Please read and consider with an open heart. This is a sad story but has such hope and promise.
Please click here and SPREAD THE WORD! Thank you.
Kim
Monthly Archives: January 2010
PRESS RELEASE
| Kimberly S Webster | Silverton Mortgage Specialists, Inc.3653 Canton Road #108Marietta, GA 30066
Phone (404) 705-9494 |
Press Release
| Contact: Kimberly S WebsterNMLS #210884 Phone: 404-705-9494 | FOR IMMEDIATE RELEASE9 A.M. EDT, January 19, 2010 |
Local Mortgage Professional Gives Back
ATLANTA, GA, January 19, 2010: Kimberly S Webster just returned from three education filled days in Atlanta Georgia where she participated in an event to help raise money for charity. The “Mortgage Revolution” is a grass roots organization made up of real estate loan originators that want to instill the highest order of ethics and transparency into their industry and in so doing, foster an environment that will tolerate only true professionalism.
More than 30 volunteers and speakers organized this movement, which was perhaps recounted best by one attendee, David Krushinsky of Phoenix, AZ who in his blog wrote, “The speakers that came to this event didn’t get paid to share their ideas. They didn’t get free airline tickets, free dinners and a hotel room. They were there on their own dime, just like me and every other attendee. They were there for their dedication to the industry, promoting change. In fact, the organizers Mark Madsen, Brian Larrabee and Mark Green actually paid to be at this event as well. This event wasn’t about selling products and services. This event, Mortgage Revolution, was about giving back to our industry, our referral partners and our community. This event was developed to bring street level originators together for the purpose of education, networking, and change. All the money that was made as a result of this event is being donated to three charities.”
Kimberly S Webster said “The housing industry has been struck multiple times by lightening, it was not from one storm but multiple severe storms that contributed collectively to the housing decline, credit crunch and bubble burst. Working together to educate where needed and apply preventative measures across the spectrum, I am confident that our efforts will eventually bring not just well intentioned albeit ill conceived regulation to our business but intelligent and practical reform that actually benefits rather than burdens consumers. We must take heed of the mistakes made by all parties involved and learn from them so that we have realistic and fair protective measures in place to avoid this from happening again.”
2010
New buisness venture I am REALLY excited about with my partners/homies Jay and Ced. BIG things 2010, be ready…I sure am. Happy start to the New Year, make it happen yaw’ll. Get up, Get out and Get something!
Kim
BLOG TALK RADIO-Welcome to Real Estate in 2010
I would like to thank Mr LaMar Campbell with Remax for allowing me to guest host on his radio show today. Check it out at Your Circle of Success Real Estate .
Tune in next week Tuesday at 10 for Part 2….we will pick up where we left off. There is plenty to discuss on the real estate lending front. Be sure to log in as we extend the show to an hour in hopes of covering all the information for the new year!
Kim
CREDIT REPORTS
For trustworthy and accurate credit reporting information, always use annualcreditreport.com. It is a free to obtain a copy of your credit history from this website.
The 3 indvidual credit reporting agencies are:
EQUIFAX
800-685-1111
888-766-0008-FRAUD ALERT
TRANS UNION
800-916-8800-Dispute
877-322-8228-Customer Service
610-546-4606-mortgage pending fax #
800-680-7289-FRAUD ALERT
EXPERIAN
888-397-3742
FRAUD ALERTS ONLINE
Some locations that provide secured credit cards to help boost your overall fico scores are:
*Orchard Bank
1-503-293-4037
*First Premier Bank
1-800-501-6125
*Applied Card Bank
1-800-225-5030
Take control of your credit. Its more important than you may realize to be able to qualify for things you need and/or want in life. You MUST show the ability to manage debt!
VA HOME LOANS
While the Veterans’ Administration does not set a minimum credit score standard for VA Home Loans, the mortgage industry certainly does. In the wake of the mortgage meltdown, many of the secondary market mortgage investors (companies that buy and sell bundles of mortgages -Mortgage Backed Securities- on Wallstreet) have tightened credit criteria.
The minimum credit standard for lending on VA Home Mortgages has been increased and is set at a minimum credit score of 620 for most Lenders. Credit Rescoring products are available to permanently increase credit scores. Ask me, your Mortgage Loan Originator, for more information by posting a comment on this blog.
Other criteria than just credit score are also considered in underwriting. A minimum of no more than 1 late on any credit, revolving debt and installment debt, including mortgages, is allowable according to most guidelines.
There are still programs for Veterans that have no credit files thus no credit score. These “no credit score” programs may be an option for you if you can prove you have “other” credit accounts such as current rental history, utility accounts, insurance, cell phone.
FANNIE MAE HOMEPATH PROGRAM
FANNIE MAE HOMEPATH PROGRAM
The Fannie Mae HomePath® Renovation program is specifically for borrowers who are purchasing Fannie Mae real estate owned properties requiring no to moderate renovations. Renovation costs cannot exceed 30k or 20% of the estimated completed value of the home. Eligible properties can be located at http://www.homepath.com. Mortgage insurance is not required.
Qualification is similar to that of any other type of mortgage loan. Limited banks offer this program. Key points are:
*Lender Paid Private Mortgage Insurance – non traditional PMI
*5% down Payment for less than 660 mid fico score, 3% with greater than 660 mid fico score
*No appraisal required
*Up to 6% Seller paid closing costs (Seller being Fannie Mae)
Can be a HomePath® Mortgage or HomePath® Renovation Program both for purchase of a Fannie Mae owned REO.
HomePath® Mortgage Financing
This special financing is available on Fannie Mae homes with the HomePath® Mortgage, HomePath® Renovation Mortgage logo.
The HomePath® Mortgage
The benefits include:
* Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
* You may qualify even if your credit is less than perfect
* Available to both owner occupiers and investors
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a
nonprofit organization, state or local government, or employer
* No mortgage insurance (Ask your lender for cost details on loans without mortgage insurance)
* No appraisal fees
* Also eligible for HomePath® Renovation Mortgage (see details below)
*HomePath® Mortgage financing is available from a variety of lenders – both local and national.
HomePath® Renovation Mortgage Financing
This special financing is available on Fannie Mae homes with the HomePath® Renovation Mortgage logo:
Available only on homes you make your primary residence and offers these benefits:
* Financing to fund both your purchase and light renovation
* Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
* No mortgage insurance* (lender paid MI)
* HomePath® Renovation Mortgage financing is available from several lenders.
You can check out more information at http://www.fanniemae.com/homepath/financing/index.jhtml
USDA Rural Development
The website for the USDA Rural Development Guaranteed Housing Program is:
http://www.usda.gov/wps/portal/usdahome
For income eligibility requirements:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
For geographical area eligibility:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
RURAL DEVELOPMENT FINANCING
502 Guaranteed Rural Housing Loan – USDA
*No Down Payment
*No Mortgage Insurance
*No Cash Reserves Required
*No Loan Limits
*No First Time Homebuyer Requirement
*New and Existing Homes
*Fixed Rate Financing
*No Seller Contribution Limit
*Loan Amount Can Include Closing Costs & Repairs
*Available In Many Areas
*No Acerage Limitations
Rural Development (RD) financing is perhaps the most misunderstood home financing offered in the United States today. It however provides probably the best terms for home financing available. Best of all, this loan features the NO MONEY DOWN option. A “Common Sense” underwriting process.
Up to 102% LTV of the APPRAISED VALUE…AND any difference between contract sales price and appraised value may be used by the borrower to pay closing costs, pre-paids or repairs. The 2% Guarantee Fee charged by USDA can be added above the appraised value (financed).