"Rumors are flying about the eligibility areas being changed. At this time, we are reviewing the eligiblity areas. We cannot discuss any potential changes. Any changes that may occur will be announced at least 30 days prior to the effective date."
Please let me know if you have any questions.
Thanks!
Kevin Hancock Loan OfficerLicense # MLO-108328 at 360.698.6478 office206.849.6326 cell425.283.4642 fax
kevin.hancock@legacyg.com
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kitsap county: How do I buy a home? Step 2
- 08/01/12 09:25 AM
Step 2. Pre-approval – This can be done along with your initial consultation, or it can be done at a later date.
2-a. The first step toward pre-approval is to fill out a loan application. This can usually be done either in person, over the phone, or online through your lender’s website.
It is not necessary to have an answer for every single question on the application, but it is critical to fill out the application as completely and accurately as possible. Getting all of the information on the application can save a lot of stress later in … (0 comments)
kitsap county: How do I buy a home? Step 1
- 07/24/12 09:21 AM
Are you inexperienced or unfamiliar with the Real Estate Buying Process? Here is a step-by-step breakdown on how things should progress throughout the Real Estate Purchase process:
Step 1. Initial Consultation – The first step in the process is to meet with a mortgage lender to discuss your goals and needs. This is a great opportunity to get all of your questions answered regarding financing and buying real estate. It is also the time where your lender will get to know more about you so that they can begin the process of determining which loan program will best suit your … (0 comments)
kitsap county: Honoring Memorial Day
- 05/25/12 04:42 AM
"And I'm proud to be an American,where at least I know I'm free.And I won't forget the men who died,who gave that right to me." -Lee Greenwood
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kitsap county: It's spring cleaning time - FHA Streamline refi explained
- 05/11/12 04:16 AM
It's spring cleaning time. Time to root through the garage and reduce clutter The faithful faminly television that got you through the entire series of "Seinfeld"? See ya. The squeaky treadmill covered in cobwebs? Out the door. The old motorcycle that you've been planning to fix up for the past five summers? Maybe keep that one. Since you cant really put your FHA mortgage payment up on Craigslist, do the next best thing - reduce your payment with a new FHA streamline refi. Starting June 11, the Federal Housing Administration is quitely offering a chance for FHA homeowners who obntained … (0 comments)
kitsap county: Step 10 in the 10-Step Homebuying Process
- 07/19/11 07:36 AM
Step 10. Closing - Now that all of your documents have been signed, the Escrow Closer will send your original documents package to the office of the Lender's funding department. The Escrow Closer knows who this is because it is designated in the closing instructions. Once the Lender's office receives the documents, they will review the package to make sure that it is complete and that no signatures were missed during signing.
The whole closing process generally takes most of the day, and can only be completed on a day when the Federal Reserve and the local County Government offices … (0 comments)
kitsap county: Putting the "Fun" in Funding Fee
- 06/03/11 10:39 AM
PUTTING THE "FUN" IN FUNDING FEE If you have ever considered using your VA Home Loan Benefit, you may have heard about the "VA Funding Fee". There are a lot of rumors and misinformation about who pays the funding fee, and where it goes, but we hope to clarify things with the help of the VA Lenders Handbook (http://www.benefits.va.gov/warms/pam26_7.asp) and the VA Regional Loan Center in Denver, CO. In order to defray the cost of administering the VA home loan program, some veterans must pay a funding fee to VA at loan closing. The VA lender must verify the status of … (0 comments)
kitsap county: Step 9 in the 10-Step Homebuying Process
- 03/30/11 01:01 PM
Step 9. Signing - The buyer and seller will be contacted for signing appointments to sign and review the appropriate documents. In the State of Washington, the buyer and seller will sign separately. This is a different process than you may experience in a "table funding" state. The buyer's closing funds are deposited with escrow when the closing papers are signed. The signing will typically take place at the office of the escrow company that is being used for your transaction. The selection of the escrow provider is dictated by the purchase and sale agreement between you (the Buyer) and the … (0 comments)
kitsap county: Step 8 in the 10-Step Homebuying Process
- 02/28/11 06:37 AM
Step 8. Loan Documents to Escrow - Having the Mortgage Documents sent to escrow is a major step in the homebuying process. The loan is fully approved at this point, so there isn't much left to "stress" about. This is the point where it becomes possible to determine, with the help of your loan officer and Realtor, the exact closing date for your home purchase. You can then start making plans for moving trucks and be ready to arrange things like utility hook-ups and forwarding of mailing address. The loan documents are delivered to the escrow closer to prepare final statements, … (0 comments)
kitsap county: Step 7 in the 10-Step Homebuying Process
- 02/09/11 07:21 AM
Step 7. Underwriting and Approval - Once your lender's processor has received the necessary appraisal, title, and insurance documents, your file will be submitted for underwriting. Underwriting is usually handled outside of your loan officer's office (to avoid conflicts of interest between loan officers and underwriters), although the underwriter may contact the loan officer if there are any questions during the underwriting process. If your file is "clean", straightforward, and well documented, your loan may be approved for documents right away. Often times there are details for which the underwriter will require additional documentation, called "conditions". Sometimes there are only 1 … (0 comments)
Step 6. File Processing and Pre-Underwriting - Once the file has been ordered out, your loan officer and his/her processor will continue working on your file to make sure that everything progresses smoothly. During this part of the process, it is important to respond quickly to any requests for information or documentation. You may be asked to update information in your loan file including your most recent pay-stubs and bank statements. They will also work to document things like your earnest money deposit, down-payment … (0 comments)
kitsap county: Step 5 in the 10-Step Homebuying Process
- 01/17/11 08:56 AM
Step 5. Ordering of Appraisal, Title, and Escrow - Once the inspection is complete and the decision to proceed has been confirmed, it is time for your Loan Officer to request your Appraisal, Title, and Escrow services.
5-a. The Loan Officer will order the property appraisal on your behalf. The appraisal is not ordered directly, but rather contracted through a third-party called an Appraisal Management Company (AMC). The Loan Officer will most likely request a cash deposit so that the funds are available to pay the appraiser as soon as the appraisal is delivered. Lenders request deposits because the appraiser … (0 comments)
Step 4. Home Inspection - Once you have a home under contract, we always recommend that you hire a licensed and bonded home inspector to inspect the property on your behalf. The cost of the inspection is not typically considered a closing-cost, so it will be your responsibility as the buyer to provide a check for payment as soon as the service is complete. You will want to attend the home inspection if possible, so that … (4 comments)
kitsap county: Step 3 in the 10-Step Homebuying Process
- 01/06/11 11:41 AM
Step 3. Home Search - You and your Real Estate agent are now ready to go and search for a home. First-Time Homebuyers often wonder if they need to use a Real Estate Agent, especially if they have friends or relatives who they feel can guide them through the process. We always recommend working with a Licensed Real Estate Agent for many reasons, but here are 4 of the biggest: •1. You want a professional to guide you through the transaction. Friends and family are great, but they don't have the experience, tools, or legal knowledge necessary to ensure that … (0 comments)
kitsap county: Step 2 in the 10-Step Homebuying Process
- 01/05/11 08:53 AM
Step 2. Pre-approval- The 2nd step in the Home-buying process is Pre-approval. This can be done along with your initial consultation, or it can be done at a later date.
2-a. The first step toward pre-approval is to fill out a loan application. This can usually be done either in person, over the phone, or online through your lender's website. Here is the link to our online application.
It is not necessary to have an answer for every single question on the application, but it is critical to fill out the application as completely and accurately as possible. … (0 comments)
kitsap county: Step 1 in the 10-Step Homebuying Process
- 01/04/11 07:04 AM
Step 1. Initial Consultation - The first step in the process is to meet with a mortgage lender to discuss your goals and needs. This is a great opportunity to get all of your questions answered regarding financing and buying real estate. It is also the time where your lender will get to know more about you so that they can begin the process of determining which loan program will best suit your needs.
Some of the questions the lender may ask would be:1. What do you do for a living? How long have you worked … (3 comments)
kitsap county: The 10-Step Homebuying Process
- 01/04/11 06:51 AM
There is much agreement in the Real Estate circles that 2011 will be a year of increased homebuying. According to a recent article on Fortune.com, "In November (2010), the share of home purchases by first-time buyers surged to 37.2% from 34.4% the previous month, according to a monthly survey by Campbell/Inside Mortgage Finance, which tracks mortgage and housing industry trends." The website of the National Association of Realtors says that "Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010″. Mike and I thought this would be the perfect time to educate … (0 comments)
kitsap county: Christmas Cheer from the Housing Sector
- 12/22/10 06:54 AM
A little Christmas cheer from the housing sector: Existing Home sales numbers arrived for November at 4.68M, better than expectations, as well as a nice pick up from October's numbers of 4.43M. Additionally, the inventory of unsold home declined to a 9.5 month supply, a good drop from the prior months 10.5 month supply. Encouraging news, as it shows that sidelined buyers are starting to dip their toes in the water - and with rates still relatively low, combined with affordable home prices, it remains an incredible time to buy!
(The Christmas Tree in the Legacy Group Silverdale Office) … (0 comments)
kitsap county: I'm a Celebrity
- 10/14/10 08:17 AM
I'm a celebrity now... although I don't consider myself a "foreclosure expert". I was quoted in a great article written for the local paper though. Check it out: http://www.kitsapsun.com/news/2010/oct/13/hang-onto-your-paperwork-foreclosure-experts/ Kevin Hancock Loan Officer License # MLO-108328 360.698.6478 office kevin.hancock@legacyg.com Please visit our new website at www.hancockmortgageteam.com
This is a note that I received earlier today for the Washington USDA office:
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