loan: Documentation waivers still exist...... - 12/13/08 06:34 AM
Just an FYI (especially for Minnesota), we still have the ability to issue (and are issuing) loan approvals based on income, asset and, on some refinances, even appraisal documentation waivers.....
I don't know of anyone else doing a matter of fact, I was just referred a loan recently from a friend of mine at US Bank because they couldn't do a documentation waiver program-yes, I have the preliminary approval and the loan is locked!
The big difference is we don't have any chart like in the past that says "if this and this then it qualifies for that".  It is a waiver program that … (0 comments)

loan: Reminder: FHA Down Payment Changes 01/01/09 - 12/07/08 02:28 AM
Don't forget-because it's just around the corner, that FHA down payment changes go into effect on January 1st.  The changes will be.....
Down payment minimum of 3.5%.  Currently it is 3% total but in most areas it is 2.25% down with .75% being able to come from closing costs.  Not it is 3.5% plus whatever closing costs are involved unless seller pays them subject to 6% seller contribution maximum). The loan amount included the upfront Mortgage Insurance (UFMIP) can not exceed 100% of purchase price or appraisal-whichever is less.  Acceptable gift funds may still be used (relative, employer, etc.....just not … (1 comments)

loan: Fed Cuts rate, Prime now 4%! - 10/29/08 07:52 AM
My Notes
Wow!  So much has happened, in trying to keep positive about this industry, I will say that there are some great housing deals out there for buyers.  Other than that, well, you read the paper....(which BTW, is bad because it's all negative press)
 With so that negativity all around us, lets look at a few positive's.....
We are alive Most of us are somewhat healthy Housing prices are low Now's a great time to buy real estate! Gas-Everyone can thank me for gas prices coming down.  I sold my Durango right after I filled up the tank at $3.89-now look … (0 comments)

loan: Oh Oh now the Bond Programs in danger! - 10/16/08 03:08 AM
We know that the bond programs are the only source of down payment assistance in many areas.   None of the new bond programs have been able to begin because there are no buyers for these bonds.For most of the 2000's, Fannie Mae and Freddie Mac were the major or only buyers of mortgage revenue bonds.   That is no longer true.  They aren't buying and there are no other investors. This email is in regards to new bond programs.  The bond programs that currently have money will continue to have funds until everything is reserved.  So there is no worry with loans … (1 comments)

loan: What are you doing? - 10/14/08 01:21 AM
So, in this "buyers" market, to sell a home, it is no longer the practice of just putting it on the MLS and waiting for a buyer.
Outside of listing it, what are you doing as a Realtor to attract potential buyers to your listings?
Sign in yard Place on MLS Flyers (refilled as needed-hopefully...color.....a plus!) Open houses-if so, how often? (If you can comment on the post then I can edit and add to this list) 
Does anyone talk over with the potential seller a detailed marketing plan when vying for a listing?
I want to personally list a home … (0 comments)

loan: FHA- Not the reason you are thinking but, the new BIG advantage for YOU - 09/26/08 03:15 AM
With about 70% of mortgages currently going through FHA, what will happen in a couple of years (or even now) for mortgage lenders when it's time to sell these homes?  Realtors-listen up, if you are doing your homework, this is an opportunity to make your listings stand out for you!
Here's a thought for Realtors and sellers (and for buyers to look for).......When you have an FHA loan, it is ASSUMABLE.  Countrywide, for example, charges a $525 processing fee and you have to qualify to assume this existing FHA loan (deed transfer charges as well but that's about it).  Here's some … (5 comments)

loan: up-the smaller community bank problems! - 01/20/08 06:30 AM
Well, Aurora going down was perhaps the worst kept secret in the industry-followed closely by Bank of America's purchase of Countrywide.
What big time lender is next?  I'd have to guess WAMU (Washington Mutual).  Lender buyouts are starting to increase.....and nothing will surprise me anymore.
We also have to turn our attention now to the smaller community bank sector.  They could have and probably used relaxed underwriting-especially for "small business" such as contractors!-and all of the smaller banks wanted to get into the profitable construction business!  Also, if they went as far as doing 100% LTV 2nd mortgages, they are probably now doing … (5 comments)

loan: What makes a successful OPEN HOUSE? - 11/28/07 04:59 AM
First of all, it's not always just about the house itself, it's about the ability to capture potential buyers isn't it?  I'm on the mortgage side but, I can tell you, the last open house I attended I don't think the realtor quite understood this concept.  he had a sign in sheet, he didn't say anything to people, handed out no business cards, etc.  and I thought "what a waste of his time!".  I was there for 45 minutes and had to ask him for his card-of course, I never called him and why would I?  In 6 months he'll be out … (17 comments)

loan: Loan Limits - 11/28/07 12:49 AM
Today's News... Freddie Mac conforming loan limits are unchanged for 2008
Today Freddie Mac is announcing that for 2008, our loan limits will remain unchanged from their 2007 levels. Through December 31, 2008, Freddie Mac will continue to purchase home mortgages up to the following loan amounts:
For properties in the United States (except Alaska, Hawaii, Guam & U.S. Virgin Islands)
$417,000 for mortgages on one-family properties $533,850 for mortgages on two-family properties $645,300 for mortgages on three-family properties $801,950 for mortgages on four-family properties They have left the loan amounts unchanged because of current market conditions.
Don't forget you or your buyer can buy … (1 comments)

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