Naoma Doriguzzi - New Media Director

I am writing this particular blog because I think it needs to be addressed. I have had 2 experiences this week that I hope isn't happening to everyone.

Scenario 1 : Realtor has been showing homes for 2 weeks to a buyer who says that they have great credit and income. They wrote an offer and now want me to write an approval letter to submit the contract. I take the application and guess what....498 credit score.

The realtor was too afraid to offend the client because they insisted they had plenty of income to qualify and wanted to get the contract. Well, now after showing multiple properties and spending hours with the client I am now the bad guy because now they can't sumbit the contract.

Scenario 2 : I was referred a potential buyer from a realtor and they do have great credit and income. However, the client has yet to come in and turn in income documents and sign disclosures. They found another realtor that was willing to show them around town at some houses and now he wants to write an offer.

Well, he hasn't been fully approved yet and now that I have his income documents he doesn't have the income that he says he has and was looking at properties he couldn't afford.

Why oh why would any realtor take the chance of guessing what the client could afford and why would a client want to get their hopes up on homeownership when they aren't ready?

So, how do you prevent this from happening to you:

1. Get Pre-Approved! That means credit check, submit required documents to mortgage consultant and underwriting. Check out Pre-qual vs. Pre-approval.
   
2. If you are the agent - don't spend your valuable time with a client because they say they are qualified. Make sure that they are! Get the pre-approval letter!

NO PRE-APPROVAL = NO SHOWING PROPERTIES

Mortgage Consultants are not the bad guys. We LOVE to get your loan APPROVED. Help us help you!

So if you are thinking about refinancing your existing or purchasing a new home let's get you Pre-Approved Today!

About the Author : Naoma Doriguzzi is a Senior Mortgage Consultant with New American Mortgage and has been doing mortgages since 2003. New American Mortgage is a direct lender who specializes in FHA, VA, VHDA, Conventional loans. We are here to assist you with the purchase of a new home or refinance your existing home in Virginia, NC, SC, FL or GA!

To contact Naoma directly you may call or text (757) 971-2876 or email at naoma.doriguzzi@newamerican.com.

Copyright © 2009 by Naoma Doriguzzi

Thanks to John Cannata I was asked to do my picture meme.

My age at next birthday ( which is April 3rd)

The place I want to visit is my birthplace Pusan, Korea

Favorite food : of course chocolate ice cream

My favorite color : Purple

Bad habit : I work way too much. But is that really a bad habit?

My favorite thing: Of course the Doriguzzi boys! I am the luckiest wife and mother around!

So now that you know a little more about me. Your turn!

The lucky people that I am not tagging next:

Debbie Malone - she is a good friend on active rain that I know I am gonna meet some day!

Charlie Doriguzzi - my husband - what the heck? His turn now!

Tere Rottinik - a new local blogger that I have had the pleasure of meeting!

Dave Phelps - The Roofing Company - LOVE his blogs but he has been busy working lately.

Thanks John for the MeMe tag.

This is to let you know that according to Mortgagee Letter 2009-08 that effective April 1, 2009 you will be limited to a maximum of 85% cash out. So if you are looking to get the 95% cash out limit you will need to get your FHA case # prior to April 1, 2009. So you will only have a few days left if you are needing to go the 95% limit.

Here are the new guidelines summarized for the 85% FHA Cash Out Limits :

• Combined Loan To Value = max 85%
  
• Must have owned the property at least 12 months to get the 85% of the appraisers estimate
• You cannot be behind in your mortgage
• 2 appraisals will be needed for loans over $417,000
• You cannot have a non-occupying co-borrower to qualify for the new cash out limits
• Must be done by a FHA approved lender or correspondant

I wanted to introduce a store in Virginia Beach that I had the pleasure of shopping at this past weekend. It opened up in November and had no idea until a friend told me about it and wanted to share with everyone!

Apricot Lane is a cute little boutique with women's clothes, accessories, handbags and great deals! The girls that worked there were very friendly and there to make your shopping experience fun!

Apricot Lane

1860 Laskin Rd

Virginia Beach, VA 23454

(757) 422-5263