My New Blog

PLEASE NOTE: Effective immediately, this is retro back to September 19^th, with no warning from FHA and USDA

If your buyers have other properties and are buying another home, they MUST QUALIFY with BOTH mortgage payments. The exception is only if they are relocating due to a job transfer OR they have 25% equity in their home.

This is a hard hit to many of our clients, as many can not qualify with both mortgage payments and most do NOT have that type of equity in their home.

If you have any of these scenarios, please let me know before signing contracts as this WILL affect the deal.

Hey there all,

Wanted to just give you a heads up, I just got off the phone with the lender that the majority of the files that were using Seller Funded Down Payment Assistance. They are making THESE files a priority as they have to have a CLEAR TO CLOSE and FINAL APPROVED by Monday (they can close after) but final approved with no more conditions by then. So unfortunately this will delay the rest of the files getting looked at that ARE NOT using DPA or are in another program like USDA.

I am letting you know this in advance in case we don’t meet end of month for closing, so there are no surprises.

I appreciate your patience on this, and as you know I will push the files, but we are one of MANY files up there as this lender was the last one out there even doing this program as of the first of September.

I understand that many lenders will impose a per diem for your clients, I am hoping that if you give them notice, you will be able to circumvent the charges as we are not the only firm that is being backed up by this, they will see it across the board.

Should you have any questions, please don’t hesitate to shoot me an email.

Have a great day!

Due to the reoccuring water leaks in our current place of business, we have made the decision to move to another location that is an established building.  Stop by and visit our new location....its very nice!

It's right down the street from our previous office, find us at 474 Tamiami Trail, Unit 1 Port Charlotte.

Follow the below link to Mapquest for our location:

http://www.mapquest.com/maps?city=Port+Charlotte&state=FL&address=474+Tamiami+Trail

IMPORTANT: Please be aware all buyers that are looking to use the seller assisted down payment program like GENESIS and Nehimiah, for their downpayment, this program will be gone by the end of September, all buyers will need to be submitted no later than MONDAY the 15^th in order be able to participate ----as the loan will have to be approved and locked by the lender by the 19^th.

ALSO—please take notice that files that fall into this category, may have some delays in closing due to us not being the only one out there trying to get files in there and locked and approved. PLEASE be patient, they will close…but there are also delays in the title companies that are being chosen by the Foreclosure Reps getting behind for title commitments as they are inendated as well.

Another note is I am seeing that since the Hurricanes are out there, insurance binders are being frozen due to us being in the “box”, in additions to if FEMA declares parts of Florida as disaster area, we may have reinspections that need to happen before closing.

I know this all seems as bad news, but really if we are all aware of the hurdles and prepare our clients, sellers and title companies, then we will have less stress should closing need to be extended for any of the above reasons.

Hello All,

Wanted to take a moment to let everyone know that if anyone has a closing scheduled for next week you may experience delays in your closing date if our area is in the 'box' due to Hurricane Ike, as insurance companies will not bind insurance during that time. 

In addition, if we do experience affects from Ike and we are labeled a 'disaster area' you may experience appraisal re-inspections.

Take Care.

Just a quick note to apologize for any confusion and frustration yesterday with our communications.

Our internet and phones were down intermittently throughout the day along with our internet (what did we do before internet?) Then to top things off when our internet came up, it seems as though something fried our modem, so we had to go get a replacement.

LONG STORY short, we are functioning like a real company today!

Thank you for your patience!

Our office will be closed Monday, September 1st for the Labor Day Holiday. We apologize in advance for any inconvenience this may cause. Have a great weekend and be safe!

This tax credit can help a lot of our NEW first time homebuyers get into those Foreclosed homes and get them off our MLS! This is a great incentive.

• First-Time Homebuyer Tax Credit: Makes a qualifying individual or a couple, who is a first-time

homebuyer of a principal residence in the United States from April 9, 2008 through April 1, 2009

eligible for a tax credit not to exceed $7,500 (to be paid back over 15 years). Credit will begin to

phase out if single taxpayer’s income exceeds $75,000 per year or the couple’s income exceeds $150,000.

Some news this week on the Bill that passed….these are some of the changes…its important to note that these changes will go in effect OCTOBER 1^st . Your clients that may not have the new 3.5% down payment required—they need to get moving since the Seller funded down payment assistance will be gone as of the 1^st of October.

There is a new home-buyer credit. The new law includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500,

The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments.

A ban on down-payment assistance from sellers. The new law eliminates a program that has allowed sellers to provide down payment assistance for FHA loans.

The law would also increase to 3.5% from 3% the down payment requirement for borrowers getting FHA loans.

As always, don’t hesitate to call w/ questions or scenarios!

TIMES ARE TOUGH!

Are you wondering how you can make some extra CASH? We have the answer and you won’t believe how simple it is!

We pay CASH for your customer referrals!! For every customer you refer to us we'll pay you cash upon their loan closing. It's that simple! Earn CASH for you word of mouth!

DON'T KEEP US A SECRET!

REFERRALS ARE THE BEST COMPLIMENT!

Call us today and ask us about our Customer Referral Program for more information.

The Best SIVA and SISA loans left in Florida!

NO 4506 REQUIRED!!!!!!

We still do these loans!!!

Stated Income / Verified Assets:

Primary Residences (1-2 Unit) and Second Homes:

• Purchases at 75% loan to value with a 680 Minimum Score!

We even do 1-2 Unit Investment Properties:

• Purchase - 75% purchases at a 700 Minimum Score!

Stated Income / Stated Assets:

Primary Residences (1-2 Unit) and Second Homes:

• Purchases - 75% LTV's and 700 Minimum Score!

And even 1-2 Unit Investment Properties:

• Purchase - 75% purchases at a 720 Minimum Score!

OUR loan officers ALWAYS work weekends. If you have questions, click on our website, CALL 941-206-2484 and get a preapproval!

THINKING OF BUYING A FORECLOSURE OR KNOW SOMEONE THAT IS?

The Government just passed a bill that will allow First Time Home Buyers a tax credit on their income tax of $7500.00 when they buy a foreclosure!

ALSO, we at CORE Mortgage have FANTASTIC REHAB/RENOVATION loans. Perfect for those foreclosures that need some work! Call today for more information!

CAUTION: CHANGES AHEAD!

Whether you’re buying or refinancing, your new mortgage can include all of the improvements needed to make the home perfect for you. It’s easy! With one application, one approval, one closing and one loan, you can fulfill your dreams of expanding or updating your home or making needed repairs.

• One-Time Close Construction with 3/1 & 5/1 ARMs
• Up to 95% LTV- if property owned more than 12 months (700 score). 75% 620 minimum score
• Up to 95% LTC if purchasing now
• 5/1 ARMs- Rates (7-14-08) 5/1- 7.5%, 3/1- 7.0%, 1/1- 6.125%
• 3 to 5 draw process
• PMI required for greater than 80% LTV
• Competitive Rates
• Closing costs may be included in loan
• No prepayment penalty
• One mortgage payment, no second mortgages

NEW GUIDELINES FOR FHA AND FANNIE

PLEASE NOTE THERE ARE SOME SIGNIFICANT CHANGES IN FHA AND FANNIE MAE LOANS.

FHA HAS A NEW PREMIUM IN TOWN, THE UPFRONT MORTGAGE INSURANCE PREMIUM IS HIGHER FOR HIGHER RISK BORROWERS, BUT LOWER FOR LOWER RISK, MAKE SENSE HUH…I WANTED YOU TO KNOW THIS BECAUSE IT CAN MAKE THEIR MONTHLY PAYMENT SLIGHTLY HIGHER THAN BEFORE. WE STILL CAN DO SOMEONE W/ NO SCORES, BUT THEY WILL HAVE TO BE IN THE HIGH RISK CATEGORY—IF YOU WANT MORE INFO, LET ME KNOW.

ALSO, NOTE THAT FANNIE HAS COME UP WITH SOME CHANGES AS WELL THAT ARE GOING INTO EFFECT AUGUST 1, 2008. THE BUYERS THAT ARE OUT THERE THAT CURRENTLY OWN A HOME W/ THE INTENTION OF RENTING IT WHEN THEY BUY NEW WILL HAVE SOME ISSUES. THE LENDERS WILL REQUIRE THAT THEY HAVE EITHER 30% EQUITY IN THEIR CURRENT HOME TO USE THE PROPOSED RENTAL INCOME TO OFFSET THEIR PAYMENT OR THE LENDER WILL REQUIRE THEM TO QUALIFY WITH BOTH THEIR CURRENT PAYMENT AND THEIR NEW HOME PAYMENT TOGETHER!!

SO YOUR CLIENTS THAT ARE ON THE FENCE ABOUT BUYING UP, TELL THEM TO DO IT NOW, THE LOAN NEEDS TO BE SUBMITTED AND LOCKED BEFORE AUGUST 1, 2008.

ALSO, NOTE THAT SHORT SALES ARE THE NORM, AND THERE WAS REALLY NO DEFINITE ANSWER ON HOW IT COULD AFFECT SOMEONES CREDIT, FANNIE HAS IMPLEMENTED NEW GUIDELINES THAT IT WILL EFFECT A CUSTOMERS SCORE---FOR NEW MORTGAGES---FOR 2 YEARS. JUST A LITTLE TIDBIT OF INFO.

WE HAVE MOVED!

We have been in our new office for over a week now. We're getting settled in and working out all the usual kinks of moving. Rest assured though that we are up and fully operational. If you need any preapprovals or have any mortgage questions please don't hesitate to ask! All of our contact information has remained the same except for the address. Our new address is 532 Tamiami Trail Unit 5 Port Charlotte, FL 33953. Our phone number has remained the same at 941-206-2484 and our fax is 888-744-0323. Please update our information in your contacts as applies. We hope everyone had a great holiday weekend and hope to speak with you soon! Thank you for your time.

HAPPY 4TH OF JULY TO ALL!!

HAVE A SAFE AND HAPPY HOLIDAY AND ENJOY YOUR WEEKEND!

WE'RE MOVING!!

OUR NEW ADDRESS IS:

532 Tamiami Trail, Unit 5

Port Charlotte, FL 33953

We will be moving to our new location this weekend! As with any move we may experience some growing pains with communications transfers and such. Therefore if you experience any trouble getting in touch with us you can email me and your message will be sent directly to my cell phone for fast service. Don't hesitate to contact me over the weekend if you have any questions or need preapprovals!! Our phone number (941) 206-2484 and fax number (888) 744-0323 will remain the same. Thanks for bearing with us during the move and have a good weekend!!

Happy Father's Day!

What Is A Dad?

A dad is someone who
wants to catch you before you fall
but instead picks you up,
brushes you off,
and lets you try again. 

A dad is someone who
wants to keep you from making mistakes
but instead lets you find your own way,
even though his heart breaks in silence
when you get hurt. 

A dad is someone who
holds you when you cry,
scolds you when you break the rules,
shines with pride when you succeed,
and has faith in you even when you fail... 


~By Susan Ceylise.~

Check out our new ad on the Charlotte Sun's website!

Click HERE to see our ad!

WEEKENDS!

I'M AVAILABLE EVERY WEEKEND ANYTIME! IF YOU NEED PRE-APPROVALS FOR YOUR CLIENTS, OR HAVE QUESTIONS OR NEED INFORMATION. CALL ME FOR ANYTHING! 941-206-2484 ENJOY YOUR WEEKEND!

MEMORIAL DAY

Freedom Is Not Free

Memorial Day commemorates U.S. men and women who have died in military service for their country. So while your are enjoying the cook-outs and parties take a moment to remember the people who gave their lives so we can enjoy our freedom.

Lets also take a moment to remember the men and women currently serving in our armed forces.

 HAVE A SAFE AND HAPPY MEMORIAL DAY!

Hurricane Season Begins June 1st!

Hurricane Season is approaching fast! Are you prepared? Below are some helpful links and information that we think you may find useful.

• Weather Safety: Hurricanes
• Preparing Your House
• Hurricane Tracking Map
• NWS Hurricane Links, Forecasts, Assessments
• NOAA Weather Radio
• NOAA Hurricane Website
• American Red Cross
• Federal Emergency Management Agency
• Hurricane Shopping List
• Charlotte County Emergency Refuge Sites
• Sarasota County Evacuation Shelters
• Hurricane Names
• Charlotte County Emergency Management
• Sarasota County Emergency Services
• Hurricane Information

Tips to Protect Your Credit

Credit is more important than ever right now. Below is a list of credit tips that I always supply to my clients and friends to help protect themselves. For more information and credit tips leave me a comment or email me.

• ALWAYS pay your mortgage payments on time and FIRST!-Lenders don’t like to see any late mortgage payments within the last 12 months
• Pay your bills on time -Delinquent payments can have a MAJOR negative impact on your score and the longer you pay your bills on time, the better your score will be. For example, someone with and average credit rating of 707 can raise their score by paying their bills on time for one month.
• Keep balances low on credit cards and other “revolving credit”- High outstanding debt can affect a credit score.
• Pay off debt rather than moving it around -The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
• Don’t close unused credit cards as a short- term strategy to raise your score
• Don’t open number of new credit cards that you don’t need just to increase your available credit-This approach could back fire and actually lower your credit score.
• Have credit cards, but manage them responsibly -in general, having credit cards and installments loans (and paying timely payments) will raise your credit score. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.
• Note that closing an account doesn’t make it go away - A closed account will still show up on your credit report, and may be considered part of the score.
• BE AWARE! Just because you pay off a collection account does not remove it form your credit report -Any debt in collection, even if paid off, will remain on your credit report for up to seven years.
• If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor - This won’t improve your credit score immediately, but if you can begin to manage your credit and pay on time, your credit score will get better over time.

** We are signed up with a fast reputable credit repair assistance firm; LEXINGTON LAW FIRM. For more information on this firm contact me and I will provide you with the details.**

Also-- If we can't get your loan done now due to challenging credit we will reimburse you at closing up to $500.00 if you return to us afterward!!

Note: It’s OK to request and check your own credit report. This won’t affect your score, as long as your order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.