About King County, WA

Home Loans in Kenmore, WA - pre- approval

It is getting harder and harder to get a Home Loan Approval these days. We have never really seen this level of necessary paperwork ever. As a loan originator and a real estate agent, I prepare my clients from day one to be ready for everything they can imagine to be asked for and then some. But every time there is a new deal, I am surprised at what problems can arise in getting a Home Loan Approval. I just had an FHA loan denied, after we already had a Home Loan Approval from the lender pending results from a 4506T response from the IRS. That form is used to verify that they indeed did file tax returns.

It turns out, however, that my client had not filed her 2007 Tax returns. She owned no money, we had the necessary W2 forms. Not only did they deny the loan, but they would not even put the Home Loan Approval process on hold until she filed the tax returns the next day and wait to send out another 4506T. We had to start the loan all over again at a different lender and she may need to go look for a different home . These lenders are getting more black and white in how they see everything with less and less exceptions possible.

And, by the way, we had to wait over 5 months for the short sale approval from the 2 different banks so we could buy this home and get the Home Loan Approval in the first place. Now, after she gets the Home Loan Approval all over again, we have to hope that the 2 lenders will give us an extension so she can still buy the same home.

So, I learned again, not to assume anything when getting a Home Loan Approval. I assumed because we had W2's that she had filed a tax return. It just goes to show you that we have to ask questions no matter how obvious we think the answers are when we are going for a Home Loan Approval.

Happy Friday to all!!

I hope this finds you having a wonderful day! It is a great day at my house. My husband is cooking our Thanksgiving turkey! Yep, turkey day is here (well almost). We are celebrating tomorrow with our daughter and her new husband. Our daughter, Angella, has not been with us for about 4 years on Thanksgiving and her husband, Dan, never has. So we are pretty excited!!

Since I won't say HI again until next Friday, I hope you have a wonderful Thanksgiving with your family and friends.

See ya next Friday :) ...geri

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If you spend your whole life waiting for the storm, you'll never enjoy the sunshine. -Morris West

Fascination is one step beyond interest. Interested people want to know if it works. Fascinated people want to learn how it works. -Jim Rohn

A tongue three inches long can kill a man six feet tall. -Ancient Japanese Proverb

The reason so few people are successful is no one has yet found a way for someone to sit down and slide uphill. - W. Clement Stone

One cannot help being old, but one can resist being aged. -Lord Samuel

Did the CRA (community Reinvestment Act) of 1977 combined with the Fannie & Freddie act of 1992 have something to do with the housing crisis? These combined ACT's required banks to lend to low & mod income borrowers, aimed to reduce discriminatory credit practices... Was this the fuse and the fuel for the housing bubble? I find it interesting that within 3 years of the second act passing low down payment lending from private lenders went from 8% to 25% and then just kept going up from there... This seems to have set the standard of providing loans to high risk buyers, I would venture to say that poor underwriting or “flexible” underwriting was also a large contributor. Did you know that CRA commitments from 1992-2009 are $6 trillion dollars?? WOW Something to think about, I'm sure these Act's had good intentions but again when Government is in charge there is always a larger risk factor involved for the tax payers.

Did you know 1 & 4 FHA loans are either delinquent or in foreclosure that is 25% of the all FHA loans are in trouble, now you have Barney Frank trying make the FHA limit of 800,000 permanent Are we making the same mistakes again with a new name? Folks this is a HUGE warning. Regulators are horrible at regulating when times are good… but they seem to over regulate when times are tough.

Top foreclosure states are Florida (12.7%), Nevada (9.4%) and Arizona (6.2%) per the WSJ.

Something I was pondering over a cup of coffee this morning

~John

These days I am all about saving money. I am constantly reading blogs aimed at saving and making do with less in our new economy, and in the past few months have learned a great deal. Even a cheapskate like me can learn to be more frugal - amazing!

I wanted to share a great article I just read over at Mummy Deals regarding energy-saving tips for the home. I've never been able to bring myself to plastic-wrap the windows, but by looking at the huge energy savings I believe I'll be heading over to my nearest hardware store soon to get started on this.

Read more here: Save On Heating

Cheers!

Julie Rains over at Wise Bread has written an excellent article entitled, "What It Really Costs To Own A Home". It's a great run-down of all(or most) of the costs of homeownership.

Now, of course I'm all for investing in a home, but the real costs of ownership cannot be ignored, and need to be given serious consideration when buying a home.

However, there's much to be said for the intangible benefits that draw people to buy a home in the first place. The main point of the article is to make sure you set aside enough money every month so that you can eventually deal with the maintenance issues that are bound to pop up.

Enjoy!

http://www.wisebread.com/what-it-really-costs-to-own-a-home#comments