alabama: 203K STREAMLINE FEATURES - 07/29/13 01:19 AM
    Streamline 203k Features:
Enables borrowers to finance both the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage
Term:  30 year fixed
The Streamlined FHA 203k program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are NOT required.
Due to the rehabilitation amount limitation of $35k, eligible improvements are limited and can not include:  new construction such as a room addition, repairs to structural damage or site amenity improvements.
680 middle Score- 43% debt to income ration with an AUS approval and all standard FHA standard guidelines … (0 comments)

alabama: NEED A REVERSE MORTGAGE IN ALABAMA? - 01/11/12 07:30 AM
 If you are a senior 62 years or older, you may qualify for a Reverse Mortgage. If your home is paid in full, OR if you have equity in your home this may be the answer to your prayers. NO Monthly Payments NO Credit Report NO Employment Qualifications NO Medical Qualification NO Income Requirements NO Asset Verification NO Recourse NO Tax or Insurance Escrows NO Restrictions on Use of Funds If you would like more information on Reverse Mortgage, please contact me at 205-995-7283 x 305 or email me at I will be happy to answer your questions and show … (1 comments)

alabama: FHA Mortgage Insurance Increase in Upfront Premiums - 03/02/10 05:03 AM
Unless an FHA approved purchase has a case number assigned before April 5, 2010, the upfront mortgage insurance premium will increase from 1.750% to 2.250%.  This will be for purchase and refinance transactions including streamlined  and reverse mortgage loans.  If you have clients still sitting on the fence there is a sense of urgency.
Other changes to take place include the seller is now only allowed to pay up to 3% of the purchase price toward purchaser's closing costs.  This will result in purchaser having to pay the difference in closing costs in addition to the 3.5% downpayment.  
Do you have … (3 comments)

alabama: REVERSE MORTGAGES (HECM) and What This Means - 01/19/10 01:38 AM
THE HOME EQUITY CONVERSION MORTGAGE (HECM) is the ONLY reverse mortgage that is insured by the federal government.  HECM loans are insured by the Federal Housing Administration (FHA).  FHA is governed by US Department of Housing and Urban Development (HUD).  FHA tells HECM lenders how much to lend based on  age and the value of home.  The HECM program limits loan costs and FHA insures the lender will meet their responsibilities.
HECM usually give the largest payout of any reverse mortgage as well as more choices on how the money is paid and most importantly you can use the money for any … (4 comments)

alabama: Reverse Mortgage Benefits - 01/18/10 02:25 AM
Until the "Reverse" mortage was introduced the only 2 ways you could use the equity in your home was to sell the home and move out or take out a loan which required monthly payments.  If you own your home (or have lots of equity) and the youngest person living in the home is 62 years of age you are most likely eligible.
With the "Reverse" mortgage you do not have to do either of the above.  A reverse mortgage is a  loan which allows you to take the equity out of your home while continuing to live in it.  You most likely … (3 comments)

alabama: Refinancing Your Home - 06/26/09 02:34 PM
Refinancing your currrent mortgage can be very beneficial to your financial situation.  Whether you are doing a rate and term refinance or a cash-out you may be able to save hundreds of dollars per month.
In today's economic times it is important for your money to work harder for you.  There is still money to lend and we are closing loans everyday. 
Remember, the people refinancing today are the one's who will be purchasing a new home in 6-12 months.  Do you know anyone in need of getting themselves in a better financial situation?

alabama: Alabaster, AL Purchase or Refi - 02/02/09 06:06 AM

If you are planning to purchase a home in the City of Alabaster, AL, in the heart of Shelby County, you have chosen a great place to call home.  Alabaster in very convenient to shopping, restaurants, interstates, golf courses and a great school system.
Alabaster is also very diverse with homes available in nearly every price range.  Come visit Alabaster, you will be happy you took the time.  Call me with questions about refinance or purchase.


alabama: Helena Alabama Real Estate - 01/26/09 03:10 PM
If you are in the market to purchase a home in Helena, AL you have picked a wonderful area to raise a family, enjoy life and simply relax. 
Helena is very unique.  The City caters to families and is always planning special events for family participation.  The school system is excellent and you will feel like your neighbors truly care about you.  Old Towne Helena is filled with specialty shops where you are certain to find one of a kind treasures.  Don't miss a chance to take a tour and see for yourself.
For more information please contact Debbie Hutchins, Realtor … (0 comments)

alabama: Reports That Move Interest Rates - 01/14/09 02:07 AM
Three reports come out today, 2 have a high impact on mortgage rates and one a moderate.  The two high are retail sales and retail sales excluding autos.
The report this morning was bleak.  Sales dropped 2.7% which was much worse than the expectation of a 1.2%.  When autos are excluded it gets even worse with a 3.1% decline in lieu of 1.4%.
On this negative news stocks have fallen and mortgage bonds have improved.  If you have people sitting on the fence do you best to get them off.  These dips make a difference in how much a purchaser can … (1 comments)

alabama: Mortgage Interest Rate Volatility - 01/13/09 05:54 AM
 When we get a dip in interest rates everyone seems to hear it on the news and in a day or two pick up the phone and call their mortgage loan officer.  By then we may have been up and down 10 times.  If you are in the market for refinance here are a few tips to put you in the best possible position.
1.  If you feel certain you are going to refinance, go ahead and call your loan officer for approval.
2.  Provide all documentation and RESPA's.
3.  Let your loan officer know what rate you are willing to … (3 comments)

alabama: Be Aware of Underwriting Turn Times - 01/13/09 02:17 AM
There are many people refinancing their homes and taking advantage of the lower interest rates.  This has bogged down the system as there are fewer investors.  I had always taken pride in quick closings, 3-7 days.  Today that is not attainable.
Most lenders are on a 5-12 day turn time for underwriting and 48 hours for clearing stips.  This means it will take longer to get a clear to close.  Also, it is imperiative that the client furnish the documentation requested very quickly.  In today's market we need to send a complete file so it does not have to be revisited … (0 comments)

alabama: Refinance Anyone? - 01/12/09 04:35 AM
This past month has been a roller coaster ride that has lasted into the new year!   What blessings we receive at the most unexpected time. 
My phone lines are ringing and many are taking advantage of these low interest rates.  Most of the clients I am speaking with have equity in their home and plan on being there for many years.  Some are even shortening the term of the mortgage to 15 years and not making much more payment than they are currently at the 30 year mortgage.  Adding the bi-weekly payments the effective rate is even less.
People are ready … (0 comments)

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Valerie Springer

Home Loan Officer AL, FHA, VA, Conventional and Re

Birmingham, AL

More about me…

Benchmark Mortgage nmls 2143

Address: 2700 Corporate Drive, Ste 200, Birmingham, AL, 35242

Office: 205-314-4775

Mobile: (205) 746-1284

Email Me




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