Tacoma's #1 Mortgage Expert - Kevin Tinsley

www.FHAHOMELOANSTACOMA.COM

Financing a home with a FHA mortgage in Tacoma can be a challenge if the seller has recently acquired the property. Due to the large number of foreclosures and short sales, you may come across homes where the owner of the property has only owned the home for a short time. In this case, if you are planning to finance the purchase with an FHA LOAN, you will have to wait 90 days before you can enter into a purchase and sale agreement to purchase the property.

Hud has recently made some exemptions to this 90 Day rule. Below are the exceptions:

* HUD Repo's
* Owned by Federal, State or Local Governments Agencies
* Owned by State of Federally Charted Financial Institutions
* GSE owned Fannie and Freddie Mac
* Inherited Properties
* Employer owned from employee transfers
* Non-Profits on HUD's approved list to purchase REOs at a discount
* Properties in a designated federal disaster area
* Builder selling newly built home
* Foreclosed, or Mortgagee (Lender) "acquired" properties

**Any title change to the property in the proceeding 90 days will trigger the 90 day rule. Examples: Seller transfer the property to a LLC, Seller creating a revocable living trust, Seller transferring the property to a living trust, and quit claim deed transfers.

TIP: Request a copy of the ownership record, preliminary title, or any other document to show how long the owner has owned the property before making a offer to purchase the property.

If you do have to wait for the 90 day period to expire, keep in mind you may be subject to higher interest rates in the future and may no longer qualify for the home.

For more information on this topic, Call Tacoma's #1 Mortgage Expert - Kevin Tinsley at (253) 472-1500 or visit us on-line at www.alltechmortgage.com or www.fhaloanstacoma.com

For Your Protection Get a Home Inspection

U.S. Department of Housing and Urban Development
Office of Housing
Office of Single Family Housing

Why You Need a Home Inspection

Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home's condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:

• Evaluate the physical condition: the structure, construction and mechanical systems.
• Identify items that should be repaired or replaced.
• Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.

After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within five to seven days.

This brochure is primarily for homebuyers that buy their homes with the help of the Federal Housing Administration (FHA) mortgage insurance programs. All homebuyers can benefit from the information in this brochure to understand the difference between home inspections and appraisals, the benefits of home inspections, how to find a qualified inspector, and the importance of radon testing.

Home Inspections Are Not Appraisals

A property appraisal is a document that provides an estimate of a property's market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers.

FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), requires lenders to obtain appraisals of properties securing FHA-insured loans. FHA requires appraisals for three reasons:

• To estimate the market value of the property.
• To make sure that the property meets FHA minimum property requirements/standards (health and safety).
• To make sure that the property is marketable.

The FHA appraisal process will note property deficiencies that are readily observable and found not in compliance with HUD's minimum property requirements/standards (Handbook 4905.1 REV-1 and Handbook 4910.1). These deficiencies may not be the same as those items noted in a home inspection report.

About FHA Home Inspections

FHA helps individuals and families become homeowners by providing lenders with mortgage insurance for certain loans.

FHA does not guarantee the value or condition of your future home, and FHA does not perform home inspections. If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, nor can it buy the home back from you.

That's why it is so important for you, the buyer, to get an independent home inspection. Ask a qualified home inspector to thoroughly examine the physical condition of your future home and give you the information you need to make a wise decision.

The Bottom Line: Spending Hundreds May Save Thousands

When you make a written offer on a home, you should insist that the contract state that the offer is contingent on a home inspection conducted by a qualified inspector. You will have to pay for the inspection yourself, but it could keep you from buying a house that will cost you far more in repairs down the road. If you are satisfied with the results of the inspection, then your offer can proceed.

Finding a Qualified Home Inspector

As the homebuyer, it is your responsibility to carefully select a qualified inspector and pay for the inspection.

The following sources may help you find a qualified home inspector:

• State regulatory authorities. Some states require licensing of home inspectors.
• Professional organizations. Professional organizations may require home inspectors to pass tests and meet minimum qualifications before becoming a member.
• Phone book yellow pages. Look under "Building Inspection Service" or "Home Inspection Service."
• The Internet. Search for "Building Inspection Service" or "Home Inspection Service."
• Your real estate agent. Most real estate professionals have a list of home inspectors they recommend.

Radon Gas Testing

The U.S. Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-Radon or 1-800-767-7236. As with a home inspection, if you decide to test for radon, you may do so before signing your contract, or you may do so after signing the contract as long as your contract states the sale of the home depends on your satisfaction with the results of the radon test.

Information Resources

HUD has resources available for information about homebuying and homeownership. You may find the following services helpful.

Internet
www.hud.gov or espanol.hud.gov
HUD's website contains comprehensive information about home inspections, homebuying, homeownership, selling a home, making home improvements, and other housing-related topics- in English and Spanish.

National Lead Information Clearinghouse
Many homes built before 1978 have lead paint, and some of these have lead hazards. To protect your family, it is recommended that you get a lead-based inspection and/or risk assessment. For more information, contact the National Lead Information Clearinghouse at 1-800-424-LEAD.

HUD-Approved Housing Counseling
HUD supports a network of approved housing counseling agencies that provide counseling services across the nation. For a complete list of HUD-approved agencies in your area, call the toll-free HUD housing counseling referral line 1-800-569-4287 or visit the HUD website at www.hud.gov.

HUD-Approved Lenders
A searchable database of HUD-approved lenders, including banks, mortgage companies, and credit unions, is available on the HUD website at www.hud.gov.

http://www.fhahomeloanstacoma.com Tacoma's #1 Mortgage Expert - Kevin Tinsley All Tech Mortgage
(253) 472-1500

Just this week, had a customer call who was inquiring about our rates and fees to refinance his current home loan. He was comparing our costs and rates to that of a competitor who advertises quite frequently in the Seattle Market. After gathering all the information I needed, I sent him a good faith estimate. A few days later, I followed up with him and inquired about the estimate and to see if he had made a decision. He informed me that he was leaning towards the on line competitor because he didn't have to pay any points. He was kind enough to email me their estimate so I could compare the two and here's what I found. He was correct, he wasn't paying any "points" but his loan fee was 2%. We originally quoted our no loan fee, no points option, but our rate was a .25% higher than the no points - 2% loan fee option. So once we gave our apples to apples comparison of the same rate, our fees were a full 1% lower. But had I not followed up with him a few days later, he could have ended up paying substantially more to refinance. So the moral of the story here, is that a No Points options doesn't necessarily translate in to better deal once all the costs were taking into consideration.

All Tech Mortgage Inc. is your gateway to great mortgage products from Washington State's top mortgage lenders. Locally based in Tacoma, we shop, compare rates & fees and connect you with the best mortgage banks in the Northwest. The interest rates we quote are typically .25% - .50% lower than most national mortgage companies. Plus our fees are some of the lowest in the industry.

FHA insured mortgages offer many benefits and protections that only come with FHA:

Easier to Qualify: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.

Less than Perfect Credit: You don't have to have a perfect credit score to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.

Low Down Payment: FHA loans have a low 3.5% downpayment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don't allow this.

Costs Less: FHA loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA loan with other loan types.

Helps You Keep Your Home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your home and avoid foreclosure.

FHA does not provide direct financing nor does it set the interest rates on the mortgages it insures. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. In order to initiate the loan application process, please contact an FHA approved lender.

An FHA insured mortgage may be used to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured housing unit (provided the manufactured housing unit is on a permanent foundation).

HUD's internet site can provide additional information on FHA mortgages by going to: www.hud.gov/buying/index.cfm

You can also find an FHA approved lender in your area by going to: http://www.hud.gov/ll/code/llslcrit.html

You may also wish to contact a HUD approved housing counseling agency in your area for unbiased and free counseling on your particular situation. You can find a list of these agencies at www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

There are also many local and State government programs available that use HUD and/or non-HUD funds to provide grants for the downpayment or to help pay closing costs. To find out what programs are available in your area visit www.hud.gov/buying/localbuying.cfm

Finally, if you would like to see a short webcast video about the homebuying process, visit the following web site: www.hud.gov/webcasts/archives/buying.cfm.

All Tech Mortgage Inc. is your gateway to great mortgage products from Washington State's top mortgage lenders. Locally based in Tacoma, we shop, compare rates & fees and connect you with the best mortgage banks in the Northwest. The interest rates we quote are typically .25% - .50% lower than most national mortgage companies like Bank of America, Wells Fargo, BECU & USAA Mortgage. Plus our fees are some of the lowest in the industry.

http://www.alltechmortgage.com Tacoma's #1 Mortgage Expert
(253) 472-1500 FHA Home Loans Tacoma | FHA Mortgage Rates Tacoma | FHA Approved Lenders Tacoma | www.fhatacoma.com | www.fhahomeloanstacoma.com

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Why use an FHA Home Loan in Tacoma?

Since 1934, FHA has served as an economic backstop working hand-in-hand with lenders to provide consumers with access to safe and affordable loans, even during times of tremendous market volatility as with the current subprime situation.

Developing closer ties to the lender community will allow FHA to broaden its appeal. But there are specific business reasons for lenders to work closely with FHA. Because our products offer less risk for you -- as well as fast closings, competitive rates and foreclosure protections for your clients -- you can qualify more business and improve your bottom line. FHA's positives include:

• No minimum credit score.
• Non-traditional credit is acceptable.
• Low 3.5% downpayment.
• Non-occupant, co-borrower is permitted.
• Expanded qualifying ratios.
• No prepayment penalties.
• Fully assumable.
• Default assistance.
• Lower premiums.
• Non-credit qualifying, streamline refinances.
• Availability: in all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards.
• Versatility: may be used to purchase or refinance a new or existing one- to four-family home in urban and rural areas, including manufactured homes on permanent foundations.
• Adaptability: typically offered at terms of 15 or 30 years.
• Negotiability: interest rates are negotiated between the borrower and lender.
• Works well with state and local agency products.

FHA-insured loans are also compatible with industry requirements for:

• Appraisal and repair;
• Closing costs; and
• Lender insurance.

Lenders can take advantage of the Automated Underwriting Systems (AUS) via FHA's TOTAL Scorecard. Plus, there is similar documentation for comparable products between us and the industry, ensuring lender savings in dollars and time.

Innovative FHA solutions such as the streamline 203(k) "buy and repair" mortgage, 85% cash-out refinance, reverse mortgage (HECM) for seniors, and basic construction-permanent or manufactured homes insured financing options are available today to meet borrowers' needs for a better tomorrow.

Now more than ever we need a sustained, coordinated industry-wide effort to strengthen the housing market for future generations. We look forward to forging a closer partnership with you and the greater lender community to achieve our goals together.

All Tech Mortgage Inc. is your gateway to great mortgage products from Washington State's top mortgage lenders. Locally based in Tacoma, we shop, compare rates & fees and connect you with the best mortgage banks in the Northwest. The interest rates we quote are typically .25% - .50% lower than most national mortgage companies. Plus our fees are some of the lowest in the industry. Call direct at (253) 472-1500 or Toll Free at (888) 463-1055.

www.FHATACOMA.COM or www.fhahomeloanstacoma.com