Ask Val

April 6, 2011

USDA Rural Development Loans ~ 100% Financing

I have some great news to share with everyone.  Effective this week, Network Funding Mortgage Bank will be able to internally underwrite USDA Rural Development Loans, 100% financing, in house!!!

This means our rural development loans will receive the same great attention and turn times as other Network Funding  LP other loan products. 

Rural Development and HECM Reverse Mortgage were previously brokered out.  I have been advised Reverse Mortgage will soon be in house as well.

If you are in the market for a USDA Rural Development loan with 100% financing or a HECM Reverse Mortgage loan in Birmingham, AL then Valerie Springer is your gal.  205-995-7283 x 305

Yours to Count On,

Valerie Springer

April 4, 2011

Three Major Credit Reporting Bureaus

When applying for a mortgage whether it be for purchase or refinance a tri-merge credit report is pulled for an evaluation of the clients current and past credit history.

The three bureaus are Equifax, Experian and TransUnion.

Depending on the creditor they many report to one or all bureaus.  Credit scores can vary between agencies so to qualify for financing I will work off your middle credit score to determine your rate.

It is a great idea to get a credit analysis at least once a year.  In doing so you can keep on top of your credit report and quickly take care of any discrepancies.

The bureau information is as follows:

Experian Consumer Relations, 888-397-3742,  P O Box 2002, Allen, TX  75013  www.experian.com

Equifax Consumer Relations, 800-685-1111, P O Box 740241, Atlanta, GA  30374-0193 www.equifax.com

TransUnion Consumer Relations, 800-888-4213, P O Box 1000, Chester, PA  19022 www.transunion.com

The above addresses would be where disputes are mailed to the individual bureau.  I suggest dispute be sent certified mail return receipt requested.  Credit bureau has 30 days to investigate and then derogatory is either confirmed or removed.

If you need a free credit analysis in the Birmingham, AL area, please contact Valerie Springer .  I would be honored to help you with your financing needs.

Yours to Count On,

Valerie Springer

January 19, 2011

Is the Debacle Over?

Housing starts for December were below expectations BUT Building Permits which is a great indication of future construction, were well above expectations.

Could this be the beginning of good news for our homebuilders?  Are interest rates really starting to rise?  What is going on in the market today and what am I not being told?  How much of an impact does China really have on the United States?  How does it all work?  What is QE2 and how will that affect me?

If you would like answers to the questions above, your expert is waiting to shed some light and help guide you as a well informed consumer.  You may call me at 205-995-7283 x 305 or send me an email at valerie.springer@nflp.com 

Yours to Count On,

Valerie Springer

 

August 17, 2010

Appraisals and Housing Valuation Code of Conduct (HVCC)

Housing Valuation Code of Conduct

 

Sometimes I wonder what our government was thinking when a group of lawmakers, (NY) decided it was in the best interest of consumers to have a third party requesting the most important piece of the puzzle in a refinance or purchase.   

An appraisal is an opinion of a property’s value.  Just like in any profession there are good and bad.  To utilize the best opinions it needs to be an appraiser who is familiar with the area and transactions taking place.   

In today’s market, we order an appraisal with a company who then gets in touch with the  appraiser.    

As a loan officer we do not have knowledge of the appraiser until we receive the finished product.  If there are any questions they are filtered back through the appraisal management company.   

For purchases, not so much negative, but for refinances it is a toss up as to the amount of work appraiser puts in to get the true value of the home.  I have been told sometimes can vary as much as $30k depending on comparables used.   

Thankfully, I have only had one appraisal that was disasterous and that appraiser has been removed from the the appraisal management company’s list.   While most appraisers take great pride in their work there are always those bad apples floating around in the barrel.   

I hope this trial will be one that is deemed unreasonable for all parties involved.  Ask the appraiser how they would rather work???   

If you have a comment or opinion, please share.   

Yours to Count On,   

Valerie Springer

August 12, 2010

Closing a Residential Mortgage, What do I Need to Bring?

By now most everything has been completed and if everyone did their jobs correctly the closing should be smooth and easy!    I will give a checklist for the purchaser and seller to make sure you arrive with everything you will need.

The borrower will need to bring the following:

Certified Funds–By law the closing attorney can accept a maximum of $5k in certified funds but check with the law firm, some may accept less.  The certified funds can be made payable to the firm or borrower and endorsed to the closing attorney firm.  Borrowers should also bring checkbook in the event additional funds are needed.  There could be last minute changes to the HUD Settlement Statement.

Picture ID–Closing attorney will need a picture identification from each borrower at closing.  Driver’s license and passport are acceptable but must not be expired.

Funding Conditions–Any closing conditions required by the lender such as an additional pay stub or proof of gift funds etc…Your lender would let you know this in advance.

The Seller needs to bring the following:

Picture ID–Once again driver’s license or passport are acceptable.

Power of Attorney–Usually a power of attorney for the seller does not require a lender approval.

House keys and garage door openers or any other gadget devices.

Other documents–Original termite letter, septic inspections, repair receipts, and make sure you or realtor have provided the closing attorney with payoff a few days in advance.

In attendance will be the borrower’s, seller’s, realtor for purchaser and seller, mortgage loan originator (not always, but I will be there) and the settlement agent or attorney.

During closing the lender’s conditions will be cleared first and then the closing statement of HUD 1 Settlement Statement is explained and discussed.  Next would be warranty deed and other conveyance documents signed by the seller, financing documents signed by the borrower.  Once everything is completed the signed documents are sent to the lender and after review they will wire funds and they will be disbursed.  This could take about 45 minutes.  This is a good time for realtor documents to be signed or updated if anything was missing.  Keys to the house are handed from the seller to buyer and phone numbers are exchanged, especially if purchaser is not taking possession immediately.

Purchaser needs to go to the tax assessor’s office and file homestead exemption immediately while it is fresh.  Taxes could double if deadline is not met.

I look forward to seeing you at the closing table!  If you need financing advice Valerie Springer is here to help with all of your needs! 

Yours to Count On,

Valerie Springer  nmls 198479

July 30, 2010

Qualifications for Reverse Mortgage

All reverse mortgage share several common characteristics. 

*All borrowers must be 62 or older

*Must occupy the home as primary residence (residence is defined as at least one person living in the home for at least 6 months of the year)

*One owner must be living in home at time of closing

*If there is existing lien, it must be paid off by the new HECM mortgage or assume a subordinate position.

HECM must always be in first-lien position.

A homeowner can finance any primary residence that is considered owner-occupied, single family residence, condominium, manufactured homes, two to four units, or a planned unit development.  Mobile Homes are not eligible for this type of loan.    As a government insured program the senior’s home must meet FHA guidelines in terms of minimum property standards to qualify.

There is no income or credit requirements and any senior who owns a home with sufficient equity and age requirement can qualify.  Even if there is a mortgage balance you can qualify.

If you have questions or would like to see how much is available to you, please visit my website to fill out an application www.vshomeloans.com or contact me at 205-995-7283.

Yours to Count On,

Valerie Springer  nmls 198749

July 9, 2010

Reverse Mortgage Alabama

HECM Reverse Mortgage  is a loan against your home that does not have to be repaid as long as you live there.   Using a “Reverse” mortgage, you can turn the value of your home into cash without having to move or repay a loan each month.

To qualify for a “Reverse” Mortgage you do not need income or assets.  You do however need equity in your home.   The money you receive is based on the age of the youngest co-owner.  All owner’s must be at least 62 years of age.  The older a borrower, the more money available.

The homeowner is still responsible for homeowner’s insurance and taxes unless exempt.

If you have questions about a “Reverse” Mortgage please contact Valerie Springer, Sr. Residential Loan Officer  NMLS 198479, Network Funding LP NMLS 2297, 205-995-7283 x 305

July 8, 2010

Hello world!

I have little experience in the blog world so I hope you will be patient while I do my best to bring you information.    If you ever have a question or suggestion for content please let me know. 

I am Valerie Springer, Sr. Residential Loan Officer NMLS 198479.  I am licensed in the State of Alabama and am able to offer financing on Conventional, FHA, VA, USDA Rural Development and Reverse Mortgages.

Please visit my website http://www.vshomeloans.com

Yours to Count On,

Valerie Springer

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