I'm so excited about being asked to speak at this year's Washington Women Veterans Summit, being held Sept 12, 2009 at the Greater Tacoma Convention & Trade Center. This is a huge FREE all-day event offering workshops, networking, and hundreds of exhibitors offering services and information for Women Veterans.
When I first entered the mortgage business after a successful stint as a sales training manager under Sunny Kobe Cook of Sleep Country USA fame, I was very nervous about working in such a volatile industry and scared about whether or not I could attract enough clients on my own. Sunny had a way of making sure we always had a steady stream of customers to serve. Like her ads or hate her ads, people came in to buy her products.
"I was right to be nervous..."
Turns out I was right to be nervous about the mortgage biz. I would have months where I had too many customers to serve properly, followed by months where I couldn't find a customer to save my life. I would embark on month's long campaigns focusing on a certain type of borrower or lending program, start reaping the rewards from the effort, only to wake up one morning to news that guidelines had changed, programs or products had been eliminated, and I no longer had anything to offer these potential clients I had spent so much time and effort attracting.
"I've Learned So Much About Myself..."
This roller coaster ride was exciting and challenging, filled with extremes of exhilaration and frustration. I'd start each day believing I could do it and then face and almost constant bombardment of roadblocks and doubt. Yet I continued on because each client that I successfully helped brought joy and satisfaction and hope for tomorrow. Through it all, I've learned so much about myself, about risk vs. reward, about money, success, perseverance, and security.
As I've dealt with clients who are struggling - hit hard by the economy, being affected negatively by the changes in lending, living under the assumption that home values always go up, that jobs last forever, that disaster cannot happen to them, and that credit will always be available to those who need it - I've been working on solutions and strategies to help people succeed, regardless of outside forces. I'm driven by the desire to help my folks get from "Here" to "There", regardless of where their "Here" is right now.
"Help for those struggling with credit, debt, spending, earning..."
That is why I am so excited about being asked to present at this Summit. It has given me a deadline to gather and organize and compile these ideas I have. I've created a website where I've loaded a bunch of my articles http://www.credittothewise.com/ and set it up in such a way that I can continue to add to it. It'll offer help to those struggling with credit, debt, spending, earning - with specific ideas and strategies.
It shares creative ideas about home buying and selling strategies, how to manage your home's equity wisely and safely, and how to grow wealth. The "There" I'm shooting for, for all my clients and readers, is the "Peace of Mind" that can only come through "Financial Security". I'll create my Legacy by helping others create their own Legacies.
"Deadline Registration Sept 7th"
If you're a Women Veteran who wants to register for the Summit, here's the link: http://www.dva.wa.gov/women_vets.html. Deadline for registration is Sept 7th. Again, it's free, but you have to register! There should be well over 1,000 other attendees there too so don't be surprised to see old friends! And you'll come out of the day with loads of information and resources you didn't know before, better prepared to face an uncertain future.
Learn more about Glenn Leach at http://legacyg.com/gleach.htm
As your First Time Homebuyers face the dreaded Nov 30th $8,000 First Time Homebuyer Tax Credit cut-off date, and they are frantically out there shopping for homes, many of the down payment assistance programs are running out of funds. You may have a preapproval letter in your hand from a lender, but if the source of down payment they were relying on isn't there anymore - you may be in for a rude surprise!
If your buyer is planning on using a DPA, it would be really smart to stay in contact with the lender to make sure that funding is still available. I do most of my business in and around Pierce & King Counties, so here is a quick update on what's happening in this area.
What's Left? Many of the House Key programs are still available. There is always the House Key Plus program (you can check the website for details on income limits per county). This program is available anywhere in Washington. So as long as your borrower's income does not exceed the county limit, they can buy a home with little or no cash to close.
The House Key Rural has been an excellent option for many borrowers. In Pierce County, eligible areas include anything outside the city limits of Tacoma and Puyallup. Check the income limits because they are a lot less than House Key Plus, but this program has a lower interest rate AND does not require a monthly payment, making it far more affordable than House Key Plus.
USDA Rural Housing is an option for properties farther out - but be aware that their turn times for file review is about a month right now (they review AFTER all the rest of the underwriting is done - making this about a 2 month closing situation). You do NOT need to be a first time homebuyer with this program, but if you're trying to close before the Nov 30th $8,000 FTHB IRS Tax Credit date - this may not be a good option right now as time is running short.
VA is still an awesome option - zero down programs, great rates, fast closings. If you have VA eligibility - you are in really good shape right now.
The purchase market is very active right now. I've been super busy all summer - thank you all very much for sending me your business. Our underwriting times are great right now too - we can close quickly - and rates are still terrific! Call me with your scenarios and I'll help you find the best options for you and your clients.
Hot Summer Nights in Puyallup
Ahhh... Summer in Puyallup - those 7 days every year where the temperature gets warm, the breeze dies down along with my lawn, and the locals begin to yearn for the 358 days of rain we usually get around here. Well you may have noticed, those 7 days are here. So what do you do with yourself to both beat and enjoy the heat? Try this...
The Puyallup Concerts in the Park series is underway, and this Thursday 7/30/09, I would like to invite you all to come out and enjoy some excellent musical entertainment. Pioneer Park (Downtown Puyallup, 324 S. Meridian - right across from the new City Hall building) just unveiled their new outdoor concert stage, and this Thursday evening from 6:30 - 7:15 it will feature:
Michele Leach & Kerry Yanasak - Piano Duo
Michele (my wife, by the way) and Kerry have been performing at the Puyallup Spring Fair for the past several years. Playing on two full size Concert Grand pianos, they'll perform an eclectic mix of pop, classical, ragtime, and easy listening standards - very unique and very enjoyable.
At 7:30 - 8:30, Darren Motamedy - a very well known, super-talented Jazz Saxophonist will perform. And rumor has it that in between the two shows the reigning Miss Washington will do a short piano performance too. (I hope she's really good because she'll be performing after Michele - my reigning Mrs. Universe - and that's a tough act to follow!)
So bring your lawn chairs or blanket, a cool drink and some sunscreen, and come enjoy some Downtown Puyallup culture and some great music. There is a Forza Coffee Bar adjacent to the park that makes some awesome frozen coffee drinks which is where I'll be getting my tall cool one to help beat the heat.
And if you want to try something different for dinner - try Lucky's Dog House Diner at 106 W. Main - a couple blocks from the Park. A full menu of amazing hot dog meals - I heartily recommend the Chicago Style Vienna Beef dog - great stuff! Grab a dog and window shop down Meridian Street's antique row as you head over to the Park.
(Note: There are typically 1,000 - 2,000 people at these things, so come early to grab a shady spot and a parking spot not too far away.)
Free entertainment and a fun night out. Hope to see you all there!
Vienna Beef Chicago Style Dog - photo: glen edelson
$8,000 FTHB Tax Credit CAN Be Used For Down Payment
HUD just announced today that the $8,000 First Time Homebuyer Tax Credit can now be used for down payment. You'll probably see this all over the news this weekend - and it'll probably be announced incorrectly. So before you get your head filled with incorrect information and make decisions based on false hopes - I want to share with you a few clarifications that I'm seeing in the announcement right now.
Type of Loan: According to today's announcement, you can ONLY use this tax credit this way on an FHA loan. If you're NOT doing an FHA loan - you can't use the tax credit this way.
3.5% Required Down Payment: On FHA loans, the buyer is required to provide at least 3.5% of the purchase price as a down payment. (Watch out for the wrong info you'll be hearing about this part!) The announce states that you STILL need your own 3.5% down payment. You CANNOT use the $8,000 as part of that 3.5% down!
Seriously, that's what it says. You can use the $8,000 for a larger down payment, to pay closing costs, to buy-down your interest rate - but you CANNOT use it until you have your own 3.5% down.
Distribution Mechanism: This part isn't in the announcement, but each State gets to decide how they are going to handle the distribution of the funds at closing. What I understand (and I may be off here a bit) is that the Washington Association of Realtors in conjunction with the Washington State Housing Finance Commission is going to be in charge of handling this.
The $8,000 will be provided as a LOAN by WSHFC using a pool of money from W.A.R. at closing to qualified borrowers. You will sign a loan commitment with WSHFC, and your tax refund will go directly to them to pay off the loan. I'm sure I'll be hearing more about the "how's" and "where-for's" next week sometime.
5 Hour Homebuyer Class: Again, I may be off here, but I also heard that anyone using this credit for down payment will be REQUIRED to take the WSHFC first time homebuyer class. Call me and I'll give you details how to do this.
Other Forms of Down Payment Assistance: Many of my buyers are planning to use some of the other down payment assistance programs for their purchase. For you, the new announcement is really cool - because these other DPA's can be used for your FHA 3.5% down payment requirement - just like they could before. And now, you can add the $8,000 tax credit to that - giving you a bit more buying power.
The good news for those waiting for this to happen is, it looks like it happened finally! And as soon as all the details are ironed out and announced - I'll be happy to help you get through these transactions.
The Right Partnerships Can Mean The World To You!
Harry was a candy maker. He had a little shop off Pacific Avenue in Downtown Tacoma where he offered a wide array of chocolates and taffies and hard-candy sugary sweets. Business was good for Harry and he enjoyed a loyal following and a fine reputation by offering excellent quality products, fair prices, and friendly service.
J.C. was a spice salesman. His job involved calling on restaurants and grocery stores to introduce them to exotic imported spices like cinnamon from Asia, cardamom from the tropics, and nutmeg from India. Business was good and he enjoyed offering his customers new ideas and solutions that they didn't know existed.
The year was 1908 when Harry and J.C. met in church one Sunday morning and almost immediately became friends. Over the next four years Harry continued to run his candy shop and J.C. continued to sell his spices, and both continued to enjoy business success. There was really no reason for either of them to change, but as their friendship deepened, they began to see possibilities in joining forces.
J.C. loved Harry's chocolates and was a frequent visitor to his shop. Harry was impressed with J.C.'s work ethic and his ability to provide his clients with timely service and innovative ideas. It was late 1911 when they began to seriously consider joining forces. The global economy was becoming chaotic and unstable as the world was heading towards a great war, and J.C. was constantly struggling with supply chain interruptions and wild pricing swings when he could get product for his clients.
So in 1912, he approached Harry with a partnership idea. Could Harry create a single, unique candy that J.C. could sell door to door? Like, maybe take one of Harry's most popular little candies and make it bigger to be sold as a stand-alone product? Inspired by the view of a majestic mountain out the window of the candy shop, Harry created the "Mt. Tacoma Bar", a big ugly blob of chocolate and nuts with a white creamy filling, and J.C. took it to the streets.
(In Sales, this is known as a U.S.P. - a Unique Selling Proposition)
As the build-up to America's entry into what would be later called "World War I" started filling Camp Lewis with thousand's of GI's training for oversees missions, J.C. would haul wagon after wagon of Harry's Mt. Tacoma Bars to Camp Lewis where he found an eager audience with a large appetite and disposable cash.
This was the beginning of the (Harry L.) Brown & (J.C.) Haley candy company legacy. Brown & Haley products today are sold in over 50 countries around the world. Most famous now for their pink-tinned (sorry, packed in bags isn't nearly as cool as the round pink tins) Almond Roca candies, my favorite product is still the original "Mountain Bar" - that ugly cream-filled chocolate nut-blob.
The lesson is: Harry made great candy. J.C. was a great salesman. Separately, they were both successful. But together, their partnership opened up the world to them. Just like your business having the right partnerships can mean the world to you too and help you create Your Legacy!
Do you have good partnerships in your business? Do these partners add a new dimension to what you do? Do they allow you to reach business you couldn't reach otherwise?
If your current partners are just "along for the ride" and aren't adding value or expanding your opportunities, are they the best partners for you? Or have you stopped looking for better partners because you think, "Business is good and this is all there is for me".
Harry and J.C. could have felt that way too - and I would have had to live my life without Mountain Bars. And that is not the kind of life I want to live (Okay, a bit dramatic, even for me...)
Chocolate Photo by: Elin B
Almond Roca Photo by: rynosoft
Loan Officer #510-LO-33203. The Legacy Group is an employee-owned mortgage bank & capital company. Residential, VA, FHA, State Bond, USDA Rural Housing, Construction, Foreclosure Lending.
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