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Richard Woodward

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How to Buy a Home in Today's Market

06-29-10
Richard Woodward

How to Buy A Home in Today's Market

Home buyer handbook

Buying a home raises a lot of questions. We know because we answer those questions every day. Our goal is to help you get straight answers to your specific questions. To make it easier for you, we've put our experience into this E-book. Click Here to get yours FREE.

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Create Your Own Stimulus Package

05-07-10
Richard Woodward

YOU Magazine

Richard Woodward Richard Woodward
Banker / Senior Manager
Envoy Mortgage
Phone: 972-661-5136
Fax: 972-314-9647
Rwoodward@Envoymtg.com
www.Envoy-Mtg.com
 Envoy Mortgage
May 2010


April 2010
March 2010
February 2010
January 2010
December 2009
November 2009




Create Your Own Buyer Stimulus Package
Great Home Buyer Opportunities Despite Government Program Endings
The Federal Government's Homebuyer Tax Credit may have expired on April 30, but just because Uncle Sam has turned off the financial spigot aimed at housing doesn't mean home buyers still can't get 'something extra' during their purchase. The keys for buyers today are how they negotiate and structure the terms of their offer.
Keep Reading »		 Create Your Own Buyer Stimulus Package - Great Home Buyer Opportunities Despite Government Program Endings
Mother's Day Spa Lunch
Creating a Special Day for the Mom (Or Moms) In Your Life
By Kirk Leins
Mother's Day is just a few days away. If you've yet to plan a celebration for the mom or moms in your life, you'll definitely want to stick with this article. It may be too late to make reservations at a restaurant, but it's not too late to put together an incredible lunch that you can serve right in your own home.
Keep Reading »		 Mother's Day Spa Lunch - Creating a Special Day for the Mom (Or Moms) In Your Life - By Kirk Leins
Cash for Clunker Appliances
The fridge on its last legs? Uncle Sam wants you to replace it with a new, energy efficient model - and will give you money to do so.
By Jim Ostroff, Kiplinger.com
Cash rebates for clunker vehicles were such a smash hit, the government is at it again - this time offering you cash for your worn-out household appliances. The $300-million federal program - administered through the states - will provide consumers with a cash rebate of up to 15% of the cost of each new Energy Star-rated refrigerator, freezer, dishwasher, clothes washer, water heater and room air conditioner.
Keep Reading »		 Cash for Clunker Appliances - The fridge on its last legs? Uncle Sam wants you to replace it with a new, energy efficient model - and will give you money to do so. - By Jim Ostroff, Kiplinger.com
Live It, Love It, Earn It
A Her and His Book for Enhancing Finances
Marianna Olszewski is on to something. From the moment we picked up her book, Live it, Love It, Earn It: A Woman's Guide to Financial Freedom, we knew it needed to be shared with our readers. Whether you're male or female, established or just starting out, we're sure you'll love Marianna's fresh take on taking control of your personal finances.
Keep Reading »		 Live It, Love It, Earn It - A Her and His Book for Enhancing Finances
Simple Truths
Do You Walk the Talk?
Motivational author and speaker Zig Ziglar once said, "Success means doing the best we can with what we have. Success is the doing, not the getting; in the trying, not the triumph. Success is a personal standard, reaching for the highest that is in us, becoming all that we can be."
Keep Reading »		 Simple Truths - Do You Walk the Talk?
Shedding Winter Weight the Smart Way
Tips for Keeping Weight Off for Good
With summer just a few months away, many folks will soon begin focusing on shedding their winter weight in order to regain swimsuit physiques. If this is a yearly ritual for you, we urge you to read on. Dr. Paul Drew is back with us, sharing his tips for keeping the weight off for good.
Keep Reading »		 Shedding Winter Weight the Smart Way - Tips for Keeping Weight Off for Good
Webcam Interviews Offer Opportunities and Challenges for Applicants
Here's What You Need to Know to Succeed
When video capabilities were added to instant messaging services from AOL, Skype, and Yahoo, communication was changed forever. But what started out as fun technology for recording yourself or communicating with family and friends is now getting down to business.
Keep Reading »		 Webcam Interviews Offer Opportunities and Challenges for Applicants - Here's What You Need to Know to Succeed



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Richard Woodward
Envoy Mortgage
17440 Dallas Parkway, Suite 118
Dallas, Texas 75287

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Are Interest Rates On the Rise

05-03-10
Richard Woodward
Richard Woodward
Banker / Senior Manager

Phone: 972-661-5136
Fax: 972-314-9647
Rwoodward@Envoymtg.com
www.Envoy-Mtg.com
Interest Rates on the Rise?

For the last couple of years, home buyers have benefitted from an affordable combination of lower home prices and lower interest rates. But if you've been on the fence about buying a home, or waiting for even better buying opportunities, now might be the time to give us a call to see if buying today makes sense for your individual goals and needs. Even though the government's popular Home Buyer's Tax Credit expired on April, 30, 2010, this is still a good time to act, as home affordability is likely to get worse before getting better. Ever since the Federal Reserve's program to help lower home loan rates and stabilize the housing sector ended in March, 2010, after purchasing a reported $1.25 Trillion in Mortgage Backed Securities, the mortgage market has been very volatile. And despite fluctuations, rates remain good overall; but, as the Federal Reserve sells off some of its huge holdings, supply in the market will increase, and likely lead to higher rates. Don't wait until higher rates force you out of the market. Give us a call today.
Extended Warranties

If you're thinking about buying a major appliance, you'll likely be offered an option to purchase an extended warranty. Major home appliances often include dishwashers, free-standing ranges, many types of ovens, many types of refrigerators, washing machines and dryers, microwave ovens and many types of televisions and computers.

Extended warranties are basically repair insurance in case something goes wrong after your manufacturer's warranty expires. Before you decide to purchase this insurance, be sure to research your product with Consumer Reports or similar organizations to see if it makes financial sense for your individual needs.

Studies by Consumer Reports and JD Power and Associates consistently show that purchasing extended warranties on certain major appliances doesn't make financial sense in many situations, since major appliances generally exhibit strong reliability. There are, of course, exceptions for certain repair-prone brands, which consumer groups define in their specific studies.

Extended warranties, however, do offer peace of mind which, for many consumers, is worth the extra cost. And for some appliances with complex electronics and potentially high repair costs, purchasing an extended warranty may make more sense. For the best results, however, do your research before you go shopping, and, before you buy an extended warranty, be sure to read the fine print.
How Long Should You Keep Your Tax Returns?

If you're not sure which tax documents to keep and which ones to drop in the shredder, you're not alone. Even the experts disagree. In fact, there are two basic schools of thought on this, and both seem to relate to the IRS' statute of limitations for auditing your tax returns. One school says keep tax returns and accompanying paperwork, including W-2 forms, 1099 forms, other tax reporting statements and end-of-year bank statements that show interest earned, for 3 years. The other claims that holding onto these documents for up to 10 years is the safest bet.

For assessment of additional taxes by the IRS, or if you intend to claim additional refunds, the statute of limitations is generally three years from the date you file your return. However, if you fail to report all of your income and the under-reported figure is more than 25% of the gross income provided on your return, the IRS has six years to audit your returns. Additionally, if you claimed a loss on certain securities, the statute of limitations is seven years. Of course, there is no limitation if you filed a fraudulent return or if you didn't file a return at all. With this in mind, consider keeping your tax returns and relevant documents for a minimum of 7 years.
Rethink Your Refund

According to USA Today, the average 2009 tax refund through March 12 is $3,036. In good economic times tax refunds are often viewed by many Americans as a kind of financial windfall, "extra" or "free" money that leads to splurge purchases like vacations, down payments for cars or big-screen TVs. But, especially in a tougher economy, it's important to remember that your tax refund is not a gift from the government. It's actually your hard-earned salary that you overpaid to the government throughout the year. In other words, this cash is actually "lost" money, not to mention the average $253 dollars a month in lost opportunity cost. After all, think about what this money could've made for you in your employer-matched 401K or other retirement plan. Imagine the interest on credit cards or your car payment or even your rent that you could've saved by paying an additional $253 a month. With this in mind, before you go out and splurge on big-ticket items, please give us a call. This money could really help you toward reaching your goal of homeownership this year, and we'll show you how. We'll review your finances and help you determine what makes the most sense for your individual financial goals and needs. If you're not sure which tax documents to keep and which ones to drop in the shredder, you're not alone. Even the experts disagree. In fact, there are two basic schools of thought on this, and both seem to relate to the IRS' statute of limitations for auditing your tax returns. One school says keep tax returns and accompanying paperwork, including W-2 forms, 1099 forms, other tax reporting statements and end-of-year bank statements that show interest earned, for 3 years. The other claims that holding onto these documents for up to 10 years is the safest bet.
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Special Alert Fed is meeting soon and could impact rates

04-21-10
Richard Woodward
The Fed is meeting April 27 and 28th, and its actions could impact home loan rates! Don't Wait. Call me before the Fed acts so we can review your situation and determine if there's anything you need to do.

Richard Woodward
Banker / Senior Branch Manager
When Trusted Advice Counts

Office: (972) 661-5136

17311 Dallas Parkway Suite 173 Dallas, TX 75248

Visit Us Online - www.Envoy-Mtg.com

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Fannie Mae Changes Rules regarding Obtaining new mortgages after short sale

04-15-10
Richard Woodward

Many people today are considering short sale or deed-in-liew of foreclosure as an option to foreclosure. How does that effect the sellers ability to obtain a mortgage in the future? Today, Fannie Mae announced an immediate change to it's guidelines that could help some buy a new home sooner than in years past.

According to a letter posted yesterday (April, 14, 2010) written by Marianne E. Sullivan, Senior Vice President at Fannie Mae, borrower waiting periods will be shortened if they put more money down on their purchase. This move is in an effort to support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt.

Here are the changes:

Waiting Period After a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure

Preforeclosure Event Current Waiting Period Requirements New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure 4 years

Additional requirements apply after 4 years up to 7 years
• 2 years - 80% maximum LTV ratios
• 4 years - 90% maximum LTV ratios
• 7 years - LTV ratios per the Eligibility Matrix
Preforeclosure Sale 2 years
Short Sale No policy currently exists specific to short sales
Exceptions to Waiting Period for Extenuating Circumstances

Extenuating circumstances are nonrecurring events that are beyond the borrower's control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.

If a borrower claims that derogatory information is the result of extenuating circumstances, the lender must substantiate the borrower's claim. Examples of documentation that can be used to support extenuating circumstances include documents that confirm the event (such as a copy of a divorce decree, medical reports or bills, notice of job layoff, job severance papers, etc.) and documents that illustrate factors that contributed to the borrower's inability to resolve the problems that resulted from the event (such as a copy of insurance papers or claim settlements, property listing agreements, lease agreements, tax returns (covering the periods prior to, during, and after a loss of employment), etc.).

The lender must obtain a letter from the borrower explaining the relevance of the documentation. The letter must support the claims of extenuating circumstances, confirm the nature of the event that led to the bankruptcy or foreclosure-related action, and illustrate the borrower had no reasonable options other than to default on their financial obligations.
Preforeclosure Event Current Waiting Period Requirements New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure 2 years

Additional requirements apply after 2 years up to 7 years 		2 years - 90% maximum LTV ratios
Preforeclosure Sale No exceptions are permitted to the 2-year waiting period
Short Sale No policy currently exists specific to short sales

Based on my experience, exceptions are rarely granted by lenders out of fear of loan repurchase requests by Fannie Mae so I wouldn't count on this as an option. Overall this is welcomed news as it will help fuel the next round of purchases for everyone.

Richard Woodward
Banker / Senior Branch Manager
When Trusted Advice Counts
Envoy Mortgage

Office: (972) 661-5136 Toll Free: 866-430-7767

17311 Dallas Parkway Suite 173 Dallas, TX 75248

Visit Us Online - www.Envoy-Mtg.com

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