A few of our latest successes!
Wednesday, February 22, 2012
Clear to close for a purchase of a 150 year old home, Clear to close on an FHA purchase where the buyer has a 635 credit score and about 15 medical collections, 2 buyers qualified this week for the MCC tax credit, Clear to close on a USDA purchase where the buyer has a 635 credit score with 100% fin...
READ MOREDigging Deep!
Monday, February 20, 2012
Thanks to our Amy’s genius, we closed a complicated FHA purchase formerly denied by another bank for excessive debt ratio: Has a business with a loss which lowered the primary income, Amy dug deep to prove & eliminate debts paid by the business, able to prove higher eligible income, and showed a...
READ MOREMarket Update for the week of February 20, 2012
Monday, February 20, 2012
QUOTE OF THE WEEK..."Strive for continuous improvement, instead of perfection." --Kim Collins, track and field star INFO THAT HITS US WHERE WE LIVE... U.S. homebuilding is certainly following the advice of the first World Champion sprinter from Saint Kitts and Nevis. With housing starts registering...
READ MOREWhat are the VA, FHA, and USDA or RD up-front funding / guarantee fees for?
Thursday, February 16, 2012
The VA funding fee is required by law. The fee, currently 2.15% on no down payment loans for a first-time use, is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users w...
READ MOREI’m here at closing, where are the keys to my house?
Thursday, February 16, 2012
An important thing to remember for a purchase closing is that just because the buyer has signed the closing documents, the property is not the buyer’s yet. Generally the following items need to happen in order for the buyer to get the keys to the home: Buyers and sellers sign all applicable pa...
READ MOREWhy do I have to pay the whole property tax bill when the seller owned the property for part of this year?
Thursday, February 16, 2012
This is a very popular question at closing during part of the year because the attorney may say “You will be paying the tax bill for the entire year”. This is true that the entire tax bill for tax year of the sale will be paid by the buyer if the tax bills are not out yet. If this is true, t...
READ MOREWhen can my pmi come off of my mortgage loan payment?
Thursday, February 16, 2012
This is a popular question and a few years ago pmi could get removed rather quickly because of home values increasing so quickly. In the past, one could request a review of their mortgage to appraised value ratio and if the new appraisal came back where the borrower owes less than 80%, the pmi was...
READ MOREWhy collect 2-3 months of insurance premium at closing when we are paying the first year of premium already?
Thursday, February 16, 2012
A borrower pays one year of insurance premium up front to keep the home protected for one year from the purchase date. For example, if one closes on February 10, 2011; so that first year premium gets one through to February 10, 2012. However, although the loan closed on February 10th, the first ...
READ MOREWhat is a plain English definition of the Aggregate Adjustment on the HUD Settlement Statement?
Thursday, February 16, 2012
When the lender figures the number of months to collect in escrows for taxes and insurances based on due dates for each and the first payment due date for the mortgage, it is compared to Federal guidelines which dictate the maximum cushion allowed. If the amount calculated by the lender is too hig...
READ MOREMarket Update for the week of February 13, 2012
Monday, February 13, 2012
QUOTE OF THE WEEK..."People can alter their lives by altering their attitudes." -- William James INFO THAT HITS US WHERE WE LIVE... People's attitudes should surely be altered by new data from the National Association of Home Builders (NAHB). Their survey released on Thursday revealed four record h...
READ MOREMarket Update for the week of February 6, 2012
Monday, February 06, 2012
QUOTE OF THE WEEK..."A story to me means a plot where there is some surprise. Because that is how life is -- full of surprises." --Isaac Bashevis Singer INFO THAT HITS US WHERE WE LIVE..."The Federal Reserve surprised the market last week by indicating that short-term rates were likely to stay at t...
READ MOREMarket Update for the week of January 30, 2012
Monday, January 30, 2012
QUOTE OF THE WEEK..."Before everything else, getting ready is the secret of success." --Henry Ford INFO THAT HITS US WHERE WE LIVE...Getting ready for a recovery could be the theme of last week's housing reports. Pending Home Sales, after hitting a 19-month high in November, dipped a bit for Decemb...
READ MOREVA Loan List of Allowable and Non-Allowable Closing Costs
Friday, January 27, 2012
Allowable FeesThe following fees are always allowed regardless of the 1% origination fee being charged:Appraisal fee – per allowable maximum appraisal fee schedule for that stateCompliance inspection – only if required by the NOVCredit report – in most cases it should not exceed $50Recording f...
READ MOREThe new income limits for USDA mortgage loans in 2012 are in effect now
Friday, January 27, 2012
This is a great mortgage loan product as it offers a low fixed interest rate, 100% financing, and low pmi. PrimeLending is also one of the largest USDA lenders in the country. Click on the your state to see the income limits for North Carolina and South Carolina....
READ MORE7 New Year's Resolutions to boost your success!
Thursday, January 26, 2012
If you want to be the best in your field, here are some things you can do that can put you ahead of the pack:1. Ask big questions. If you only ask practical, logistical, small questions, you'll just get the small answers that will keep your business going, but not growing. Pursue the big questions:...
READ MOREMarket Update for the week of January 23, 2012!
Monday, January 23, 2012
QUOTE OF THE WEEK..."Happiness is not a state to arrive at, but a manner of traveling." --Margaret Lee Runbeck INFO THAT HITS US WHERE WE LIVE...Well, we can all make our way with a bit of a smile on our faces, courtesy of the latest Housing Starts numbers. At first blush, the December report seeme...
READ MOREWonder why lenders must verify everything?
Thursday, January 19, 2012
Click "read more" to Check out these startling fraud statistics to see why! ...
READ MOREMarket Update for the week of January 16, 2012
Tuesday, January 17, 2012
QUOTE OF THE WEEK..."If you have to forecast, forecast often."--Edgar R. FiedlerINFO THAT HITS US WHERE WE LIVE...Economist Fiedler, Assistant Treasury Secretary under Presidents Nixon and Ford, knew that wise forecasters give themselves lots of opportunities for revisions. This time of year, the fo...
READ MOREMortgage Loan Products Galore!
Sunday, January 15, 2012
WE ARE THE SWISS ARMY KNIFE OF MORTGAGE LENDING – Don’t listen to press saying you can’t borrow!Our recent closings include: Homepath purchase with no pmi and appraisal, NC Housing First Home Loans with 100% financing at a low fixed rate, MCC tax credit purchases, Permanent loan for new const...
READ MOREUrgent Rate Notice for Fannie Mae and Freddie Mac
Tuesday, January 10, 2012
Pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011, the Federal Housing Finance Agency (FHFA) has imposed a mandatory price increase which will be paid for by increasing the fees charged to mortgage lenders by Government Sponsored Entities (GSE) such as Fannie Mae and Freddie Mac...
READ MOREMarket update for the week of January 9, 2012
Tuesday, January 10, 2012
QUOTE OF THE WEEK..."Opportunities are disguised by hard work, so most people don't recognize them."--Ann LandersINFO THAT HITS US WHERE WE LIVE...The latest opportunity in real estate came December 28, when the Federal Housing Administration extended the waiver of its "anti-flipping" rule through t...
READ MOREMarket Update for the week of January 2, 2012
Monday, January 02, 2012
Happy New Year!!! QUOTE OF THE WEEK..."Of all the things you wear, your expression is the most important." --AnonymousINFO THAT HITS US WHERE WE LIVE...It's good to show your best face to the world as the new year begins (see Business Tip of the Week, below) and that just got easier to do. Last wee...
READ MOREPrimeLending Announces 2011 Producer Awards!
Tuesday, December 27, 2011
In a recent PrimeLending National Production Announcement, Russell Smith was named a 2011 President's Club Prime Power Production Member! Along with other qualifiers that were named to this club, Russell will be honored with his award in Key Biscayne, Florida in May, 2012. Congratulations Russell ...
READ MOREMarket update for the week of December 26, 2011
Tuesday, December 27, 2011
QUOTE OF THE WEEK..."...never retreat, never retract...never admit a mistake."--Napoleon BonaparteINFO THAT HITS US WHERE WE LIVE...Wisely, the National Association of Realtors (NAR) did not follow the diminutive Emperor's advice last week, admitting they uncovered some mistakes in the statistical m...
READ MOREFHA 90 day rule for investors selling flipped properties
Friday, December 23, 2011
In February 2011, FHA extended the temporary waiver to allow FHA financing on single family residences within 90 days of acquisition through the end of 2011. This temporary waiver will expire on December 31, 2011 and all sales contracts written after that date will be subject to the 90 day rule. Beg...
READ MOREMarket Update for the week of December 19, 2011
Monday, December 19, 2011
Happy Holidays! QUOTE OF THE WEEK..."Do what you can with what you have where you are."--Theodore RooseveltINFO THAT HITS US WHERE WE LIVE...The famous President's sage advice from a century ago is still the appropriate approach to today's housing market. In the midst of all the media noise, it's a...
READ MOREMarket update for the week of December 5, 2011
Monday, December 05, 2011
QUOTE OF THE WEEK..."Motivation is the art of getting people to do what you want them to do because they want to do it."--Dwight D. Eisenhower INFO THAT HITS US WHERE WE LIVE...Enough people were motivated to buy new homes in October to push monthly sales up 1.3% to a 307,000 annual rate. Even be...
READ MOREMarket update for the week of November 28, 2011
Monday, November 28, 2011
QUOTE OF THE WEEK..."One who is a master of patience is master of everything else."--George Savile (1633–1695), English statesman, writer and politician INFO THAT HITS US WHERE WE LIVE...The patient approach advocated by the 1st Marquess of Halifax is proving to be the right tactic for masterin...
READ MORETopsail Beach Condo approved for financing!
Wednesday, November 16, 2011
Villa Capriani Condos in Topsail Beach, NC are approved for conventional financing with PrimeLending. Take a look at their site for more information. http://www.villacapriani.com/...
READ MOREMarket update for the week of November 14, 2011
Monday, November 14, 2011
QUOTE OF THE WEEK..."Life will always be to a large extent what we ourselves make it."--Samuel Smiles, Scottish author and reformer INFO THAT HITS US WHERE WE LIVE...Like life, the situation in the housing market depends on what we make of it. Last week, both options were covered in the latest ...
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