Dustan Shepherd's (203klender) Blog

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Mortgage and Lending - Wells Fargo Home Mortgage NMLSR 260770
RECENT BLOG POSTS
In the fall of this year, all eyes were on our industry and the last push to close loans under the First-Time Homebuyer Tax Credit (extension deadline: September 30, 2010). Like many of you, I took a deep breath after my last closing and moved forward. However, I let the provision for veterans an...
12/15/2010
It has been a tough couple of years for most folks in this country, as reflected in the day-to-day questions that I field from potential customers and agents. I thought I would put down a few of those questions along with the answers for review and discussion. 1.How long after a Chapter 7 bankrup...
12/14/2010
Most 203(k) loans start as 203(k) loans but not all. This weekend, I had a conventional deal in Denver run into an issue with the roof and the HVAC system. The appraiser identified a possible issue with the roof, so a roofing specialist was sent out to review it. The tile roof was beginning to cr...
12/12/2010
Earlier today I was reading through a couple of Active Rain blogs and ran across the question about owning more than one FHA insured loan at a time. I picked up the phone to visit with a customer, clicked off the blog, never to return, so I thought I would answer it here. With so many foreclosed ...
11/09/2010
As part of my education and marketing campaigns I tell borrowers all the items that they can include in a FHA 203(k) loan. Today, I thought I would take a minute to look back at this year and list the mandatory items that I have seen most often.  1.  HVAC systems - some units were outdated but ma...
11/07/2010
I am a financier by trade and a housing advocate at heart. Over the years I have worked with nonprofit housing providers in urban, rural and on Indian Reservation across the country.  I know many of you sit on housing nonprofit boards that develop new housing or acquire existing units for renovat...
11/06/2010
The following article was published this afternoon in the Mortgage News Daily after the 2:15 pm eastern FOMC announcement. I have always tried to keep my customers educated on interest rate trends and rate lock timing as part of the loan process. Over the years I have followed many, many financia...
11/03/2010
Sometimes when we work with a product on a daily basis we forget that new customers are hearing about the product for the first time while others are adding to their knowledge of the product as they try to define the products benefits. Today I thought I would keep it simple and remind everyone of...
10/31/2010
My experience tells me that a minimum of 60 days from contract acceptance to closing/possession is a good standard. In today's housing market we are seeing a lot of home buyers applying for 203k loans with a sales contract for a foreclosed property. Most foreclosed property owners (Fannie Mae, Fr...
10/28/2010
This week I worked a couple of loans for which an FHA Consultant's Feasibility Study was appropriate. I found myself wondering why I wasn't promoting the use of an FHA Feasibility Study more often.  We normally think of an FHA Consultant handling a full work write-up only when a home is under con...
10/26/2010
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