Yep you heard it right.  Tens of thousands of dollars out of your pocket. 

Your reputation will be marred, your buyers and sellers angry and your business will suffer. 

This is serious stuff people. 

HVCC needs to be reversed.

Now do something about it.  Sign the petition.  If you already have then have your seller or buyer who was hurt by a low appraisal get a copy to this petition link.  Low appraisals need to go.  These are valid appraisal complaints.

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City Anthem is located in the Anthem Area of Henderson, NV (zip 89052 and 89044).  There are 7312 Homes in Sun City Anthem ranging from 1080-4567 Square Feet.  Community Amenities Include:  Community Golf, Gym, Pool, Spa, Tennis, Clubhouse and Recroom

Sun City Anthem Market Report:

• Listings (7/15/2010):  139
• Under Contract (7/15/2010):  65
  
• Sold June 2010:  37

Since Last Month's Report:  Listings UP +15, Contracted Escrows DOWN -23, Solds UP +13.  Sun City Anthem is currently enjoying a seller's market.

Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate and Estate experience.  If you need a referral to a Probate or Estate lawyer, please contact me!

Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers and sellers age 50+. The SRES® Council awards the SRES® Designation to those members who have successfully completed its education program.

By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.

For Last Month's Sun City Anthem Market Report Click Here

For Most Current Sun Cities Market Report Click Here

Fannie Mae recently took an assertive step, in its own mind at least, to stem the growing tendency of mortgage borrowers pulling off strategic defaults. In that homeowners who could afford their payments choose to walk away from the obligation anyway. The GSE went ahead and added another category to the new policy. Home loan recipients who fail to do a workout in good faith also fall under the spell of its new guidelines. What this all means is that property owners fitting these parameters would be ineligible for mortgages backed by Fannie Mae for seven long years from the recorded foreclosure date.

Strategic default entered the already crowded mortgage and real estate vocabulary just recently when the ever thinner-skinned housing bubble couldn't hold on any more worthless air and popped. The event sent property values on a long skid toward the beckoning abyss and in the process wiped out equity in numbers not seen in modern times. Eventually home prices sank below the underlying mortgage balances and to the utter horror of observant homeowners just kept on going down, spawning the unpleasant designation for the phenomenon; underwater. And those underwater on their mortgages are prime candidates for a strategic default.

Right now Fannie Mae controls a decent chunk of the mortgage market and that gives its policy adjustment some teeth. Yet, as government-affiliated home loan providers today just about completely dominate the housing finance arena, no one else has thus far followed suit. Freddie Mac and FHA are the other major performers and predictably will then attract with their less restrictive rules much of the business Fannie Mae will be turning away.  

The private home loan sector is still struggling to rise from the ashes, but when they do so Fannie Mae's policy is bound to lose even more of its bite. Mortgage applicants - with strategic default/ foreclosure on their record - with down payment funds and solid income will be shopping for the best deal and private mortgage lenders with their innovative minds are certainly going to find a way to accommodate this specialty slice of the real estate market pie.

As things stand, Fannie Mae's policy change seems to hold minimal deterrence power for homeowners contemplating to go for the now notorious strategic default. People simply have too many options besides Fannie Mae to look at.

FHA Home Loans have been a big part of the home buying process when it comes to your financing options. This might not mean much to many, but when you apply for a conventional loan, if you don't get an automated approval, you are declined. With FHA loans, even if you received a refer in the system, your loan can still be manually underwritten. But there are many guidelines that need to be followed, even for a make sense deal. Especially if your qualifying ratios are above the normal FHA requirements of 31/43. This means that your total mortgage payment (to include property taxes, homeowners insurance, association dues) divided by your gross monthly income can't not exceed 31. This called your front end ratio.  Your back end ratio would be your total monthly payment plus any monthly reoccurring debt that would be on your credit report (to include child support and such on your pay stubs) divided by your gross monthly income. This can't exceed 43%. Now, those are the normal qualifying ratios, but they can usually be exceeded by 5% to 6% with a manual underwrite, but depending if you have strong compensating factors. (each lender is different)

So... what are some of the major compensating factors for FHA loans?  Please read below ...

The Borrower : (there could be a few more not listed)

• makes a 10% or more down payment on the home.

• shows the ability to save monies consistently and has a conservative use towards their credit.

• shows that there is a minimal increase in their new housing payment from their old payment.  Typically a 10% or less increase.
  

• shows a successful ability in making their housing payments (mortgage or rent) for the last 12 to 24 months. The best proof is when supplying canceled checks. And this FHA compensating factor is much stronger if the previous monthly payments would be the same or greater than the new proposed mortgage payments.
  

• shows cash reserves. Typically 3 months or more. The higher the ratios, but the more monthly reserves, the better this helps out the borrowers chances. This is just to include liquid-able reserves such as cash from checking or savings accounts, stock options, and 401-k plans, etc.  When using such assets as the 401-k plan or retirement funds, only 60% of the total can be used as the reserves. ** you can borrower against such funds for your closing costs and down payment, but these monies won't be counted towards your reserves. This is the same for any gift funds received, that they can't be counted as reserves either.

• can show additional income that is documented but not reflected in their effective income. Such income could be shown as a cash side job that they pay taxes on, maybe income from a spouse who will not be on the mortgage, food stamps, or other public benefits. This is a fine line and up to each lender.
  

• shows that they do not abuse their credit, not over-extending themselves, and or that they don't borrower from one card to the next.
  

• can show that they have a potential for increased income because of their education, profession, or potential raise that would be indicated by their employer.

• is relocating with their spouse and the spouse does not work as of yet, but had a history of stable income prior to moving, and has some sort of job/income lined up that can be documented. This can be at the underwriter's discretion.

Minimal FHA compensating factors that could play a role in an underwriter's decision :

• Length of time on the job, showing stability.

• Sometimes in cases of refinancing, the length of time at their residence.

Summary : The mortgage industry is ever changing and yes, some things have gotten tougher. Just because you meet the credit score requirements doesn't mean that you are an automatic approval. And if you need some extra help in qualifying for FHA Loans, you can always get a co-signer, which would be a non-occupying co-borrower. Please read below :

FHA Loans & FHA co-signers aka non-occupant co-borrowers

My credit is not good - but my co-signers credit is excellent - Yippie, I can buy & use FHA loans

_____________________________________________________________________________________________________

                                                                                                           FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

Follow me on:

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Siena (Sun Colony, not a true "Sun City" but appropriate age restricted community for this report) is located in the Summerlin Area of Las Vegas, NV (zip 89135).  There are 2029 Homes in Siena ranging from 1034-3875 Square Feet.  Community Amenities Include:  Guard Gated, Gommunity Golf, Pool, Tennis, Gym, Clubhouse.

Siena Sun Colony Market Report:

• Listings (7/15/2010):  60
• Under Contract (7/15/2010):  23
• Sold June 2010: 11
  

Siena Sun Colony Summerlin is currently enjoying a seller's market.  Since last month:  Listings are UP +4, Pendings are UP +1, Units sold are DOWN -2.

Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate and Estate experience.  If you need a referral to a Probate or Estate lawyer, please contact me!

Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers and sellers age 50+. The SRES® Council awards the SRES® Designation to those members who have successfully completed its education program.

By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.

For Last Month's Siena Sun Colony Market Report Click Here

For Most Current Sun Cities Market Report Click Here

Gotta love having a buyer consultation going on and then your phone just literally blows up.  Five calls in 4 minutes from the same big branded Las Vegas Resort phone number!

I finish the call with serious buyer.

:ring ring:

• me:  Good afternoon this is Renee Burrows.
• caller (whom I have never heard from till today):  I would like to see properties in two hours, are you available?
• me:  What are you looking for?
• caller:  :insert any unlikely scenario here:
• me:  Are you going to be financing or paying for this in cash?
• caller:  Financing.
• me:  Do you have an approval letter?
• caller:  Yes!
• me:  Could you have your lender fax or email that to me?
• caller:  :stuttering and giving the best great excuse they could think of to avoid sending me the PA letter:
• me:  What are your real estate goals?
• caller:  :stutter again:

There is a lot of stuttering because we have plenty of tourists who just want to see Las Vegas property.  I have an appointment policy in place (and it is fairly simple to follow yet stringent.)

Let’s say you walk into a doctor with a little neck pain and he says “OK let’s go to the operating room”.  As the patient you would be mortified with skipping just *a couple* of steps that leads you to the operating room.

As a Realtor and licensed real estate professional, there are many times I am absolutely mortified when I get that call from a potential buyer that I have never had contact with and they want to see properties in an hour or two.

Let’s go back to your neck pain.  First, you would receive a consultation from your doctor,  he or she would probably ask questions about the nature of the pain and what type of injury may have caused it.   The doctor would probably order tests and do an examination prior to making a decision about surgery.

I have this appointment policy for a reason.  Buying a home in today’s Las Vegas real estate market is no “emergency”.

It takes time, effort, consultation and an abundance of patience to get to the closing table.  So slow down there hot rod if you want to make it to the finish line!!

In the first four parts of this series, I provided some background info on what happens with most mortgages after the close of escrow as well as some of the different types of lenders available to consumers and the advantages and disadvantages of those types of lenders. 

In Part 5 and Part 6, I provide the kinds of information that buyers needed to know about a Mortgage Loan Originators (MLO) before deciding to work with them and I even provided blogs post by fellow AR members as examples of some of the questions that you ask any MLO you are thinking about working with.  

While these were all great questions to ask an MLO, I personally thought there were other questions that were equally important.  I want to finish up my series with a few more questions that you want to ask an MLO before deciding to work with them starting with: 

1.  Will you be handling all the aspects of my loan transaction? - Finding out if your MLO will be handling your transaction or if it will be delegated to an unlicensed assistant can be important to many buyers.  Many MLO's (especially those working for big, national, retail banks) are primarily focused on generating new business for the bank that they work for.  Once one of these MLO's receives the borrower's application, the application then gets turned over to the MLO's assistant to handle the transaction. 

If you're someone who wants your transaction handled by an experienced and licensed MLO (like the one you thought you were hiring) and don't want to deal with a possible unlicensed assistant, then you need to ask this question in the very beginning before even applying for a loan with an MLO. 

2.  What kinds of issues may come up in the loan process and how will you resolve them? - Ask an MLO to tell you about the issues that came up in their last few transactions (these days, every transaction has issues) and find out how they resolved the issues and made it to the closing table. 

Learning how your MLO successfully clears issues without jeopardizing the transaction is a good sign of how they may handle your transaction and any snags that may come up.  What you don't want is an MLO that either doesn't want any borrowers that have issues or doesn't know how to resolve problems. 

Even if you think you are a perfect borrower (no such thing anymore), rest assured, there will be some snag that will come up in your transaction and you need an MLO that is ready, willing and able to resolve the problem quickly and get the transaction back on track and moving forward.  This leads us to the next question. 

3.  What is your close/pull-thru rate? - Basically, what you're asking is what percentage of their escrows do they not close (close rate) and after locking the loan, what percentage of their escrows "fallout" (pull-thru rate).  While it would be nice to say that we (MLO's) have never had any escrows fall-out, unfortunately, that simply isn't the case, especially these days.  While this may be a sign of the MLO's lack of mortgage skills and abilities, more often than not, it may also just be a sign of the times.  Whatever it is, you should ask the question and find out this info.  One last note, beware of the MLO who either doesn't have this info or doesn't want to share it. 

Your concern at this point is why these escrows fell-out and what did the MLO do to try and save the escrow and why they couldn't close the transaction.  With a few questions, you just may find out that it was the MLO who did every thing possible and went above and beyond to resolve any issues. 

These days, there are so many reasons why a transaction may fall-out and quite a few of the reasons may be beyond the control of the MLO and no fault or their own and most certainly not a reflection of their skills and/or abilities.  For example, a borrower losing their job a week before closing, is this the MLO's fault?  Certainly not but these days, it's a little more common than you may think. 

I hope you have enjoyed this series, I know I have.  In doing this series, I hope I have shed some light on the lending industry as well as provided some valuable information on how to choose the lender and MLO that is right for you and your particular mortgage needs. 

Every single day, I talk to people looking for more information on affordable mortgage loan options for them and/or their families.  While there are a lot of prospective buyers out there that don't have a lot of special needs when it comes to getting a mortgage loan, there are so many more prospective buyers that do have a list of special needs when it comes to getting a mortgage loan. 

It's these types of buyers that need to be particularly selective about the lender and MLO that they choose to work with.  There are going to be some lenders and MLO's that will not be the best choice for them but they may not realize that until it's too late. 

So many of my clients come to me after having a bad experience with another lender and/or MLO and it's not necessarily that the lender and/or MLO were bad but rather it's just simply a case where that particular lender and/or MLO was not the right choice for that borrowers particular mortgage needs.

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 1 

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 2

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 3

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 4

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 5

Cash is the obvious dominator with overall Las Vegas Area REO Purchases.  Cash not only dominates but CRUSHES financed purchases under $75000.  The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing. 

Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)

Condo financing is currently a challenge in the Las Vegas Area.  Lenders want to see low investor concentration, low HOA deliquencies and no construction defect or other litigation against HOA or community.  To determine if a condo is eligible for financing, a condo certification may be ordered from the HOA (this does cost money) and have it run by an underwriter.

Whether you are all cash or a financed buyer, you can search Las Vegas Area (Henderson & North Las Vegas too) homes right here for free and no obligation!

View other REO Stats for the Las Vegas Valley!

Last Month's Las Vegas Area REO Financing Profile Report

Here is what buyers received in seller paid concessions on June 2010 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:

• Less than $500:  69% ($500 only buys you a home warranty or (no and) an appraisal)
• Between $501-4000:  18%
• Over $4001:  13%

This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory!  Inventory levels are rising just slightly and we are seeing some movement/improvement in this sector which is good news, especially for buyers who want/need closing costs!

Last Month's Concession Stand

Making a statement that FHA loans are more expensive than conventional loans because of the monthly mortgage insurance is a blind statement.  This is like saying that your house is better than your neighbors house. Just to many unknown variables to make this kind of determination.

Here is what a realtor on Trulia stated the other day....

"While an FHA loan has many benefits, the downside(aside from some hefty mortgage insurance) is meeting the guidelines.  If you can put 5% down, there is a conventional lender that can do the loan(and the Mortgage insurance is actually lower)."

Two major issues with that whole statement. There are to many factors when determining mortgage insurance for conventional loans and conventional loans are black and white. If the AUS (automated underwriting system) says no, then it's no. At least with FHA loans, you can manually underwrite them.

The basics with FHA monthly mortgage insurance (MMI) : (this could possibly change in the near future)

• LTV(loan-to-value) > 95% = .55 basis points  Ex. $200,000 loan amount, the MMI would be $91.67/month

• LTV(loan-to-value) = or < 95% = .50 basis points  On a $200k loan, the MMI would be $83.33/month

** Keep in mind, the credit score is irrelevant, and does not affect the monthly percentages for FHA loans.**

The basics with conventional monthly mortgage insurance :

• LTV > 90.01% to 95.00% = .78 basis points (best case scenario and will explain below) On a $200,000 loan, the monthly mortgage insurance would be $130.00/month

Now, keep in mind, I said best case. Mortgage insurance for conventional loans have changed drastically in the last 2 years. The mortgage insurance companies have added new guidelines based on LTV, credit scores, and if the property is in a declining market. If in a declining market, you would need credit scores above 740 just to be able to put 5% down. The other issue is the credit scores. The lower the scores, the higher the percentage of the mortgage insurance. Some even have cut offs that are higher than the normal cut off of 620 that most lenders have.  In regards to FHA loans, it doesn't matter if you have a 620 or a 700, when it comes to the monthly mortgage insurance.

Another issue is the mortgage interest rates when comparing FHA loans to conventional loans.

Most lenders only have a slight penalty for FHA mortgages with credit scores of 620-640. This pricing hit is normally a quarter point. On $200,000, that is $500.

On a conventional loan with 5% down, these pricing hits can be as high as 2.75 extra points with credit scores ranging from 620-639.  On $200,000, that is $5,500. Even with a credit score of 719, the pricing hit is a half point.

Summary : There are some many ways to look at this, hence why it's imperative not to really listen to anyone but a loan officer.  But most of all, you want to listen to a very qualified loan officer that knows how to dissect all of this information properly.

Yes, some will argue still that I forgot about the upfront mortgage insurance on FHA loans in New Jersey and that is another reason why FHA mortgages are more expensive. Well, I have proven that wrong with this post by comparing both a FHA loan vs a conventional loan with 5% down and by using an above credit score of 679. I am including both the upfront mortgage insurance and the monthly insurance.  Please read :

FHA Loans vs Conventional Loans - Why FHA home loans in New Jersey can be better with 5% down

As shown in this example, you are still saving $200 a month with the FHA loan. The proof is in the pudding.

Important Note : When doing a conventional loan with mortgage insurance, you have a a seperate underwriter from the MI company that needs to underwrite the loan also. On FHA mortgages, you just have one underwriter for the whole file.

_____________________________________________________________________________________________________

                                                                                                           FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

Follow me on:

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

I don't reblog very often and not because I think there's anything wrong with it but it's just that I want to keep my reblogging down to posts that I feel are going to be something valuable to the consumers in my market.  Therefore, I tend to be really selective about what I reblog.

Well, I came across a post just now that is not only absolutely hilarious but it also describes to a tee so many of the buyers here in the Los Angeles & Ventura county markets.

With tongue firmly planted in his cheek, I think Roger has clearly laid out the issue with the kinds of things that buyers request.  I truly hope that any consumers reading this now come away with a little more understanding (if nothing else a good laugh) about why they may not be getting any of their unrealistic low-ball offers accepted.

Enjoy!

A Little Homework Can Help Your Charlotte Real Estate Agent Streamline the Home Buying Process

Buying a home can often be considered one of the most stressful things that you will do in your lifetime.  Unless you're a real estate investor, you will most likely experience home buyer stress—and even then, cash flow issues for the investors can be stressful.

Just a little homework on your part can help your Charlotte real estate agent find a home for you, and successfully close the deal, if you are as prepared and knowledgeable as possible. Here are a few tips to help you be ready and make your transition as painless and stress free as possible. 

      Get your financial records in order:

• Income records: You usually need two recent pay stubs. If you are self-employed, it will get trickier.  Want to be even more prepared?  Get pre-approved for your mortgage before you even begin looking at homes.  This prevents the disappointment of finding a home that you love and realizing that it is out of your reach financially.
  
  
• A clean credit report: Make use of those free credit reports and check for errors, outstanding debts, and a high debt-to-income ratio.  If you do find errors, it is worth your time to get them corrected prior to applying for a loan or searching for a home.
  
  
                                                                 Know what you want: 

·     

• As simple as that may seem, not knowing specifically what you need and want in a new home can prolong the search and have you and your agent running in circles trying to find the right home.  Price is only one of the many considerations. 
  
  
• Know how many bedrooms and baths you need.  If there are specific amenities you desire, let them be known.  Don't wait until you've traveled all over the countryside looking at homes to tell your Charlotte real estate agent you absolutely must have a sunken tub in your new home.
  
  
• Do a little research on everything that you can find that will help you understand the options available to you and what you will need to get financing and you will be your own best asset in finding the perfect home.  Helping your Charlotte real estate agent work smarter, not harder, is the way to a beneficial arrangement for you both.

If you’re looking for the home of your dreams, I can help.  Call me or email me for more information.

 Summerlin June 2010 Real Estate Resale Market Report:

• Listings (7/15/2010):  720
• Under Contract (7/15/2010):  654
  
• Sold June 2010:  175

Since Last Month's Report:

• Listings UP +44
  
• Pendings DOWN -42
  
• Sold Units UP +25
  

Last Month's Summerlin Report

Most Current Summerlin Market Report

Meet the Members of the Mortgage Myth Busters

Jeff Belonger John Cannata Gerry Suarez Larry Bettag  Colleen Craig   Robert Ashby           Ken Cook            Gary Miljour

- Click Me -

The Mortgage Myth Busters is born : by Gerry Suarez

Who we are.

It’s been over a year and a half ago since Jeff Belonger started to put this group together. For a long time we were a group called the Mortgage Masterminds that met for weekly conference calls to brainstorm about industry issues and changes. We are all very experienced Mortgage Loan Originators that strive to play at the top of our game, and we knew by combining forces it gave us an edge over other lenders. Over time some of the original members have left, and some new ones have joined.  The current members are listed above.

What we are passionate about.

What drives us is our desire to be the best we can be within our industry. We are adamant about offering information that is not only timely and appropriate, but accurate too. Considering the rate of change in the mortgage world these days, this is no small task. Even with a group of true experts that specialize in everything from government loans to jumbos and condo financing, it’s a challenge to keep up with the changes. Do we know it all? Hell no, but by combining forces we seem to keep up with things much better than most.

It bothers us that there is so much mis-information and partial truths out on the internet. That’s how Myths are born anymore, and that’s why we bust them. When it comes to the mortgage industry, half of the truth is not enough. If you don’t get it all right, you got it all wrong.

Mortgage Myth Busters group description :

The Mortgage Myth Busters is a group of experts from different companies all over the country that share the commitment to provide consumers with the right answers to their real estate finance questions. Our unique approach of collaborating and combining forces enables us to provide factual mortgage information and invaluable insights especially during these trying times.

Our purpose is to educate and assist the consumer in navigating the often confusing process of obtaining financing. It is our goal to dispel the confusion, myths, and lies that surround the real estate and mortgage industry. We do this in hopes of earning your trust and eventually your business. 

You can find Mortgage Myth Busters on various sites :

• Mortgage Myth Busters on Active Rain

• Mortgage Myth Busters - Our own main blog site

• Mortgage Myth Busters on Facebook - Become a fan of Mortgage Myth Busters on Facebook

• Mortgage Myth Busters on Twitter - Follow us on Twitter - please don't hesitate to Re-Tweet us

Conclusion :  We are very excited about this endeavor and look forward in helping in any way possible.  I invite all of you to follow us on the sites mentioned above and to forward any of these sites to your peers, co-workers, or to any consumer. We look forward to the challenges of this ever changing market and for your support.  Thanks, Jeff Belonger

_____________________________________________________________________________________________________

                                                                                                           FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

Follow me on:

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084).  There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet.  Community Amenities Include:  Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom.

Sun City Aliante Market Report:

• Listings (7/15/2010):  33
• Under Contract (7/15/2010):  40
  
• Sold June 2010:  11

Sun City Aliante is currently enjoying a stable to buyer's market.

Since Last Month's Report:  Aliante Sun City, North Las Vegas Listings UP +5, Contracted Homes UP +1, Sales UP +3

Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate and Estate experience.  If you need a referral to a Probate or Estate lawyer, please contact me!

Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers and sellers age 50+. The SRES® Council awards the SRES® Designation to those members who have successfully completed its education program.

By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.

For Last Month's North Las Vegas Sun City Aliante Report

For Most Current Sun Cities Market Report Click Here

Coronado Ranch June 2010 Real Estate Resale Market Report (Homes For Sale/Pending/Sold):

• Listings (7/15/2010):23
• Under Contract (7/15/2010):  40
  
• Sold JUne 2010:  8

Since Last Month:  Listings are UP +4, Pendings are DOWN -3, Solds Units are DOWN -9.

Last Month's Coronado Ranch Market Update

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Of course, this is not a simple answer.  While bamboo is technically a grass, It's usually classified as a hardwood.  If you search on the web for the Janka hardness (a rating meant to standardize the hardness of wood), you get all sorts of answers.

Janka is a scale based on measurement of the force necessary to embed a .444-inch steel ball to half its diameter in wood.  Red Oak is the standard at 1290.  I have seen bamboo classified from as low as 1,010 to as high as 3000 (but most would agree it's harder than oak and it generally seems to fall in 1350-1400 range).  Almost every other hardwood has a consistent number from site to site.  Why the discrepancy on bamboo???

Well, there are a number of reasons. 

1. The first lies in the type of bamboo.  Is it "regular" bamboo or is it strand bamboo.  (Strand bamboo is much stronger and strand woven even stronger, usually 1,800+). 

2. If it's "regular" bamboo, is it natural (the light color - above) or carmelized/carbonized (the tan color below)?  The process of carmelizing the sugar weakens the wood. 

3. Is it vertical grained or horizontal grained? (see below for picts).  The jury is still out on which of these is harder.   Vertical is first (2 picts), horizontal is second.  Horizontal seems to be more popular in terms of look.

4. And, finally, what brand is it??? Because bamboo is imported (usually from China), bamboo, more than any other hardwood varies TREMENDOUSLY in quality.  It's really important which brand you buy.  Personally, I love Natural Bamboo (made by US Floors) and Teragren.  These are outstanding brands with outstanding reputations.  Their products come with a 25 yr warranty. 

Regardless, most agree that bamboo is a bit stronger than oak, and more importantly, it looks beautiful.  It's exotic and peaceful looking - it can really give the place a zen feeling and give it a clean and modern feel.  And, it's a green product, so you're doing what's right for the environment.  Oh, and bonus, it costs a bit less than oak.

The funny thing is that most people that have seen dents/scratches in their bamboo floors generally got them from one of the big box stores.  And, I'm not surprised at all.  I buy my products directly from the manufacturer and I know I'm extremely cost competitive.  When I see some of the big box stores advertising bamboo for less than what I pay the manufacturers, I know there is something suspicious.    I especially know this since I'm usually less expensive than these same places on oak, so red flag here.

The reason these big box bamboos tend to dent is for several reasons.  First, the bamboo is harvested too early and hasn't had enough time for proper growth.  Second, the products are usually air dried rather than oven dried so they are softer.  Third, they often harvest the softer part of the bamboo.

So, if you are in the market for bamboo, please buy from a reputable flooring store and buy a reputable brand.  This is one place you definitely do not want to buy on-line, esp since it's imported.

For more info on bamboo, read Mark Woodward's blog post from last week.  Lots of great info in here.

In the first four parts of this series, I provided some background info on what happens with most mortgages after the close of escrow as well as some of the different types of lenders available to consumers and the advantages and disadvantages of those types of lenders. 

In Part 5, I want to explain how not all Mortgage Loan Originators (MLO) are the same.  At this time, I would like to explain how to choose a Mortgage Loan Originator that is going to be able to serve your individual mortgage needs. 

I recently came across a couple of posts, one by Susan Grant titled Getting Ready to Meet with a Lender; What Questions Should You Ask? and 8 Questions Your Phoenix Mortgage Lender Should Be Able To Answer About Mortgage Rates by David Krushinsky.  While these are all really great questions to ask an MLO, I personally think it's just a starting point and there is much more you need to know about your MLO before deciding to work with them. 

The following are just a few more questions you need to add to you list of questions you should be asking an MLO before deciding to work with them. 

1.  Are you a licensed MLO? - In today's world of Secure and Fair Enforcement (SAFE) Act and National Mortgage Licensing System (NMLS) requirements, it is absolutely vital that you find out if the MLO you're thinking of working with is a licensed MLO. 

NMLS licensed MLO's must submit to federal and state testing in order to measure their education, knowledge and experience in the mortgage industry.  They also must adhere to annual continuing education in order to continue originating loans. 

Furthermore, licensed MLO's must be subjected to FBI background checks, they must be finger    printed and they also must agree to personal credit checks.  Lastly, there is a national complaint mechanism for reporting unethical and/or illegal activities on licensed MLO's.  The MLO's that work for big, national, retail banks don't have to be licensed in accordance to the SAFE Act or the NMLS and do not have to adhere to any of these standards. 

2.  What types of borrowers & loan products do you specialize in? - This is especially important to know because so many MLO's don't do certain kinds of loans or they just recently started doing a particular kind of loan.  For example, up until recently, many MLO's had never originated an FHA loan before.  With the popularity of FHA loans now, many MLO's are just now starting to do a few FHA loans.  If you are an FHA buyer, you may want to work with someone who is very experienced with FHA loan products and has been doing them for years. 

Same goes for other specific niche products like FHA 203k loans, USDA loans, VA loans, down payment assistance (dpa) programs, etc.  If you are a borrower who needs one of these types of loans, you want to work with someone who has years of experience of working with these loans and not someone who has either never done one or is still "learning" how to do these loans. 

3.  Why do I need to get pre-approved with other lenders if I'm pre-approved with you? - Unfortunately, this is a reality of the market here in Los Angeles and Ventura counties.  Listing agents will tell you that it is to insure that you are qualified to actually purchase the property but rest assured, that is not their objective in having you pre-approve with their own preferred lender. 

Many REO listing agents and their seller banks are using this process of requiring prospective buyers to pre-approve with their in-house reps in order to try and capture new, qualified and pre-approved borrowers and new loans. 

However, having an experienced MLO who can manage this process for you by working with the listing agents preferred rep to provide the necessary information can sometimes not only save you the time and energy of having to get pre-approved over and over and over again but it can also maybe prevent any additional inquiries on your credit report.  For some buyers who spend months searching for a property, having several inquiries over a period of several months can sometimes take a toll on a buyer's credit scores. 

This is just a few more questions that you need to know about your MLO before you decide to work with them.  Hopefully, you have enjoyed this series and I promise that it is almost over.  Please stay tuned for Part Six, the last of the series.

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 1 

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 2

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 3

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 4

CHOOSING YOUR LENDER: How Do You Know Which Lender is Right for YOU! - Part 6

www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts!

www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts! With Las Vegas, Nevada experiencing declining home values many FHA borrowers are under the mistaken believe they cannot Refinanced their FHA home loans to get a better rate. Borrowers that have FHA loans from 2007 or before, typically have 6% or higher loan rates, and with rates now at historic lows, now is the time to refinance to reduce the payment amount or shorten the time to payoff.

Las Vegas, Nevada FHA Refinance Loan Important Facts:

FHA Refinance Loans will provide benefits that are not allowed with Conventional Home Loan Refinances or even VA loan Refinances.

Las Vegas, Nevada FHA Streamlined Refinance allows any existing FHA Home Loan borrowers to do an FHA Streamline Home Loan if the following criteria is met:

1. The FHA Home Loan Refinance must either reduce the overall monthly payments or shorten the payment terms to show a benefit to the borrowers.
2. You must have an existing FHA Home Loan and must be current in the last 12 months with no 30 day or greater late payments showing on the mortgage rating.

What is a Las Vegas, Nevada FHA Streamline Home Loan?

1. Las Vegas, Nevada FHA Streamline Home Loan means there is limited documentation needed to complete a FHA Refinance Home Loan.
2. On a FHA Streamline Home Loan there is no credit report run, but there is a mortgage rating that is done to ensure the mortgage is current and has not had any late payments for the last 12 months.
3. There is no income qualifications needed for FHA Streamline Home Loans, so borrowers will not need to prove income with tax returns or pay stubs.
4. A FHA Refinance Streamline loan does not need a new Appraisal, but total cost cannot exceed the 96.5% LTV before the FHA Upfront Mortgage Insurance is added in to the loan. With Las Vegas, Nevada home values declining, allowing no appraisal for qualifying makes this option a huge benefit to FHA Home Loan borrowers to save time and money with little documentation from the borrowers. 

To learn more about the FHA Streamine Home Loan in Las Vegas, Nevada please contact me. If you know of past clients that have a FHA Home Loan let them know they may be able to reduce their monthly payments and save Hundreds of dollars monthly or reduce the time to payoff their mortgage. They will not forget who helped them to save their money.

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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Welcome Home To SW Las Vegas Community:  Ladera in The Mesa Village Summerlin!

• 642 Single Family Detached Homes
• Ranging from 1638-2873 Square Feet
• Ladera Terrace built by Harmony Homes
• Ladera Canyon built by Richmind American Homes
• Ladera Ridge & Ladera Crest built by KB Homes
  

Ladera community amenities include an abundance of playgrounds, greenbelt areas and a swimming pool.

Close to Soutnerh Hills Hospital, Professional Offices, Retail & Restaurants.  Also close to the 215 Freeway Which Provides Good Proximity to UNLV, McCarran Airport and South Strip Employment and Entertainment Centers.

If you are considering buying or selling in the Ladera Community Please Call:  702-966-2494.  We will be happy to give you a full CMA and a list of current listing inventory of homes for sale in the subdivision.

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