port charlotte loan officer: extending a helping hand (to first time homebuyers) - 08/26/12 10:35 PM
First of all let's get this out there. Mortgage lenders have their own terms and guidelines. We hear all the whinning about those that many feel are too restrictive, but not too much about those that may be helpful. Try this one on for size.
a first time homebuyer is someone who has not owned a home for the last 3 years
so by definition someone who had previously owned a home, but not in the last 3 years may qualify for some first time homebuyer programs.
I receive many calls from potential new homeowners professing to be first time homebuyers … (7 comments)

port charlotte 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)

port charlotte loan officer: LOOK OUT FLORIDA...here comes Isaac - 08/21/12 09:52 PM

Well that sure doesn't look good!
From the business side of Real Estate, you won't be closing your transaction, in all liklihood if you do not already have your insurance bound. Once a storm is named
All bets are off
On the positive side (you mean there's a positive side?). Despite the weather gurus claims of accuracy these early models are often off a bit so
Hey Isaac, break...hard right
the Atlantic would be a good place for you.
many of these storms when crossing Cuba tend to go towards the panhandle, but personally I don't think it's right to … (2 comments)

port charlotte 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
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;

port charlotte 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)

port charlotte 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)

port charlotte 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.
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.

port charlotte 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)

port charlotte 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)

port charlotte 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)

port charlotte loan officer: I need what? or what's up with Mortgage Documentation - 06/27/12 10:59 PM
Okay I teach a segment of a first time homebuyers course in regards to the mortgage process. One of the things we cover is the documentation which is required to obtain a mortgage. But do we really know up front everything that is needed? Actually
No, it's a mystery
But as a loan officer, here's my first request. Documentation that I must have no later than at the time of application;
2010 & 2011 tax returns (all schedules)
2010 & 2011 W2's
most recent 30 days of paystubs
most recent 2 months of bank/asset statements (all pages)
copy of drivers license
copy … (0 comments)

port charlotte loan officer: Do you "really" want to help a Veteran? - 06/26/12 09:36 PM
well do ya? or are you just going to wave your flags, put on a nice shirt, maybe with an eagle or something on it, and leave actually helping Veterans acquire homes to someone else. You may disagree, and you may argue with me, but I am thoroughly convinced that
there are many Veterans who could buy a home for themselves and/or their families, and want to buy a home, but will only be able to do so by using their VA benefit, which is referred to as an entitlement.
In this particular case their entitlement is earned.
If you … (0 comments)

port charlotte loan officer: the single biggest illusion in communication is that it has taken place - 06/22/12 11:25 PM
that's a quote from George Bernard Shaw. Some people think that good olde George was a wise and inciteful human being. Some of the younger ones amongst us may be thinking
their loss.
George went on to complete the thought;
how will you know what people heard when the communication is one way?
good question, don't you think?
Sometimes when I sit wondering in amazement how those much younger than I have all of these wonderful technical skills, if in fact those are what they truly are, I also wonder, with concern, if they are lacking or not developing necessary … (1 comments)

port charlotte loan officer: is "overlay" a dirty word? - 06/12/12 11:21 PM
well is it?
are you not quite sure what it is? let me help, if I can.
overlay   1 spread over   2 cover with decorative layer
Not sure that helped much? or did it?
I'm going to throw out the "cover with a decorative layer," because some of the overlays I've seen applied to mortgage guidelines aren't that pretty.
(so, we're talking about mortgage guidelines are we? yup.)
How about
"spread over"
actually I think that might do it.
Lenders take traditional fannie mae, freddie mac, VA, FHA (whatever) guidelines, and essentially "spread over" their on requirements. That's "spread over," as in add … (2 comments)

port charlotte 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
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)

port charlotte 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?"

port charlotte 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)

port charlotte loan officer: Your Lenders Package...and/or how to make the process go smoothly - 10/29/11 06:35 AM
Okay, you've decided that you want to buy a home, and you're going to need to acquire a mortgage. You know that they are going to want documentation up front, and you're the type of person(s) who like to be prepared.
here you go for starters...you will need
2009 & 2010 tax returns-all schedules
2009 & 2010 W2's
your most recent 30 days of paystubs
your most recent 2 months of bank/asset statements-all pages
note; if your bank statement says there are 4 pages and the last page is a worksheet/scratchsheet, provide all pages. the underwriter doesn't know what's on the last page … (3 comments)

port charlotte loan officer: is Truthfulness important to your business? - 10/27/11 06:02 AM
Okay what brought this on you may be thinking?
Yesterday I received a totally unsolicitated inquiry in regards to my interest in employment with a Chicago based mortgage company.
Here's the introductory line
Thank you for you initial interest in------------ -------.
 I had had not made any inquiries, had not had any contact, or did not have any idea who this company was, but being in an unusual mood I responded. Usually I just delete.
the response;
i don't recall ever expressing an interest.
in today's environment ethics is very important, and attempting to establish a relationship with a lie is … (0 comments)

port charlotte loan officer: The S.A.V.E. Act; more worthless legislation - 10/25/11 05:24 AM
If this is what is going to continue to come out of our Congress, maybe we should just extend their vacations, and let them all stay at home.Just a thought.
the essence of the bill is to include energy calculations in the mortgage underwriting process, thus improving lending standards
Indirectly all costs are considered when underwriting a loan. But more importantly I would like to state
that Senators Isakson and Bennet have absolutely no qualifications to be able to make decisions as to underwriting mortgage loans and the quality thereof.
you know what this is...YUP
just some … (7 comments)





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