Darren Stewart

I just wanted to thank my business partners for a great June - and thank you for allowing me to assist your clients get into their new homes.

I have had several requests for MHDC Bond Money loans and we have several of those scheduled to close in July.

Bond Money is available in the state of Missouri if your not familiar with this loan program for first time home buyers please feel free to contact me and I can explain how this program is working for 2009!

If you have had clients before that used but its been awhile please feel free to contact me and I would be happy to update you on changes to that program.

Marketing toward that program in first time home buyer price ranges can get that home sold faster, and up until 12/1/2009 the first time home buyer qualifies for the IRS Tax credit for home purchase which would not have to be paid back if the client lives in the home for 3 years.

Again thank you for making my month and I look forward to assisting you all in July, 2009.

Darren Stewart

OakStar Bank

417 447 7927

fax 417 447 7920

dstewart@oakstarbank.com

What an amazing year 2009 has been so far, we have had a great refinance boom thanks to low interest rates, great interest in home buying due to rates and prices being lower, along with the incentives that are out there for first time home buyers.

Home buying is a huge economic engine for our ecnomy, inside a real estate transaction there can be up to anywhere from 12 to 20 different jobs represented, including: loan officer, loan processor, realtor, assistant, title company staff, county recorder, appraiser, insurance agent, flood company, credit bureau employees, surveyors, builders, home inspectors, engineers, attorneys and the list goes on and on.

When you make a decision to buy a home you employ alot of people that help the economy turn, rewards for buying a home are numerous - home ownership, investment, tax deduction, belonging to a community etc.

If you have been thinking about home ownership and are looking at buying your first home, this is perhaps the best time to purchase a home now, interest rates are still historically low, prices on homes are down from previous years, and there are government incentives this year to first time home buyers that may reward you up to $8,000 for buying now.

May and June have been outstanding months in real estate, with record closings and volume we are set to assist you when you decide to purchase your next home!

Darren Stewart

OakStar Bank

417 447 7927

I wanted to write a quick blurb about the TCAL program through the Missouri Housing Development Commission. The TCAL program stands for Tax Cash Assistance Loan- think of it as an advance loan on the $8000 tax credit that a first time home buyer is eligible for if closed prior to 12/1/2009.

The loan is similar to the old bond money loan with the exception of instead of a grant there is a second mortgage placed against he property that can be paid back in one lump sum out of the tax credit that a first time home buyer is eligible for. The loan requires a quick online counseling/home buyer education on how the program works and can be found on the MHDC website.

Basically the client is loaned the down payment and closing costs if necessary, they sign a second mortgage and when the tax credit is received that money is then paid back in full, if not it shifts to a true second with a monthly payment.

This is a viable option for customers that are first time home buyers ONLY, that do not have any other means of saving or getting a down payment, I say that because the rate on this program is well above current market rates for an FHA loan, so its very VERY important your client compare the TCAL program with an FHA loan, the current rate on a TCAL loan is 6.31 while FHA rates have ranged from 5 to 5.50 over the last couple of weeks. Remember FHA down payment can be a gift and the minimum down payment is 3.50 percent.

We will always advise the client and give choices and options to the client to best fit their financial needs rather than just push them into a loan program.

If you happen to be in a state outside of Missouri google your states Housing division or Economic arm in your state to see if a similar program is available.

Darren Stewart

OakStar Bank -

2009 is off to a fantastic start having one of my best January's ever, along with 2009 we have seen alot of changes this month and it looks like there is even more to come. I wanted to thank each of my business partners for both their referrals and patience as we handle the volume of business that is coming in.

Purchases business was up in January and with even more contracts coming in February I really appreciate each and everyone of the realtor partners that we are currently working with. OakStar Bank continues to watch the market for our clients with several folks deciding to refinance we are watching rates closely as they continue to fluctuate.

The bond money program continues to evolve with changes in the market happening rapidly we are also keeping our eyes on the current plan that provides for a even larger tax credit to home buyers - if that goes into law it will be increasing the volume of business we all will have.

Should you decide to purchase in 09, or refinance OakStar Bank is ready to help you!

Darren Stewart

OakStar Bank NA

417 447 7927

This weekend is the annual home builders show going on right now through Sunday at the downtown convention center in Springfield, Missouri. I have worked this show for the past 10 years and every time I make a contact that leads to a loan.

While building is down across the nation our local economy is so diversified that we do have clients that are building custom homes and this is the perfect show to see a lot of vendors all in one spot!

Darren Stewart

OakStar Bank