Stockton, CA

What a joy it is to see our home buyers happy at the end of the home process. With the ability to close their home loan on time or sooner makes the home loan buying process stress free. When a home buyer knows that they can give notice, make plans and prepare to celebrate their new home; these buyers become clients for life. Educating the buyer of the home loan process, being with them every step of the way, is really what it is all about. It is important to make sure the home buyer knows what their new home loan payment will be in addition to any costs out of pocket for them. A good faith estimate is a home buyers best friend. Always get a good faith estimate when you meet with your loan officer-the good faith estimate is an overall picture of the basic financing terms of the loan. Buyer knowledge of the home loan process is very important for our home loan financing future and the future of the real estate market. Let's hope that we will never again see the Option Arm home loan program. 93% of the clients who took out an Option Arm loan made the minimum payment, 80% of these loans were stated income. Sound home loan financing is essentional for our home buyers. FHA/VA and Conventional loans provide the safest home financing options. When seeking a home loan, work with someone in your community. Someone you can trust and know that your interest as a buyer is first and foremost.

Happy Sunday to all

Well we have our listing up and are awaiting repairs as we speak. This is a Fannie Mae Property, so we are glad they will do the repairs. When we first took the listing, they told us to put it on the market until we get the bids back from vendors. The first two days we had 4 offers as-is, so we are sure it will sell fast once the repairs have been done. We are still sticking to our system of doing as many BPO's as we can handle. We have been at this for the past 3-4 months and are considering hiring an assistant. So to all out there that are finding it hard to make it as a Real Estate Agent/Broker let us say this. In four months we have took a start up business, and have made it very fun and profitable. You have to stop practicingReal Estate as a job and start running your Real Estate practice as a business.

Have a Great Day

Bryan and Neilla

FHA Streamline Refinance can REDUCE YOUR MONTHLY PAYMENT by $50.00 to $200.00 dollars. NO Appraisal, NO bank statements, NO paystubs or W2's!! If your Interest Rate is 6% or more you may be a candidate... Minimum Credit Score of 620.00 required. Estimated Closing days of 30 days or less.

When shopping for a home loan, one of the best avenue's to finding a good lender is by referral. Ask your local Realtor for a few names of lender's they may recommend. Ask family, friend and co workers who they used and find out how their experience was. Look for a loan officer who is local,working in your community and has experience. In today's market it is important to make sure you work with a loan professional. Ask how long they have been in business, spend some time with them, and most importantly have the loan office discuss in detail your good faith estimate. This form will show you prevailing interest rates, costs associated with the loan and the loan payment. This form should be explained to the buyer in detail. Buying a home can be a fun and exciting process, let your Loan Officer and Realtor work hand in hand to make this happen for you.

Tighter mortgage guidelines since late-2008 are forcing home buyers to make bigger downpayments. Anecdotally, the change has led to a surge in buyers taking gifts of cash from family members. If you're among those accepting a cash gift from family, it's important to know that you can't just deposit the money in your bank account.

There is a proper way to accept a cash gift and it requires 3 distinct steps:

1. Complete and sign an acceptable gift letter
2. Document the gifter's withdrawal of funds with teller receipts
3. Document the giftee's deposit of funds with teller receipts

See, mortgage lenders pay close attention to gifts-for-downpayments. For one, lenders have to make sure that downpayment cash is "clean" (i.e. not laundered). And, secondly, they want the gift to really be a gift and not a loan-in-disguise. This is why lenders will often require that a signed, dated letter accompany the home loan application.

As an example:

I am the [relationship to recipient] of [name of recipient] and this letter serves as evidence that I am gifting [name of recipient] [amount of gift] to be used for the purchase of the home at [complete address of property].

This is a gift -- not a loan -- and there is no expectation of repayment.

Signed,
[Signature of gifter]

To further appease lenders, gift recipients should make sure that gift funds are not commingled at the time of deposit. If the gift is for $12,000, for example, the bank's deposit slip should indicate that a $12,000 deposit was made -- nothing more, nothing less.

Don't add a random $50 check to the deposit, in other words. If you have a separate deposit to make, make it as a subsequent transaction with its own receipt. It's also worth noting that gifting funds between family members can create both legal and tax liabilities. If you're unsure about how donating or receiving a gift may impact you, call or email me directly. If I can't help you with your questions, I can refer you to somebody that can.

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