher and coach 40 years ago yet I still refer to him as my favorite teacher. In my eyes, he was all world.

"No man stands so tall as when he stoops to help a child."
Abraham Lincoln

After 27 years as a teacher, coach and principal, I have come to the conclusion that this is my very favorite quote when it comes to working with kids. It creates a visual of caring at the child's level. Doesn't it?

A teacher affects eternity; he can never tell where his influence stops.
Henry Adams

If you have a moment and want to be really touched by sincere kindness, view the story by Mary Robinson of Teddy Stollard and the impact a kind teacher had on his life. Trust me, its worth the 8 minutes to view.

http://www.makeadifferencemovie.com/FullMovie/

Teacher Appreciation Week; May 3rd to May 7th.

Joe Sosky; Commercial Real Estate Associate Broker
KW Commercial
360-816-9652
joe@kwcommercial.com

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Rates going up?

Mon, 03 May 2010 11:28:15 -0700

The Fed Ends Its MBS Purchases: ______________________________________________________________________ Here's What It Means to You You've probably heard that the Federal Reserve ended its Mortgage Backed Security buying program. The fact is, the Fed did what they set out to do – purchasing $1.25 Trillion in Mortgage Backed Securities and succeeding in their plan to lower home loan rates and help stabilize the housing sector. But what does the end of that program mean to the markets...and to your clients? First, without the Fed's support, the markets – and home loan rates – will be much more volatile. This volatility has already begun and probably won't end any time soon. So it's important that you work with a true professional who tracks and understands the "why" behind the markets. Second, even though the Fed stretched out the length of the program to help soften the impact of the end of the program, the training wheels are now off, the safety net is gone, and home loan rates have already moved higher. And since the Fed will gradually become a seller of their massive holdings of Mortgage Backed Securities, rates are very likely to continue to move higher still. For the time being, however, rates still remain at reasonably low levels – which makes right now a crucial time to take advantage of the opportunities that exist. If you have buyers or sellers “on the fence” these rates will be changing, now is the time to make their move. As always, I’m here to help! Please let me know if I can assist you in any way! Travis Newton- Oregon FHA & USDA Mortgage Expert

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

30 Billion more for USDA!

Wed, 28 Apr 2010 00:04:14 -0700

This’ll be a short Blog entry, but well worth the read! Supplement bill HR 5017 (The USDA Bill) Rural Housing Preservation and Stabilization Act of 2010 has passed the House! The majority of the House (85%), voted in favor of HR 5017. Once the bill passes the Senate and is signed into law by the president, we will have an additional 30 billion in funding. As always thank you for your support in this much needed affordable housing program. I will keep you updated as soon as this happens!

Travis Newton

Oregon FHA, VA & USDA Lender

Home For Heroes Oregon

Branch Manager

ENG Lending

503.931.4490

tnewton@englending.com

www.oregonhomesforheroes.wordpress.com

NMLS 269195

Your Oregon FHA, USDA and VA Lender of Choice

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30 Billion more for USDA!