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Blog Category: Follow the (Loan) Money
Somebody just wrote on a blog that a buyer should dump a Loan Officer that doesn’t respond within 3 hours to write up the buyer’s loan approval letter, calling that loan officer playing “hard to get”.
In my experience, particularly lately, the best Loan Officers I know are extremely busy and I highly recommend my clients give my Loan Officer referrals at least 1-2 days to respond back to them. It is far better for my Buyers to wait a couple days to get into these Loan Officer's "queue" than to try to work with someone who responds quickly but doesn't know what they're doing. That can boomerang in the worst way, and usually just before close of escrow, blowing up the deal.
The best thing Buyers Agents can do for their clients is to ensure they are working with a Loan Officer who really knows what he/she is doing. These Loan Officers may take longer than 3 hours to respond to an initial buyer’s inquiry, but once they do respond, they can IMMEDIATELY (in 5 minutes or less) tell the buyers what they may need to do to get qualified for a loan. Many buyers these days need to work on their credit or other documentation before their application can be submitted to a lender for pre-approval.
Don't forget, just because some loan officer writes up a letter, doesn't mean that's all it takes to actually get a loan funded for a buyer. There is so much more involved. Buyers would be well advised to make loan qualification and pre-approval their highest priority, before jumping into offers unprepared.
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends, which principles apply to every market nationwide. The buyer-seller motivations, the lender-bank restrictions, and the market dynamics are universal. She can be contacted at (707) 578-5727, cjholmes@cjholmes.com, or www.cjholmes.com
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Blog Category: Follow the (Loan) Money
I hear this question almost daily from clients or other agents (opposite me in the transaction) that don’t do much business. It is exactly as it sounds: the Lender will not fund the buyer’s FHA loan unless, and until, the house meets certain condition requirements.
Here’s the link to bookmark for FHA property condition requirements: http://www.fha-mortgageunderwriters.com/fha_appraisal_guidelines.htm.
Let me assure you that all FHA lenders will require the same property condition, no matter which loan officer or Lender you use. And Lenders are demanding these property conditions be met for any and all FHA loans they do. These are not really new guidelines, but in the boom days, very little FHA lending was done. Now, a huge portion of loans are FHA.
Most of the time the sellers will be expected to do these repairs/improvements to the property so the buyer can get the loan. So sellers, be sure you hire a listing agent that understands these guidelines, and will get both you and your property best prepared for this market and its more stringent sale conditions.
And buyers, be sure you hire a buyer’s agent that understands these conditions to better guide you in making offers appropriately with strategies in place for issues that may arise. Please be sure you use a loan officer that is experienced and successful in getting loans approved. Some properties will be denied by a Lender for what would seem to be obscure reasons to the parties involved, making working with a very experienced loan professional all the more important to a successful purchase.
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends. Her focus has been the 9 Bay Area Counties, but the analyses principles apply to EVERY MARKET NATIONWIDE. The buyer-seller motivations, the lender-bank restrictions, and the market dynamics are universal. She can be contacted at (707) 578-5727, cjholmes@cjholmes.com, or www.cjholmes.com
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If you don’t already know, the Government has strengthened the rules, regulations, testing and other requirements for loan officers. Now they are required to be a member of Nationwide Mortgage Licensing System & Registry.Bookmark this site, so you can verify anyone discussing your loan with you is licensed and registered: http://nmlsconsumeraccess.org/.
Other lending changes have been implemented, and more are to come.Subscribe to this blog to stay in the loop.
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends. Her focus has been the 9 Bay Area Counties, but the analyses principles apply to EVERY MARKET NATIONWIDE. The buyer-seller motivations, the lender-bank restrictions, and the market dynamics are universal. She can be contacted at (707) 578-5727, cjholmes@cjholmes.com, or www.cjholmes.com.
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Do you have dents in your carpet or your credit? Let me show you how to remove them!
I've got one great household tip for you and one in regards to your credit report!
Let's talk about the household tip first. Now, I don't know about you, but it always bugged me when I saw the deep dents or depressions in my carpet that showed up when I moved my heavy furniture. Then a great lady named Janet Doblet showed me how to get rid of them - and it's so easy!
Here's what she advised: Use a couple of ice cubes on the spot to raise up the fibers. Let the ice melt and allow the spot to dry. Then, once it's dry, run the vacuum over it and the pile should come back up.
Janet says that, sometimes, when the furniture's been in the same spot for a long time, you may need to use more than one cube and rub it in to get rid of the depression and bring the pile back up. Thanks to a wonderful lady for a great tip!
Now, let's talk about those dents in your credit report that I can help you with. What kind of dents am I talking about? Errors, mistakes, items that shouldn't have been on your report in the first place!
It happens much more often than you think! For example, did you know that 77% of all credit reports have some kind of error on them with 29% of them being serious?
Whoa...that's a lot and here's the worst part - you may not even know about these errors until later when you're trying to get a mortgage or a car and find out you've been denied because of those mistakes!
To find out about the potential impact of these errors, give us a call, and we can answer any questions you have in regard to your current mortgage, loan modifications, or any issues with your credit score. We've got a lot of expertise and would love to put it to work for you!
Hey, join our complimentary Identity Theft Early Detection Program and let's catch those issues before you become a statistic! Contact us and let's talk about how we can help you! We look forward to hearing from you!
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There's a "neat secret" for credit repair that credit reporting agencies don't want you to know about! You can learn all about it right here, right now.
Have you got some negative items on your credit report that are preventing you from getting a mortgage? Maybe you've been told "There's nothing that can be done about those negative items."
Well, that's true as far as it goes...which isn't very far or very helpful, is it? What the bank was really telling you is that there was nothing they could do.
But there is definitely something that you can do, and that's using the ammunition provided by this secret weapon: The only negative information that can remain on your credit report is what the big credit bureaus CAN PROVE TO BE ACCURATE!
In other words, the credit reporting bureaus have to prove that all items are, in fact, accurate, or they have to come off your report!
And here's some more great news for you!! The burden of proof falls on the credit reporting companies, not on you. So, you don't have to prove them to be wrong; they have to prove they're right!
That means they have to call all the people who said you have late payments or bad debts and prove that they were late. If they can't get in touch with them to prove it, then off those negative items come!
The trick is to have the right letters when it comes time to challenge the credit bureaus, and trust me, the letters we use work!
Look, there's no reason for you and your family or your friends to be held hostage by the credit bureaus. Remember: they are not a government agency. They're simply big "for profit" companies that you didn't choose to become a client of.
So, you do have options for removing those negative items from your credit report. And, they can help you finally get the financing you need to help you and your family.
Above all, don't believe the half-truths you're heard above removal of negative credit report items. They definitely can be removed, and I've never seen our solution not work!
If this message doesn't apply to you, please keep it in mind when talking with your friends!
But, whether it's you or your friends, contact us today. Your information is confidential, and me and my team of partners will work closely with you to provide a solution to this problem.
Why wait when you can get rid of nagging stress quickly and get the financing you need?
Contact us now.
