charlotte county mortgages: But, you said I'd qualify - 08/24/12 06:41 AM
But you said I needed a score higher than 640 for FHA. Mine's 651, but now you tell me my credit isn't good enough.
What's up with that?
Okay, lenders/investors establish credit score minimums for the programs they offer, and essentially if you don't pass the scoring test than you don't pass GO!
Just as a reference, for clarity's sack. We're talking about
middle score, for one applicant, or lower middle score for two
What this means is that the lender throws out your highest and your lowest scores, and when there are two applicants then uses the lower of the … (2 comments)

charlotte county mortgages: "AS IS," ahuh, sure - 08/20/12 04:31 AM
So I'm not a listing agent, and I'm not sure what the motivation is to say
AS IS
when listing a property, but if I was a selling agent, or a buyer, I don't think I'd pay much attention to that, unless there are major issues.
I'd really like to see some data on how many properties listed "AS IS" actually had work completed on them, in order to close. I don't imagine that it exists, but it might be interesting.
Here's two issues I see that are problematic to completing an AS IS sale without doing any repairs.
the Home Inspection;
(8 comments)

charlotte county mortgages: Downpayment not necessary...I'm not kidding - 07/24/12 06:17 AM
So you want to buy a home in Cape Coral? How much of a downpayment is required?
If it's a primary residence often... NONE
How about Ft. Myers?
Same situation, same deal...None
If you're purchasing a home in Southwest Florida there may be programs availble that do not require a Downpayment.
Here's some examples
First, and always FIRST!
VA
qualified Veterans can purchase a primary residence with no downpayment and the seller can pay their closing costs. The maximum mortgage amount would be $417,000 and the interest rates are very good.
USDA/Rural Housing
rural housing loans offer 100% financing in many parts of … (2 comments)

charlotte county mortgages: Homebuyer Education...Get It - 07/19/12 06:53 AM
Why wouldn't a perspective homebuyer not take a homebuyers education course?
Obviously, first time homebuyers should, right? do you agree?
Why not those who have previously owned a home?
I can tell you just from a mortgage perspective there have been a great deal of changes over the last couple of years, and as a matter of fact I hear myself telling both Realtors, and buyers that the mortgage industry is in a constant state of change and has been for awhile.
Don't you think it might be helpful to get an update here?
Also, keep in mind that in the mortgage … (2 comments)

charlotte county mortgages: there's lots & lots of $$$$$ for first time homebuyers in Southwest Florida - 07/14/12 04:35 AM
Do you live in Ft. Myers? Cape Coral? Lehigh Acres? Port Charlotte? or anywhere else in Southwest Florida?
Are you a First Time Homebuyer?
a little hint (help) here;
the definition of a first time homebuyer, for our purposes, is anyone who has not owned a home in the last 3 years
Do you need some help with downpayment and/or closing costs $$$$$
well,
surprise...surprise...surprise
Meet
the Florida Housing Finance Corporation & the Florida Bond Program
if you haven't heard much about this, or if you haven't heard anything
Listen Up!
Florida Housing offers a downpayment and closing cost assistance program … (2 comments)

charlotte county mortgages: I need what? or what's up with Mortgage Documentation - 06/28/12 05:59 AM
Okay I teach a segment of a first time homebuyers course in regards to the mortgage process. One of the things we cover is the documentation which is required to obtain a mortgage. But do we really know up front everything that is needed? Actually
No, it's a mystery
But as a loan officer, here's my first request. Documentation that I must have no later than at the time of application;
2010 & 2011 tax returns (all schedules)
2010 & 2011 W2's
most recent 30 days of paystubs
most recent 2 months of bank/asset statements (all pages)
copy of drivers license
copy … (0 comments)

charlotte county mortgages: Do you "really" want to help a Veteran? - 06/27/12 04:36 AM
well do ya? or are you just going to wave your flags, put on a nice shirt, maybe with an eagle or something on it, and leave actually helping Veterans acquire homes to someone else. You may disagree, and you may argue with me, but I am thoroughly convinced that
there are many Veterans who could buy a home for themselves and/or their families, and want to buy a home, but will only be able to do so by using their VA benefit, which is referred to as an entitlement.
In this particular case their entitlement is earned.
Question:
If you … (0 comments)

charlotte county mortgages: is "overlay" a dirty word? - 06/13/12 06:21 AM
well is it?
are you not quite sure what it is? let me help, if I can.
Websters;
overlay   1 spread over   2 cover with decorative layer
Not sure that helped much? or did it?
I'm going to throw out the "cover with a decorative layer," because some of the overlays I've seen applied to mortgage guidelines aren't that pretty.
(so, we're talking about mortgage guidelines are we? yup.)
How about
"spread over"
actually I think that might do it.
Lenders take traditional fannie mae, freddie mac, VA, FHA (whatever) guidelines, and essentially "spread over" their on requirements. That's "spread over," as in add … (2 comments)

charlotte county mortgages: is Truthfulness important to your business? - 10/27/11 01:02 PM
Okay what brought this on you may be thinking?
Yesterday I received a totally unsolicitated inquiry in regards to my interest in employment with a Chicago based mortgage company.
Here's the introductory line
Thank you for you initial interest in------------ -------.
 I had had not made any inquiries, had not had any contact, or did not have any idea who this company was, but being in an unusual mood I responded. Usually I just delete.
the response;
i don't recall ever expressing an interest.
in today's environment ethics is very important, and attempting to establish a relationship with a lie is … (0 comments)

charlotte county mortgages: The S.A.V.E. Act; more worthless legislation - 10/25/11 12:24 PM
YES
maybe
NO
If this is what is going to continue to come out of our Congress, maybe we should just extend their vacations, and let them all stay at home.Just a thought.
the essence of the bill is to include energy calculations in the mortgage underwriting process, thus improving lending standards
pleeeeease
Indirectly all costs are considered when underwriting a loan. But more importantly I would like to state
that Senators Isakson and Bennet have absolutely no qualifications to be able to make decisions as to underwriting mortgage loans and the quality thereof.
you know what this is...YUP
just some … (7 comments)

charlotte county mortgages: Are you an expert? Do you claim to be? - 10/09/11 11:09 AM
I was just reading a post over on "Short Sale Superstars" posing a question about the claims that we make or the labels we attache to ourselves and the ethics and/or liability involved, if any. I mean I don't know about you, but I see people making claims as to their levels of expertise in particular areas that knowing and/or having done business with them I'd have to challenge.
okay, definition;
expert-  very skillful, one with great skill or knowledge in a field
Since my experience, over 30 years, is in the mortgage industry, I'll use some examples there.
Just awhile back, … (0 comments)

charlotte county mortgages: I WANT MY MONEY BACK - 10/08/11 12:48 PM
Well,
you caaaaan't have it!
well, maybe you can, or maybe you can't, and even if you can it may not be easy, and it could cost you
what is this all about, you may ask?
Many of my Realtor friends are extremely happy because most of their sales are cash. Cash continues to pour into Southwest Florida regardless of what the national press may report. Also the market is fairly strong, and we now are experiencing inventory problems. But that's not my point.
so what is my point, you may be wondering?
Here's the potential problem;
when a buyer pays cash … (6 comments)

charlotte county mortgages: Mortgage Pie - 08/25/11 10:13 AM
In most cases when you bake a pie you use a certain recipe and you make sure you get all the ingredients correct, that would be those that you need and in the correct amounts.
well
A little while back I saw an article published by "constantly negative news," previously known as CNN. The gist of the headline was that a potential homebuyer with a 800 credit score was denied a loan. I'll touch on the lack of truthfulness in regards to the score in a minute, but my first bone of contention is
that a mortgage application is not approved … (0 comments)

charlotte county mortgages: a mortgage is like a nice dress or a suit - 08/23/11 09:15 AM
it should be tailor made for the person wearing it, not the person who made it.
Do you remember what's just so special about a mortgage company, or do you need a refresher course?
Do you remember how/why we came into existence? let me share some thoughts.
We are a mortgage company. We only do mortgages. We are mortgage specialists. We do mortgages well...or we go out of business.
here's an indisputable fact
My (mortgage) product line is more extensive than any individual banking institution.
Rather than trying to force fit a clients needs into one of our products, which may … (2 comments)

charlotte county mortgages: 620, 620, 620; that's the score it takes to get a mortgage with little or no downpayment - 07/07/11 01:33 PM
that's a fact Jack!
or anyone else.
despite what you may continue to read in some of the national print and online publications I'm going to give you 3, count em 3, options to purchase a home with a 620 credit score, and little to no downpayment.
Always, always, always; VETERANS first
VA Mortgages
minimum credit score 620, no downpayment required, no monthly mortgage insurance, the seller can pay your closing costs.
there are 22 million VETERANS in the U.S. so says Brian & Frank @ TBWS
personally I have been a VA lender for over 30 years and
proud of … (0 comments)

charlotte county mortgages: The Modification Failure - 06/10/11 10:45 AM
Stop and think for a moment;
how many people do you know personally have applied for a mortgage modification? and how many have been successful? if any.
I'm a mortgage lender and I know 1 couple, and they had to make a biiiiig concession.
Here it is;
I was allowed to attend the hearing and the first thing that the negotiator made very clear was
there will be NO balance reduction! NOBODY is reducing balances.
This brings up the biiiiig concession. While the mortgage holder was generous, in my opinion with the rate and payment reduction, the couple was still severely … (10 comments)

charlotte county mortgages: where do most of the oldsters live? - 05/31/11 11:40 AM
CNNMoney's Les Christie was nice enough to sort through some of the Census data to make a few points about our population.
So here's the answers to where the oldsters live.
like anything else it depends on how you figure it. If you use the new Census and base it on median age, it's not Florida, as you may think it's
Maine
Maine? really?
yup.
The median age in Maine in 2010 was 42.7, 4.55 higher than the national average and 2 years older than Florida.
Who da thunk it?
Three factors come into play;
low birth rate
outward migration … (4 comments)

charlotte county mortgages: It's TIME! (to turn short sellers into buyers) - 05/04/11 11:17 AM
I'm known to be the master of the obvious.
We're missing a traditional part of our market.
that being
those sellers who became buyers, either buying up, or often here in Southwest Florida, downsizing.
What happened? well you know. They're stuck with properties they can't sell, or have chosen alternative solutions.
Right now I want to address the short sellers, and I'll try to do it in more of a business related, rather than emotional fashion.
Why the "short sellers," because as far as I'm concerned they have attempted to act responsibly, to a bad situation.
Back to the obvious.
Both … (6 comments)

charlotte county mortgages: BEWARE! Strategic Default(ers)...We know who you are - 04/29/11 09:04 AM
Inman News reported yesterday that Fair Issac, the company that brought you FICO scores has developed a system to predict which homeowners are the most likely to engage in a strategic default, that being homeowners who have the ability to pay, usually a good credit history, but still choose to walk away from their property and the mortgage obligation.
They now have
"THE BLACK BOX"
My first thought is
So what
Mortgage lenders have always attempted to identify those who will default and hopefully attempt to prevent that default.
nothing new there
This isn't brain surgery here now. Who might … (2 comments)

charlotte county mortgages: Blogging about Bloggers (who explain why they blog) - 04/14/11 08:08 AM
why do I blog? let me count the reasons.
It seems, and I imagine appropriately so that most "bloggers" blog because it's part of their marketing plan.
Okay, that makes sense.
"the rain" supports this idea, I believe, as they are constantly posting pictures of members holding checks, with big smiles on them. The big smiles are on the members, not the checks, just to be clear.
Personally I find that a little tacky, but that's just me. "The Rain" has been berry, berry good to me, and yes it is part of my marketing plan, and yes it works very well, and … (9 comments)

 


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