fort myers loan officer: FHA to FHA Streamline Refinance; a government program that works!
- 10/08/12 08:49 AM
This program works! this is an opportunity for those who currently have an FHA loan to refinance into todays low fixed rate mortgages regardless of whether they have equity in their property or not. Here's why there is no appraisal necessary the lender is going to use the original purchase price of the property for determining value. Here's the basic requirements; it must be an FHA loan currently...FHA to FHA the homeowner must pay their closing costs out of pocket, they cannot be rolled into the mortgage this is not a "new" program or part of any attempt to address the … (0 comments)
fort myers loan officer: But, you said I'd qualify
- 08/23/12 11:41 PM
But you said I needed a score higher than 640 for FHA. Mine's 651, but now you tell me my credit isn't good enough. What's up with that? Okay, lenders/investors establish credit score minimums for the programs they offer, and essentially if you don't pass the scoring test than you don't pass GO! Just as a reference, for clarity's sack. We're talking about middle score, for one applicant, or lower middle score for two What this means is that the lender throws out your highest and your lowest scores, and when there are two applicants then uses the lower of the … (2 comments)
fort myers loan officer: "AS IS," ahuh, sure
- 08/19/12 09:31 PM
So I'm not a listing agent, and I'm not sure what the motivation is to say AS IS when listing a property, but if I was a selling agent, or a buyer, I don't think I'd pay much attention to that, unless there are major issues. I'd really like to see some data on how many properties listed "AS IS" actually had work completed on them, in order to close. I don't imagine that it exists, but it might be interesting. Here's two issues I see that are problematic to completing an AS IS sale without doing any repairs. the Home Inspection; … (8 comments)
fort myers loan officer: the real problems with prepapprovals are?
- 07/31/12 08:43 PM
As I am the master of the obvious let's start by clarifying the obvious; I am a lender, have been one for over 30 years, my perspective and viewpoints are those of a lender. now the answer to the question, the real problems with preapprovals are... too numerous to mention but I'll try anyway. Let's start with what it is or may be, once again from a lenders perspective. pre; meaning before...therefore a prapproval is before an approval. it does not guarantee anything. problem: a preapproval letter is not clearly defined in that there is no (national) standard as to what … (2 comments)
fort myers loan officer: Becoming an overnight sensation...can't miss opportunity
- 07/31/12 01:10 AM
If that's your desire I suggest you keep buying those lotto tickets. (you've done so well, so far) or maybe the following will help. Are you familar with the following term, it's Japanese Kaizen; improvement, change for the better, activities that continually improve all functions that definition I got from Wikipedia, but I had originally been introduced to the term by Tony Robbins, in his writings about Dr. W. Edwards Demming. Deming has actually received, from the Emporer of Japan ( I believe), the "2nd Order Medal of the Sacred Treasure," in 1960 for the pioneering, introduction, and implemetation of Kaizen … (2 comments)
fort myers loan officer: Bad, Bad, Cash; we just don't like it
- 07/24/12 09:04 PM
So what's so bad about cash? Mortgage lenders just don't like it, and they'll prove it to you. Hypocracy; let me be a little clearer here. You can make your payments in cash (sometimes), but it won't help you acquire a mortgage, rather it may help you get turned down. I teach a segment in a Homebuyers Education Class and last Saturday we had a nice (sarcasm) discussion about cash and its role in the mortgage process. You should have seen the snarl on one of the student's face, who realized she was being hit both coming and going. Income: … (66 comments)
fort myers loan officer: Downpayment not necessary...I'm not kidding
- 07/23/12 11:17 PM
So you want to buy a home in Cape Coral? How much of a downpayment is required? If it's a primary residence often... NONE How about Ft. Myers? Same situation, same deal...None If you're purchasing a home in Southwest Florida there may be programs availble that do not require a Downpayment. Here's some examples First, and always FIRST! VA qualified Veterans can purchase a primary residence with no downpayment and the seller can pay their closing costs. The maximum mortgage amount would be $417,000 and the interest rates are very good. USDA/Rural Housing rural housing loans offer 100% financing in many parts of … (2 comments)
fort myers loan officer: Dodd-Frank; financial regulation is a political success...otherwise (read on)
- 07/23/12 01:29 AM
Two-thirds of Dodd-Frank still not in place so says Jennifer Liberto of CNNMoney. That would also mean only one third of the new rules have actually been implemented Why are we not surprised. The legislators are obviously much better at writing and politicizing legislation than they are at implementing, and enforcing the regulations. You're just going to love the next part, I mean really really love it. With so much on their shoulders, regulators have been meeting regularly with bank lobbyists, many who are experts, but also have an agenda to ease or roll back parts of Dodd-Frank. I'm almost speechless (almost … (2 comments)
fort myers loan officer: he got me curious
- 07/21/12 09:01 PM
You know at times all this social media, and blogging stuff just confuses the daylights out of me. So if I don't make my points as clearly as possible please, forgive me. But, here's how the story goes. Actually. I'm over on Facebook and I notice that Steve Loynd is referencing a post he wrote, and was featured for on Active Rain. AR is where I first got introduced to Steve, and I followed and friended him on Facebook. I was rewarded for this "big time," in my opinion, as I discoved, and shared the fact, that Steve is an outstanding … (63 comments)
fort myers loan officer: Homebuyer Education...Get It
- 07/18/12 11:53 PM
Why wouldn't a perspective homebuyer not take a homebuyers education course? Obviously, first time homebuyers should, right? do you agree? Why not those who have previously owned a home? I can tell you just from a mortgage perspective there have been a great deal of changes over the last couple of years, and as a matter of fact I hear myself telling both Realtors, and buyers that the mortgage industry is in a constant state of change and has been for awhile. Don't you think it might be helpful to get an update here? Also, keep in mind that in the mortgage … (2 comments)
fort myers loan officer: Credit Bureaus increase fees to $100 for a joint report!
- 07/16/12 09:35 PM
Well not really, at least not yet but, while we're on the subject; CNNMoney reports; CFPB to supervise credit reporting agencies: credit reporting agencies will soon be subject to federal oversight for the first time September 30 (remember this date) Under the new rule that takes effect September 30, the CFPB will be able to monitor business practices, conduct on site examinations, and write new rules. "Write new rules" let that sink in for a few moments you'd think, on the surface, that we would all be jumping up and down, doing a little back slapping, issuing a few, "well it's … (15 comments)
fort myers loan officer: are you "the real deal"
- 04/06/12 11:04 PM
I don't know why I've been thinking about this so much. I guess maybe I'd just like to live in a simpler world sometimes, where things actually are as they appear to be. So, what's really real? Here's Websters take real actual, true; genuine
Let's say I'm attracted to you, want to do business with you, and/or refer clients to you because of your blogs. They are well thought out, interesting topics, and the content is first rate. Then I find out that what has attracted me to you isn't "real" actually you use a ghost writer. These are not … (4 comments)
fort myers loan officer: who are these people?
- 04/05/12 09:59 PM
okay, I open the website and I see a picture of this gentleman and he looks 40 ish with brown hair and a full brown beard. Attached is a video about material which is company is marketing. I have an interest so I click on the arrow and open the video. His father is doing the presentation! You can see the obvious similarities, but dad's probably 20 lbs, at least heavier, with gray hair and a similar gray beard. I see this ALL the time. People feel that pictures help and/or are necessary in their marketing, but after looking at the … (8 comments)
fort myers loan officer: Are you forgetting about Homepath? big mistake!
- 03/30/12 10:17 PM
Well are you? or maybe you're not familar with Homepath. You know, like what's a Homepath? Homepath is actually an excellent financing option, provided by fannie mae, to sell their foreclosures. That's right fannie mae, FNMA, properties only want to check it out for yourself, that's www.homepath.com it's a great site loaded with info. why should I check it out? well here's some basic Homepath stuff. *no appraisal is required *low credit score requirements *no MI *up to 97% LTV, that's 3% downpayment for primary residences there's more, but I encourage you to visit the site, but no I'm not done … (10 comments)
fort myers loan officer: Mortgage Companies/Bankers from the past to....
- 03/24/12 07:40 PM
Way back, many, many years ago I entered into the mortgage business and I started out by working for a mortgage company. Over the 30 plus years that I have been involved in mortgage lending I have worked for several banking institutions, but actually still as a mortgage banker. I always find it interesting to look back and see how the mortgage companies got started, how they evolved, and where we are now. Here's what I believe to be one of the basic premises as to the birth of the mortgage companies, and let me know if you see some striking similarity … (0 comments)
fort myers loan officer: If you can't satisfy the requirements to become a licensed Mortgage Loan Originator...well you can always just go to work at a bank
- 03/09/12 08:42 PM
I am a licensed "Loan Originator" working for a mortgage company...what does that mean. as a "loan originator" I need to meet certain specific financial and educational requirements in order to qualify for licensing through the NMLS, the national licensing sytem established to regulate a "Loan Originator." It would be easy just to say that the loan originator has replaced the mortgage broker, but actually it's more than that. Here's why; the "Loan Originator" must meet some fairly stringent standards established through the NMLS system, including but not limited to: Financial: in most cases no bankcruptcies, foreclosures, and or judgements. Other … (5 comments)
fort myers loan officer: Today's Recipe for Helping Veterans Become Homeowners
- 03/06/12 10:15 PM
I live in Southwest Florida where the concentration of Veterans is very high, one of the strongest in the country. We should be proud of that here, and yet as a lender I don't see many Veterans using their VA benefit to purchase a home, and for the life of me I just don't know why. I have some suspicions, but they're not conclusive. I certainly hope that it is not that people in our industry do not want to help a Veteran utilize his/her benefits because I do So how do we accomplish this goal of "helping Veterans become homeowners?" … (0 comments)
fort myers loan officer: No Downpayment required...or very little.
- 02/29/12 10:27 PM
I can't believe that I still hear people stating that you need a 20% downpayment to buy a home today. I sometimes hear this from my Realtor friends. Let me take a quick moment and address my Realtor friends. In Southwest Florida we have been swamped by $$$$$ buyers. I mean they're everywhere. Because of this many of the most active Realtors have lost touch with what is available for mortgage financing. sad, but true now, back to the little or no downpayment. We have these things called, sometimes appropriately, and some times questionably Government Loans to address the questionably part. … (0 comments)
fort myers loan officer: what is perfect credit anyway and is that all it takes?
- 07/06/11 02:52 AM
Two articles caught my eye yesterday while checking CNNMoney.com for any bond yield changes. It is a real quick way to monitor any movement. You have to remember that C(onstantly) N(egative)N(ews) just loves putting the olde negative spin on their stories, whenever possible, but when I saw "Secrets to getting a mortgage with so-so credit" by Les Christie and "Mortgage denied despite perfect credit" by Alison Kosik I couldn't help myself and I read the articles. The first point I'd like to make is that in my wildest dreams I cannot, and do not believe that either Les and/or Alison has … (2 comments)
fort myers loan officer: Current "fannie mae" Homepath Specials; get em while they're HOT!
- 07/04/11 06:33 AM
First of all let me make a point here. If you're not familar with fannie mae's Homepath you really should take some time and check it out. There's some additional sales there! that's www.HomePath.com Specials! Specials! Specials! First for the buyers; for buyers purchasing primary residences fannie mae will pay 3.5% of the purchase price toward YOUR closing costs! Also, just a reminder here, it's only a 3% downpayment, AND because of the fannie mae "FIRST LOOK" policy, you get first crack at the properties, as investors can not make an offer over the first 15 days. See that web address … (5 comments)
This program works!
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