About Lawrence's Lawrence Kansas Home Loans and Mortgages

To address increasing occurrences of the practice known as "buy and bail," FHA has issued Mortgagee Letter 08-25- Converting Existing Homes to Rentals- underwriting instructions. FHA is instituting the following requirements for borrowers who purchase a new primary residence without selling their existing primary residence. The term "buy and bail" refers to a developing trend where borrowers purchase a new primary residence either closer to their employment or in close proximity to their existing primary residence. Once the new mortgage is closed, the borrower stops making mortgage payments on the original primary residence and allows the lender to foreclose.

Effective for loans with case numbers assigned on or after September 19.2008 and are temporary measures being implemented until FHA determines what, if an permanent action is required:

1. All borrowers must fully qualify with both mortgages payments , and no rental income may be used for the property being vacated.
2. in addition to #1 above, most lenders are requiring 12 months reserves - based on the PITI of the property being retained or 6 months PITI combined on both properties.

Exceptions could be relocation with a new employer or being transferred by the current employer to an area not within reasonable and locally recognized commuting distance, rental income from the property being vacated may be used. The other exception is when the LTV of the property being vacated is 75% or less, rental income may be used.

Folks, understand that things are changing, stay on top of the changes, if a client needs to sell there current home before entering into a new purchase, then get it sold first. Changes in the mortgage guidelines are the name of the game. Check with your lender, and make sure you have the most current information.

Bob Buchanan Company: First Assured Mortgage Email: Contact First Assured Mortgage Website URL: http://WWW.Firstassuredmortgage Office Phone: (785) 856-5626 Ext.: 111 Cell Phone: (785) 979-1073 Alt. Phone: (866) 754-5311 Fax Number: (785) 856-7283 Address: 4830 Bob Billings Parkway Suite 100A , Lawrence, KS, 66049 Description: Full service lender Residential and Commercial

1690 Points

About Us

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS. The client always comes first. As a Broker, I can provide the best rates, and fair closing cost. My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office. FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB. Completed education in Fair Credit and Credit Scoring. Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's: Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays. Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

A week in History

There are three huge announcements that are changing the financial markets around the world.

First, fear over the safety of money in savings for many Americans. Banks are either folding or on the brink of collapse, bonds are losing some or all of their value, and stocks are dropping at an alarming rate, all causing fears and anxiety for investors.

Second, Today Treasury Secretary Hank Paulson announced that the government will guarantee money market funds. This action is helping settle the markets and as a result stocks around the world have responded very favorably to this.

Third, The SEC has placed a ban on short selling. The amount of greed is incredible. Many short sellers have used currently illegal tactics such as "naked short selling. This means they are shorting a stock without the required step of first borrowing it. This has exacerbated the problem in financial stocks as they beaten down in value. This in turn hurts their balance sheets which also limits their ability to take on credit. This is the vicious cycle we have been witnessing. There are some politicians and other who are commenting on what a negative move this is as well as saying there are legitimate short sellers. The problem is that they have failed to Police this problem for a long time... they should take a long look in the mirror before casting stones. The SEC did the right thing here and hopefully this will add another level of calm to the current financial crisis.

This is only the beginning, and the above will not fix everything, but it sure looks like a step in the right direction. Short term rates will have a short bump upward, but with you look at the alternative, who cares. The health of our financial system and confidence that out savings will not be wiped out is far more important.

Rate will continue to ride the VOLATILE roller coaster.

Bob Buchanan | Co Founder

First Assured Mortgage

4830 Bob Billings Pkwy., Ste. 100-A

Lawrence, KS 66049

P. 785-856-LOAN (5626)

C. 785-766-3788

F. 785-856-RATE (7283)

E. bobb@firstassuredmortgage.com

W. www.firstassuredmortgage.com

UPDATE:

Starting today, all PMI company's have discountiued offering private mortgage for non owner occupied purchases. This means 80% LTV max. or at least 20% down on all investment property.

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS. Mortgages are what I do. The client always comes first. As a Broker, I can provide the best rates, and fair closing cost. My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office. FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial Lending with 30 yr fixed terms.

Member of KAMB. Completed education in Fair Credit and Credit Scoring. Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's: Education (2 yrs) and Community Relations (2 yrs)

Name:	Bob Buchanan
Company:	First Assured Mortgage
Email:	Contact First Assured Mortgage
Website URL:	http://WWW.Firstassuredmortgage
Office Phone:	(785) 856-5626 Ext.: 111
Cell Phone:	(785) 979-1073
Alt. Phone:	(866) 754-5311
Fax Number:	(785) 856-7283
Address:	4830 Bob Billings Parkway Suite 100A , Lawrence, KS, 66049
Description:	Full service lender Residential and Commercial

News is rolling out of Wall Street at a very high rate. Volatility is the name of the game for now and lenders have to watch the market minute by minute. Rates will be spiking up and down all day. All and all expected 30 yrs fixed mortgage rates in Kansas to hold in the high 5's.

Morning Market News
The Dow opens lower by 200 points as investors digest the bailout of AIG and the stability of financial system. Oil at $93 up $2.

8:40 AM ET - Housing starts fall 6.2%, the lowest in 17 years while building permits fall to a 26 year low down 8.9%

8:18 AM ET - AIG gets bailed out by the government to the tune of $85 billion avoiding a catastrophe as the government has added insurance to its umbrella - it entered into the mortgage business last week with Fannie/Freddie. Mortgage Bonds slightly higher. Stock futures lower.

"Mortgage Bonds are trading this morning in a 44bp range and are modestly higher as Stocks are under heavy selling pressure. On the news front, the Fed gave insurance giant AIG an $85 Billion lifeline to keep it from going into bankruptcy. The two-year loan from the Federal Reserve was in return for a 79.9% stake in the company's stock. This gives AIG some breathing room and time to sell assets to repay the 2-year note.

Housing starts hit a 17-year low and building permits were below expectations. While the market expected bad numbers, this sector needs to get fixed as it is a key catalyst in turning the economy around. Housing starts for August were 55,000 lower than expected. Additionally, Fed Governor, Elizabeth Duke is scheduled to testify this morning before the House Finance Committee on mortgage mitigation. Given the scope of this issue, her remarks will be important and could impact the vibe of the financial markets.

Given today's market conditions and the volatility we are seeing as Lawrence Kansas lenders, we recommend carefully floating."

Bob Buchanan | Co Founder

First Assured Mortgage

4830 Bob Billings Pkwy., Ste. 101

Lawrence, KS 66049

P. 785-856-LOAN (5626)

C. 785-766-3788

F. 785-856-RATE (7283)

E. bobb@firstassuredmortgage.com

W. www.firstassuredmortgage.com

I decided to sponsor this new Localism Lawrence Kansas Home Loans and Mortgages community because I need a place for my buyer clients to go to when they need info like what is shown above on home loans and mortgages in Lawrence Kansas and the surrounding area. Consumers wanting to buy a home need to know when a good time is to lock their rate or when to float (wait for the rates to drop a little more). They need to know how to find the best deal among all the Lawrence Kansas lenders.

Lawrence Kansas Homes for sale can be purchased with a variety of loan programs. Some loans are designed for first time home buyers, some are designed for consumers who have at least 20% down payment while other loans are no money down through down payment assistance programs. Some loans are for commercial properties and some are for investors.

Consumers wanting to buy a home for the first time need to know about the $7500 tax credit that is available for another 9 months or so. Please feel free to ask Bob or myself about this great incentive.

To take care of my buyer clients, I need several professionals backing me up in their various fields. A Lawrence Kansas mortgage marketplace broker who I have found to be very helpful and informative is Bob Buchanan.

Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"
Rob (FREE Home Warranty with every home you buy or sell through me!!)
Rob Lang, CRS, ABR, ePro, GRI, CFPS Realtor®
Sellers www.MLSPlease.com (Marketing homes to 4 MLS's, to over 100 websites, "Showcase" Realtor.com listing, and virtual tours)
Property Searches www.LetRobDoIt.com
Places for Rent or Lease www.KSLease.com
Blog www.ActiveRain.com/blogs/langrob
Realty Executives, Hedges Real Estate (three convenient locations)
(Serving Lawrence, Eudora, Baldwin, Topeka, Olathe, Tonganoxie, Leavenworth, Kansas City, McLouth, Wellsville, Ottawa, Berryton, Tecumseh, more)
300 Rockfence Place, Lawrence, KS 66049
1037 Vermont, Lawrence, KS 66044
3300 Clinton Parkway Ct., Lawrence, KS 66047
785-393-2274 (cell) 206-339-3199 (fax)
Rob@YouWantHouses.com

I decided to sponsor this new Localism community because I need a place for my buyer clients to go to when they need info on home loans and mortgages in Lawrence Kansas and the surrounding area. Consumers wanting to buy a home need to know when a good time is to lock their rate or when to float (wait for the rates to drop a little more). Consumers need to know which of all the Lawrence Kansas lenders to choose.

Lawrence Kansas Homes for sale can be purchased with a variety of loan programs. Some loans are designed for first time home buyers, some are designed for consumers who have at least 20% down payment while other loans are no money down through down payment assistance programs. Some loans are for commercial properties and some are for investors. Some Lawrence Kansas lenders may be limited to just one or two loan programs while other lenders may have access to dozens of low interest rate home loans to help consumers buy a home.

Consumers wanting to buy a home for the first time need to know about the $7500 tax credit that is available for another 9 months or so. Please feel free to ask Bob or myself about this great incentive.

To take care of my buyer clients, I need several professionals backing me up in their various fields. A Lawrence Kansas mortgage marketplace broker who I have found to be very informative is:

Bob Buchanan Co-Founder

First Assured Mortgage

4830 Bob Billings Pkwy., Ste. 101

Lawrence, KS 66049

P. 785-856-LOAN (5626)

C. 785-766-3788

F. 785-856-RATE (7283)

E. bobb@firstassuredmortgage.com

W. www.firstassuredmortgage.com

A lot has happened in the past week in the financial world. Bob Buchanan has been on top of what is going on each day. The following several paragraphs have been written by him. They tell when to lock a loan rate with a lender to get the best rate. I'm sure Bob would be happy to talk with you at any time regarding home loans and mortgages and will add you to his email list so you get his market alerts instantly. If you would like to read what Bob has to say, return to this Lawrence Kansas Home Loans and Mortgages Localism Community for specialty blogs and mortgage marketplace updates.

written Tue, Sep 16 - 5:00 PM ET Market Wrap: It was 'Fed Day' and to use a baseball analogy, the Fed threw the markets a 'curve ball' when they were looking for a 'fast ball.' Our benchmark FNMA 5.5% mortgage bond was hit with a wave of selling on the Fed's unanimous decision to keep the Fed Funds rate target on hold at 2% and ended with a 88bp loss to close at $100.59. The markets were instead looking for a 25bp rate cut based upon the financial system meltdown witnessed yesterday and with AIG's crisis. In fact, the Fed funds futures had already priced in a 25bp cut. Early in the session bonds were up and stocks down as all eyes were focused on the dilemma faced by AIG and its fight for survival. AIG is struggling to raise cash after credit ratings downgrades. The downgrades require AIG to increase its cash reserves by billions it doesn't have. Although AIG's traditional insurance business remains healthy, its huge market position in credit default swaps is killing it. These complex and illiquid contracts protect an estimated $62 trillion worth of debt against default so a bankruptcy by AIG could trigger a worse panic in the global financial system than what just happened with Lehman Brothers. So far the Fed has refused to bailout AIG but private sources such as Goldman Sachs and Morgan Stanley are working hard to put together an emergency $75 billion loan package for the company's survival. Instead, the Fed injected another $70 billion into the capital markets by expanding the types of collateral it will accept in exchange for Fed loans. And by not cutting rates, the Fed created an increase in confidence among large stock market investors rather than signaling the financial crisis was out of control with a rate cut. The stock market responded with a sharp bounce higher, pulling money back out of bonds. The Dow reversed course for a 141 point bounce to close at 11,059. The NASDAQ Composite Index finished close to 28 points higher to close at 2,207 and the broader S&P 500 Index gained 20 points to end at 1,213.

written 09-16-08 11:41am "The big story this morning is insurance giant AIG, which desperately needs $75 Billion to avoid bankruptcy. This news has far-reaching implications because, if AIG goes bankrupt, insurance claims around the world would not get paid.

In other news, the Fed will release its interest rate decision and policy statement later this afternoon. Until recently, there wasn't much chance the Fed would cut rates. But as of this morning, there is a good chance they'll cut rates by .25% or even .50%. If they do, Mortgage Bonds would likely drop and rates would worsen in the short term. However, if the Fed doesn't cut, we may see slight movement in our favor.

For now, I recommend we float to see what the Fed decides. I will keep you posted on any changes that impact you."

written 09-12-08 at 12:10pm "Mortgage Bonds are trading lower so far today, despite this morning's news on inflation and retail sales.

Wholesale Prices--which help measure inflation--fell in August for the first time this year. Today's Consumer Sentiment report also indicated that consumers are feeling better about the economy and inflation. In other news, retail sales in August were reported much lower than Wall Street was expecting, signaling that consumer spending continues to slow.

Overall, the good inflation news and the Fed's recent move with Fannie and Freddie should lead to higher Mortgage Bonds prices in the long-term. But there may be some bumps and pullbacks along the way. For now, I recommend locking as Bonds prices face one of those pullbacks."

written 09-12-08 at 9:33am The price high of $101.19 on bonds on May 9^th is serving as a very tough ceiling of resistance. Prices have either pierced or hit this level three of the past five days, but have been unable to close above it. History has shown that the more the bonds tests but is unable to break above this ceiling, the more formidable this resistance becomes. So we can continue to try and float, but be mindful that in order for prices to improve further, the Bond will need to break convincingly above the 101.19 level. I see Mortgage Bonds moving higher in the longer-term thanks to the Fed's recent move with Fannie and Freddie and also because inflation appears to be moderation just a little-but there will be some bumps and temporary pullbacks along the way. Remember as bonds go up, rates go down.

written 09-11-08 at 9:46am "Mortgage Bonds are slightly higher this morning after continuing unemployment claims were reported at their worst level since October 2003.

In addition, overall Import Prices declined for the first time since December, thanks in part to the recent plunge in oil and gas prices. This is good news for both the economy and the Bond market because it signals that inflation fears may be lessening.

For now, I recommend carefully floating, but I will be watching closely to see if overhead resistance or volatility in the markets requires a change of course."

written 09-10-08 at 2:06pm LOCK NOW

written 09-10-08 at 10:56am "Mortgage Bonds traded much lower in early trading this morning, but have since improved and are now trading near unchanged levels from yesterday.

Overall, inflation fears have been calmed by the huge drop in oil prices lately. In addition, the Treasuries' guarantee of Fannie and Freddie should make Bonds appear very attractive. This tells us that there is a very good chance for better rates ahead.

Therefore, I recommend floating for now. But, I will monitor the situation and keep you informed of changes that impact you."

written 09-09-08 at 11:15am "Mortgage Bonds are trading higher this morning, but are down a bit from their best levels.

Also this morning, oil is trading just above $103 a barrel. A continued drop in the price of oil is good for both Stocks and Bonds, as it brings down the threat of inflation.

Overall, the Fannie and Freddie news is an enormous and much needed boost to our world. But these are wild times, and Mortgage Bonds will not move in a straight line higher. For now, I recommend floating. But there may be short-term volatility and fluctuation in prices. I will keep a close eye and keep you informed of any changes."

Again, these Lawrence Kansas mortgage marketplace updates and blog notes have been supplied by Bob Buchanan who is available at

785-856-LOAN (5626). Give him a call. You'll be glad you did. Look for regular blogs from Bob here.

Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"
Rob (FREE Home Warranty with every home you buy or sell through me!!)
Rob Lang, CRS, ABR, ePro, GRI, CFPS Realtor®
Sellers www.MLSPlease.com (Marketing homes to 4 MLS's, to over 100 websites, "Showcase" Realtor.com listing, and virtual tours)
Property Searches www.LetRobDoIt.com
Places for Rent or Lease www.KSLease.com
Blog www.ActiveRain.com/blogs/langrob
Realty Executives, Hedges Real Estate (three convenient locations)
(Serving Lawrence, Eudora, Baldwin, Topeka, Olathe, Tonganoxie, Leavenworth, Kansas City, McLouth, Wellsville, Ottawa, Berryton, Tecumseh, more)
300 Rockfence Place, Lawrence, KS 66049
1037 Vermont, Lawrence, KS 66044
3300 Clinton Parkway Ct., Lawrence, KS 66047
785-393-2274 (cell) 206-339-3199 (fax)
Rob@YouWantHouses.com