Justin McHood

I will be the first to admit that I haven't seen it all in the mortgage business.

But I have seen a few things.

And I will never forget the first time I heard about the Ten Day Close at Academy Mortgage when I was stuck at just another mortgage shop who had a better shot of buying Goldman Sachs than of closing one of my loans in ten days.

My exact words at the time were:

So if you are planning on buying a home in Arizona and find yourself in this situation – who do you call?

Not me.

Call these guys.

They promise with their checkbook that they can get your loan closed in 10 days or less.

Which in my opinion is absolutely-eye-popping-remarkable for today’s lending environment. They have managed to put all of the pieces together under that are required to do this and if it were up to me, I would put them on the Today Show for being able to pull it off on a consistent basis.

But they haven’t asked me to write on their blog.

Yet.

It wasn't all that long after I wrote that post that I got a call from Academy to come and bring my Mortgage Commentator gig to their shop and comment all I wanted to on the Ten Day Close.

And I haven't changed my tune.

They really can (and do) close loans there in ten days on a Ten Day Close guarantee all the time.

How are they able to get it done?

Easy really.

It isn't rocket surgery.

• They have in-house processing.
• And in-house underwriting.
• And in-house closing and doc drawing.
• And in-house funding.
• And an in-house ops manager who makes it all happen and can personally sign off on fundings.

Thats pretty much it.

How many other places have I ever seen that can say all of that?

None.

But I told you already... I haven't seen it all in the mortgage business.

Yet.

I will be the first to admit that I haven't seen it all in the mortgage business.

But I have seen a few things.

And I will never forget the first time I heard about the Ten Day Close at Academy Mortgage when I was stuck at just another mortgage shop who had a better shot of buying Goldman Sachs than of closing one of my loans in ten days.

My exact words at the time were:

So if you are planning on buying a home in Arizona and find yourself in this situation – who do you call?

Not me.

Call these guys.

They promise with their checkbook that they can get your loan closed in 10 days or less.

Which in my opinion is absolutely-eye-popping-remarkable for today’s lending environment. They have managed to put all of the pieces together under that are required to do this and if it were up to me, I would put them on the Today Show for being able to pull it off on a consistent basis.

But they haven’t asked me to write on their blog.

Yet.

It wasn't all that long after I wrote that post that I got a call from Academy to come and bring my Mortgage Commentator gig to their shop and comment all I wanted to on the Ten Day Close.

And I haven't changed my tune.

They really can (and do) close loans there in ten days on a Ten Day Close guarantee all the time.

How are they able to get it done?

Easy really.

It isn't rocket surgery.

• They have in-house processing.
• And in-house underwriting.
• And in-house closing and doc drawing.
• And in-house funding.
• And an in-house ops manager who makes it all happen and can personally sign off on fundings.

Thats pretty much it.

How many other places have I ever seen that can say all of that?

None.

But I told you already... I haven't seen it all in the mortgage business.

Yet.

My friend Christoph Schweiger announced that his new office is now open for business today.

Christoph works for Sunstreet Mortgage in their new Mesa office and is surely to rise fast t be one of the valley’s most respected loan officers.

Christoph comes from the Real Estate side and having recently made the move to becoming a loan officer, he will be easy for Realtors to work with because he understands what it is like to be on the other side of the fence.

And if you are a buyer, who better to work with that understands the Realtor’s needs regarding your transaction as well as the lending requirements?

Read More...

Hmmm.

Well...

If you are really looking for that "Justin McHood" guy:

Find Justin McHood on justinmchood.com.

Find Justin McHood on Facebook.

Find Justin McHood on Twitter.

Find Justin McHood on LinkedIn.

Find Justin McHood on Zillow.

Find Justin McHood on PhoenixArizonaRealEstateHomes.com.

Or -- just call me!

480.374.0303.

-- Justin

Can you use the 8000 tax credit as a down payment for your home? Not yet. But that may change soon. Yesterday, Secretary of Housing and Urban Development Shaun Donovan gave a prepared speech at the National Association of Realtors Real Estate Summit. He said something that was probably beyond interesting when he mentioned that FHA was currently working on a proposal that may involve people being able to use the 8000 tax credit as a down payment. An excerpt from that speech regarding FHA's position on the 8000 tax credit being used as a down payment:

And we are taking action to further help the housing market recover. I'm excited to announce here at NAR that FHA's policy on the "monetization" of the first-time homebuyer tax credit will soon be published. I know that you've been waiting anxiously to hear FHA's position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time homebuyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home. We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly.

Learn more about the 8000 tax credit being used as a down payment and what may possibly be around the corner for people who want to buy a house!