another FHA Question.

Must a new or existing home have a stove in order to be eligible for FHA financing?








Neither a new home nor an existing home has to have a stove in order to be eligible for FHA financing.

Handbook 4905.1 REV1, Section 2-5'

Why use a Mortgage Broker

Well the reasoning is that not only does a mortgage broker have more sources than a lender, but they are more motivated as most are very entrepreneurial.

We at the Will Rudloff Mortgage team like to be able to shop 10-15 different financing sources to find the right product for our clients.

So if your looking for someone that is motivated and has many sources of financing options now is the time to think of Mr. Will.

Tax returns and a form called a 4506T

Here is a case in point.

We have a client who was in the process of purchasing a home and then:



The client supplied his W-2 forms and pay stubs, however neglected to tell the Broker (Me) that he had not filed his taxes for the last 2 years.



Guess what; the lender request now a transcript of taxes being paid etc, and the client profile comes up with no taxes filed per the 4506T form.



Well we now have a big problem, even if they get the tax returns stamped the process getting to the IRS and the completed taxes to show on the 4506 could take up to 60 days before it will show up.



No loan for the borrower, so please file your taxes or let your mortgage broker know otherwise you could be out of contract and cost money and frustration that is unnecessary. http://www.willrudloff.com/

Jack Harsh the Growth Coach

HUDNo.10-150/U.S. Department of Housing and Urban Development (HUD)

HUDNo.10-150/U.S. Department of Housing and Urban Development (HUD)

From a dear frient of mine Chip Cummings great interview.

See Chips interview and this may be a great time to think about what is out there:

 Drag and drop in your browser  http://youtu.be/kevJmfBAmM4

Termite on FHA HOMES

Good Morning termite inspection question has come up a lot recently. Refinancing

For existing properties (over one year old), termite inspections are not mandatory for all areas of the country. If the appraiser observes evidence of active termite or other wood boring insects, the appraiser will require termite inspection and treatment. In addition, if it is customary to the area or required by State law or local jurisdiction, the appraiser will require an inspection and treatment.

For new construction, HUD's policy concerning the requirement for a builder's warranty against termite infestation in new homes is outlined in Mortgagee Letter(s) 1999-03, 2001-04 and 2003-11.

First part of the day

Just heard this and it is a bit off the normal post but something to consider.

You have heard the comment my day got off to a bad start.

Well you and you alone can correct it so snap out of it as quickly as you can or it will ruin your day!!



Thanks Dan Rawitch one of our market trackers earlier today!!



As a man thinketh so is he or she...............

My Car Wont Start!

Take a peek from Dan today on the current week and what to look at

Dan has great information that we follow daily that we will share with you and his positive closing is great.

http://mortgagecoach.utipu.com/app/tip/id/31083 cut and paste




Have a Super WEEK.
 
M/Will

NEED TO KNOW Mortgages, CREDIT, and Bankruptcy

500.10 CREDIT


500.10.01 MAJOR DEROGATORY CREDIT

MAJOR DEROGATORY CREDIT TIME PASSED SINCE OCCURENCE

Bankruptcy (All Except Chapter 13) The 4-year time period remains the same but will now be

applied from either the discharge or dismissal date of the

bankruptcy action.

Chapter 13 Bankruptcy The time period for Chapter 13 bankruptcy actions is

measured as follows:

• 2 years from the discharge date, or

• 4 years from the dismissal date.

Exceptions for Extenuating Circumstances –

All Bankruptcy Actions

The 2-year time period will be measured from the

bankruptcy discharge or dismissal date. No exceptions are

permitted to the 2-year time period after a Chapter 13

discharge.

Multiple Bankruptcy Filings 5-year time period from most recent dismissal or discharge

date required for borrowers with more than one bankruptcy

filing within the past 7 years.

Exceptions for Extenuating Circumstances –

Multiple Bankruptcy Filings

3-year time period from the most recent discharge or

dismissal date

Note: The most recent bankruptcy filing must have been the

result of extenuating circumstances.

Foreclosure1 5-year time period from completion date

Additional requirements that apply after 5 years up to 7

years following completion date:

• The purchase of a principal residence is permitted with a

minimum 10 percent down payment and minimum

representative credit score of 680.

• Purchase of a second home or investment property is not

500.10.02 CREDIT HISTORY

All borrowers require a two year credit history, 4 total tradelines with at least 12 months ( one

must be 24 + months) reporting in the last two years and a valid social security number.

Consumer Credit Counseling

If the borrower participated in consumer credit counseling or debt management program during

which time the counseling agency made payments to creditors on the borrower's behalf. The

following conditions must be met:

1. A minimum of 12 months must have passed since the borrower participated in the

program.

2. The borrower has demonstrated the ability to manage credit since then.

3. The borrower has a satisfactory pay history on all accounts.

Well and septic inspections FHA Loans and conventional if noted

Good Morning



From a great Account exec. Steve that sends me tips from time to time.

Any questions feel free to contact us or on the web address is http://www.willrudloff.com/



Septic system inspections are required only if:



(1) The appraiser observes evidence of system failure or suspects a problem with the system, or



(2) It is customary to obtain inspections in the area, or



(3) Inspections are mandated by the State or local jurisdiction. In the above instances the appraiser is to condition for an inspection and certification, by the local health authority, a licensed sanitarian or an individual determined by the lender to be qualified to inspect the system, that states the system appears to be operating properly.







If the home has been unoccupied for more than 30 days (and does not meet one of the conditions noted above) the lender's underwriter must decide if an inspection of the system is necessary. In addition to the above, a lender's underwriter can use his/her discretion to require an inspection of a system whenever the underwriter believes it prudent lending to do so.



Mortgagee Letter 05-4

Ten Important Questions to Ask Your Home Inspector an article we just came across

Ten Important Questions to Ask Your Home Inspector


1. What does your inspection cover?

The inspector should ensure that their inspection and inspection report will meet all applicable requirements in your state if applicable and will comply with a well-recognized standard of practice and code of ethics. You should be able to request and see a copy of these items ahead of time and ask any questions you may have. If there are any areas you want to make sure are inspected, be sure to identify them upfront.

2. How long have you been practicing in the home inspection profession and how many inspections have you completed?

The inspector should be able to provide his or her history in the profession and perhaps even a few names as referrals. Newer inspectors can be very qualified, and many work with a partner or have access to more experienced inspectors to assist them in the inspection.

3. Are you specifically experienced in residential inspection?

Related experience in construction or engineering is helpful, but is no substitute for training and experience in the unique discipline of home inspection. If the inspection is for a commercial property, then this should be asked about as well.

4. Do you offer to do repairs or improvements based on the inspection?

Some inspector associations and state regulations allow the inspector to perform repair work on problems uncovered in the inspection. Other associations and regulations strictly forbid this as a conflict of interest.

5. How long will the inspection take?

The average on-site inspection time for a single inspector is two to three hours for a typical single-family house; anything significantly less may not be enough time to perform a thorough inspection. Additional inspectors may be brought in for very large properties and buildings.

6. How much will it cost?

Costs vary dramatically, depending on the region, size and age of the house, scope of services and other factors. A typical range might be $300-$500, but consider the value of the home inspection in terms of the investment being made. Cost does not necessarily reflect quality. HUD Does not regulate home inspection fees.

7. What type of inspection report do you provide and how long will it take to receive the report?

Ask to see samples and determine whether or not you can understand the inspector's reporting style and if the time parameters fulfill your needs. Most inspectors provide their full report within 24 hours of the inspection.

8. Will I be able to attend the inspection?

This is a valuable educational opportunity, and an inspector's refusal to allow this should raise a red flag. Never pass up this opportunity to see your prospective home through the eyes of an expert.

9. Do you maintain membership in a professional home inspector association?

There are many state and national associations for home inspectors. Request to see their membership ID, and perform whatever due diligence you deem appropriate.

10. Do you participate in continuing education programs to keep your expertise up to date?

One can never know it all, and the inspector's commitment to continuing education is a good measure of his or her professionalism and service to the consumer. This is especially important in cases where the home is much older or includes unique elements requiring additional or updated training. Visit our web site for more information http://www.willrudloff.com/

Jumbo Mortgages

Well they are not as prevalent but can be done is several ways.



1- Portfolio It  is  held in house the loan typically a 3,5, or7 year adjustable loan.



2- Fixed rate 20-25 and maybe 30 years.



We normally need to shop these out because every lending situation needs to be looked at.



For more items of interest see or web siteWWW.Willrudloff.com



Have a blessed day today; and remember it is impossible for that Man/Woman to despair who remembers that his helper is omnipotent

203K Fha Loans

Thinking of purchasing or fixing up the ole' homestead there are available funds out there as long as you have credit scores from 620 and above. There are lenders that still may require higher credit scores if there are some bruises on your credit file.

Keep in mind we are a good reference source for the information you will need.

Feel free to visit us on the web at www.willrudloff.com or reply to this post.

The 203K rehab loan is great for the buyer who wants to ass square footage dress up a bath or kitchen to make it your dream home, so remember where there is a "Will" there possibly is a way.

Have a blessed and safe day..

Some Good news from Bob @Watson Realty earlier

am happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and NAR worked closely with members of Congress to make it happen.




The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.



Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts

Closings and refinancing some hurdles but can push through

Refinancing and have a second mortgage. If you’re short on equity do not hesitate to ask the second holder to see if they will subordinate or remain in the second position for a lesser amount. If you don't as you won’t know.

If you’re also upside down and only have a first mortgage loan there are programs out there for refinancing up to 105%. Ask us how and visit our web page for neat stuff.

Think Mortgage Think Mr. Will as where there is a "Will” there possibly will be a way.

Have a blessed fourth.

Rates and your mortgage

It really is more that just the interest rate.


We try to look into the future a bit, knowing that if our client picks a short term mortgage and then falls on hard times the longer term would have been the better choice. So just because the rate on the shorter term is lower do not be fooled as you must pay the higher note, and you would have been in a safer position should you have placed the difference in a reserve account allowing you the power to pay your loan off in 15 years and have a reserve fund should you fall on hard times.

See some of the added features on our web page www.willrudloff.com for some interesting stuff.



Blessings,

m/w

Mortgage minute Mr. Will

From Mr. Will and Gayle have a safe 4th.

Happy and a safe 4th from Gayle and I http://youtu.be/FOY59cwAMnc