fha: The real question for today's fence sitter in this market
- 03/31/09 01:34 PM
Today as I visited with Realtors I was struck my the universal tone of what they tell me the consumer is saying "How low are rates going to go?" and "We are waiting for the market to BOTTOM" So, my natural question is "how will you know when the market has hit the bottom?" Will the Talking Heads knock on your door and sing to you? Will the news media announce it? Will Obama and his friends deliver your bailout? Will it knock you over as you are peering down and it is coming back at you? Look, the real answer … (2 comments)
fha: How to sell that home with the UGLY Kitchen
- 03/02/09 12:45 AM
You know, that listing of yours that is really not so bad but is so outdated or the kitchen or any part just kills all maybe might have some interest. If some one could just see all that potential you will have a happy seller and we know the seller doesn't have the money to fix it up or they "don't want to make a decision on what the buyer might want" So what is a smart Realtor to do? Call your local professional mortgage professional and ask if they can do a Streamline 203K. Then get a few bids from … (2 comments)
fha: Mortgage "Plan" all smoke and mirrors
- 02/19/09 12:07 AM
I Listen yesterday to Mr. Obama's little speech laying our his "plan" for the housing mess and kept wondering were the little old lady from the Wendy's ads in the 80's "wheres the beef" After all, HOW are "WE" going to do this? A little while back when the "sub prime"market was imploding we received this wonderful program called "FHA Secure". This program was to help save homeowners just when the mess was starting with the ARMS adjusting all over the place and house payments going up hundreds of dollars in some places. So what happened? The banks didn't … (5 comments)
fha: Why every deal should be old school
- 10/14/08 02:28 AM
Even more so now than ever, we as professionals need to go "Old School" and by that I mean, we need to know and understand what program when, why and where! We must be careful as loan professionals and to some extent Realtors to not fall in love with just one program. Right now, there is a ground swell, if you will that USDA Rural is the be all and end all of our problems for the home buying crowd. But, there is ONE RATHER LARGE CATCH in this program, the client MUST NOT BE ABLE TO QUALIFY FOR AN FHA OR … (3 comments)
fha: I AM A MORTGAGE BANKER/BROKER, PLEASE SAVE YOUR PITY FOR SOMEONE THAT NEEDS IT!
- 10/08/08 11:08 AM
I will be honest, well because it is a lot easier than anything else. I am sick and tried and just plain fed up with the pity looks on peoples faces when I meet them and the find out what I do for a living. They look at you with this sad face and say something like..... "and how is that going for you"........ And I can not tell you HOW SHOCKED THEY ARE TO HEAR THAT MY BUSINESS IS UP OVER LAST YEAR!! Here it is October 8 and we still have 2 months left in our company's fiscal year … (4 comments)
fha: No BULL SH!* Business is good...... THIS IS NOT A RAH RAH post
- 10/07/08 01:02 PM
I just spent an hour with a Realtor that was crying and moaning the "ain't got no buyer blues" and they are thinking about getting out of the business.......... My response...... GET THE F*&^ OUT!!!! The last thing the public needs is a crying, whining Realtor or Loan Officer! Look, I am the first to tell you that things are tough. But they are not that tough! There is money for loans. I don't care what the media tells you. We have money to lend!!!! So does every good, capable loan officer on the rain. Don't believe me???? Call any … (14 comments)
fha: Is Manufactured Housing primed for a big comeback????
- 09/18/08 05:25 AM
In a past life when I sold manufactured homes the more difficult the economy and the higher the interest rates the better we did. WHY, becuase of AFFORDABILITY! Just think, as the price of homes is up (yes even today after all that has happened) and financing rates go up that brings monthly payment more into play. And for a lot of us in Rural areas this is even a larger factor. Now, I am not hear to lecture you about these homes; but I am here to help you know how to get the best possible financing for them and … (5 comments)
fha: Providing a Good Faith to a Realtor...... just good Customer Service
- 09/16/08 09:56 AM
RING RINGGGGGG there goes that dang phone again, oh hi Trunda Rogers , you need a Good Faith for your client? No problem, have it to you in 30 minutes. Sure no trouble, as I take down the credit scores and all the information on the home. Not a problem at all. Now I know that a lot of my fellow mortgage professionals, won't even take this call , nor will they even bother with out actually interviewing the client. But I will. Why? How about good old customer service? As long as the Realtor and the client both under stand … (5 comments)
fha: Why DPA sould be saved
- 06/13/08 04:31 AM
There has been some discussion about HUD trying to do away with DPA (down payment assistance programs) and how loans that have utilized DPA have a "higher rate of foreclosure". Now I wonder if they really do or if it is just a sign of the tough times; after all every loan program has a much higher foreclosure rate right now....... but back to the topic at hand WHY SHOULD DPA BE SAVED???? Look we are only talking about saving 3% right? It isn't that hard to do, is it? The average entry level home in Western Colorado is approximately … (9 comments)
fha: FHA is NOT the "NEW SUB PRIME"....... or Loan Officers KNOW your guidelines
- 04/30/08 12:33 PM
BUT JOE!!!!! that is what the media and EVERYONE claims that it is.... what do you mean it isn't!!!! Just that my friends FHA is not a replacement for "SUB PRIME" loans!! But alot of loans that were sold as "sub prime" could have been of should have been FHA..... Ok so what brings on this rant tonight? Well today one of my loan officers received a call from a client and the topic of the conversation is this..... Mortgage company XYZ called me today and they tell me that I don't need to wait 2 years for my Bankruptcy to be out of … (2 comments)
fha: So what happens when the banks refuse to honor the new FHA limits????
- 03/18/08 07:23 AM
Now this is actually happening. First Wells said they will honor the new limits and now 24 hours later they are not honoring them. At least on 1 and 2 unit properties. And this may only be on the wholesale side, but it does create a small problem with loans that are locked with the new limits and ready to close. Ok it isn't that large of a problem for me with all the other investors I have, but I wonder about the others that don't have the "backing" I have. And what does this say to the public..... Yes Mr. Borrower … (8 comments)
fha: Good Bye to a few old loan programs
- 03/17/08 02:22 AM
Oh my Changes just keep on coming. Are you ready? and we are not talking about time, but about a few loan programs. And if your mortgage professional is not on board with FHA, you and they are still standing on the dock Programs that have been "DISCONTINUED" Expanded Approvals Fannie Mae Flex 100 Freddie Mac 100 And Programs that have been "reduced to 97%" My Community Mortgage 100 Home Possible 100
Really with the new limits with FHA these changes were going to happen.
… (9 comments)
fha: FHA, USDA RURAL DEVELOPMENT AND MY COMMUNITY MORTGAGE
- 02/13/08 01:31 AM
This is the last page of a 5 page booklet that I like to leave with my Realtor partners. The booklet outlines what we are looking for in underwriting and what parameters each of these 100% finacing programs is looking for. Yes, even FHA is 100% with down payment assitance programs and soft seconds out there.
FHA 3% DOWN (CAN BE GIFTED) LOWEST MONTLY PMI MAX LOAN 205,200 (MONTROSE CTY) ALLOWS MANUFACTURED HOMES 31/43 RATIOS NO MINIMUM CREDIT SCORE NON OCCUPYING CO BORROWER ALLOWED LAST 12 MONTH CLEAN CREDIT
USDA Rural Development
ZERO DOWN NO MONTHLY PMI NO MAX LOAN LIMIT CAN INCLUDE CLOSING COST 29/41 RATIOS 620 CREDIT SCORE NO RESERVES NO EXISTING MANUFACTURED HOMES
REST OF THE PROGRAM MIRRORS FHA
MY COMMUNITY … (1 comments)
fha: Help Raise FHA limits in your county
- 01/25/08 01:41 AM
While we all sit and wait for the boys and girls in Washington to get off their buttocks and get the laws changed you can help get your counties limits raised faster. If you think the limits in your county are low here is what you do. Gather the sales data for each transaction in the last month (you might need 3 months worth). You need the address,month of sale, sale price and if the home is new construction or not. You do not need paper transactions, distressed sales, foreclosures, lot sales, refinances and mobile homes.List all of this in order from … (1 comments)
fha: Highlights of the FHA Modernization Bills
- 01/24/08 09:49 AM
This maybe somewhat boring but there is a lot of confusion out there. HR BILL 1852 Max FHA loan limit set at the lower of (a) 125% of the local area median home price or (b) 175% of the GSE conforming loan limit. Provides additional authority to HUD to raise limits additional $100,000 if market conditions warrant. Floor raised from 48% to 65% of the GSE conforming loan limitLoan term extended to 40 yearsEstablish underwriting standards for "higher risk" borrowers with FICOs below 560Raises the Upfront MIP to 2.25% for standard risk and 3.0 for higher risk and zero downEstablishes lower or zero down programsForeclosure … (3 comments)
fha: Does the seller have a right to know the buyers credit?
- 01/18/08 03:26 AM
This question arrived in my in box from one of my Realtor partners. (as always my response will be in bold) Joe, just read your blog-had a situation just yesterday that was similar to the situation you describe-you know, credit score under 620, trying to get 100% financing, working under FHA and chaffa guidelines what a mess! Anyway as the listing agent and trying to protect my sellers(under contract since Dec. 03) I suggested to the buyers agent that we get her buyer to a mortgage co. that could do the loan instead of working with Banks such as XXXXXX and XXXXXXXXXX that tend … (2 comments)
fha: Now More than Ever You and Your Clients Need Me
- 01/14/08 01:16 AM
Well at least you should be working with a solid mortgage professional. Why? Because now more than ever your clients credit score will determine rate and maybe, just maybe they can actually BUY that home they are begging you to show them. ESPECIALLY if they have very little or maybe no cash to work with to but down. If that is the case then you better hope that their credit score is over the magic 620 or they are working with a lender that overs FHA. Fortunately FHA is not score driven. But there are 2 changes out there that you … (3 comments)
fha: FHA Secure Initiative------- Much Ado about NADA???
- 11/20/07 03:48 AM
I just finished my first "training" on the new FHA Secure program. You know the one that is designed to bail out all the adjusting ARMs. The program is set up to help those that have fallen behind because their ARM has reset. But what about the person that has not fallen behind on the house payment, but all their other payments are now behind because of the new higher house payment? Are they left behind, because they made sure to make the house payment and couldn't pay JC Penny? Depending on how long the borrower waits they will probably … (3 comments)
fha: Yesterdays Loan Officer Meeting
- 09/26/07 07:18 AM
Was conducted via email as I am trying to clear my desk for my upcoming scuba vacation.
But I wanted to share my notes and thoughts about a little twist in prospecting and marketing and solicit some thoughts from you out there on some ideas for "classes" for Realtors that we mortgage guys and gals can do for you. "Today I conducted an office meeting in one of my Realtors office and I set up the CTP class from **** *** for this office. The understanding that the Realtors gained by sharing this knowledge of how we can make these loans work, … (3 comments)
fha: Another rant
- 09/24/07 12:57 PM
this time Mr. Cotton from the wonderful community of Las Vegas has got me going http://activerain.com/blogsview/215250/Prepayment. In his short post about PPP he doesn't either understand the credit and mortgage world or just thought well this is easy to slam PPP, after all just about every article you read blast them so let me join in. NOW STOP BEFORE YOU FLAME, there are some insane PPP's out there; I mean 5% is just freaking stupid, but you signed the loan docs....... you were a good consumer and shopped for a professional mortgage company and not someone working out of their home … (2 comments)
Today as I visited with Realtors I was struck my the universal tone of what they tell me the consumer is saying
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