michigan real estate: HR 5017: The Entire Text is shorter than my last status and it has sat in the Senate for over a month now.
- 05/21/10 05:06 PM
Rural Housing Preservation and Stabilization Act of 2010 (Introduced in House) HR 5017 IH 111th CONGRESS 2d Session H. R. 5017 To ensure the availability of loan guarantees for rural homeowners. IN THE HOUSE OF REPRESENTATIVES April 14, 2010 Mr. KANJORSKI (for himself, Mr. HODES, Mr. WILSON of Ohio, Mr. HINOJOSA, and Mr. COURTNEY) introduced the following bill; which was referred to the Committee on Financial Services -------------------------------------------------------------------------------- A BILL To ensure the availability of loan guarantees for rural homeowners. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. … (1 comments)
michigan real estate: Well, RD is out of Money...What Now???
- 05/21/10 04:32 PM
Simple! Help us get the program refunded and continue funding independent from appropriations for the life of the program. How, you ask? Again, Simple but it will take a few moments of your time and a couple of long distance minutes on next month's phone bill. The bill in question is HR 5017, or S3266. Call Any or Preferrably ALL of the following individuals and DEMAND attention on this important issue. You can also look for my soon coming blog that will provide a form letter that you can send to each of these people via their website, and oh yes...I … (3 comments)
michigan real estate: Icon to Continue closing RD loans despite exhausted USDA funding
- 05/12/10 04:50 PM
Many of you may have read that the USDA will exhaust funds allocated for the Guaranteed Rural Housing Loan Program some time on Thursday May 12th. In response, Icon Mortgage Lending is pleased to announce that we will continue to close all RD loans just as if it were "business as usual".This announcement comes after months of various unqualified sources disputing over when the USDA in fact would be exhausted of funding. Many had alleged that the Rural Housing Program had already closed its doors as of April 1st.Of course, those that follow the Icon Mortgage Lending blogs and news sourced … (2 comments)
michigan real estate: Michigan Realtors: Writing a Great PA; or, Being your LO's Best Friend
- 10/27/09 06:47 PM
Occasionally, frustrations build as a file in processing begins to struggle a bit and the question may occur to you, "Why are these things arising now, when they seem like they should have been settled so long ago?" And as a good professional it will probably lead you to the next question, "What can I do to help prevent this with my future transactions?" I would like to examine a few simple things that you as a Realtor can do to become your Loan Officer's best friend and subsequently write a Purchase Agreement that will be well appreciated by all involved. … (1 comments)
michigan real estate: Michigan Real Estate Purchase: Lending Update
- 05/12/09 04:33 AM
So, regardless all of the jibber-jabber out of Washington lending is continuing to tighten. I figured I would write just a general overview of some of the significant changes or non-changes here in my blog in case any of these issues may affect you. First Time Home Buyers: Most of the news for you is good. So much is aimed at finding you and inspiring you to help get the economy moving again, that your business is still in demand. The current change is that banks are looking for a little more investment on your part to ensure that they are … (0 comments)
michigan real estate: (First Time) Home Buyer’s Frequently Asked Questions
- 05/08/09 06:02 AM
I will be adding to this list as I go along, but I wanted to start a nice comprehensive FAQ for homebuyers. I put "first time" in parenthesis because really this can apply to anyone buying a home, but this will apply mainly to the questions I get from first time homebuyers. Q: Why buy instead of rent? A: Well, pride of ownership and having something that is yours to do with what you want. A home is also a long-term investment for your future. Don't let all of the exploding market talk scare you. Real Estate prices go up and … (0 comments)
michigan real estate: Where to go when you can't make your mortgage payment
- 05/07/09 07:20 AM
Life happens and along with it comes many challenges that we all face. These normal challenges can sometimes be magnified when you have a mortgage payment bearing down on you each and every month. There is always help available for you, but it is essential to remember a few things when you are having trouble making your monthly payment.
Never Wait!!! Simply missing payments is the worst thing you can do. It is important to be as on top of you payments as you can be, and that does not always mean making the payment. Recognize as early as possible … (0 comments)
michigan real estate: First Time Home Buyer: How to Demand Transparency from your Loan Officer
- 05/07/09 05:18 AM
There are so many ways for a loan officer to fool you and I have heard them all in my time in the business. Now I bring this knowledge to you in how to demand that your loan officer never fools you. I will also cite all of the documents that your loan officer is legally required to show you yet rarely will. I will make you as close to impenetrable as possible. Interest Rate: Ah the interest rate. As a consumer it is always the first thing on your mind, and always the first tool you use to shop for … (1 comments)
michigan real estate: Rural Development Funding Still Available
- 02/10/09 02:10 AM
Hello all, I, and pretty much all of our people at Icon have had many Realtors calling us over the past few days concerning the health of Rural Development loans. Apparently, some lenders are having problems dealing with the lapse in funding at the USDA. Please be Aware that we are running business as usual with Rural Development loans. Our main two RD channels are committed to closing and funding loans while new funds are in process of being appropriated for the USDA. There is no back up, there is no hold up, there is no closing issue. If you are having … (0 comments)
michigan real estate: Michigan First Time Home Buyers: Preparing Your Docume
- 12/12/08 04:46 AM
I find that the first hurdle a First Time Buyer faces is getting their paperwork together. I am not sure why, but honestly this simple task dissuades many people when they start to apply. Perhaps following this list and having it ready at the outset will help the process seem smoother. Last two years of W-2s or Tax Returns. If you can't find them, you can always contact your employer, your tax preparer, or the IRS for a copy. Most recent month of pay stubs. 1 month worth...the most recent available. Most recent 2 Months of bank statements. If you don't … (0 comments)
michigan real estate: Michigan First Time Home Buyer: An Overall Guide
- 12/09/08 01:34 AM
For a first time buyer, there is so much to worry about and so many levels of details to address, that I just want to provide a good general guide to how to start the process. You can refer to my other blogs for more detail, but I think this is a great overview. Purchasing anything, will cost you money. A home is the biggest purchase you will ever make, but most people expect to spend less than when getting an apartment. Any decent complex will want first, last, and possibly a security deposit. That's at the very least $1000. Have … (0 comments)
michigan real estate: Michigan Realtors: Why explore Rural Development loans?
- 12/04/08 01:22 AM
You've probably met me face to face and don't even realize it. If not, you've certainly seen my cards pass through your office in the last six years. I'm the guy that was in your office with a smile, a free pen, and a Rural Development (RD) loan flyer. I'm here again to tell you why you need to find yourself a great RD loan officer to refer client to. RD eliminates the most common deal killer. "Cash to close" kills more deals than anything, I am certain of that. Whether it kills deals in process or stops potential buyers from … (3 comments)
michigan real estate: Michigan Real Estate Purchase: Choosing a Loan Officer
- 12/02/08 03:34 AM
Proceed with Caution: The weirdest part of talking to people about their loan experiences is that people usually are more particular about their Realtor than their Loan Officer. In reality, your Loan Officer is responsible for ten times more than your Realtor, especially in a foreclosure transaction. They will be digging through every aspect of your life; they are exposed to some of your most sensitive information. They are responsible for organizing the entire transaction from open until close. Most importantly, this is the person that represents you, and your application to the powers that be, so you need to believe … (0 comments)
michigan real estate: Michigan Real Estate Purchase: Escrow Account
- 12/01/08 03:33 AM
What is it? An escrow account is basically a mandatory savings account to pay your taxes and insurance from. Every month you will pay your mortgage payment and a portion of that payment will go to the mortgage and a portion will go to the escrow account. When your tax and insurance bills come due, they will be paid from your escrow account company automatically. You will never see a tax or insurance bill, yet they will get paid. Why do you need it? With almost all loans an escrow account is required by the lender you are getting your loan … (0 comments)
michigan real estate: Michigan Real Estate Purchase: Pro-Rated Taxes.
- 12/01/08 01:33 AM
Pro-Rated Taxes: Oh, the agony! Nothing causes headaches the way pro-rated taxes do. What exactly are they? It's your tax bill...and yes...it is YOUR tax bill. In most places in Michigan you get two bills for Property Taxes. One for winter and one for summer. In the vast majority of places, you pay these taxes in advance meaning you are paying in July for the tax bill between July of that year and July of next year; same for the winter bill Dec.-Dec. If you buy a house, let's say in August, the seller has already paid for the taxes through … (0 comments)
michigan real estate: Michigan Real Estate Purchase: Don’t Get Taken Advantage Of.
- 11/26/08 02:07 AM
It's so odd to me that so many people claim to have been mistreated by their mortgage lender. There is a litany of paperwork we are required to provide to you when you apply. I am sure there were plenty of less than reputable loan officers out there that didn't care to go through the numbers, but an even slightly educated borrower can't be taken advantage of. So, here's how to become an educated borrower. The Good Faith Estimate. Make sure you get one, make sure you get one from several lenders, make sure you compare them row by row and … (0 comments)
michigan real estate: Michigan Real Estate Purchase: First Time Home Buyer Tax Credit
- 11/24/08 02:29 AM
There is a whole bunch of confusion concerning this new First Time Home Buyer Tax Credit and I am looking to simplify things for you like I have been trying to do with all of my blogs. I think that the most important thing to realize here is that it is not free money! It is not. It is in effect a no-interest loan from the government. It is to be repaid over a 15 year period. You won't be able to default because it will be taken out of your income tax refund of added to your charge every year. … (0 comments)
michigan real estate: Michigan Real Estate Purchase: Assembling Your Purchase Team
- 11/20/08 01:29 AM
If you are going to buy a home in Michigan, especially in this foreclosure driven market, nothing is more important than the team of professionals you choose to represent you. Consider these points in your search. Rome wasn't built in a day. Do you not rush into any situation. Take at least a week to look around for reputable companies to deal with. Talk to friends and family, do some research on a few companies you target, and never consider only one source for information. Your loan officer is the first step and most important step. This person will be digging … (0 comments)
michigan real estate: Michigan Real Estate Purchase: Credit, or Reaching for Perfection
- 11/20/08 01:17 AM
I know, seems so simple. Pay your bills on time, don't claim bankruptcy, but there is a lot more to it than that. So, what goes into a good credit score? Good Payment History: Obviously. Length of Payment History: One of the distinct disadvantages of a younger person. Balance to Limit Ratio: For your credit cards it is essential to keep the balance below 50 percent. If you really want to have great credit, 30% is even better. The dollar amount is not important, it's the percentage. Diversity of Accounts: Mortages, car loans, installment loans, student loans, credit cards, and charge … (0 comments)
michigan real estate: Michigan Foreclosure Purchase: What can the selling banks do or not do?
- 11/19/08 04:44 AM
I have close a lot of foreclosure purchases over the last two years and have ran into some very odd demands from the selling banks. I would like to provide you with some of this information now on what these banks can and can not do that might help you in your own pursuit. They can demand that you provide them with a pre-approval letter. They can not demand that you obtain a pre-approval letter from any specific lender or broker. The doesn't mean you won't be told otherwise, but RESPA prohibits a seller, real estate agent, insurance agent, or anyone … (0 comments)
Rural Housing Preservation and Stabilization Act of 2010 (Introduced in House) HR 5017 IH 111th CONGRESS 2d Session H. R. 5017 To ensure the availability of loan guarantees for rural homeowners. IN THE HOUSE OF REPRESENTATIVES April 14, 2010 Mr. KANJORSKI (for himself, Mr. HODES, Mr. WILSON of Ohio, Mr. HINOJOSA, and Mr. COURTNEY) introduced the following bill; which was referred to the Committee on Financial Services -------------------------------------------------------------------------------- A BILL To ensure the availability of loan guarantees for rural homeowners. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. … (1 comments)
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