usda rural development: 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)
usda rural development: 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)
usda rural development: 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)
usda rural development: When did this profession become so LAZY??????
- 10/07/08 09:20 AM
I mean honest, when did this profession become so complacent and just sitting back and waiting for clients to walk in the door? When did we get so reliant on computers and Automated Underwriting that we forgot how to work a deal? I got 2 different calls from loan officers that work in one of our offices last week about the "new USDA Rural" program (ok it is not new, just new to them) and they both were moaning about these loans being "manual" underwrites. They are not, but this office has not been trained yet, so we will let … (15 comments)
usda rural development: 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)
usda rural development: 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
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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