Here in Charlotte, we were thrilled to hear that Fairway Independent Mortgage CEO, Steve Jacobson, was going to be making a late May visit before our annual meeting in Wisconsin. He came down to discuss the CFPB (Consumer Finance Protection Bureau) which will be regulating mortgage lenders to make sure consumers are treated fairly. At Fairway, we are preparing for their eventual audit, but we are not concerned about how how this will impact our company. You see, we treat people fairly ..... read more

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Deanna Valeo has had a great week helping so many great people find homeownership and refinance success! Finding Fairway and Deanna through Facebook, client Jim Dobbs was so pleased with the entire process stating, "Thank you for all your help, I can't believe how easy the process was; the short turn around time and the customer service that Deanna provided were the best part of this experience. We were informed of every step of the process and given a time frame of how long each step should ..... read more

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If you have recently been considering refinancing your current home mortgage loan or taking out a new one but have been on the fence about it, there is no better time than right now. Sitting on that fence for much longer might cost you in the end. The Federal Housing Administration (FHA) has already made changes involving tighter lending standards and higher mortgage insurance premiums and will be making more changes taking effect June 3rd. These changes are occurring due to the FHA's Mutual ..... read more

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New 3% conventional product from New American Mortgage New American Mortgage's 3% down payment product allows excellent credit score borrowers (over 680 FICO) to buy with less down payment than FHA and often with a better monthly payment.  This is good only for Single Family homes and townhome.  Condos and multi-family are not eligible. To qualify for the lower down payment amount our buyers must have: ..... read more

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" Yesterday is history, tomorrow a mystery, today is a gift; that is why they call it the present" On conventional loans we will consider using income from future employment.  Example:  A professor has a signed bona fide contract, and wishes to purchase a month before employment starts and received a pay stub.  The key is the employment contract; below are the limitations: Income from the new job must meet the following guidelines: ..... read more

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As of Monday April 9th (yesterday) the new FHA rules for judgments and collections were to go into effect:  The new rule limits total collections/judgments not needing to be paid off to $1000 per borrower; this includes medical collections.   This limitation is a big change FHA did allow most medical collections to be ignored.  Read the entire mortgagee letter at : HUD Letter FHA has announced that this new $1000 rule will be delayed until July 1, 2012 ..... read more

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"The mind that is that is anxious about future events is miserable." ~ Seneca Just a quick reminder that the cost of doing a FHA loan goes up on April 1st.  We as lenders' need to get case numbers assigned by the 30th to keep the lower costs for our clients.  Please make sure to have your fully executed contracts to your lender by early Friday March 30th to assure the lower lending costs for your client. As a reminder, the Up Front Mortgage Insurance ..... read more

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"There is more pleasure in loving than being loved." ~ Thomas Fuller  Deanna and I have been getting the Mecklenburg Times for years and they have a syndicated columnist named Benny Kass of Inman News (great publication). He recently did an quick Q&A on forced placed insurance and I thought it is always a good reminder to get the message out to our clients' about what can be done if the mortgage company servicing your loan ..... read more

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  "Kind Words are the Music of the World." ~  F. W. Faber  Dear Todd,   FHA Increases Their Up Front and Monthly Mortgage Insurance Premiums April 1 2012 - How Does it Effect You? In today's real estate market, many buyers are opting for the FHA route for obtaining their mortgage. FHA loans are different from Conventional loans in many ways, mainly an FHA loan is ..... read more

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"Kind Words are the Music of the World." ~  F. W. Faber  USDA for the most part is the last of the 100% options open for buyers.  An important feature of USDA is the need for the property to be in a qualified area and the need for borrowing family's income not to exceed income limits.   In the Charlotte MSA income limits are as follows: ·         Anson Co (NC) and Lancaster Co. (SC) the ..... read more

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