For Realtors

On a regular basis, I will be adding articles of special interest to realtors, which will cover topics such as sales, marketing, leadership and motivation. The purpose for this special realtors-only section is to regularly offer you easy access to inspiring, informative pieces that will help make you more successful, even in today’s tough market. (You can also go to my blog for even more information on housing, the economy and other topics.)

Let me know if these articles are helpful. You can contact me online, or simply give me a call. I’d love to hear from you!

3/9/2012:  Weekend Update, product updates, success stories, and motivation for the day

Note: The following documents are PDFs, which can be viewed in Adobe Reader. If you don't already have Adobe Reader, you can download it for free by clicking here.

Prepare your buyers early to eliminate unnecessary delays during the mortgage process. Click here to see a complete list of items needed to make this process run smooth and efficiently.

Tired of out of town appraisers not familiar with the area causing appraisal issues?  See how we have the solution with our HVCC compliant Preferred Appraiser List which has approved appraisers in our area without using a national appraisal company.  Also see our Tips to prevent appraisal re-inspections that cost the buyer time and money.

Helpful Flyers To Share With Your Buyers or Other Agents:
Couldn't you use a mortgage super hero?  PrimeLending to the rescue!
Allow our team the opportunity to tackle any missed opportunities and return a qualified client to you....we are here for you!
VA Mortgage Loans
USDA Mortgage Loans
FHA Mortgage Loans
Rate Float Down Option
HomePath Loans
HomePath Renovation Loans
Get a Second Opinion On a File with Us
Escrow Holdback for Home Repairs

 
Income limits for USDA loans
USDA income limits for North Carolina properties
USDA income limits for South Carolina properties

Do you know good loan officers looking to join a great team?” We are looking to add key members to our team if they are a good fit, but are just in need of the right place to build a career with a company that offers great support, products, pay, benefits, and the ability to close mortgages on time.

In a continuing effort to “expand PrimeLending’s playbook” a new variance for FHA loans with FICOs scores of 600-619 is now available!

• Must be Approved in Automated Underwriting System
• Primary Home (Non-owner occupying co-borrowers allowed)
• Purchase ONLY
• Single Family Residences Only
• Max Ratios– 31/43%
• All installment loans under 10 months included in DTI
• All deferred student loans must be included in DTI
• No Declining Income
• Max Seller Contribution – 3%
• No late payments on housing payment in last 12 months
• 2 months reserves (from Borrower’s savings or checking – not retirement)
• Bond/Down payment assistance programs not allowed
• Borrowers that abuse credit may not be eligible at underwriter’s discretion

Revised 2011 Purchase Contract & Guidelines for Completing the Purchase Contract:
Purchase Contract (pdf)
Guidelines for Purchase Contract (pdf)


Purchase Fannie Mae Foreclosures and Finance Home Improvements with One Loan
HomePath Renovation (pdf)

We lend on Manufactured homes up to 96.5%! Go to Manufactured Home Guidelines for the details.

Hot Topics!

*Where many have moved to a minimum credit score of 640 for FHA, we are currently still at 600.

 

*New 2012 Maximum FHA Loan Limits
Mortgagee Letter 2011-39 establishes that the national floor and ceiling loan limits for one to four unit homes.


Other Helpful Information
 
Surveycharts (PDF)

Surveychart2 (PDF)

Sales: Objection Overruled (PDF)

Sales: What Would You Dare to Dream? (PDF)

Marketing: The ABC’s of Marketing (PDF)

Marketing: The Fram Oil Filter (PDF)

Productivity: Ten Dollars or Five Hundred (PDF)

Productivity: What You Learned in Kindergarten (PDF)

MCC Tax Credit (PDF)

Real Estate Successes (PDF)

Inspections Required for Government Loans (PDF)

What the Professionals say about the Russell Smith Team?

Russell & his team came HIGHLY recommended by two other local Mortgage Lenders who were not able to get my clients approved for financing. These Lenders said Russell Smith was known to "work miracles" & get clients approved when others could not. My clients had been denied financing by 3 other lenders & were ready to throw in the towel. I asked them to give Russell a shot, & Russell worked around the clock to get them approved. It was not a large purchase, but the way Russell worked on this you would have never known. Not only was Russell able to get them approved, we closed early & put my clients in their "Dream Home" with close to $40k instant equity!!! I can not say enough good things about Russell Smith & his team! I've worked with numerous lenders in my 11 year Real Estate Career, & Russell Smith is one of the best I have ever encountered.
Realtor Charlie Jones, Charles Jones Realty, Wilmington

You guys are amazing! The best I have ever worked with…and you are the best EVERY TIME! I can’t thank you enough for your excellent work ethic! It is so rare and I am so grateful the Lord brought your team into my life and business! You make my job easier and I am blessed!
Realtor Tammy Ritter, Coldwell Banker Sea Coast Realty, Wilmington

"Russell Smith is the best I've ever worked with in the mortgage business. He and his team utilize their knowledge and expertise to take all of the headache out of a loan closing for both the attorney and the client. Their streamlined system of processing a mortgage loan is like a well-oiled machine, and I can't say enough about his professionalism. He truly is a pleasure to work with.”
Scott Sessions, Real Estate Attorney, Whiteville

"Russell makes it easy for me, the realtors, and everyone else involved to look good."
Brandon Colby, Real Estate Attorney, Wilmington

"I never hesitate to refer any of my customers to Russell and every time I have done that I have received outstanding feedback from them. They thank me for referring them to Russell which in turn makes me look good! Use Russell Smith with confidence!"
Robbie Norris, Insurance agent, Whiteville