Wednesday, June 16, 2010
Friday, June 4, 2010
Problems with Recent Closings...due to new Fannie Mae Guidelines
This was just given to me by one of my Lender Partners, Cody McCollom at Premier Nationwide Lending call him to get qualified. 405-990-2855.
Applying for mortgage? Starting June 1, you could face another credit screening.
If you’re thinking about applying for a home mortgage, here’s some important news: Beginning June 1, 2010, your lender is likely to order a second full
credit screening immediately before closing. The last minute credit report will be designed to find out whether you have obtained, or even shopped for,
new debt between the date of your loan application and the closing. If you’ve made applications for credit of any type, for furnishings or appliances for the
new house, car, landscaping, a home equity line, a new credit card, you name it-the closing could be put on hold pending research by the lender.
If you’ve actually taken out new loans that are sizable enough to affect the debt-to-income ratio calculations used in your original mortgage approval, the
whole deal could fall through. The added debt load could render you ineligible for the mortgage because you suddenly appear unable to handle the
payments without a strain on your household budget.
The June 1 changes are part of a new effort by mortgage giant Fannie Mae to cut down on slipshod underwriting by lenders and fraud by borrowers.
Fannie’s “loan quality initiative” will require lenders not only to pull two credit reports for each mortgage transaction but to perform additional verifications
of borrower occupancy plans for the property, Social Security numbers and Individual Taxpayer Identification Numbers.
There is almost an irresistible urge for borrowers that have been approved for the loan to think about shopping for all of the things you need for the house.
In the past, that might not have raised an eyebrow-or even been detected. But under the new double-check policy, when new applications for cards show
up as a “hard”, or borrower-initiated inquiry on a credit report, the lender is going to have to contact the merchant and determine whether credit was
extended, in what amount, and how this might affect the applicant’s home financing transaction. Most often the new debt involves furniture or other goods
for the new house.
Fannie Mae spokeswoman Janis Smith said lenders “will have to look for things like new credit accounts, increased credit lines, increased balances on
existing accounts, undisclosed or newly recorded liens, second mortgages-anything that may have incurred or closed up to the concurrent with the
closing” are considered the final loan analysis. All of this may not be as straightforward as it sounds. For example, if the credit report is pulled immediately
before closing to comply with the “up to and concurrent” requirement, there may not be sufficient time to check out inquiries-especially those in which no
actual drawdown of debt has been reported to the national credit bureaus. There is question whether the entire loan packages might need to be reunderwritten-
a time-consuming process-based on credit data discovered at the eleventh hour.
In that event……… Poof goes your closing!
How should home buyers and financers prepare for the new credit check procedures? Lenders and credit
reporting company executives say everybody needs to follow just one basic rule: abstinence! Between your
application for a mortgage and the date of closing-which might be a span of 46 to 60 days or more-resist the
irresistible. Don’t apply for new credit unless you discuss it in advance with your lender and get a green light!
Applying for mortgage? Starting June 1, you could face another credit screening.
If you’re thinking about applying for a home mortgage, here’s some important news: Beginning June 1, 2010, your lender is likely to order a second full
credit screening immediately before closing. The last minute credit report will be designed to find out whether you have obtained, or even shopped for,
new debt between the date of your loan application and the closing. If you’ve made applications for credit of any type, for furnishings or appliances for the
new house, car, landscaping, a home equity line, a new credit card, you name it-the closing could be put on hold pending research by the lender.
If you’ve actually taken out new loans that are sizable enough to affect the debt-to-income ratio calculations used in your original mortgage approval, the
whole deal could fall through. The added debt load could render you ineligible for the mortgage because you suddenly appear unable to handle the
payments without a strain on your household budget.
The June 1 changes are part of a new effort by mortgage giant Fannie Mae to cut down on slipshod underwriting by lenders and fraud by borrowers.
Fannie’s “loan quality initiative” will require lenders not only to pull two credit reports for each mortgage transaction but to perform additional verifications
of borrower occupancy plans for the property, Social Security numbers and Individual Taxpayer Identification Numbers.
There is almost an irresistible urge for borrowers that have been approved for the loan to think about shopping for all of the things you need for the house.
In the past, that might not have raised an eyebrow-or even been detected. But under the new double-check policy, when new applications for cards show
up as a “hard”, or borrower-initiated inquiry on a credit report, the lender is going to have to contact the merchant and determine whether credit was
extended, in what amount, and how this might affect the applicant’s home financing transaction. Most often the new debt involves furniture or other goods
for the new house.
Fannie Mae spokeswoman Janis Smith said lenders “will have to look for things like new credit accounts, increased credit lines, increased balances on
existing accounts, undisclosed or newly recorded liens, second mortgages-anything that may have incurred or closed up to the concurrent with the
closing” are considered the final loan analysis. All of this may not be as straightforward as it sounds. For example, if the credit report is pulled immediately
before closing to comply with the “up to and concurrent” requirement, there may not be sufficient time to check out inquiries-especially those in which no
actual drawdown of debt has been reported to the national credit bureaus. There is question whether the entire loan packages might need to be reunderwritten-
a time-consuming process-based on credit data discovered at the eleventh hour.
In that event……… Poof goes your closing!
How should home buyers and financers prepare for the new credit check procedures? Lenders and credit
reporting company executives say everybody needs to follow just one basic rule: abstinence! Between your
application for a mortgage and the date of closing-which might be a span of 46 to 60 days or more-resist the
irresistible. Don’t apply for new credit unless you discuss it in advance with your lender and get a green light!
Thursday, June 3, 2010
Rose Team Homes adds Stewart Concierge for Buyers and Sellers!
As of today, Heidi & Todd have added a new service for our clients. It's called Stewart Concierge...what does this mean for you? This service is being offered by one of our preferred partners, Stewart Concierge will be your single point of contact for getting utilities connected. This is a complimentary service that can guide you through options and plans specific to the utility providers in the area and help secure services based on your budget and individual needs. Services available for Concierge assistance include: electricity, gas, water, sewage, moving services, cellular, internet and cable services, home security, blinds and more!
This is just one more value added for using Rose Team Homes to be your Realtor choice! If you want to buy a home in Edmond, OKC, Piedmont or have other real estate needs, tell us you would like the Stewart service!
This is just one more value added for using Rose Team Homes to be your Realtor choice! If you want to buy a home in Edmond, OKC, Piedmont or have other real estate needs, tell us you would like the Stewart service!
Tuesday, May 11, 2010
Client in Edmond Testimonial for Rose Team Homes
In today's housing market wherein trends come and go, rules and information changes by the minute, simplicity is a thing of the past and all you want to do is buy or sell a house, I would strongly recommend using Heidi Rose as your Realtor. As we all know, purchasing a home is one of the largest investments to be made and all of us want the peace of mind that we have done our best to make a wise investment. To make a wise investment, you must be able to see beyond the initial "curb appeal" and prepare yourself to gather information - - lots and lots of information. Information such as: who was there builder; how old (or new) are the appliances; what schools will my children be attending; how old is the roof, hot water tank, AC system; what kind of financing is available etc . So, you can drive yourself NUTS trying to obtain this information on your own (good luck!) OR you can work with a hard working, honest, great realtor - not a good realtor - but a great realtor. That realtor for us was Heidi Rose.
We loved Heidi's straightforward style while we were looking for a home. If she didn't have the information - she would do her best to get it. Heidi never shyed away from the hard questions and never gave us less than an honest answer. Heidi stayed committed to helping us find the home we wanted - even if we didn't find the right property within the first 30 days. Heidi never attempted to change what we wanted in a home but worked hard to find the home WE were looking for.
Heidi's thorough knowledge and understanding of the housing market, as well as the closing process, made the purchase of our home much easier. Once we found the home we wanted to purchase, Heidi continued to work with us by carefully preparing us for every step of the closing process, thereby eliminating a lot of the "surprises" that leave many home buyers sitting at the closing table facing delays and/or additional expenditures. We love our new home and we loved having Heidi as our Realtor. Heidi is an excellent realtor and now a good friend, who is welcome at our "new" home anytime. If you are buying or selling a home and want direct answers to your direct questions - give Heidi Rose a call.
Respectfully,
Mr. and Mrs. R. Kelm
Edmond, OK
We loved Heidi's straightforward style while we were looking for a home. If she didn't have the information - she would do her best to get it. Heidi never shyed away from the hard questions and never gave us less than an honest answer. Heidi stayed committed to helping us find the home we wanted - even if we didn't find the right property within the first 30 days. Heidi never attempted to change what we wanted in a home but worked hard to find the home WE were looking for.
Heidi's thorough knowledge and understanding of the housing market, as well as the closing process, made the purchase of our home much easier. Once we found the home we wanted to purchase, Heidi continued to work with us by carefully preparing us for every step of the closing process, thereby eliminating a lot of the "surprises" that leave many home buyers sitting at the closing table facing delays and/or additional expenditures. We love our new home and we loved having Heidi as our Realtor. Heidi is an excellent realtor and now a good friend, who is welcome at our "new" home anytime. If you are buying or selling a home and want direct answers to your direct questions - give Heidi Rose a call.
Respectfully,
Mr. and Mrs. R. Kelm
Edmond, OK
Monday, May 10, 2010
Tornados Hit Edmond and Oklahoma City areas
Whew! We are safe here in Edmond, no tornado hit on this storm. Unfortunately not the same can be said in Shawnee, Choctaw, Norman and other rural areas. We hope that the people are safe and recover quickly from these storms. The great thing about Oklahoma is that they have done this before, we band together and take care of people. Just heard a story on the news on how a homeowners church congregation made it to the home before they did just to help get their items. It's a nice community!
Thursday, April 1, 2010
Just a little FUN!
Well, here I am writing this on a Thursday April Fools day and I have not even tricked anyone! But Im happy to report that I talked to an old client of mine that I had lost track of. He stated that he read my blog! OMG, I really truely didnt think anyone was looking at this, so I have been neglecting it a bit. So here is some silly things. Just got an iPhone, another client of mine Justin did such a sales presentation to Todd and I that we purchased three!!! So I hope it is worth all the hype. Actually we are saving $ because we had two different providers and now went to one, we also bundled for uverse. Im not crazy!! Gotta save $....If you know of an application we should use let me know. Things have been well here for Rose Team Homes, Todd has decided to join my team!! A husband and wife team! So if your in for fun and good service we are the team to meet with. So far so good, we are rank #3 in GCI for all of KW - Edmond currently. Got to love that, but there is a long road ahead! Some great listings out there. Poor Todd the first week of touring homes with the Keller Williams Edmond bunch and he got a ticket for speeding trying to keep up with them in the neighborhoods. He will be using the Garmin from now on :) I sincerely hope everyone has a nice Easter weekend. We are blessed to have great friends that treat us like family and they have been gracious to have us over for Easter dinner. Being away from family on holidays can be a downer. So, if you have family here or away and want to move back towards them, let us know!!! We have contacts all over the US and Canada who can help!!! Out for now!
Friday, March 26, 2010
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