Jamie Woods

Don't fall prey to the rumor mill! Check out what's truly available for you, in your town and for your situation! Never mind what some guy at work said! Call now to book your spot at our informative seminar which occur on Wednesday nights from 6:30 - 8:30 pm!

Call (603)-965-8241 to be added to the guest list.

Renting but considering maybe buying or looking into buying? Do you have questions about whether this is a good time or not? Are you torn between media hysteria, water cooler talk, and the FACTS? You do know that there is no "THE" market, per se, right? Too often people refer to housing as "the" market! But the reality is every real estate market differs based on its area and numerous other factors, and I mean literally on a town-by town basis! Make sure the co-workers at the water cooler know that, too!

Don't fall prey to the rumor mill or the media hype about the end of lending or the implosion of housing altogether. Yes, these are challenging times, but the truth is, through government-insured programs such as NH Housing, HUD/FHA and USDA Rural Development Guaranteed financing, there are plenty of programs available for home financing including low and no money down, 30 year fixed rate programs. There are also programs available for bank-owned properties as well as programs to acquire "as is" properties and to secure the funds needed to improve or renovate them. Let us help put the pieces of the home buying and financing puzzle together for you!

Inventory is high, rates are low and programs ARE available. Call now to book your spot at our next informative and insightful seminar on a Wednesday coming soon at our spacious conference room in Hooksett. It will be a casual setting and refreshments will be served. There will be helpers such as professional Realtors with sensible, GORGEOUS listings in your range, a professional property inspector to explain the importance of getting an inspection and what issues to look for, a credit repair specialist, and government program lending specialists. Those in attendance can expect to be informed on topics such as:

- Purchase Negotiating
- Optimizing government, state and municipal programs like NH Housing and FHA
- Choosing a Realtor that works for only you
- Interest rate movement and rate locking
- Credit remediation and credit improvement tips
- Using your Realtor to find motivated, open minded sellers
- Low and zero down mortgage programs
- Which property type is right for me
- The different types of manufactured homes such as mobile and modular
- Finding "fixer-uppers" and also arranging financing to cover improvement costs
- Multi-family properties and land lording

Call or email me here at active rain to request a spot! Seating is limited and arranged on a first call basis. Events are ongoing but space fills up fast! Call now!

As always, I'm here to help!

Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~

(603)-965-8241 http://www.mortgagemagician.blogspot.com

Licensed by the NH Banking Department

CREDIT REPAIR TIPS FROM AN INSIDE EXPERT OF 15 YEARS

Credit remediation is a subject people often face with trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Really! Sub-prime borrowers who are eager to move into "A-Paper" (conventional financing) territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want. Following are some guidelines and steps to take.

The first step in the process is making sure that you have a current copy of your credit report. Just a couple of years ago Congress amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you'll want to request a free report from each of the three companies. (Go to www.annualcreditreport.com)

It's also important to know just what a good credit score is. Most A-Paper scores generally begin around 720, although this number may differ slightly among lenders. Don't despair if you come up shy, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money. For example, if your score is 716 and you increase it to 720, then you could save yourself thousands of dollars over time as a result of a slight improvement to your loan's interest rate. Whether you have poor, average or stellar credit, you can enhance your score through these steps:

· Evenly distribute your credit card debt to change the ratio of debt to available credit. Let's say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer, and possibly into, that ideal bracket.

· Keep your existing accounts open and active. The average consumer is usually anxious to close credit card accounts that have zero balances, but doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't (necessarily) close those old accounts!

· Keep credit inquiries to a minimum. Each inquiry into your credit history can impact your score anywhere from 2-50 points. When it comes to mortgage and auto loans, however, even though you're only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame. People with average to poor scores who go out applying for numerous additional accounts may experience a dramatic drop in their scores, particularly if they are already "maxed" on their existing accounts. This is the biggest piece of misinformation feeding the rumor mill when it comes to "hits to my credit report".

Remember, credit scores don't change overnight. Improving them requires time and diligent effort, so it's a good idea to get the ball rolling sooner rather than later. If credit repair is what you need, you can either begin the process yourself or seek out a repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don't sustain any self-inflicted wounds. Sometimes (almost always actually) making a payment all of a sudden on a collection account can actually LOWER one's scores! So, research your options thoroughly! A good place to start would be the Federal Trade Commission's website, which contains a wealth of helpful literature. If you need just a quick ten or so points to become mortgage-ready you may want to pursue the program called "Credit Assure" or "Credit X-Pert" through Birchwood Credit, Inc., one of our business referral partners (ask me for enrollment information)*. If, however you need some assistance with more severe credit issues and are far short of the minimum scores needed for a mortgage, my long time colleague and trusted friend, Kenny Erickson of A & Z Credit Restoration is a great resource. If you have judgments, chargeoffs, collections and the like you'll probably want to enlist the assistance of a professional credit repair company, and thats exactly what A & Z Credit Restoration is*. With literally thousands of credit repair companies to choose from, it's important to be certain you are dealing with a reputable firm with a list of references and a proven track record of success and expertise!

In conclusion, addressing credit issues can be daunting to say the least. But it has to be done, right? So by taking these steps now, you'll be that much closer to obtaining the home of your dreams, which my team and I can't WAIT to help you obtain!

Additional Resources:

A&Z Credit Restoration
http://www.a-zcreditrestoration.com/

To order your free credit report, go to:
www.annualcreditreport.com

To read the Fair Credit Reporting Act, go to:
www.ftc.gov/os/statutes/frca.htm

For the Federal Trade Commission's information on consumer credit, go to:
http://www.ftc.gov/bcp/consumer.shtm

To fill out a secure online mortgage loan applicationplease visit:

http://www.saramortgage.com/apply.asp/Hollis/New%20Hampshire

As always, I'm here to help!

Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~

Office: (603)-816-0255 Cell: (603)-965-8241 email: jamie@saramortgage.com

web: http://www.mortgagemagician.blogspot.com

Licensed by the NH Banking Dept

* These recommendations of credit restoration services are on a referral basis only. Neither myself nor SARA Mortgage & Financial, LLC provide credit restoration services.

The purpose of this article is to help dispel the rumors and the misinformation feeding the public right now. Sources like the media particularly are blowing things way out of proportion (surprising, I know) and causing the circulation of garbage talk around the workplace, around the baseball parks, at the coffee shop and everywhere in between. Some media outlets and other sources have people believing that there is no mortgage money out there at all, or that to buy a house one must have 20% down and impeccable, squeaky clean A+ credit scores. With this article you will learn and see first hand how none of this at all is even remotely close to the truth. The federal government WANTS to stimulate home ownership and home buying everywhere. Through government insured lending programs like USDA Rural Development, FHA and the VA, approved buyers can finance homes with little or NO money down and still keep their payments close to what they were paying in rent. And no, getting approved is not like getting teeth pulled! Getting approved can be easy as pie!

It is important to know that the Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes. Many home buyers do not realize this and its importance in the role of mortgage lending. The Veteran's Administration operates in a similar way, meaning the VA won't actually make the loan, but rather insure a lender who makes a loan under certain guidelines against borrower default. USDA Rural Development also "guarantees" the lender against default (the same as "insure", basically). That is what is implied with the term USDA Rural Development Guaranteed Financing. Through government "insured" or "guaranteed" loans, the idea is that lenders feel at ease making mortgage loans and therefore the rates are very low.

Also importantly, one of the biggest features of government lending is the lenient down payment and closing cost requirements. Remember, the government wants you to own a home. It benefits the economy and society at large when more people own their homes. It stimulates and sustains consumer spending and so on. Therefore, they make it as easy as possible while also remaining steadfastly responsible and regimented in their insurance and lending policies to home owners. With FHA financing, an approved buyer needs only 3.5% down. The VA requires no down payment at all, nor does USDA Rural Development. And while the term "rural" seems to imply that the property must be rural, it actually does not need to be. It's a matter of classification or definition, really. But any credit approved applicant buying a home in the suburbs or outward and who is not too far above the median income average for the area will qualify for a USDA no money down program. Interest rates are as low as anywhere, in the low to mid 5s on 30 year fixed rate mortgages as of an update from 04/08/2009.

In many of my seminars I reveal a side by side cost and payment scenario comparing traditional (Fannie Mae/Freddie Mac) financing with government insured financing such as an FHA mortgage. The comparison reveals that on a purchase of a $200,000.00 owner occupied single family home by an applicant with the necessary income and employment documents and a credit score of 639 that by using an FHA mortgage the buyer receives an interest rate of over 1 1/2 percentage points lower than otherwise and also saves $300.00 per month! Yes, that's $3600.00 per year. That buys a lot of holiday presents or a family vacation, no?

In addition, it is very noteworthy to relaize that a home owner who finances their home with a FHA, VA or USDA mortgage may apply to "streamline" their mortgage to a mortgage with a lower interest rate AFTER CLOSING should one become available and it be beneficial to do so! My team and I regularly assist NH homeowners with this practice and thereby enable additional monthly savings for them and their families! Many bought in 2007 or 2008 with an interest rate in the mid or upper 6s where today the average interest rate for FHA and VA approved home owners is significantly lower!

In summary, government-insured mortgage lending is simply "where it's at" when it comes to imperfect loan applications, like those with less than 20% down and/or those with credit flaws. For more on the benefits of government insured mortgage loans and also the no money down owner-occupied purchase mortgage please see my next article entry about USDA Rural Development Guaranteed Financing.

As always, I'm here to help!

To fill out a secure online mortgage application please visit:

http://www.saramortgage.com/apply.asp/Hollis/New%20Hampshire

Or simply call me to do it by phone or in person!

Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~

(603)-965-8241 http://www.mortgagemagician.blogspot.com

Licensed by the NH Banking Dept

Those that know me know that I advocate fully understanding ones short and long term goals when buying a home and considering how much to put for a down payment, or whether to make one at all. Through proper analysis and understanding of ones fiscal goals and knowing how long one intends to inhabit the property they are purchasing as well as being on the same page with their co-borrower (if they have one) is key when deciding on the specifics of how their mortgage will be structured. This article is not meant to hype or pitch 100% financing. It is simply to notify readers that for qualified applicants 100% financing is very much alive, despite what the rumor mill has or how some people feel about the practice.

Through USDA Rural Development guaranteed financing, approved buyers in areas other than cities and densely populated towns can still get mortgage financing with no down payment. This is a very strong resource particularly for first time buyers, but also for many others.

Here are some basic features of USDA Rural Development home financing:

- No down payment required AND no monthly mortgage insurance

- Flexible credit score guidelines (scores down to 620)

- Closing costs can come from any source including gifts and limitless seller contributions. Approved applicants can even get reimbursed at closing for their inspection, appraisal and hazard insurance costs

- Competitive fixed 30-year rates that are as good as or better than any program anywhere

- Minor property improvements up to $10,000 can be rolled in

- Again, no monthly mortgage insurance payments. This saves the buyer a lot of money! Mortgage insurance raises your monthly payment, which REDUCES the amount of a home loan you may qualify to purchase. USDA Rural Development mortgage loans may allow you to qualify for a newer or larger home to meet your needs!

Applicants must be able to prove their ability to repay the mortgage by showing a 2 year history of employment and income. Applicants must not have excessive debt that constrains their affordability. Other simple, make-sense criteria and guidelines will apply.

Let's take a look at a $180,000.00 purchase in the suburbs or outward. Properties in cities and densely populated areas are ineligible. (You may be surprised however to learn that this program does not require that you live next to a haystack! Suburban areas just outside most city limits are eligible!) USDA Rural Development mortgages carry a "guarantee fee" of 2% and it must be paid up front (that's why there's no monthly mortgage insurance), and it can be rolled into the loan (borrowed), so the total amount borrowed would be $183,600.00. At an interest rate of 5% which is today's average for a loan of this type (averages as of May 2009*), the buyer's payment would be about $1360.00 and that's with taxes and hazard insurance. For those that it makes sense for and when properly structured, this type of financing is perfect!

Don't forget, though; if you would like to look at listings of this type and see if they are USDA Rural Financing eligible, you must have your affordability index and qualifications thoroughly examined and be fully pre- approved by an expert first, so have me do your full pre-approval and analysis and I then will put you in touch with one of the best Realtors in New Hampshire. They truly have the inside scoop on bank-owned and a number of other motivated deals in your area!

As always, I'm here to help!

To fill out a secure online mortgage application please visit:

http://www.saramortgage.com/apply.asp/Hollis/New%20Hampshire

Or if you wish, simply call me to do the application by phone or make an appointment to visit me!

Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ SARA Mortgage & Financial, LLC ~

Office: (603)-816-0255 Cell: (603)-965-8241 email: jamie@saramortgage.com

web: http://www.mortgagemagician.blogspot.com

For the USDA Rural Development Rural Financing home page visit:

http://www.rurdev.usda.gov/rhs/sfh/GSFH_Information/individuals.htm#Eligibility_criteria

* This rate average is a statistical memo, not a quote! All applicants must fully apply and qualify. Interest rates are subject to change based on market activity and economic trends.

Licensed by the New Hampshire Banking Department. License #'s 11303-MBR & 11321-MHB.
State specific disclosures reflect only the states in which SARA Mortgage conducts or is licensed to do business.
Massachusetts License # MB4274-We arrange but do not make loans.
Maine License # CSO8825.

According to an AP news piece posted at yahoo news this morning, Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers remain in their homes - making Citi the latest big bank to announce sweeping efforts to try to curtail losses from souring mortgages. Citi said late Monday it won't initiate a foreclosure or complete a foreclosure sale on any eligible borrower who seeks to stay in a home if it is the borrower's principal residence, the homeowner is working in good faith with Citi and has sufficient income to make affordable mortgage payments.

Citi has avoided negative amortization loans, option adjustable-rate mortgages, and other types of risky mortgages, defaults on which have skyrocketed since the start of the housing bust in the middle of last year. Still, the bank has nonetheless been hurt by the relentless downturn in housing that fed the mortgage and credit crisis, and in turn, the near-breakdown of the financial system.

With increasing defaults everywhere, other lenders, including JPMorgan and Bank of America, have also become more aggressive about modifications to mortgage agreements. More than 4 million American homeowners with a mortgage were at least one payment behind on their loans at the end of June, and 500,000 had started the foreclosure process, according to the most recent data from the Mortgage Banker's Association.

According to the AP news piece, late last month, JPMorgan expanded its workout program to an estimated $70 billion in loans, which could aid as many as 400,000 customers. The New York-based bank has already modified about $40 billion in mortgages, helping 250,000 customers since early 2007. Additionally, JPMorgan said it will not put any loans into foreclosure as it implements the expanded program over the next 90 days.

The government is also working on an ambitious plan to help around 3 million borrowers avoid foreclosure, but details have yet to be released. While this action is deemed by many as long overdue, at least it's action, and very likely helpful action.

Even in the face of this good news, it is important to understand (though to some it may seem obvious): If you or someone you know is behind on payments or about to fall behind on payments, do not sit and wait for legislation or action from your lender or servicer. Stay proactive and continue your research and phone calls. Of course, you can always feel free to contact me for advice. I can direct you to numerous resources for assistance such as HUD's "Hope Now" as well as some local state agencies and other initiatives.

As always, I'm here to help!

To fill out a secure online mortgage loan application, please visit:

http://www.saramortgage.com/apply.asp/Hollis/New%20Hampshire

Jamie Woods ~ Senior Loan Officer ~ FHA/VA/USDA Specialist ~ American Nationwide Mortgage ~

(603)-965-8241 http://www.mortgagemagician.blogspot.com

Licensed by the NH Banking Dept