Danell Merren's (danelliccf) Blog

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Mortgage and Lending - Providence Home Mortgage/ICCF
RECENT BLOG POSTS
It's been pretty common knowledge for the past 18 months that the stated income, no document, no income, and low document loans are gone. However, I think that a lot of great customers with really high credit scores- say 740 and up, don't know that in the past they probably got through the mortga...
11/06/2009
I recently learned that the MI congress passed a law stating that home owners who buy an owner occupied home and retain their previous primary residence while they attempt to sell can keep the homestead exemption for up to three years on both properties. This is a huge benefit to move up buyers w...
11/06/2009
We are seeing another Fannie and Freddie change, this time when it comes to condo coverage that the condo associations and/or management companies must have. It's regarding dishonesty coverage. Fannie and Freddie used to only require $10,000 dishonesty coverage. This is related to liability insur...
11/06/2009
There's a lot of buzz that the first time home buyer credit of $8,000 may be extended. So far it's passed the Senate and now must pass through the House. Some are saying it's helped the economy, some are saying it hasn't. I specialize in working with first time home buyers, and I can definitely s...
11/03/2009
In the Greater Grand Rapids Area we are in a very depressed area with one of the highest foreclosure rates in the country. For us, it's mostly because of manufacturing job loss rather than due to exotic loans. Regardless, there are a lot of HUD REO properties. But we also have a lot of FHA borrow...
10/30/2009
I have become increasingly frustrated when Realtors expect us to "eat" delays. I will go into detail. It's understandable for Realtors to be frustrated if no one is communicating with them and they simply don't know what is going on, but in my small shop, we are a three woman team, and between my...
10/30/2009
I saw a tidbit on the Today Show Recently that I thought I'd share because I tried it to get my toddler and school aged kids to eat better. My hubby and I have a weakness for a local Thai food place. We love their noodles. We've gotten this quite regularly recently, and my middle daughter noticed...
10/30/2009
It never ceases to amaze me that every once in a while, maybe every two years or so, a customer who is paying off collections in an effort to become mortgage ready, stops paying other bills on time in order to have the funds to pay off old collections. I can't quite understand how this makes sens...
10/30/2009
I am so excited to report that MSHDA has rolled out a new program called the MSHDA/NSP 80/20 loan. Features of the program include: 80% first mortgage, no PMI 2nd mortgage up to $25,000 with repairs, 10K if no repairs Only 1% down requirement from buyer! Property type must be bank owned/foreclosu...
10/02/2009
I met last night with a newly married couple. They were really neat and quite entertaining. I thought the gentleman said it best when he said, "Your credit report is like your permanent record". I'd never heard it referred to that way, but I think he put it best! I have had the following happen t...
08/20/2009
Rainer
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