The time is close. Unless the law is extended, the pressure is mounting. We would have no problem getting an FHA, VA or Conventional loan approved and closed before the deadline of Nov 30. But if a first time buyer needs the down payment assistance of THDA, we have less than 2 weeks left to get a loan submitted to THDA before the Nov 16 deadline( they have said they will guarantee underwriting will happen in time to close if they receive it by then. ) so it is not too late. Have your friends or relatives who are interested. Call me at 777-HOME (4663) for priority service.
Wednesday, November 4, 2009
Wednesday, October 28, 2009
First Time Home Buyer Tax Credit
I know everyone is tired of hearing about this, but the fact of this is if you or someone you know is eligible and even considering buying a new home they need to call me at 777-HOME (4663) to learn the details. Don't depend on the government extending it. It might not happen. And it is just too good to pass up. Loan eligibly just might be easier than you think in spite of all the stories you hear.
The bottom line is it is a THREE Way Winner.
1. $8000 cash to the buyer from the US Government.
2. The real estate market is featuring bargain basement prices.
3. The interest rates are great. ( and you do not have to have a down payment to pull this off).
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
The bottom line is it is a THREE Way Winner.
1. $8000 cash to the buyer from the US Government.
2. The real estate market is featuring bargain basement prices.
3. The interest rates are great. ( and you do not have to have a down payment to pull this off).
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
Wednesday, October 21, 2009
I went to a function last week where the speaker Theresa Wilson from the Williamson County Association of REALTORS was the speaker. Here is something she said which got my attention. The average Realtor in our area has about six years experience. So until recently the market share for FHA loans in this most recent decade was very small. So most of our Realtors are not familiar with FHA financing. That is where we come in. My team has been financing homes in a big way with FHA since 1985. It is by far the best way for a buyer with minimum funds for closing to buy that new home. (also for refinances where small amounts of equity are problematic) And yours truly is the one to contact. We will make it so easy, the Realtor won't even know it is different from what they are used to. My number is 777- HOME (4663) and e-mail is george.margrave@migonline.com.
Thursday, October 15, 2009
Tennessee's a Desirable Place to Live!
A recently released Harris Interactive poll asked Americans where they would choose to live if they did not live in the state where they are now. 2,498 U.S. adults were surveyed online between August 10 and 18, 2009, and Tennessee made the top 10!
1. California
2. Florida
3. Hawaii
4. Texas
5. Colorado
6. Arizona
7. North Carolina
8. Washington state
9. TENNESSEE
10. Oregon
Of course, we already knew that it's great to be in Tennessee! So let's see. Interest rates are near record lows and prices for homes are rolled back to levels we saw 4 years ago.
Why haven't you called me yet at 777- HOME (4663) .
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
1. California
2. Florida
3. Hawaii
4. Texas
5. Colorado
6. Arizona
7. North Carolina
8. Washington state
9. TENNESSEE
10. Oregon
Of course, we already knew that it's great to be in Tennessee! So let's see. Interest rates are near record lows and prices for homes are rolled back to levels we saw 4 years ago.
Why haven't you called me yet at 777- HOME (4663) .
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
Friday, October 9, 2009
Spread the Link & Spread the Word!
http://www.youtube.com/watch? v=PNzq345w6MY
Spread the link! Spread the word!
Time is running out on the First Time Homebuyer Tax Credit! Unless this program is extended by Congress -- and we hope it IS -- a homebuyer is eligible for the tax credit ONLY if the home is "purchased" before December 1, 2009.
That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.
This is from the Tennessee Association of Realtors and I couldn't say it better myself.
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
Spread the link! Spread the word!
Time is running out on the First Time Homebuyer Tax Credit! Unless this program is extended by Congress -- and we hope it IS -- a homebuyer is eligible for the tax credit ONLY if the home is "purchased" before December 1, 2009.
That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.
This is from the Tennessee Association of Realtors and I couldn't say it better myself.
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
Wednesday, September 30, 2009
OUR PLEDGE
George and his team at MIG has been known as a "production oriented, customer first, independent mortgage banker." That is rooted in a company history and philosophy of team work and "doing the right thing". A cornerstone of this philosophy has been timely, informed and constructive communication. This is both internally with fellow employees and externally with clients.
We believe now is the time to re-dedicate ourselves to that cornerstone of our business. We must maintain a level of internal communications between production and operations and our clients that is superior. Much of our competition has gone and the bigger companies will probably never serve you like we can. This is our opportunity to shine and we intend to do just that..If someone asks us to contact them we do so and as promptly as possible. If this is the way you would like to do business, my number is 777-HOME (4663).
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
Wednesday, September 23, 2009
Need a mortgage? Consider an FHA loan
Government-insured Federal Housing Administration loans now make up about 25% of the mortgage market. Here are five things you need to know;
1. Chances are good that you'll come across one. During the heyday of no-money- down lending, you were unlikely to have a buyer using a government-insured Federal Housing Administration (FHA) loan, which lets borrowers purchase a home with a down payment of as little as 3.5%. Now FHAs are the only game in town for anyone who can't put down the minimum 10% many banks require to get a conventional loan. About a third of buyers have 10% or less saved for a down payment, according to a recent Zillow.com survey. No wonder FHA loans have skyrocketed from 3% to 25% of the market. While you may not need to take out an FHA mortgage to purchase your next home, there's a good chance you'll be selling to someone who does.
2. Borrowers can qualify with any income. Historically FHA loans have gone mostly to low-income borrowers. But, in fact, there's no cap on what someone can earn. "The overriding factor that we look at is the ability to make payments," says Lemar Wooley of the Department of Housing and Urban Development. Borrowing limits may be higher than you think too: Though the max is $271,050 in areas where real estate is cheap, buyers can take up to $729,750 in high-priced markets like California or New York.
3. Expect a tough appraisal. The home will need a clean bill of health from a government-approved appraiser, and the seller must fix any issues before a buyer can close on the loan. A few years ago the FHA eased up on repair requirements for minor problems like missing handrails or cracked windows. But it still won't budge on leaky roofs or mold damage. If you're selling, know that an FHA appraisal stays on record for six months, even if the deal goes kaput or the buyer switches lenders. "Get one low FHA appraisal and you're stuck with it," says Dallas realtor Bruce Lynn.
4. These loans are pricier than they seem. Nominal rates on FHA mortgages are comparable to those on conventional loans. But hefty fees on the FHA variety up the cost. There's a 1.75% upfront charge as well as a 0.5% annual insurance premium for five years and until the principal balance hits 78% of the sales price or the home's appraised value. If you're buying, ask if the seller will pick up some of the insurance costs as part of the deal, says Manchester, N.H., realtor Scott Godzyk. According to FHA rules, sellers can pay closing costs up to 6% of the home price.
5. They've gotten easier to obtain. FHAs once had a well-deserved rep for onerous paperwork and a longer, more difficult closing than conventional loans. But thanks to a new automatic underwriting system and the looser repair requirements, FHA mortgages take only a few days longer than conventional loans to close, says Bill Banfield, a vice president at Quicken Loans. FHA loans still require written documentation of income, including pay stubs and tax returns. But stricter underwriting across the board means that you will probably need such paperwork no matter what type of loan you get.
By Beth Braverman, Money Magazine staff reporter
My take on this is that really if you don't have 20% for a down payment, FHA is usually by far the best for the borrower. Number 4 item makes it seem too expensive, but the fact of the matter is that if you don''t have the before mentioned 20%, you will most likely have mortgage insurance and FHA is better than most.As for the appraisal issues mentioned, any appraisal is now going to be closely scrutinized. We have a little more control over FHA appraisals until Jan 1, 20010, and then who knows?
1. Chances are good that you'll come across one. During the heyday of no-money- down lending, you were unlikely to have a buyer using a government-insured Federal Housing Administration (FHA) loan, which lets borrowers purchase a home with a down payment of as little as 3.5%. Now FHAs are the only game in town for anyone who can't put down the minimum 10% many banks require to get a conventional loan. About a third of buyers have 10% or less saved for a down payment, according to a recent Zillow.com survey. No wonder FHA loans have skyrocketed from 3% to 25% of the market. While you may not need to take out an FHA mortgage to purchase your next home, there's a good chance you'll be selling to someone who does.
2. Borrowers can qualify with any income. Historically FHA loans have gone mostly to low-income borrowers. But, in fact, there's no cap on what someone can earn. "The overriding factor that we look at is the ability to make payments," says Lemar Wooley of the Department of Housing and Urban Development. Borrowing limits may be higher than you think too: Though the max is $271,050 in areas where real estate is cheap, buyers can take up to $729,750 in high-priced markets like California or New York.
3. Expect a tough appraisal. The home will need a clean bill of health from a government-approved appraiser, and the seller must fix any issues before a buyer can close on the loan. A few years ago the FHA eased up on repair requirements for minor problems like missing handrails or cracked windows. But it still won't budge on leaky roofs or mold damage. If you're selling, know that an FHA appraisal stays on record for six months, even if the deal goes kaput or the buyer switches lenders. "Get one low FHA appraisal and you're stuck with it," says Dallas realtor Bruce Lynn.
4. These loans are pricier than they seem. Nominal rates on FHA mortgages are comparable to those on conventional loans. But hefty fees on the FHA variety up the cost. There's a 1.75% upfront charge as well as a 0.5% annual insurance premium for five years and until the principal balance hits 78% of the sales price or the home's appraised value. If you're buying, ask if the seller will pick up some of the insurance costs as part of the deal, says Manchester, N.H., realtor Scott Godzyk. According to FHA rules, sellers can pay closing costs up to 6% of the home price.
5. They've gotten easier to obtain. FHAs once had a well-deserved rep for onerous paperwork and a longer, more difficult closing than conventional loans. But thanks to a new automatic underwriting system and the looser repair requirements, FHA mortgages take only a few days longer than conventional loans to close, says Bill Banfield, a vice president at Quicken Loans. FHA loans still require written documentation of income, including pay stubs and tax returns. But stricter underwriting across the board means that you will probably need such paperwork no matter what type of loan you get.
By Beth Braverman, Money Magazine staff reporter
My take on this is that really if you don't have 20% for a down payment, FHA is usually by far the best for the borrower. Number 4 item makes it seem too expensive, but the fact of the matter is that if you don''t have the before mentioned 20%, you will most likely have mortgage insurance and FHA is better than most.As for the appraisal issues mentioned, any appraisal is now going to be closely scrutinized. We have a little more control over FHA appraisals until Jan 1, 20010, and then who knows?
Subscribe to:
Posts (Atom)