Tim Tubb Building Communities on loan at a time.

Increase in Upfront Mortgage Insurance Premiums (UFMIP) for FHA Loans - Effective April 5

03-26-10

In accordance with FHA requirements, Upfront Premiums for FHA Mortgage Insurance is increasing.

Credit Policy for case numbers assigned prior to April 5

Credit Policy for case numbers assigned on or after April 5

· UFMIP = 1.75% of base loan amount for all FHA loans - except streamlined refinances

· UFMIP = 1.50% for FHA Streamlined Refinances - manual data entry in AOW/LIS is required

· UFMIP = 2.25% of base loan amount regardless of loan purpose

· UFMIP = 2.25% for FHA Streamlined Refinances - manual data entry in AOW/LIS is required.

Note: There is currently no change to annual premiums (paid monthly).

Product	Interest Rate	APR
Conforming and FHA Loans
30-Year Fixed	5.125%	5.318%
30-Year Fixed FHA	5.125%	5.850%
15-Year Fixed	4.250%	4.573%
5-Year ARM	3.875%	3.564%
5-Year ARM FHA	3.750%	3.342%
Larger Loan Amounts in Eligible Areas - Conforming and FHA.
30-Year Fixed	5.250%	5.390%
30-Year Fixed FHA	5.250%	5.924%
5-Year ARM	4.125%	3.606%
Jumbo Loans - Amounts that exceed conforming loan limits
30-Year Fixed	5.500%	5.643%
5-Year ARM	5.125%	3.977%

"A friend is one of the nicest things you can have, and one of the best things you can be." ~Douglas Pagels

1 Comment

New Government Requirements on all loans

03-24-10

Tim Tubb Building Communities on loan at a time.

* All Borrowers' Birth Certificate will be required with Pictures taken in the hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers.

* Marriage certificate with bridal dress will be required if both husband and wife are required to qualify for the loan

* GFE will not require signature but will require blood sampling from a recognized institution within three days of application

* DNA test will be performed at closing to avoid any ARMS length transaction. Loan funding will be contingent upon satisfactory receipt of DNA results.

* Verification of deposit will be acceptable only if Bank representative is present at the closing.

* Copy of Pay stubs and W2 will only be acceptable through IRS only with a wax sealed envelope mailed directly to the lender.

* 7 Witnesses from neighborhood will be required as proof of primary residence in case Borrower owns more than 1 property.

* All appraisers will be required to use Mask and ear plugs at the time of inspection to avoid any personal influence by the Borrower for the appraised value.

* In order to correctly calculate DTI and true house running ratio, a list of Grocery items, monthly usage and brand names will be required with receipts and projected 12 months consumption chart.

* Closing will not occur without loan officer presence at settlement and Loan officer picture will be taken at the closing in a Mug shot format with loan number. Picture should meet standard guideline of 2 X 2 inch in color format with one facing and one side view.

* Loan officer picture will be attached to the Deed and note and will be made available for general public and security agencies in case Borrower defaults on the loan.

This is just a joke!

Hope you all get a kick out of this. I laughed and laughed. :)

For personal, start-to-finish service, local market knowledge and the ability to customize a program to help meet virtually any homebuyer need, call Anne Stults (662) 407-2253 or myself today. (662) 407-2262 office or (662) 871-4125 cell

Online Application
www.timtubb.com

2 Comments

Reverse Purchase Program

03-15-10

Tim Tubb Building Communities on loan at a time.

With the Spring Open House Blitz coming up I wanted to re-remind everyone about our Reverse Purchase Program.... Seniors can purchase a primary residence and obtain a reverse mortgage in a simultaneous transaction...enabling the Senior to never have to make a mortgage payment!

The qualifications are the same as a Reverse Refinance.... the Borrowers have to be aged 62 or older, and the subject property must be their primary residence. However, in the purchase transaction, the borrower has to have enough down payment in order to provide sufficient equity to allow a Reverse mortgage. So how much down payment is needed? It depends upon interest rates and age of borrower. Based on today's rates and a purchase price of $180,000...

A borrower aged 65 would need to put down about $90,000. A borrower aged 75 would need to put down about $76,000. While this may seem like a lot most seniors are downsizing and may have the downpayment from the sale of their current residence. Also, the down payments can be gifted. And as always with Reverse....income, employment & credit do not matter! So if you have any purchase turndowns for senior borrowers or if you get any inquiries into Reverse Purchases please call one of your Reverse Mortgage Consultants.

Thank you for considering Reverse! We are looking forward to partnering with you during the upcoming Open House Blitz!

Online Applicationwww.timtubb.com

Product	Interest Rate	APR
Conforming and FHA Loans
30-Year Fixed	4.875%	5.065%
30-Year Fixed FHA	5.125%	5.850%
15-Year Fixed	4.250%	4.573%
5-Year ARM	3.750%	3.519%
5-Year ARM FHA	3.750%	3.342%
Larger Loan Amounts in Eligible Areas - Conforming and FHA
30-Year Fixed	5.125%	5.264%
30-Year Fixed FHA	5.250%	5.924%
5-Year ARM	4.125%	3.606%
Jumbo^{Loans - Amounts that exceed conforming loan limits}
^{30-Year Fixed}	^5.500%	^5.643%
^{5-Year ARM}	^5.000%	^3.930%

"Put a grain of boldness into everything you do." ~Baltasar Gracian

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This is not good news - but you need to be aware so you can set proper expectations.

03-12-10

Tim Tubb Building Communities on loan at a time.

USDA Rural Development Loan Applications No Longer Accepted - Effective March 12

Issue:

On March 9, the United States Department of Agriculture Rural Development (RD) announced that program funding for the Single Family Housing Guaranteed Loan Program (SFHGLP) will likely be exhausted by the end of April.

In order to ensure the best possible customer experience for our RD borrowers, the following deadlines must be met to ensure RD loans are properly processed:

Friday, March 12

at 5 p.m. Central time - Deadline for RD applications to be accepted by Wells Fargo.

IMPORTANT:

Effective immediately, a Commitment Letter will only be provided for transactions that have received RD 1980-18 Request for Conditional Commitment and RD 1980-21 Request for Single Family Housing Loan Guarantee from the RD office.

If the Commitment Letter has not been issued, Decisioners must suspend transactions until the two RD documents are received.

Friday, March 19

or sooner - Complete loan packages should be submitted to the appropriate RD office to request the RD 1980-18 Request for Conditional Commitment and RD 1980-21 Request for Single Family Housing Loan Guarantee.

IMPORTANT: Team members are STRONGLY ENCOURAGED to submit complete loan packages as soon as possible. However, regardless of the date the loan packages are sent, there is no guarantee that RD program funding will be available.

Impacts to Fulfillment:

Reporting will be available. Fulfillment site leaders must manually review and identify approved and unapproved loans in the pipeline that will not meet the deadlines provided. Loans that do not receive the RD 1980-18 Request for Conditional Commitment and RD 1980-21 Request for Single Family Housing Loan Guarantee prior to funding being exhausted must be restructured, cancelled or denied.

Note: RELS will place a "rush" request on all USDA Rural Development appraisal orders and OPUS will accommodate rushes through their normal process.

Wells Fargo has long been one of the leading providers of funding through the RD program and remains strongly committed to meeting the home loan needs of borrowers in our nation's rural communities.

Online Application www.timtubb.com

Product	Interest Rate	APR
Conforming
30-Year Fixed	5.000%	5.191%
30-Year Fixed FHA	5.125%	5.850%
15-Year Fixed	4.250%	4.573%
5-Year ARM	3.875%	3.564%
5-Year ARM FHA	3.750%	3.342%
Larger Loan Amounts in Eligible Areas - Conforming and FHA.
30-Year Fixed	5.125%	5.264%
30-Year Fixed FHA	5.250%	5.924%
5-Year ARM	4.125%	3.606%
Jumbo Loans - Amounts that exceed conforming loan limits
30-Year Fixed	5.500%	5.643%
5-Year ARM	5.000%	3.930%

0 Comments

Team work makes everything smoother

03-11-10

Tim Tubb Building Communities on loan at a time.

It has become very clear that in today's Mortgage Lending Climate that it takes more than one person to make sure a loan file goes from start to the closing table in the shortest amount of time. That is why Anne Stults and myself have work as a team; we want to be your go to mortgage source the one you know you can count on to get your deals done in the shortest amount of time with the least amount of inconvenience for both you and your clients. Anne brings her 30 years experience in the Mortgage Industry as an originator and processor as well as 22 years in Tax Industry. Anne will be overseeing the processing of our files and pushing them daily to make sure they are closed in a timely fashion. She will also be available to answer any question you might have about any loan you have in process. About me I bring 11 years in the Mortgage Industry as well as 10 years in sales and marketing. I will be meeting with your clients at their convenience day, nights, and weekends taking their applications and gathering any initial information. I will also send out updates on a weekly or as needed basis. I will also spend a large amount of my time discovering and learning about loan programs, grants, bonds, etc. anything to make you and I more productive and increase our bottom line.

For your personal, start-to-finish service, local market knowledge and the ability to customize a program to help meet virtually any homebuyer need, to complete an application or go over a loan scenario call me today. (662) 407-2262 office or (662) 871-4125 cell or if you have a question about a loan in process or a scenario questions call Anne 662-407-2253

Online Application www.timtubb.com

0 Comments

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Tim Tubb Building Communities on loan at a time.

Office: (662) 871-4125

Mobile: (662) 871-4125

Put my experience to work for you.

It has become very clear that in today's Mortgage Lending Climate that it takes an experienced professional to make sure a loan file goes from start to the closing table in the shortest amount of time. I want to be your go to mortgage source the one you know you can count on to get your deals done in the shortest amount of time with the least amount of inconvenience for both you and your clients. I have 11 years experience in the Mortgage Industry as well as 10 years in sales and marketing. I will be overseeing the processing of files and pushing them daily to make sure they are closed in a timely fashion. I am also be available to answer any question you might have about any loan you have in process. I will be meeting with your clients at their convenience day, nights, and weekends taking their applications and gathering any initial information. I will also send out updates on a weekly or as needed basis as well as spend a large amount of my time discovering and learning about loan programs, grants, bonds, etc. anything to make you and I more productive and increase our bottom line.

About us.

Building communities one loan at a time has been a Community Mortgage slogan since 1988. It is gratifying to have made it possible for over 35,000 families to experience the American dream of home ownership.

Community Mortgage is consistently one of the largest home lenders in Shelby County and in our home city of Memphis and now we have a office in Tupelo so we can take care of all of North Mississippi. This is accomplished by providing professional service to home buyers, realtor colleagues, and home builder organizations.

Visit our website at www.community mtg.com. Our Home Buying Basics and the What to Expect pages will be of help in answering some of your questions about purchasing your home. Modern technology allows great access to information, but sometimes you just have to talk to a person. Select one of our loan officers, call them, email them, or Apply Online. They will assist you with questions and do their very best to help you purchase your new home or refinance an existing home.

If you are a realtor visiting our site, let me express my appreciation for your help in making Community Mortgage a success. If you are not involved with a Community Mortgage loan officer, please give us a chance to earn your business. Allow us to develop a working relationship that will enhance your ability to close sales and to achieve your professional goals.

If you are a home builder, take time to visit with us, you will see why we lead the area in new home loans. We understand new home lending and we would very much enjoy working with you.

Home buyers, realtors, builders - when it comes to mortgage lending, Community Mortgage is here for you. I, and all the employees of Community Mortgage, thank you for visiting our web site, and look forward to one day assisting you with your financing needs.

Testimonials

" It was our dream home , but we weren't sure we could afford it. However,we were positive that if we could, Tim would find the best way with the most affordable payment's available and he would never put us in a situation to fail. Great News! We got the house and we love it!" G.E. and Elizabeth

" Tim, Of course we could have never done it without you. Thank you for working so hard now we are homeowners. We appreciate all your effort." Thanks-A-Million Stacey and Lanedra Proud Homeowners

"Tim, you were great! I can not tell you how much your prompt and efficient service meant to my family and myself as we uprooted and moved across country after my transfer from Maine to Oklahoma. Thanks to you we were able to close our loan before I received my first check or even started my new position at the University therefore my family was able to get situated and find a routine before any of us had to start school." Thank you, Professor Stewart