realtor: Livingston County Kentucky Referral - 04/24/09 02:48 AM
I am trying to locate an Agent/Broker  in the Livingston County area for a pre-approved VA buyer.
Please contact me at Steve@gsgroupinc.com for the details
(0 comments)

realtor: Marketing your REO Listings as FHA 203KS Qualified - 06/06/08 04:45 AM
What qualifies your property as FHA 203K??? As long as the home loan is at or under the FHA county loan limits it is qualified. Condo/Townhomes need to be HUD approved.
FHA 203K
 
https://entp.hud.gov/idapp/html/hicostlook.cfm
HUD has defined eligible renovation as:
OWNER OCCUPIED PROPERTIES ONLY
 
Repair/Replacement roofs, gutters, and downspouts Repair/Replacement/Upgrade of existing HV AC systems Repair/Replacement/Upgrade of plumbing and electrical systems Repair/Replacement of existing flooring Minor remodeling such as kitchens, which does not involve structural repairs Exterior and interior painting Weatherization: including storm windows and doors, insulation, weather stripping, etc. Appliances - Purchase and installation are included. Appliances may … (2 comments)

realtor: Market your REO Listings as FHA 203KS Qualified - 05/29/08 01:25 AM
 
What qualifies your property as FHA 203K??? As long as the home loan is at or under the FHA county loan limits it is qualified.
FHA 203K
 
https://entp.hud.gov/idapp/html/hicostlook.cfm
HUD has defined eligible renovation as:
OWNER OCCUPIED PROPERTIES ONLY
 
Repair/Replacement roofs, gutters, and downspouts Repair/Replacement/Upgrade of existing HV AC systems Repair/Replacement/Upgrade of plumbing and electrical systems Repair/Replacement of existing flooring Minor remodeling such as kitchens, which does not involve structural repairs Exterior and interior painting Weatherization: including storm windows and doors, insulation, weather stripping, etc. Appliances - Purchase and installation are included. Appliances may include free-standing ranges, refrigerators, washers/dryers, … (0 comments)

realtor: Largest Wholesale Lender of FHA 203K not lending west of the Mississippi - 05/07/08 01:07 AM
Below is the email I received
 
I have received numerous calls about the rumors/chatter on the Internet over the last 24 hours. Hopefully this e-mail clarifies some of the changes M&T Bank has implemented.
M&T Bank will continue to offer our Wholesale and Correspondent channels, but business has been restricted to areas that we also have a retail presence. Thankfully, this does include Ohio. 
The changes will affect offices originating loans outside of M&T's footprint (The M&T Footprint includes: the New England states, NY, PA, MD, DE, NJ, VA, WV and OH).   M&T will no longer be accepting files originated in areas outside of those states.
If your … (6 comments)

realtor: Can you STILL sell homes WITHOUT 100% financing or can you? - 03/30/08 03:52 AM
Now most 100% loan prgrams are gone.
Still available
VA Loans 100% LTV
USDA Rural Development 100% LTV ( where allowed)
FHA 97% LTV with DPA or Gift of funds
Conventional Loans Some products will allow 97% LTV with reduced PMI and gift if funds or even DPA.
If you are involved in any type of family trasnsfer they will allow for a 20% gift of equity.
Some lenders are still allowing 100% with 680 or even 720 score but these are coming to and end daily.
So now you will most likey want to ask your buyer if they have any assets or how they plan on buying a … (0 comments)

realtor: FHA/VA does not lend on all Condos/Townhomes/PUDS - 03/16/08 09:05 AM
As always I inform all my pre-approved  FHA/VA buyers when looking for condo's to call me before making contract to verify the complex is approved. The buyer called me with the condo information just to be reasured it was on HUD's approved list.
Now with the new FHA limits more Condo facilties will not be qualified. Be sure to be infomred.
 Always know if your buyers eyes are on the correct prize.  Condo List
Another important item would be if the condo is not approved can you apply for a "spot loan approval" which could be applicable to a condo, townhouse or PUD.
The information is … (4 comments)

realtor: Occupancy Fraud.... Is it really a big deal? - 03/01/08 07:12 AM
You bet your license it is!!
Occupancy fraud occurs when a borrower -- or an individual acting on the borrower's behalf -- misrepresents whether they plan to live at the property. This could be a second home buyer trying to obtain a lower owner-occupied mortgage rate, an investor trying to avoid higher investment financing costs and rates.
What if you knew a buyer was not going to occupy the property being purchased as a primary residence, would you let the lender know? Occupancy fraud is involved in excess of 54% of all investigated  fraud cases.
So I ask again how would you proceed if you knew? What … (6 comments)

realtor: How do you interview your Buyers - 02/29/08 05:30 AM
Coming from a Lending point of view I usually ask what is your goal. Whether it is a purchase or a refinance. Once I establish that we are purchasing a home then we start.
Are you in a lease? ( allows me to know what the time frame is)
      When will it expire. Does it have a home buying clause? Can you get out early?
Have you applied with anyone else?
      If so--- What did they offer you? If they didn't offer anything that usually indicates poor credit.
How is your credit on a scale of 1-10 with 10 being the best? ( … (5 comments)

realtor: Can you define STEERING - 02/26/08 05:28 AM
I was looking at a MLS listing and in the actual broker remarks it states" Broker Remarks: Fax offers to 216-xxx-xxxxw/EM check and POF. Addendums after acceptance. MUST have Countrywide pre-app if financing"
By indicating that a Countrywide Pre is required constitutes a direct violation of steering???  Maybe even a couple other laws as well.  Any feed back would be greatly appreciated.
Can Anyone please supply me ith an actual definition of RESPA- Steering.
Thanks
(17 comments)

realtor: What is your first question to a new home buyer? - 02/25/08 03:15 AM
Coming from a Lending point of view I usually ask what is your goal. Whether it is a purchase or a refinance. Once I establish that we are purchasing a home then we start.
Are you in a lease? ( allows me to know what the time frame is)
      When will it expire. Does it have a home buying clause? Can you get out early?
Have you applied with anyone else?
      If so--- What did they offer you? If they didn't offer anything that usually indicates poor credit.
How is your credit on a scale of 1-10 with 10 being the best? ( … (2 comments)

realtor: HUD promo in Ohio and Michigan deemed Illegal according to RESPA - 02/22/08 02:59 AM
See the aticle below. The program has since changed to pay all agents for any sold HUD homes regardless if who is used for financing. Now they can't call it a RESPA Violation
 
 
http://www.freep.com/apps/pbcs.dll/article?aid=/20080221/news05/802210379/1007/news
(3 comments)

realtor: Market your REO Listings as FHA 203KS Qualified - 02/18/08 10:40 AM
What qualifies your property as FHA 203K??? As long as the home loan is at or under the FHA county loan limits it is qualified.
https://entp.hud.gov/idapp/html/hicostlook.cfm
HUD has defined eligible renovation as:
OWNER OCCUPIED PROPERTIES ONLY  
Repair/Replacement roofs, gutters, and downspoutsRepair/Replacement/Upgrade of existing HV AC systemsRepair/Replacement/Upgrade of plumbing and electrical systemsRepair/Replacement of existing flooringMinor remodeling such as kitchens, which does not involve structural repairsExterior and interior paintingWeatherization: including storm windows and doors, insulation, weather stripping, etc.Appliances - Purchase and installation are included. Appliances may include free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwavesLead-based paint stabilization or abatement of lead-based paint hazardsRepair/Replace/Add exterior decks, patios, … (1 comments)

realtor: Do you have a buyer who suffers from the "yes but" syndrome? - 02/09/08 06:21 AM
Solve the problem
NOW USING FHA 203K Streamline 
Helpful tips to sell more units!!
You already know that 81% of the housing stock is greater than 15 years old.....
 
         Create a vision for a buying decision!
Watch for reactions to specific parts of the house.
Use phrases like..."If you want to change the color of the carpet in the living room, you can just include that in your mortgage,"  or the kitchen cabinets, bathroom fixtures, appliances, install new light fixtures, replace the windows, make the house energy efficient, etc.
Owner Occupied 
Typical Improvements
                    Kitchen/Bathrooms                                        Well/Septic Repair or Replace
                   Painting/Carpeting                                          Tile Flooring
                   Windows/Siding                                               Energy Conservation
                   Plumbing/Heating                                           Install … (4 comments)

realtor: Purchase and Rehab with one LOAN. See how!! - 02/07/08 03:29 AM
Helpful tips to sell more units!!
You already know that 81% of the housing stock is greater than 15 years old.....
NOW USING FHA 203K Streamline
         Create a vision for a buying decision!
Watch for reactions to specific parts of the house.
Use phrases like..."If you want to change the color of the carpet in the living room, you can just include that in your mortgage,"  or the kitchen cabinets, bathroom fixtures, appliances, install new light fixtures, replace the windows, make the house energy efficient, etc.
Owner Occupied 
Typical Improvements
                    Kitchen/Bathrooms                                        Well/Septic Repair or Replace
                   Painting/Carpeting                                          Tile Flooring
                   Windows/Siding                                               Energy Conservation
                   Plumbing/Heating                                           Install Air Conditioning
Market to … (8 comments)

realtor: HOW CAN FHA LOANS HELP YOU SELL UNITS - 02/04/08 02:41 AM
Helpful tips to sell more units!!
You already know that 81% of the housing stock is greater than 15 years old.....
NOW USING FHA 203K Streamline
         Create a vision for a buying decision!
Watch for reactions to specific parts of the house.
Use phrases like..."If you want to change the color of the carpet in the living room, you can just include that in your mortgage,"  or the kitchen cabinets, bathroom fixtures, appliances, install new light fixtures, replace the windows, make the house energy efficient, etc.
Typical Improvements
                    Kitchen/Bathrooms                                        Well/Septic Repair or Replace
                   Painting/Carpeting                                          Tile Flooring
                   Windows/Siding                                               Energy Conservation
                   Plumbing/Heating                                           Install Air Conditioning
Market to your … (2 comments)

 


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