valerie springer: 203k STREAMLINE CONTRACTOR REQUIREMENTS - 08/01/13 12:14 AM
Completed Contractor Application
Contractors Bid
Contractors License
Contractors Liability Insurance
Homeowner/Contractor Agreement
W-9 form
3 Trade References
5 Years Experience
Contractor Approval IS required prior to Rate Lock AND Loan Submission to Underwriting.  Allow 7-10 Business Days for Contractor Approval.
Visit my website at
My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at or call 205-995-7283 x 305.

valerie springer: 203K STREAMLINE INELIGIBLE REPAIRS - 07/31/13 01:53 AM
Major rehabilitation
New construction including room additions
Repair of structural damage
Repairs requiring detailed drawings
Landscaping or site amenity improvements
Any improvement that will take longer than 3 months
REHAB activities that...
Rehabs that require more than 2 payments
Requires architectural plans or exhibits or a plan reviewer
Results in work not starting within 30 days of a loan closing or cause the mortgagor to be displaced from the property for more than 30 days during the rehab period
FHA anticipates that mortgagors will occupy during rehab

valerie springer: 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)

valerie springer: HomePath Conventional FannieMae Mortgage - 05/02/12 05:22 AM
HomePath Conventional FannieMae Loan   HomePath is a conventional loan for 97% Financing.  I am going to share with you the highlights of this type loan.  If you would like to compare it to an FHA, VA or regular conventional mortgage please let me know.  I would be happy to share the knowledge.*Has to be a Fannie Property*3% down payment for most*No Appraisal Required*Minimum credit score is 640*seller can pay up to 6% of the purchase price toward closing costs for buyer*$5k repair escrowMy name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. … (1 comments)

valerie springer: ON ANY GIVEN DAY - 02/01/12 04:08 AM
Wednesday, February 1, 2012 ON ANY GIVEN DAY   Last evening my husband asked how my day had been. "Outstanding" I replied, and then I started to think how tired my mind was. A few months ago I was invited to a Financial Seminar at Vestavia Country Club to listen to Doug Lennick, CFP. There was lots of excitement in the air since Doug had not been in Birmingham in years. He spoke about his new book Financial Intelligence. After I decided my mind was "full" I was reminded of of this from chapter 5 Recognizing...   At any given moment, … (0 comments)

valerie springer: Sales Concessions and Seller Paid Closing Costs on Home Purchase - 01/24/12 08:18 AM
Sales Concessions and Seller Paid Closing Costs on Home Purchase   Seller-paid concessions, when used properly, can mean the difference between closing a home sale and losing one.A concession is anything of value added to the transaction by the seller, builder, developer, salesperson or any interested party. A concession may also include any closing costs that would normally be paid by the buyer or cash given to the buyer to lower non-housing debts.Funds received from a relative to assist with a home purchase, or cash contributed from an employer as part of a corporate transfer are not considered seller concessions. These … (1 comments)

valerie springer: 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)

valerie springer: CONVENTIONAL MORTGAGE LOANS IN ALABAMA - 01/11/12 07:27 AM
<!-- google_ad_section_start(name=default) --> Wednesday, January 11, 2012 CONVENTIONAL MORTGAGE LOANS IN ALABAMA   If you are purchasing or refinancing a home in Alabama you have several different loan products available to you if you qualify. Today I am going to talk about Conventional Mortgage Loan for Purchase and Refinance.A Conventional Loan is really the "Cream of the Crop". In most situations they are for folks who have excellent credit, 5% or more for a down-payment and assets.What is considered excellent credit? By today's standard an excellent credit score is considered to be 740 or higher. Credit scoring models go up to … (0 comments)

valerie springer: Thunderstorm Safety - 04/04/11 07:19 AM
Thunderstorm Safety
Spring is the time to start thinking about weather safety.  Spring can bring severe thunderstorms and tornados. Knowing what to do in the event of a weather emergency can be crucial.
* Listen to local news or NOAA Weather Radio for emergency updates.  Watch for signs of a storm, like darkening skies, lightning flashes or increasing wind.
*Postpone outdoor activities if thunderstorms are likely to occur. Many people struck by lightning are not in the area where rain is occurring.
*If a severe thunderstorm warning is issued, take shelter in a substantial building or in a vehicle with the windows closed.  Get … (1 comments)

valerie springer: Three Major Credit Report Bureaus - 04/04/11 07:14 AM
When applying for a mortgage whether it be for purchase or refinance a tri-merge credit report is pulled for an evaluation of the clients current and past credit history.
The three bureaus are Equifax, Experian and TransUnion.
Depending on the creditor they many report to one or all bureaus.  Credit scores can vary between agencies so to qualify for financing I will work off your middle credit score to determine your rate.
It is a great idea to get a credit analysis at least once a year.  In doing so you can keep on top of your credit report and quickly take … (3 comments)

valerie springer: Housing Valuation Code of Conduct (HVCC) - 03/09/10 05:59 AM
The HVCC was enacted in May 2009.  This only applied to conventional mortgages until April 2010 at which time FHA appraisals will also be ordered through a third party entity.
We need to all take the time to voice our opinions since it has such a huge impact on our market.
Please share your experiences?  Have they been favorable or horrible???

valerie springer: 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)

valerie springer: 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)

valerie springer: 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)

valerie springer: Reverse Mortgage -- Is it smart? - 01/14/10 04:34 AM
There are 5 key points to think about when you decide a reverse mortgage may be your best option.  Most important find an expert loan officer willing to help you make a determination.
1.  Why do you feel a reverse mortgage would benefit you?  If you are thinking of taking a vacation or reinvesting the money it would be very costly.  If someone is trying to sell you something and suggests you take out a reverse mortgage you should be very cautious of their intent.
2.  Can you even afford a reverse mortgage?  A reverse mortgage is very expense,  You do not … (6 comments)

valerie springer: Testing for Loan Officers - 12/17/09 05:47 AM
WOW!  This has been a busy couple weeks.  I spent 20 hours in continuing education and used this as a great learning experience.  I was able to brush up on some old basics and also learn about some new changes in our industry taking place in 2010.
I will also be taking the Federal test so I can continue to do my job.  By mid 2010 if a loan officer has not passed the test for Federal and State they will no longer be able to originate loans.  I decided to get it all complete so not to get caught up … (3 comments)

valerie springer: 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?

valerie springer: The Power of Social Media - Help For the Homeless - 06/24/09 09:10 AM
The last 3 days have been a blur but days I will never forget!  There are Angel's Amoung Us, walking around everyday.  We just don't always take the time to find who they are and what they have the power to do. 
Please share in our three day journey and see what hard working women are able to accomplish for someone in desparate need. 

"They say the power of social media networking is amazing
                                                           but it is the power of the people who push it."   RB

The above Facebook post was made by … (2 comments)

valerie springer: 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)

valerie springer: 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)

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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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