We are experts at so many types of mortgage loans that we are the swiss army knife of mortgage lending

Thursday, 18 September 2014 14:59
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Just in our office we see so many different mortgage scenarios and we have always taken pride in knowing a large array of mortgage products.  We don't just take the cookie cutter loans.  We tackle the difficult situations for the good of our client and we make sure that the product our borrowers c...

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USDA Does Not Allow Properties to Have Any Farming Characteristics

Tuesday, 16 September 2014 15:44
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Interesting Contract on a USDA Loan: Believe it or not! USDA (US Department of Agriculture)does not allow the collateral to have any farming characteristics such as barns, fields with crops, farm animals, hay stored under barns, etc. Here is an actual contract that we received on a purchase after m...

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Providing Complete Documentation for a Quick and Smooth Mortgage Process

Monday, 15 September 2014 16:31
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The biggest delay in the mortgage process are when borrowers do not provide requested documentation and the documentation is not provided early enough in the process. Below are some examples and solutions: Providing documentation very late in the process which can cause a delay in the closing, r...

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What's Your Mortgage Rates?

Tuesday, 02 September 2014 15:48
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Keep in mind that there is not just one or two rates for all scenarios so when someone asks “what’s your 30 year fixed rate?”, there is no all-encompassing rate. Here are some of the criteria for quoting rates that we need to review for an accurate quote on program, rate, terms, etc: 1. Loan...

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CHECK OUT OUR NEW TEAM MOVE MORTGAGE WEBSITE!

Tuesday, 02 September 2014 15:42
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RussellDSmith.com will still continue to operate and be updated just like normal, but our team has created a new website called www.teammovemortgage.com.  Click on the link and visit this informative mortgage site.  Team Move – Getting you from here to home   Our office excels on the exe...

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USDA well water test requirements

Tuesday, 26 August 2014 12:59
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The USDA Rural Home Development has stipulated that the local health authority or a state-certified laboratory must perform a water quality analysis and that the results must "meet" or "exceed" the EPA minimum thresholds for lead, nitrates, nitrites, and coliform. The written results must state that...

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USDA does not allow properties to have any farming characteristics

Tuesday, 26 August 2014 12:57
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Interesting Contract on a USDA Loan: Believe it or not!  USDA (US Department of Agriculture)does not allow the collateral to have any farming characteristics such as barns, fields with crops, farm animals, hay stored under barns, etc.  Here is an actual contract that we received on a purchase aft...

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NC status and current turn times for USDA loans

Tuesday, 26 August 2014 12:55
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Unlike other types of loans, after lenders are complete with underwriting, the file must be sent to USDA for eligibility review and often we have seen it vary from a couple of days to 60 days for USDA to review NC files.  To obtain the status of current turn times at NC Rural Home Development for ...

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SC Status and Current Turn Times for USDA Loans

Tuesday, 26 August 2014 12:55
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Unlike other types of loans, after lenders are complete with underwriting, the file must be sent to USDA for eligibility review and often we have seen it vary from a couple of days to 30 days for USDA to review SC files. To obtain the status of current turn times at SC Rural Home Development for So...

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Mortgage loan waiting periods for borrowers with short sales and foreclosures

Tuesday, 26 August 2014 12:41
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Life brings about so many circumstances that can cause previous credit issues such as the economic downturn, medical costs, or losing a job.  There is hope for a mortgage loan with time as listed below.  Keep in mind that there are occasional variances to these: Waiting Period For Borrowers with ...

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Credit scoring is a mystery to many and it even surprises us occasionally. Below are examples of common misconceptions we hear very often

Friday, 15 August 2014 11:49
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.          If I pay off my balance every month so it should show a zero balance on my credit report: Wrong! Credit card companies will usually report your ending balance on your monthly statement. So even if you pay off your credit card every month, it will not show a zero balance on cred...

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7 Quick Reminders to Help Safeguard Your Mortgage Closing

Friday, 15 August 2014 11:39
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As soon as someone is interested in buying or refinancing a residential property and you are involved as a realtor, say these reminders over and over.  The reminders are to reduce the chances of loan denial or delays in closings.  In mortgages and buying real estate, live by these rules to make yo...

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Step by step instructions for locating USDA eligible properties & areas

Tuesday, 08 April 2014 02:29
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One of the most popular questions we receive is “how do I tell if the property is USDA eligible?” or something similar.  Whether you are a buyer, seller, or realtor, you should get familiar with this site as USDA is a great opportunity for a buyer to get affordable financing at 100% of the sale...

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Construction to Permanent loans with little to no money down in NC, SC, & VA

Friday, 14 March 2014 12:57
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Finding a construction loan is very difficult today and almost impossible to find over 75 – 80% of the value.  Well, we offer a one-time closing 95% construction to perm mortgage loan to meet this huge need in Virginia and the Carolina’s.  Low to no down payment construction perm loans are ver...

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Good housing news! Home prices are moving up in most markets!

Tuesday, 11 February 2014 23:20
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Click here to see a chart that shows the S&P / Case-Shiller Home Price Indices Chart so you can see how prices have started to climb in most areas.  There are still great opportunities out there and interest rates are still historically very low.  Give us a call to ask about your home purchase or ...

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Mortgage loan approvals with deferred student loan payments

Tuesday, 11 February 2014 23:12
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Student loans play a big role in people’s finances nowadays and that is certainly true with mortgage loan approvals as well.  CNN Money reported in an article on 12/5/13 that the average student loan debt for the class of 2012 is $29,400!  Read the article here .  Student loan payments are usua...

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Getting a 2nd VA loan when you have a VA loan already

Tuesday, 11 February 2014 23:08
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Here’s a popular scenario for military buyers:  A buyer currently in the military has been relocated and wants to purchase a primary residence with a VA mortgage to get 100% financing, but the buyer already has a VA loan on the prior residence which is now rented out.  Can this be done?  There ...

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After a short sale, when can I purchase another home?

Tuesday, 11 February 2014 23:02
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 When a borrower has to go through a short sale, what happens after the fact is very important.  First of all, a good written explanation along with any supporting documentation for the short sale is important to show a mortgage lender why this situation was a one-time incident which has passed an...

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NC Home Advantage 97% Fannie Mae Mortgage with Down Payment Assistance

Tuesday, 11 February 2014 22:35
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Effective February 3, 2014, NC Housing Finance Agency unveiled this great mortgage loan product that helps North Carolina buyers finance a primary residence with a lower monthly payment and low down payment.  We are an approved lender and approved loan officers with NC Housing for this and their ot...

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Mortgage loan approvals with deferred student loan payments

Thursday, 30 January 2014 21:34
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Student loans play a big role in people’s finances nowadays and that is certainly true with mortgage loan approvals as well.  CNN Money reported in an article on 12/5/13 that the average student loan debt for the class of 2012 is $29,400.  Read the article here.  Student loan payments are usual...

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The opening date to file 2013 tax returns is moved back to January 31, 2014

Friday, 10 January 2014 17:07
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Because of the government closure, the opening date to file 2013 tax returns is moved back to January 31, 2014 which will delay early filers   Because of the 16 day government shutdown, the IRS will not start processing 2013 tax returns until January 31, 2014 and the IRS encourages taxpayers to u...

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Insurers seek 25 percent increase in NC homeowners insurance rates

Friday, 10 January 2014 17:03
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Insurers are asking for another major increase in homeowners insurance rates across North Carolina – an average increase of 25.3 percent. North Carolina insurance companies are asking for another hefty increase in homeowners insurance rates across the state. The increase request averages at 25.3 ...

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USDA's Special Product!

Thursday, 14 November 2013 22:12
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USDA has a special product called the USDA Pilot Refinance Program which is for borrowers that currently have a USDA guaranteed loan and are looking to lower their rate and payment through a refinance.  This USDA program allows for a borrower to refinance without an appraisal through a streamline p...

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The USDA Pilot Refinance Program

Thursday, 14 November 2013 22:09
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The USDA Pilot Refinance Program has expanded the eligible states where borrowers that currently have a USDA loan can refinance through a streamline process.  States now eligible for the USDA Pilot Refinance Program are:  Alabama, Alaska, Arkansas, Arizona, California, Colorado, Florida, Georgia, ...

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Searching for FHA approved condos

Saturday, 02 November 2013 13:47
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In order to finance the purchase of a condo with an FHA loan, the condo must be on the FHA Approved Condo List.  Approved condos can be found by clicking on FHA Approved Condo Search and searching either by state or city & state.  It is best not to type in the name of the condo complex as sometime...

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Searching for VA approved condos

Saturday, 02 November 2013 13:40
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In order to finance the purchase of a condo with a VA loan, the condo must be on the VA Approved Condo List.  Approved condos can be found by clicking on VA Approved Condo Search and searching either by state or city & state.  It is best not to type in the name of the condo complex as sometimes th...

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HARP Fannie Mae & Freddie Mac Date Changes

Saturday, 26 October 2013 23:55
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Fannie Mae & Freddie Mac just recently announced that they have revised the eligibility date for mortgages eligible for a HARP refinance.  The change is that the eligibility date is now the note date of the Fannie Mae or Freddie Mac mortgage needs to be dated on or before May 31, 2009.  The prio...

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USDA extends "Future Eligible Areas" map to take place on January 15, 2014

Saturday, 26 October 2013 21:03
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Changes to the eligible areas map based on 2010 Census data scheduled to take effect Oct. 1, have been changed by passage of the Continuing Appropriations Act, 2014. The new implementation date, barring Congressional action, will be Jan, 15 2014. Click above then select "Future Eligible Areas" on th...

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Lumberton, NC Poorest City in America? No Way!

Tuesday, 15 October 2013 17:48
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Lumberton, NC has been falsely shown as the poorest city in America by several publications running with an article prepared by Credit.com’s Christine DiGangi before checking her figures.  For instance, WBTW News 13 is quoted as saying “Numbers gathered by Credit.com show that Lumberton is the ...

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FHA Back to Work Program for recent foreclosure, short sale, or bankruptcy

Tuesday, 08 October 2013 14:11
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        Purpose of this program:  To provide an opportunity to purchase a home to buyers who have experienced an economic event that resulted in a severe reduction in income due to a job loss or other circumstances resulting in reduce household income.  Extenuating circumstances must be a...

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Thanks for providing the timely service and professionialism that we are used to receiving from your team.

Ricky Y., Rockingham, NC