Fannie Mae has announced that they have gone to a new FICO based plan for all loans. The Higher your FICO Score the Lower your Rate. For example, on a $250,000 30 year, fixed rate mortgage the interest rate would be 5.75% if you FICO is 760 or higher. This would be a payment of $1,459. If your FICO is 680 to 759 then your rate would be 5.875% and you payment would be $1,479. If your FICO is 660 to 679 your rate would be 6.625% and your payment would be $1,601. If you FICO is 640 to 659 then your rate would be 7.125% and your payment would be $1,684. Finally if you FICO is 620 to 63 your rate would be 7.625% and your payment would be $1,769.

The higher the FICO Score the larger the savings. A score of 760 or better saves you $310 per month or $3,720 per year. We are able to help you clean up your credit and improve your FICO Score in one week with our Rapid ReScore Program

Call Lynne Dewar at (800) 552-1188 for a free consultation.

There is a new program available to help First Time Buyers get into their first home. It is a 1% down loan program. The Buyer puts down 1% and the AZ FHR Program gives them a 2% gift to make a 3% down payment.

This program can be used with Manufactured Homes or stick build homes. The AZ FHR Program will also give a 5% second loan for closing costs. The maximum loan amount is $342,000. You can use the program with single family, condos. or 1-2 unit properties. It is for Primary Residences only. No investor or second homes.

If the program is used on a Manufactuted Home you must have a permanent foundation, no hauled water and you need an engineer certification.

There may be income limits based on the county you are purchasing in.

Call Lynne Dewar at (800) 552-1188 for more details.

There are many benefits of Home Ownership. Some of the most benefical are listed below.

1. Homeowners accumulate wealth faster than renters.

2. The median net worth for homeowners was $184,400 in 2004 compared to only $4,000 for Renters.

3. Homeownership provides Tax Benefits - Mortgage interest and Property taxes are full Deductilbe for Income Tax purposes

4. Stable Housing Costs - As a Homeowner you no longer have to worry about Increasing Rents

5. Pride of Ownership - Home Ownership gives you and your Family a sense of Stability and Security

6. Capital Gain Exclusion - Up to $250,000 if you are single or $500,000 for a married couple if you have lived in your home for 2 out of the past 5 years.

Home prices are more affordable than they have been in the last two years. If you are still renting now is a GREAT time to purchase instead. There are many First Time Buyer Programs availabe to help you get into a home. You can get into a home with 100% Financing and have the seller pay the closing costs. That mean you can buy with Zero Down and Zero Closing Costs.

Please call Lynne Dewar at (800) 552-1188 to open the door for Home Ownership!

One of the good side effects of property values declining is the opportunity of lower property taxes. If you feel that the "Full Cash Value" of your property is greater than the full market value you have two methods of appeal: Administrative or Judicial. You may appeal the "Full Cash Value" to the County Assessor where your property is located. The first step of the Administrative Process is to file a petition with the County Assessor. You must file your appeal within 60 days after the Notice of Value card was mailed to you. The second step is to request a meeting with the County Assessor's office or submit written evidence that supports your appeal. If you reach an agreement, no futher appeal is permitted. If you do not agree with the asessor's decision you move to step three. You may file a petition with the Board of Equalization for that county. The petition must be filed within twenty five days of the date the assessor's decision was mailed to you. If you are not satisfied with the Board of Equalization's decision then you go to step four. You may appeal to the Tax Court. You must file your appeal no later than 60 days after the Board of Equalization decision was mailed to you.

You may also file a petition directly with the Tax Court at any time after receiving the Notice of Value, provided you do not file an administrative appeal. You must file it no later than December 15. This is the Judicial Process.

Please feel free to call me at (800) 552-1188 for any questions.

Lynne Dewar

Sr. Mortgage Consultant

We have a First Time Buyer Program that is one loan - 100% Financing. There is no minimum buyer contribution and the seller can pay up to 3% of the sales price for the buyers closing costs. The loan can be combined with teh AZ Bond Program with a 30 year fixed rate of 6.125%. This program has very low mortgage insurance and can be combined with a 2-1 buydown. There are many different loan programs including 30 year fixed, 40 year fixed, and 5 year interest only. We can use non traditional credit and flexible income sources.

A person is classified as a first time buyer if they have not owned a home in the last three years. We need the last three years Federal tax returns to prove that you are a first time buyer.

A $285,000 sales price with zero down on a 5 year interest only loan would have an estimated payment of $1,918 including taxes and insurance.

Please contact me at (800) 552-1188 for any further questions.

Lynne Dewar

Sr. Mortgage Consultant

Seventy percent of the Alt A and Subprime Mortgage Lenders have shut down. Here at Lenders Direct Mortgage we are always looking for new programs to help our clients purchase homes. We have a GREAT new product. It is a Stated Income Loan that will go up to 95% loan to value with as low as a 660 FICO Score. With a FICO Score of 700 or better the 30 year fixed rate would be 6.875% with No Prepayment Penalty.

We also have a Stated Income/Stated Asset new program with as little as 10% down and a 681 or better FICO Score and a No Ratio program up to 95% loan to value with a 660 FICO Score.

If you are self employed and can't qualify on a regular loan these programs may work for you. Please call me at (800) 552-1188 for a Free Consultation.

Thank you,

Lynne Dewar

Sr. Mortgage Consultant

The Mortgage Market is in a state of flux with Lenders going out of business every day. It is important for a consumer to make sure that they choose a stable lender who will be around to close their loan. Lenders Direct has been in business for over 35 years and we are owned by Gateway Bank. We are HERE TO STAY! We have closed 100% of the loans we have originated. Put your trust in a lender who has the experience and stability to close your loan.

Thank you,

Lynne Dewar (800) 552-1188

100% Financing is disappearing with all the changes in the industry. An alternative loan is FHA. You can get in with 3% down plus closing costs. The 3% down can be a gift so you can get in without any money of your own if the seller agrees to pay closing costs. The FHA loan limit for Coconino County single unit is $342,000. That will buy you a lot of home. FHA does not require a FICO Score. You can use alternative credit to qualify for a loan. If you are tired of renting and ready to be a homeowner give me a call and I can qualify you for an FHA loan.

Lynne Dewar

(928) 527-7974