Lora Willms FHA, VA, Conventional Home Loans in Wisconsin, Illinois & Texas

We check our physical health, so why not our financial heath?

A mortgage checkup is easy, FREE and has the potential to save you hundreds of dollars monthly.

It can also eliminate the stress that comes with life changes.

Contrary to belief, mortgages are not "One Size Fits All."

Mortgage needs change as your life changes. Consider the following life events.

1. Are you planning to downsize, relocate or purchase a larger home? Get a jump start on the process. Just because you haven't found a home yet doesn't mean you cannot get pre-approved. You can get pre-approved based on a "to be determined" home address. This will provide you with greater negotiating power and you will be ready to close before you find a home! Get pre-approved in 24 hours.
2. Do you anticipate large expenses coming up? Home renovations, a new baby or a child beginning college? These are all great reasons for a financial check-up.
   
3. Have you experienced a change in income? Less money needs lower monthly expenses. Complete a mortgage checkup to find out how you can stretch those dollars. Making more money? You may consider paying off your loan more aggressively with a shorter term loan.
   
4. Are you a Baby Boomer looking to downsize or purchase a 2nd home in a cooler/warmer climate? Baby Boomers need to be aware of the great mortgage financing available to them specifically for 2nd home purchases.

Email your questions or concerns today. If you are located in Wisconsin or Illinois....I really enjoy doing business the old-fashioned way, face-to-face. So feel free to contact me to set-up a meeting. I am happy to help. Who knows, you could be saving money tomorrow.

-Lora

The Teacher A+ Program requires at least one (1) borrower must be a full-time employee as described below:

1. An employee of an accredited or state recognized private or public school
2. A certified teacher or administrator in an education agency
3. An employee of a post-secondary level educational institution

This includes and is not limited to: all private, public school, grammar and high school teachers, special education teachers, guidance counselors, librarians, instructors, tutors, athletic directors, coaches and school nurses, may be eligible.

Highlights of the Program

Purchase or Refinance

1 UNIT Properties, Fannie Mae Eligible Condos, PUDS, Modular Homes

700 Credit Score = 3% Down Payment

680 Credit Score = 5% Down Payment

620 Credit Score = 20% Down Payment

DOWN PAYMENT CAN BE GIFTED

DUPLEXES

680 Credit Score= 5% Down Payment

620 Credit Score = 20% Down Payment

3% OF DOWN PAYMENT MUST COME FROM BORROWERS OWN FUNDS

75% of the Rental Income May Be Added To Total Borrower Income To Qualify

NOTE:

Borrower may not own any other residential property

Funds for closing costs, pre-paids and down payment CAN be obtained through an unsecured loan from a related person, municipality, non-profit organization or the borrower's employer. Must be a term loan with level payments & a fixed interest rate not to exceed 2% above the 1st mortgage note rate. Monthly payments must be considered debt in qualifying.

Boarder income from a related or non-related party may be included for 1 unit properties as qualifying income up to an amount of 30% of the total qualifying income with proper documentation of 12 months cancelled checks.

Income Limitations. The stable income of the borrower(s), converted to an annual basis, must not exceed the % of the HUD estimated median income. Specific designated areas offer no income limits. Check your county here.

Example: Milwaukee County: $67,700, Dane County: $77,600, Lake County: $71,600, Cook County: $71,600

Have Questions? I have Answers! Email Me Today..... I would love to help.

The FHA Loan has had MANY changes since 2010.

I am a Mortgage Lender and receive guideline updates daily.

I know the time it takes ME to stay on top of the changes.

So, I can only imagine how difficult it is for a Realtor.

Subscribe to my blog.....

I will post guideline updates to keep you informed!

For quick reference:

• The FHA Loan has 2 mortgage insurance amounts.

• An Upfront Amount that is FINANCED and a MONTHLY amount that is part of the mortgage payment.

• The upfront mortgage insurance premium is financed into the loan amount OR can be paid on behalf of the seller or lender. It must be paid in full, no partial payments….

DID YOU KNOW?

The FHA Loan is an ASSUMABLE LOAN. This is a HUGE selling point for clients not ready to sell their homes just yet. Refinance the home to a FHA loan so when ready to SELL their home it will sell quickly. A low interest rate offered in a high rate environment will sell the home!

NEW MORTGAGE INSURANCE MONTHLY AMOUNTS

The NEW Upfront Mortgage Insurance Premium is 1%

The NEW Monthly Mortgage Insurance Premium on 30 Year Loans with <95% LTV is 1.10%

The NEW Monthly Mortgage Insurance Premium on 30 Year Loans with >95% LTV is 1.15%

on 15 Year Loans with <95% LTV is 25%

on 15 Year Loans with <95% LTV is 25%

Don't you just love the feeling you get when you get a surprise delivery at work?

The sound of YOUR name being called is music to your ears.

How did the gift make you feel?

Light & Happy?

Smiling Ear To Ear?

Were You Surprised By The Sender?

Was Your Heart Racing?

Did You Strut Around The Office Proud As Can Be?

Did It Simply Make Your Day?

It's funny how something so simple can make a huge impact on another's well being. Try it with your clients. I do.... Upon Loan Approval, I send my client a plain cardboard box with a helium balloon inside to their WORK. Attached to the balloon is a large bag of Jelly Belly Candies, 3 business cards and a pre-printed note card that reads:

Congratulations!

Way to Go!

You are halfway there.....

Start Packing!

Not only have you made your clients day.... but you have also struck the curiosity of other employees. Yep, that balloon bobs around in the air with your business cards attached to it. Employees mosey on over to find out who sent them the gift....and pick through all the good and bad Jelly Belly beans.... and discuss how on earth Jelly Belly has over 50 flavors that taste just like the name of the bean like butter popcorn, juicy pear, root bear, cream soda and sizzling cinnamon?

And so the conversation begins.....

Oh and by the way, who sent this to you?

Your loan officer?

Really?

That's pretty cool.

So you're buying a home?

Where?

How Much?!

No Way?

That's more affordable than I thought.

I should buy a house.

What's your loan officer's name?

I can have this business card?

I will give her a call!

Thanks!

Repeat process for 2-3 days or until that helium balloon has no more lift..... You get the point. Make the process of buying a home fun and memorable. Most importantly, exceed your clients' expectations.

Realtors.... Please feel free to use this tip or pass it on. Go ahead and SHINE

P.S. It's only fair....since I shared my secret I would LOVE to hear success stories from Agents that use it!

Are you a realtor located in Wisconsin or Illinois and want your clients to receive the special treatment? Send them my way for their mortgage needs. I will exceed their expectations.

Let's have a cup of coffee together and discuss how we can help each other! Email Me

Best,

Lora

So let’s get it out there…

Mortgages come in all shapes and sizes depending on an individual’s needs. Before you start shopping for a home or a mortgage it’s important to sit down and evaluate your financial situation.

How much debt do you carry? How much do you make per year? How much do you spend each month on living and lifestyle expenses?

I am a mortgage lender and this is what I tell my clients. Loan approval does not = affordable. You alone should determine how much you can afford. Do not rely on the lender to tell you what you can afford. I will tell you what you can qualify for and often times it is much higher than what you will be able to afford. This is why I make it a point to sit with my clients and review their current debts to determine the affordability. We also review the size of the home to determine how much it will cost to heat/cool the home monthly (even when the seasons change). We will review the cost of water, sewer, electric, refuse, homeowner's insurance and property taxes. All of the additional costs that come with owning a home. We review all areas the consumer can save money also.

So, how do YOU determine how much mortgage you can afford? One way to determine what you can afford is to subtract your total monthly expenses (excluding your rent payment) from your total monthly income. The difference should equal an amount that exceeds the monthly mortgage payment you expect to take on by several hundred dollars. Don’t forget to add up your cell phone bill, cable, internet, dry-cleaning expenses, coffee shop, eating out, shopping and fun money. This will also help you realize you may be spending money in an area that is unnecessary.

Always consider the following factors:

• Your current financial situation

• Your future employment intentions

• Any plans for aging parents?

• Your future plans to have children

• Home repair costs and maintenance

By analyzing your personal financial situation and your near future plans you will ensure that your mortgage expenses are not out of control in the event of a drastic change in income. It will help you feel more comfortable about the mortgage amount, amount of debt and the monthly payment you will feel most comfortable with.

Approaching your financial situation in this manner all plays into being a responsible homeowner and ensures that you will enjoy homeownership for years to come!

It's the perfect storm for many people right now. Rates and home prices have never been lower. Find out what size of a home you can qualify for today. You could be pre-approved by tomorrow.

Have a mortgage question? I have an answer. Feel free to email or call me today.

I look forward to becoming your lender of choice!