mortgage: How to Sell More Homes Using This New Fannie Loan? - 01/11/16 03:49 AM
Do your clients qualify for the brand new, HomeReady(r) loan.  
It's probably the best 3% downpayment loan out there today--because they've eliminated the strict downpayment documentation.  
Here are the deails to ask your lender about and here's a link to an interactive map.  Just enter the address of your listing to see if the property qualifies.  If it does, be sure to mention that the property qualifies for Home Read on your listing info section.
Oh, and here's the scoop about the loan program.  If your lender has not heard about it (because it's so new) share this blog with them … (4 comments)

mortgage: What's a Mortgage Credit Certificate? - 02/03/15 12:42 AM
What You need to Know about Mortgage Credit Certificates
It’s seems like what is Old, is new again—and Mortgage Credit Certificates are making a comeback.
A little bit about the history of the program—it was authorized by Congress as part of the 1984 Tax Reform Act. For those of you who were not even born yet, 1981 was the start of another oil crisis.  The US relied on foreign oil and the middle east oil producers kept raising the price of a barrel of oil to triple what is was just a year before.
It took a few years, but the … (0 comments)

mortgage: Ethical Dilemma for FHA Condo Buyers? What would you do? - 01/13/11 09:29 AM
Here's an ethical question for you-if you have a buyer purchasing a  condo and  getting an FHA loan!
As you probably know, FHA (in its infinite wisdom-sarcasm here) had come up with a magic date of December 7, 2010 to get ALL the condos in the world (I mean the US) re-approved by that date!  So they came up with staggered dates, depending on when the project was "initially" approved (see chart below)
While the extended dates may help sell a couple more condos, the sad reality is that all the project will need to be re-approved or lose their approval, … (7 comments)

mortgage: Have you forgotten about the $8000 Home Buyer Tax Credit that expires 4-30-11? - 01/08/11 02:39 AM
Did you forget about the $8000 Tax Credit for Military & Certain Federal Employees?   The April 30, 2011 date seemed so far away, and now it's only 3-1/2 months from now! 
 A little-known (and mostly forgotten)  provision of the Home Buyer Tax Credit bill that became effective on Nov 6, 2009, is that certain military personnel and Foreign Service employees have an EXTRA year to purchase a home and qualify for the tax credit. 
In addition to that, if they sold a principal residence between Jan 1, 2009 & April 30, 2010 because they had to relocate at least 50 … (0 comments)

mortgage: How a Non-Citizen Client Can Get a Mortgage! - 11/23/10 07:46 AM
FHA Financing is available to borrowers who are non-citizens, but who have a legal residence is the U.S.  There are 2 categories of legal residents:  1. Permanent Resident Aliens 2. Non-permanent Resident Alien. Here's what they will need to get an FHA loan:
Permanent Resident Alien
Valid Social Security Number Copy of Alien Registration Card (Form I-551) OR Unexpired n passport with an I-551 stamp Non-Permanent Resident Alien
Valid Social Security Number Employment Authorization Document (EAD) issued by the US Bureau of Citizenship and Immigration Services.  Typical EAD documents would be a type of work visa such as:        H1B - Specialty … (3 comments)

mortgage: I'm going to be quoted in the New York Times...will you? - 10/22/10 08:57 AM
I'm going to be quoted in the New York Times...
The reporter was looking for information about Fannie's Loan Quality Initiative that's responsible for delayed closings (or worse yet, canceled deals) just before closing.  As many of you know, I also write about mortgage rule changes thru and she found other posts that I wrote on
That's how she found me...
So I wanted to share what I said...If you've been on the receiving end of a delayed or canceled closing, here's the scoop...and the questions she asked:
Are lenders requiring a new credit report before closing?
They … (3 comments)

mortgage: Do Any Of Your Sellers/Listings Have an FHA Loan? They're Assumable You Know.... - 07/22/10 04:56 AM
There is a great financing option that real estate agents need to know about --if the home has an FHA mortgage that was originated after December 15, 1989.  Why?  Because the loan is assumable!  More Info and Mortgage Talking Points(tm) "FHA Assumptions=More Sales" can be found at 
Here are some of the rules:
Buyer must qualify based on credit--(Servicer may be more lenient about the score)
Loan Fees are lower--(Servicer will charge for processing--usually a flat fee)
Seller may pay buyer's closing costs
Secondary financing and borrowed funds may be used by buyer (Must qualify for all payments)
Sellers will be released … (2 comments)

mortgage: If You Use the word "COUNSELOR" in your title/advertisitng - STOP IT NOW! - 12/29/09 05:26 AM
Loan officers are still calling themselves a "Mortgage Counselor" (or some variation of it).  As of October 1, 2009, if you work for a "For Profit" company, that specific term is prohibited in the RegZ Section 226 Rules.  Read the 7 Prohibited Practices!
Title:  7 Prohibited Practices- Reg Z - Section 226.24
I've seen about a dozen of so emails, from loan originators just within the last few weeks, who are using Mortgage/Loan/Financial Counselor as their "title". 
Unless you work for a non-profit agency, as it relates to what the feds call "dwelling-secured loans", you cannot call yourself a "counselor" … (3 comments)

mortgage: Obscure Facts About Home Buyer Tax Credit - IRS Rules! - 11/17/09 01:51 AM
The IRS gets the final say when it comes to who gets to claim the homebuyer tax credit, who does not, and under what circumstances?   They have made a feeble attempt to update some of the FAQs posted on their website,,id=206291,00.html but if it's anything like the last extension, it will take them a while to update their FAQ page. 
However, there are some little-known "interpretations" that most loan officers, real estate agents and even tax advisors dont know about. 
1. When a FTHB buys a 2-4-family home, and occupies one of the units as their personal residence, they are only allowed … (3 comments)

mortgage: Have You Looked at USDA Rural Housing Option Lately? - 11/12/08 03:04 AM
Wow, I just recorded an seminar (to be posted on on November 20, 2008) on the topic of Rural Developme Guaranteed Housing! 
I had been in the mortgage business for 28 years and had not heard of it until my daughter applied for one, low interest rates, 102% financing and no Mortgage insurance.  Go figure, it's the one loan type I had never done myself!
What's the catch?  The property has to be in a community of 20,000 or less in population--but there are literally thousands of them adjacent to big cities.  There is an "adjusted income" limit to qualify, but … (1 comments)

mortgage: My New Book - Mortgage Women Who Walk Their Talk - 09/19/08 03:50 AM
In the mortgage business, over half of all people who work in the industry are women.  However, it's been over 5 years since a book has been written about successful women in the mortgage industry. 
It goes without saying that women run their mortgage practices different than men.  The book contains interviews with 20 women mortgage loan officers who are extremely successful loan originators within the mortgage industry.  Read the first chapter and sample interviews with 4 of the successful mortgage loan officer women in the book. (Sally Bucciero, Sue Woodard, Cindi Gardner, Louise Thaxton). 
Here's what you will learn: How … (2 comments)

Karen Deis, When In-house training is not enough!  (

Karen Deis

When In-house training is not enough!

Minneapolis, MN

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Office: (800) 535-3343

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Free information for loan officers and real estate agents to help them attract leads and close more loans using marketing techniques that other successful mortgage originators and Realtors(r) have used to help them increase their business.




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