Recovering or Not
May 12th 2009
Updates on CHFA, Loan Modifications, and Condo Loans
April 8th 2009
Loan Modifications, Refinances, & Other Updates
March 16th 2009
I have had many People ask me about the new economic recovery legislation as it pertains to the Housing Market. There are 2 possible sources of help for you if you are in need of help, Loan Modifications, and Loan Refinances. The loan modifications are only for those home owners that are already behind on their payments. If you know of someone like that, the only course they have is to call their current servicing lender and work with them to modify their loan into a lower payment.
The Only Constant Is Change
February 24th 2009
Update On Tax Credit & Appraisals
January 30th 2009
This is a short note but this is important for you to know. First CNN is reporting that the new stimulus package being reviewed by congress has a stipulation in it that will make the $7,500 first time buyer credit a true credit, not a 0% interest loan that needs to be paid back. Continue Reading »
What does FICO 08 Mean for you?
January 22nd 2009
I just received some information that the Fair Isaac Company, or FICO, is going to be rolling out their new credit scoring model very soon. Here are some of the highlights that you and your clients should be aware of. First some of the good things. The new model will allow the use of some Authorized User accounts so that adding a spouse or child can benefit their scores. Continue Reading »
What a Licensed Mortgage Broker means to you.
January 17th 2009
I recently passed my Colorado Mortgage Brokers License exam. Luckily I passed it on the first try. I now proudly display my license number on everything that I send out. I really am not trying to toot my own horn here but you should ask yourself what having a licensed Mortgage broker means to you. This means that I have attended 40 hours of training and that, hopefully, I know a little bit about what I am doing. It also means that I can be disciplined if I break any of the rules and laws. Continue Reading »
FHA Issues and Updates for 2009
January 5th 2009
Well here we are on the cusp of 2009 and as we look at this Real Estate market there are lots of people willing to predict this, that, and the other thing. If you listen to the pundits we could either be well on our way to recovery by 2010 or we will all be living in a bread line “just like the great depression”. Continue Reading »
The Rates Are Falling…The Rates Are Falling
December 16th 2008
In the last two weeks I have received several calls asking me if I believed that rates were going to come down to 4.5%. After all, if it’s on TV then it must be true. Well when the treasury secretary talks about it on TV then it really must be true…Sorry it’s all talk. At least the idea of the government “creating an environment that will bring rates down to 4.5%” is just talk. We will see what kind of proposition they come out with. Continue Reading »
A Few Tips And Updates
November 20th 2008
Here are a few updates and reminders on loans and programs.
1) Remember that the new down payment for FHA is going to be 3.5% starting Jan 1.
2) The FHA 203K rehab loan is a great way to help a buyer buy a fixer-upper.
3) The new FHA loan limit for the Denver Metro Area is $368,000.
4) Conventional loans still have a loan limit of $417,000 in Colorado.
5) In order for a buyer to keep their current property as a rental they will need either 30% equity or 6 months of reserves for both new and current mortgage payments.