fha: Current Impact of the Government Shutdown for Home Lenders and Buyers - 10/01/13 08:01 AM
There is a lot of inconsistent information circulating about the impact of the current government shutdown. We would like to share what we have learned so far as of this afternoon.   Fannie Mae, Freddie Mac, and VA are business as usual.   FHA is mostly business as usual. The FHA Connection is still up and running and case numbers will be issued. TOTAL Scorecard will be availalable. There are conflicting reports as to whether the FHA Connection will be able to verify the borrower's social security number. It may generate an error. If so, we would not be able to … (0 comments)

fha: The buyer's edge - 04/17/13 02:30 AM
 
In this fierce market you need every tool possible to assist your buyers. That’s where we come!
The Mortgage Credit Certificate program is the perfect tool to maximize your buyer’s purchasing power. The program will allow them to qualify for 10%-20% more.
How it works:
The MCC must be applied at the time of purchase. This will allow your buyer to receive a tax credit equal to 20%-50% of their mortgage interest payment. On a $200,000 purchase this is $1,500 - $3,750 in extra annual income. On the lending side we can use this extra income to help your buyer … (0 comments)

fha: Local Market Update - FHA Changes - 04/10/13 02:42 AM
What's new?
FHA's decided that it's time to hike up mortgage insurance rates, again...
The FHA commissioner has stated that this is a required measure to "protect FHA's single-family insurance programs". In other words, there are capital concerns, and this appears to be an easy solution. 
Over the past 5-10 yrs FHA's market share has significantly increased due to lack of private financing, however, we're starting to see a trend in the opposite direction. Conventional financing is making a comeback, and we're hearing hints of coming private label products.
 
Good or bad for local market?
The Denver Metro demographic is very highly educated, which generally results in … (0 comments)

fha: House hunting: Avoid the red flags - 01/29/13 03:25 AM
 
House hunting: Avoid the red flags
 
Don’t commit to a new home before considering these potential pitfalls
 
When searching for the “perfect house,” buyers often put their hearts before their heads. Before you fall head over heels for a home, make sure it is worth the enormous investment by thinking about these important factors that not only will make sure you get the most enjoyment out of your home, but that you don’t find yourself regretting your decision:
 
Neighborhood
 
It’s all about location, location, location. When it comes to buying a house, you aren’t just buying … (0 comments)

fha: Financial planning for home buyers - 01/29/13 03:21 AM
 
Financial planning for home buyers
 
Be smart with your money, and prepare to make your loan app easier
 
In preparing to buy a home, it is important to get your financial house in order before initiating your loan application. Getting organized and simplifying your account history will help alleviate headaches and make the loan application process go much more smoothly.
 
 
 
Step 1: Get Organized
 
 
 
As part of your loan application, expect that underwriters will require copies of the past two years of W-2 forms and tax returns, 1099 forms and K-1 … (0 comments)

fha: Secret: How to Get a Smokin’ Deal on a Home - 12/08/10 07:47 AM
Purchase price: 285,000
Loan amount: 300,000
Appraised value 6 months later: 359,000!!
59,000 in gained equity in only 6 months!!
 
The buyer was a gentleman interested in purchasing a nice home for his family. He wasn't an investor and his primary motivation was not to make a quick buck. But, he was able to develop a tremendous amount of equity very very quickly. He did this by using an FHA 203k loan. This loan allowed him to roll upgrades into the loan, including: flooring, appliances, heating repair and window repair. About 15,000 in funds for upgrades/repairs.
The property was unable … (1 comments)

fha: My First Home Purchase - Denver - 06/01/10 07:07 AM
If you are just getting started on purchasing a home in Denver then you should consider yourself very lucky. Denver is a great city and has a strong real estate market to match. The different sub-areas around Denver offer desirable properties whatever your price range.
If you're looking for a fixer upper than my loan products in combination with due diligence from your real estate agent will result in a tremendous buy. If you're looking for a home that doesn't need any work at all than you're in luck as well!
If you want to purchase a home that you can … (0 comments)

fha: What’s FHA doing? - 02/23/10 07:13 AM
FHA just recently announced some fairly significant changes. The changes are intended to help FHA/HUD maintain a strong position while having as little impact as possible on the housing industry.
The way FHA will decrease their risk is by requiring each person who obtains an FHA loan to pay a higher amount for mortgage insurance. Mortgage insurance is in place to protect HUD against default/foreclose. FHA loans do not require much of a down payment so in the case of foreclosure if the insurance were not in place the loss to HUD would be substantial. In a nutshell the consumer is … (0 comments)

fha: Entertainment, Lies and Homeownership - 11/10/08 04:00 AM
If you are one of the many Americans that routinely watches the local news than you mostly likely think no one is able to buy or sell real estate in the current market.  The media is in the business of entertaining whether it be true or false and in the case of the local Denver Real Estate market is way off.  The term that is regularly used like "credit freeze" and all the publicity given to failing banks greatly discourages first time and seasoned buyers from buying a home.  Any investor will tell you to buy low and sell high, now … (0 comments)

fha: Refinance Your Mortgage: 4 Great Reasons – Denver, CO - 10/12/08 03:58 PM
Michael Shotnik
Refinance Specialist
Link:  refinance-denver.com
Most people go through their day to day routine and don't consider how their mortgage could be improved to reduce stress, put more money in the bank, get rid of those high interest credit cards or create financial security.  If it's in your financial plan to do all of the above you are half way there by owning your own home. 
ARM to Fixed Rate.  Adjustable Rate Mortgages are generally available at lower rates which is very attractive in the beginning.  When the ARM starts to adjust is when it's definitely time to consider a … (0 comments)

fha: FHA Down Payment 3% or 3.5% - Neither - 10/10/08 03:32 AM
Michael Shotnik
Mortgage Banker
Denver, CO
 
Link:     denver1stmortgage.com
FHA Down Payment Confusion
With new FHA changes (HR 3221) taking affect on October 1st there has been a lot of confusion regarding the down payment required for FHA loans.  A lot of realtors were informed that starting October first the minimum down payment would be 3.5%.  THIS IS NOT TRUE!  The 3.5% minimum down payment will not take effect until January 1st 2009. 
Given that Colorado is a low closing cost state the minimum down payment until Jan. 1st 2009 is as follows:
 
As you can see above the minimum … (1 comments)

fha: First Home? Gotta read! - 10/09/08 09:31 AM
Michael ShotnikFirst Home -  Loan Specialistmshotnik@summit-mortgage.com
denver1stmortgage.com               Mortgage Broker vs. Mortgage Banker
Mortgage Broker

A Mortgage Broker is an intermediary between the borrower and the lender. Most mortgage brokers represent multiple lenders and will work to find the client the lender that is most likely to approve your application. Mortgage brokers can generally offer a broad range of programs. It is important to understand that although a mortgage broker is in place to find you the correct product it is not always in their best interest to give you the best rate. Mortgage brokers earn a fee/commission for their work on your particular loan. The … (0 comments)

fha: Fed Rate Cut & Colorado Housing Trends - 10/08/08 05:35 AM
Michael Shotnik, Direct Mortgage Banker
Denver1stmortgage.com
Fed rate cut
The Fed cut its key lending rate by .5% before the market opened this morning.  The market reacted positively for about an hour and then sold off as a result of higher expectations for the Fed cut.  Wall Street is remaining hesitant until there is more certainty in the market.  I've heard a couple analysts say we'll soon see a 1000 point jump in the market on any given day.  This makes sense; a lot of investors have pulled large sums of money out of the market and are waiting for a … (0 comments)

fha: LOCAL MORTGAGE COMPANY GROWING IN WORST HOUSING CRISIS IN 20 YEARS - 10/07/08 08:58 AM
PRESS RELEASE
For Immediate Release
Contact: Michael Shotnik
Tel. 303-800-4595
Email: mshotnik@summit-mortgage.com
 
LOCAL MORTGAGE COMPANY GROWING IN WORST HOUSING CRISIS IN 20 YEARS
Summit Home Mortgage, Denver Mortgage Company
If you're not growing you're withering.  This is the philosophy Summit Home Mortgage employees follow.  From the ownership down Summit is focused on growing the company with strong relationships with clients, realtors, builders and other industry professionals.  Summit has continued to grow and make strides even through this volatile market.
From day one Summit's ownership was very conservative in their lending practices.  Being a bank they take on additional responsibility for … (0 comments)

fha: Refinance - Denver - 10/06/08 01:49 PM
Michael ShotnikDenver Refinance SpecialistVisit our websiteApply Onlinemshotnik@summit-mortgage.com
Refinance with Confidence.
With all the market volatility and the downward trend in the stock market mortgage rates have been about the only bright spot. If the fed decides to cut short term rates which it sounds like they will then mortgage rates will increase. If you are considering refinancing out or an ARM or trying to capture a lower rate now is the time.
Visit our website to inquire about up to the minute rates.
Regardless of what the local and national media is saying we are still funding loans! My clients … (0 comments)

fha: Hope for Homeowners - New FHA program! - 09/25/08 06:18 AM
Hope for Homeowners is a NEW FHA program scheduled to be available October 1st!
The Hope program runs from October 1st, 2008 until September 30th, 2011.
The program is designed for homeowners who are current or behind on their mortgage and can document that they are/will be unable to afford the payment.
Details:
1. The mortgagor must occupy the property as a primary residence
2. The mortgagor must have been originated before Jan. 1st 2008
3. The mortgagor must certify that it has not intentionally defaulted on the debt
4. The mortgagor must have a DTI (debt to income) greater than 31%
5. … (1 comments)