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2009 Is The Year Of Rate Reduction

tiffany-texassupreme Posted by tiffany-texassupreme at 12:39 PM on April 07, 2009
Quick News That May Affect You
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Fannie Mae rolled out The Home Affordable Refinance Program on April 4th (expect changes on May 4th, 2009)...
 
FOR THOSE NOT FAMILIAR WITH THE PROGRAM.. IT PROVIDES REFINANCE OPPORTUNITIES TO BORROWERS WITH EXISTING FANNIE MAE LOANS WHO HAVE DEMONSTRATED AN ACCEPTABLE PAYMENT HISTORY ON THEIR MORTGAGE BUT DUE TO DECLINING HOME PRICES HAVE BEEN UNABLE TO REFINANCE TO OBTAIN A LOWER PAYMENT OR MOVE TO A MORE STABLE PRODUCT.
 
 
OTHER HIGHLIGHTS TO THIS PROGRAM :

·       1 – 4 Unit Properties are Eligible.  Condos and PUDs (Planned Unit Developments are Eligible).  Manufactured Housing and Co-Ops are Ineligible.

·       Primary, Second Home and Investment properties are Eligible.

·       No limit on the number of properties owned.

·       No Title Seasoning requirement.

·       In many cases, you will not need an Appraisal.  When I send the file to processing, the DO/DU Findings will tell me whether you will need an Appraisal, an exterior only or full Appraisal. 

·       Mortgage Insurance will not be required as long as the original FNMA mortgage did not require primary, borrower-paid MI.  Lender Paid MI is not available under this program.

·        If Mortgage Insurance is currently in place, then, the current Mortgage Insurance policy will remain.  No new Mortgage Insurance will need to be obtained.

·    Absolutely no 60 day lates on the mortgage(s) in the last 12 months.

·     If you are a W-2 Borrower, you'll only need your current pay stub & we'll verbally verify your employment.  Commission/Self Employed Borrowers need 1 year Tax Returns.  This must be 2008 Tax Returns.  2007 Tax Returns will not work.   The income you earned 15 months ago won’t help us today.  If you haven't filed your 2008 Tax Returns, then, wait until you have filed before applying for the mortgage.

           

Technical Corner! 
5 Step Loan Process
 
 

Application.  Processing.  Underwriting. Closing. Funding.

  • Taking an application consists of the borrower/buyer filling out a handwritten loan application, signing disclosures & providing the necessary documents that the lender has requested you to supply in accordance with your particular loan file.  After this point, any problem areas of the loan will be addressed so that we can ensure a timely transaction through processing.  Debt-to-incomes ratios (your debt compared to how much you make) are calculated and LTV's analyzed.
  • Your designated processor will begin to verify & transfer all information that has been obtained from you @ the time of application.
  • Underwriting is the most critical process of obtaining mortgage because the underwriter has the ability to accept or decline your loan according to the following guidelines: Income, Credit & Job History, Assets, Liabilities, & The Loan Program Guidelines.
  • Once a "Clear to Close" has been received, a closing date will be set in which most closings are held at Title Companies. 
  • Lastly, all parties will be funded.
____________________________________________________________
Specialty Mortgages 101 Training's! 
 
Wednesdays, 2 - 4 PM Central, from the comfort of your home 1-on-1 via Adobe Acrobat Meetings hosted by myself.   Please RSVP if you would like to attend a Live Teleconference (just you & I).  April is the month of reviewing the Loan Process & More                               *~*~A Special Thank You To All Past Attendees*~*~
  • What is it that you would like to know more about? 
  • What issues are bogging you down in your current mortgage?    
                                 *PS:  If you have an idea for a specialty training, do not hesitate to bring it to my attention
 
In the future, you will need to click here to join the meeting: https://connectnow.acrobat.com/tiffanytexassupreme
I'll provide you with your unique Participant ID within 24 hours of our meeting.
 
Enterprise is Better Than Ease
by Jim Rohn

If we are involved in a project, how hard should we work at it? How much time should we put in?

Our philosophy about activity and our attitude about hard work will affect the quality of our lives. What we decide about the rightful ratio of labor to rest will establish a certain work ethic. That work ethic - our attitude about the amount of labor we are willing to commit to future fortune - will determine how substantial or how meager that fortune turns out to be.

Enterprise is always better than ease. Every time we choose to do less than we could, this error in judgment has an effect on our self-confidence. Repeated every day, we soon find ourselves not only doing less than we should, but also being less than we could. The accumulative effect of this error in judgment can be devastating.

--- FORTUNATELY, IT IS EASY TO REVERSE THE PROCESS ---

Any day we choose we can develop a new discipline of doing rather than neglecting. Every time we choose action over ease or labor over rest, we develop an increasing level of self-worth, self-respect and self-confidence. In the final analysis, it is how we feel about ourselves that provides the greatest reward from any activity. It is not what we get that makes us valuable, it is what we become in the process of doing that brings value into our lives. It is activity that converts human dreams into human reality, and that conversion from idea into actuality gives us a personal value that can come from no other source.

So feel free to not only engage in enterprise, but also to enjoy it to its fullest along with all the benefits that are soon to come!

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