Justin Williams - Loan Officer

Don't Be Quick To Turndown a Loan

Just last week a client was referred to me by reading one of my blog posts. The reason he was searching for a local lender is because he tried to get approved in refinancing his mortgage from an 8% rate. The lender he tried to go with did not even bother calling the client back after pulling his credit. This is a sign that usually the client had qualifications lower than the minimum and the loan officer decided not to call the client back.

However, I work with the client till the end even if they don't qualify now, I will try to find a way to help them work on their credit or finances so they can be ready down the road. Customer for life and not a customer for right now as I always say. So when working with the client I have came to find out that he had scores under 550 but also had a FHA loan insured. Under FHA Streamline guidelines I was able to refinance my client with...

1.) No Appraisal Necessary

2.) No Credit Check

3.) No Income/Assets Check

This is a great way to lower your rate and payment even if you are upside down in equity, having trouble verifying income or even having trouble with low fico scores. Below are the guidelines for a FHA Streamline Refinance. More information via HUD on the FHA streamline can be found here.

• The mortgage to be refinanced must already be FHA insured.
  
• The mortgage to be refinanced should be current (not delinquent).
  
• The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
  
• No cash may be taken out on mortgages refinanced using the streamline refinance process.
  

Earth Hour 2009 March 28th

This is a reminder that tonight Earth Hour invites one billion people in more than 2800 cities representing 83 countries to turn off their lights for one hour – tonight, Saturday, March 28 from 8:30pm to 9:30pm in their local time zone.

All you have to do to Vote Earth is turn your lights out for one hour tonight, Saturday, March 28 from 8:30pm to 9:30pm local time, in your city. Your light switch is your vote!

Earth Hour is about more than dimming lights for sixty minutes; it’s about making a commitment to reduce energy consumption throughout the year.

So I got to thinking what ways can I help conserve energy that a normal person who is in a business can do below are a few tips to consider.

• Turn off your office lights even if your broker/manager pays for it, its still a waste to keep it on.
• Turn on your energy management on your computer which can result in saving hundreds each year.
• Use long lasting light bulbs. They may be a bit more expensive but they last longer than regular light bulbs which ultimately help save you money in the long run.

FHA 203k Rehab Loan Quick Tip: Utilities Being Turned On At Closing

Most Conventional loans including Conventional 203k Rehab/Renovation loans require from the lender to have all the utilities on and fully working at the time of closing.

FHA Loans and FHA 203k Loans are a differen't beast however and doesn't fall into this myth....

At the time of closing, if the 203k loan is running behind or is not set up to have all the utilities to be turned on there is a solution. You can increase your contingency reserves in order cover the utilities not being turned on at closing thus preventing loan closing delays!

So the answer is: You DO NOT have to have utilities turned on at closing in order to close!

**Please Note - The Reserves can be financed in the loan increasing the rennovation costs by 10% to cover this**

This is a great myth buster because as with any Rehab loan out there, there could be houses that are not in the perfect shape where all the utilities are in working order and thus need this option in order to prevent loan delays.

For more information on 203k loans please refer to my previous post or call me anytime.

Remember, not all Mortgage Professionals offer 203k Loans. Consult with a Renovation Specialist who can guide you through the decision in Streamline vs Full Renovation. By the way...I offer both :)

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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)

David H. Stevens

It gives me great pleasure to congratulate David Stevens on his recent appointment from President Obama to head up the FHA Administration. (Washington Post Article)

Even though its not official until the Senate approves the final vote, I am very excited because of Two reasons.

1st of all if elected, Mr. Stevens will be the only the only FHA commissioner to have a strong background in Mortgages and Real Estate.

2nd of all Mr. Stevens was the president of my company (Prosperity Mortgage a joint venture of Wells Fargo and Long & Foster Realty), he was also a former president of Freddie Mac and currently he is the president of Long & Foster Realty.

So not only does he have the background and mindset from a Mortgage standpoint, he has the knowledge and mindset from a Real Estate agent standpoint! How awesome is this?

David Stevens is also a current Activerain member, although he has erased most of his previous posts because he transferred them over to his outside blog where he focuses most of his content now.

I have personally met with David Stevens when he came down to my office and witnessed his great presentation skills and knowledge. He is truly an extremely smart individual who knows his stuff and has the vision of making our marketplace a better place for all.

So here is hoping you get the job David and Good Luck & Best Success to you my friend!