robert rauf: Fannie Guidelines Are Making It Easier To Get A Mortgage
- 09/18/17 11:34 AM
The majority of FannieMae changes in 2017 have made it easier to qualify for a conventional mortgage.
For this article I will discuss a few of the most beneficial changes.
Student Loans are arguably one of the biggest issues for many first time buyers when it comes to qualifying for a mortgage. Early in 2017 FNMA made the following changes to student loans:
¨ Income Based repayment is OK, even if it doesn’t full amortize the loan (not the case for FHA which requires a fully amortizing payment)
¨ If no payment (Deferred) on the credit report we can use 1% of the balance to calculate the … (0 comments)
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robert rauf: Renovation Loans: Find the perfect location & create the perfect home.
- 03/17/17 11:24 AM
In most of New Jersey and in many parts of the country there is an inventory shortage in the housing market. This has caused problems for buyers and created a sellers’ market. Buyers want great houses in great locations. Even great houses in not-so-great locations are getting plenty of attention as the inventory drought continues with no apparent end in sight.
This goes against the three rules of Real Estate: Location Location Location. Buyers want new and shiny, and are overlooking homes that may be in the perfect neighborhood because they are dated, tired or missing something on their wish list.
Fortunately … (3 comments)
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robert rauf: HUD Rescinds FHA MIP Drop
- 01/23/17 09:12 AM
The Department of Housing and Urban Development announced it suspended the reduction of Mortgage Insurance Premiums, effective immediately.
HUD sent out an announcement just an hour after President Trump was sworn in on Friday, stating that the cuts have been suspended indefinitely.
The letter stated that the FHA will issue a subsequent Mortgagee Letter at a later date should this policy change.
“FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers,” the letter stated. “As such, more analysis and research are deemed necessary to assess future adjustments while also considering potential market … (0 comments)
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robert rauf: Conforming Loan Limits for 2017
- 01/16/17 12:56 PM
If you are a Conventional Buyer there is some GREAT news. Conforming loan limits are up for 2017. This is particularly GREAT news since this is the first increase in the Base amount since 2006. The Real Estate market is strong, and prices have been climbing.
Since 2006 the base limit has been $417,000, here are the new limits below:
For High Balance Conventional loans we have seen an increase as well:
Once again showing that housing prices have been climbing enough nationally to warrant an increase in the limits to meet the need.
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS# 248937
http://www.homebridge.com/RobertRauf
or my blog: http://activerain.com/blogs/rrauf
Office:
RRauf@HomeBridge.com
www.RobertRauf.com
Since … (2 comments)
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robert rauf: FHA loans -THEY ARE BACK
- 01/11/17 08:31 AM
UNFORTUNATELY THIS PENDING CHANGE WAS RESCINDED BY HUD 1/20/2017
Well, that title may be a little deceiving, they never really left, they just were too expensive for the past few years- and because of this we have been opting for Conventional loans more often than FHA.
FHA's first Mortgagee Letter of the year (ML2017-01) announced a significant reduction in FHA's Monthly Mortgage Insurance Premium, this change is effective for loans funding on and after January 27, 2017.
Here is the pretty chart:
Outside of the mortgage world this may be confusing, so lets put some real world numbers together:
If you were borrowing $200,000 and had the 3.5% … (2 comments)
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robert rauf: Have you heard of "Trended Credit Data"?
- 07/22/16 07:28 AM
Have you heard of “Trended Data”?
FannieMae’s Desktop Underwriter will require Trended Credit Data with the release of DU 10.0 on September 24, 2016. (This was originally scheduled for June 24th but was postponed)
Trended credit data will show if a client carries a balance every month or if they pay their credit cards in full at the end of the month. The reasoning is all about risk. Research has shown that borrowers that have never exceeded their limit are 75% less likely to be delinquent than borrowers that exceeded their limit in the past year. Borrowers who pay off their credit card … (4 comments)
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robert rauf: In honor of Pi Day: Understanding the Pieces of Your Credit Pie
- 03/14/16 06:58 AM
Understanding your credit score
By Robert Rauf
Your credit score is more important than ever. It can affect everything from Insurance, to your job and your ability to be approved for a loan and the rate you get when borrowing.
Credit scores range from 300-850. Scores below 620 are considered bad, above 680 good, above 750 excellent.
The biggest piece of your score is the obvious, payment history, but this only accounts for 35% of your score. The second biggest piece revolves around your balances and is where people most often get hurt. 30% of your score is based on your available balances. The … (1 comments)
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robert rauf: Scotsman Guide: HomeBridge in the top 10!
- 06/23/15 12:58 AM
HomeBridge Financial Services is in the Top 10! The flyer below is the pretty version, showing HBFS is the 9th largest mortgage lender in the country (according to Scotsman’s Guide). HomeBridge started in NJ in 1989 and has grown over the years and we are licensed in 47 states. We are Mortgage Bankers, which means we are the lender:
We process Underwrite Close And even Service about 90% of the loans we originate.
Have a great week
Rob
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
http://www.homebridge.com/RobertRauf
or my blog: http://activerain.com/blogs/rrauf
Office:
RRauf@HomeBridge.com
www.RobertRauf.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge … (0 comments)
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robert rauf: CFPB Delays TRID Until October 3, 2015
- 06/17/15 10:47 PM
This comes as a bit of a shock, since just a few weeks ago they said they would not delay the August 1st TRID... But here it is- 2 more months to sort out the fun- If you are not sure what TRID is you can find more HERE. Or click on my website below.
Official announcement from the CFPB below:
Jun 17 2015
Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure Rule
WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:
“The CFPB will be … (1 comments)
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robert rauf: Time to RE-Qualify
- 01/19/15 05:27 AM
I wrote a similar post in 2013 when we saw a big jump up in interest rates and mortgage insurance was climbing for FHA loans, I am happy to report that this is the positive swing to RE-Qualifying.
We certainly have the gift of low interest rates for the beginning of 2015.
What a great excuse to pick up the phone and reconnect with clients you have had out house hunting over the past 12 months- Let them know that Interest rates are down significantly and Mortgage insurance has dropped for many as well. I have noticed over the past few … (2 comments)
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robert rauf: USDA map changes for NJ: October 1, 2014
- 09/02/14 03:07 AM
UPDATE HERE: http://actvra.in/4pPW
Extended until 12/11/2014
I just received an email from the USDA today, 9/2/14, confirming the changes in eligible areas as of 10/1/2014.
For Monmouth and Ocean Counties USDA loans are no longer available in the following towns:
· Berkeley Township · Freehold Township · Howell Township · Jackson Township · Lakewood Township · Manalapan Township · Manchester Township · Marlboro Township · Toms River From what we can tell, the changes will not be as bad as the initial “Future Maps” had shown and we will still have large areas that will remain eligible locally. Verbally … (2 comments)
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robert rauf: The Scary Side of Real Estate: No commission is worth your life.
- 08/05/14 03:16 AM
Headline in Monday (8.4.14) Realtor Magazine: Man Pleads Guilty of Murder of Ohio Real Estate Agent.
The grizzly details: 67 year old Vivian Martin was lured to a showing of one of her listings. She was robbed, strangled and the home was then set on fire. The murderer is only pleading guilty to avoid the death penalty and is testifying against his partner.
Realtor Safety is one of the topics I discuss at New Member Orientation every month at the OCBR (Along with Identity Theft). This article, along with others we have seen this year, made me decide … (14 comments)
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robert rauf: Business tip of the Week: July 28th 2014
- 07/28/14 04:45 AM
QUOTE OF THE WEEK...
"I've had a lot of worries in my life, most of which never happened."
--Mark Twain
BUSINESS TIP OF THE WEEK...
The key to prospecting is consistency. Whether you like to prospect with blogs and social posts, emails, direct mail, or cold calling, you need to do it as part of your daily routine, no matter what.
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 RRauf@HomeBridge.com
www.RobertRauf.com
Since 1987 I have … (6 comments)
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robert rauf: Monday's Business Tip Of The Week July 21, 2014
- 07/21/14 01:44 AM
QUOTE OF THE WEEK...
"How wonderful that we have met with a paradox. Now we have some hope of making progress."
-Niels Bohr
BUSINESS TIP OF THE WEEK...
Check your attitude frequently. Are you acting out of guilt and obligation, or with passion and purpose. Stay inspired with what you do.
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 RRauf@HomeBridge.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! … (1 comments)
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robert rauf: Median Home Prices in NJ and the Cost of Waiting to Buy a Home
- 06/27/14 03:44 AM
In the Interest rate world: June has been the BEST month for interest rates in over a year. With all forecasts still predicting rates being over 5% in January 2015, we now have 30yr fixed FHA loans in the High 3's and Conventional in the LOW 4's. We are a full percent BELOW the forecasts- how great is that for buyers?
The Median price in NJ last year was up about 4.7% in 2013 from the previous year to about $315,000.
Let’s take that home at 20% down:
· Today you would have a P&I payment … (0 comments)
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robert rauf: Monday Quote and tip of the week: Intuition
- 06/23/14 05:23 AM
QUOTE OF THE WEEK...
"Often you just have to rely on your intuition."
-Bill Gates
BUSINESS TIP OF THE WEEK...
Don't let outside factors disturb your focus. Take note of what's happening in the economy and your marketplace, but then put your head down and get back to work.
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 RRauf@HomeBridge.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services … (0 comments)
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robert rauf: Wordless Wednesday: Sailing
- 06/11/14 12:07 AM
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 RRauf@HomeBridge.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 16 Madison Avenue, Building 2 Suite 2D Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick … (6 comments)
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robert rauf: Business Tip Of the Week: LOVE this one!
- 06/09/14 05:32 AM
BUSINESS TIP OF THE WEEK...
Take a technology break at least once a week. Turn off all technology for three to four hours and focus on something important. Finish an existing project, start a new one, or call all your best referral sources.
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 RRauf@HomeBridge.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 16 Madison Avenue, Building 2 Suite … (1 comments)
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robert rauf: Quote and Business Tip of The Week: June 6, 2014
- 06/06/14 03:16 AM
QUOTE OF THE WEEK...
"We are happy when we are growing."
--William Butler Yeats
BUSINESS TIP OF THE WEEK...
Document your wins to help you duplicate your efforts and cut your prospecting time. Likewise, analyze your losses to fine tune your message and presentation.
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 RRauf@HomeBridge.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 16 Madison … (1 comments)
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robert rauf: Quote and Business Tip of the Week May 27, 2014
- 05/27/14 12:57 AM
QUOTE OF THE WEEK...
"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time."
--Thomas A. Edison
BUSINESS TIP OF THE WEEK...
To work more effectively, prioritize the day's tasks and get through the important ones first. Plus, be ruthless in committing time to ongoing efforts like social media: 5 minutes in the morning, 5 minutes end of day.
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS ID# 248937
http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 RRauf@HomeBridge.com
Since 1987 … (1 comments)
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