Are your listings and buyers ready?
So far FHA has not renewed the Flip Waiver and starting with new case numbers pulled on or after February 1st, 2011 will be subjected to the previous flip provisions as specified in FHA Mortgagee Letter 06-14.
Per HUD requirements, the fully executed purchase contract (signed by both the buyer and seller) must be dated on or before January 31, 2011. HUD allows no exceptions to this rule.
We will continue to offer this product until it expires and I will update this blog if the Flip Waiver is extended.
Do you have questions or need creative solutions, please call me, I'm happy to help!
Catherine Eusea
Selling Branch Manager
NMLS# 237244
970-223-8300 Direct
720-300-6777 Cell
877-260-7114 Fax
catherine.eusea@prospectmtg.com
www.EuseaTeam.com
There is a lot of buzz about FHA's Energy Efficient Mortgage Program or EEM! Prospect Mortgage is happy to announce that we do these mortgages and have been for a long time as a supporter for en
ergy efficiency and helping buyers & home owners reduce their operating costs.
Did you know......?
Area focused for Energ
y improvement
· Making thermal improvements to
building shells, including insulation,
weatherization and replacing outdated
windows and doors.
· Replacing older heating systems, cooling
systems, lighting, and other energy
-using devices with new and efficient
equipment.
· Repairing or adjusting existing
energy-using equipment.
More information and detailed examples please visit the official FHA WEB SITE
http://www.hud.gov/offices/hsg/sfh/eem/eemhog96.cfm
For an Energy Efficient Mortgage expert please call me at 970-223-8300 or 720-300-6777!
Catherine Eusea
Selling Branch Manager
Eusea Team at Prospect Mortgage
2032 Caribou Drive, Suite 102
Fort Collins, CO 80525
970-223-8300 Direct
720-300-6777 Cell
877-260-7114 Fax ***NEW FAX NUMBER
NMLS License-237244
CO License-100029963
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The Home Affordable Foreclosure Alternatives Program Trying to reduce the rising number of foreclosures in the U.S., the Treasury Department introduced a new federal program that makes it easier to process a short sale for people unable to keep their homes. Home Affordable Foreclosure Alternatives (HAFA) streamlines the process for doing a short sale or deed-in-lieu of foreclosure for distressed homeowners who do not qualify for a federal home loan modification through the Home Affordable Modification Program (HAMP) or have missed consecutive payments after a modification. The HAFA program started April 5, 2010, and ends December 31, 2012. Federal rules require servicers participating in HAMP to implement HAFA. The new program also requires borrowers to be released fully from future liabilities related to their first mortgage, including cash contributions, promissory notes and deficiency judgments. Participation in HAFA cannot save homeowners from losing their property, but it can eliminate the effects of a foreclosure on their credit. Financial incentives for program participation include a $1,000 servicing bonus for lenders and a $1,500 relocation bonus for displaced homeowners. Lenders of other subordinate liens (e.g., HELOCs) may be allowed to keep a limited portion of the proceeds (up to $3,000 each) of a short sale, with the first-lien lender's approval. HAFA is designed for homeowners who have applied to HAMP for assistance but have had no success with their loan modification program. To participate in HAFA, homeowners must still meet HAMP's eligibility criteria: home is principal residence; first-lien mortgage is in delinquency or default is reasonably foreseeable; loan closed before January 1, 2009; unpaid balance is under $729,750; and the mortgage payment is over 31% of gross income. For more information on HAFA, go to the following link:
Catherine Eusea Selling Branch Manager Eusea Team at Prospect Mortgage 970-223-8300 Direct 720-300-6777 Cell
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After speaking with an active duty vet currently serving over in the Iraq War I realized that there are a lot of them who are unaware of the special extension of the 1st Time Home Buyer Tax Credit & the Repeat Tax Credit. I think this is great considering their situation, I just wish there was more attention and information for them.
VA extension update!
Armed service, intelligence service and Foreign Service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes - to May 1, 20ll. Another benefit is a waiver on the time of occupancy. Most home buyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and Foreign Service members do not have to repay the credit if they sell their home in less than three years if they move because of official business. Under the tax credit extension, eligible first-time home buyers can get a tax credit up to $8,000.
Current homeowners are eligible for a $6,500 tax credit, provided they have lived in the home they are selling, or have sold, as their principal residence for five consecutive years in the past eight years. Income limits for eligible homebuyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000.
To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
If you know of a vet that needs more information and details on the tax credit please forward their information to me. Send this to every vet that you know, they likely will know someone serving our country.
To the veterans that read this, thank you for serving our country!
Catherine Eusea
Selling Branch Manager
Eusea Team at Prospect Mortgage
970-223-5009 Direct
720-300-6777 Cell
Email me at catherine.eusea@prospectmtg.com
www.myprospectmortgage.com/ceusea
ATTENTION! Mortgage insurance companies are adapting a similar rule as FHA in regards to flipping properties. This will impact the mortgage market starting 10/12/2009, not leaving us with much time. If you have Conventional buyers above 80% loan to value, please make sure the mortgage insurance has been ordered prior to this date. This is coming out at rapid speed 3 out of 5 mortgage insurance companies have adopted this rule. The other two are in the process and have strict requirements to do a loan under 90 days and I believe they will be changing their rules as well within the next couple of weeks. Also, ALL are requiring restrictions up to 180 days much like FHA does with requiring improvement details, appraisal reviews & extra underwriting requirements. Please prepare your buyers and sellers, this is something that will impact all of us. If you have sellers/investors, make sure they are making sound upgrades and keeping ALL receipts of services performed. Fannie Mae & Freddie Mac have not adapted this rule YET, but there are talks of doing so. Please be prepared.
Below are a few guidelines of what is NOT a flip.
•· A lender, mortgage investor or a mortgage insurance company that acquired the property as a result of a foreclosure or deed in lieu of foreclosure
•· A spouse who acquired the property through a divorce settlement
•· An employer that acquired the property through its relocation program
•· An administrator, executor, or personal representative selling property of an estate
I'm here to be a resource for you, if you need anything please do not hesitate to call me!
Catherine Eusea
Selling Branch Manager
Eusea Team at Prospect Mortgage
2032 Caribou Drive, Suite 102
Fort Collins, CO 80525
720-300-6777 Direct
866-598-0647 Fax
I live by the motto...work from your heart by taking care of the heart of my business...my clients. I promote and have always promoted doing good loans & I accept nothing less.
With more than 12 years focusing on sales and customer service, I have learned first hand the critical importance of providing top notch customer service. My clients are my primary concern, and my goal is to build long-term relationships by earning their trust. To do so, I go the extra mile to ensure my clients are satisfied. I am extremely proud that referrals are the core of my business, which is a true testament to my unwavering commitment to meeting my clients' needs.
With my excellent follow up skills and can do attitude, I adeptly guide my clients through the home loan process with ease. Honest, helpful, and trustworthy, I only make promises I can keep and do what I say I will. I apply my persistence and extensive knowledge to find options that are best suited for each client's unique situation. I love the variety the mortgage business provides and enjoy working successfully with all different types of borrowers.
90% of my business are working with 1st Time Home Buyers, my loan process from start to finish focuses on make sure that the first buyer understands the loan process. I try to make sure that my buyers not just trust me but know for themselves the type of loan they are getting into. I make sure that home buyers get the right start with the right loan. Because of this, I have been named as one of the top loan officer for Colorado Housing and Finance Authority for several years running. I'm an approved lender for the City of Fort Collins, Larimer County, Boulder County and the City of Longmont, CHAC down payment assistance programs. I'm not a lender who sugar coats things....I tell it like it is. If the deal is not doable at them moment then I will not waste your time. However, I will take the time to make sure to help the borrower get their loan in line.
I am a former military brat with my roots in New Orleans, Louisiana. I have lived and worked in Northern Colorado since 1996, with my husband Chad and our two boys David and Michael. I enjoy motorcycle riding, wake-boarding, football, hiking, scrap booking, photography, and traveling with my family.
Are you looking for a lender to have a true partnership with, a team member to your game plan and someone who works side by side with you? Well, lets sit down and chat!
I have been working with the Home Buyer Scouting Report for 6 years, I know everything about the system and I have had several successes on the site. I see myself as a partner with you on the site, helping you gain confidence with new buyers by working on your behalf. The great thing about this is I'm no longer waiting at the bottom for your leads, I'm right there with you developing them!
While other lenders are just learning FHA and other government loans, I'm teach classes on how to come up with creative ideas to counter act this market. In my 6 year career I have focused on government loans instead of subprime loans so this is nothing new to me.
Being first time home buyers, we found the Scouting Report to be extremely helpful on finding our perfect house. It was an easy time management tool because it eliminated houses that we were not interested in just from the snapshot online or location. We would save our homes of interest and when making an appointment with our Realtor, he would then only take us to the homes on our list. After viewing our homes, we could make notes in the Scouting Report to know why we may or may not be interested in our choices. On a financial side, we were able to only view houses in our budget and not even consider houses we knew would not be a good financial decision for us later on. Now after recently purchasing our home, we find that we still use the Report to know which houses around us are still on the market, or which houses in our neighborhood are now on the market and their asking price to compare the value of our home. We feel that had we not had this Report, we wouldn't have been as successful in narrowing down our perfect home. Thank you Catherine and your team for making this site available!!! First Time Home Buyer -Nicole and Matt Wickett
Catherine was excellent, I couldn't have asked for a more professional loan officer. She is an outstanding person and listened to our needs.
First Time Home Buyers - Karen & Mark
We had an excellent experience with Catherine Eusea. She was very informative about loan options and answering all our questions and phone calls promptly.
First Time Home Buyers - Brandon & Jenny
Catherine was a pure pleasure to work with. I was spoken to in clear and regular terms. I would highly recommend her to others looking for a mortgage.
Home Buyer - Chris & Shelly
Catherine was just a wonderful person to work with! She was very understanding of our situation as intimidated, frightened, nervous 1st Time Home Buyers and held our hand through the whole process...which is what we needed.
First Time Home Buyers - Diane & Steve
Catherine went "Above & Beyond" to help us find insurance on a unique property, I had called every company in the phone book...every company had already spoken to Catherine. She knows what she is doing!
Buyers moving here from California - Steve & Ruth
With your help I was able to buy a house where I wanted to live, not where I had to live! Thank you for making a dream come true!
Home Buyer - Tom
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