My title rep drove 106 miles to sign my client's Home Loan...Thank You Tia Lumsden of Ticor Title in Tacoma! :)

I am so thankful.... I didn't even have to beg...too much:) She was happy to do it for me and

didn't charge me a dime extra, so I figure I owe her a good public shout out for going above and beyond. If you know the Seattle-Puget Sound Area at all, just look at the map on the right and you know that is a HAUL! Aside from when I had docs sent to Iraq, I think this is the farthest I have known someone to drive to sign a client.

it wasn't a big money loan, just a little $125,000 refinance, heck I think I grossed $600 on it, but it ended up to be so much more for me thanks to her hard work.

You see the loan we were paying off was an owner-financed home loan from the previous owner of the property. He provided the financing to my client to make it easier for her to qualify for the house initially, but now he needed the money to finish construction on a $2.5 million dollar home he was building. Apparently he likes to do things such as buy land and build stuff, and preferred using home loans to do so. He also owned a Windermere office and was previously a founder and board member of a regional depository bank. Needless to say, he was very happy to get the loan proceeds from this loan to finish his construction project, which he was needing to have refinanced in the very near future....AND... wanted me to provide the loan:)

Thanks again to Tia Lumsden of Ticor Title in Tacoma (University Place). Without your hard work this would not have been possible. If you need title and escrow services in the Puget Sound area, how could I not recommend her? She can be reached at 253-278-0217 or ActiveRain.com/TiaLumsden.

P.S. FYI.... the area where my client's home was located does qualify for the $0 Down USDA Mortgage. And Gig Harbor just across the Narrows Bridge From Ticor Title Tacoma office right on HWY 16, qualifies for 100% Financing as well. But I'll tell you about that later :)

With the recent turmoil in the financial markets, mortgage rates have dropped to some of the best levels we have seen in 2010. We are seeing an increased demand from homeowners seeking to reduce the interest rates on their current mortgage and many are taking advantage of our no cost refinance option.

Based on serveral factors, credit score and final loan to value, interest rates are approaching 4.50%-4.75% for 30 year fixed loans. Plus with the extension of the Making Homes Affordable Program, homeowners can still refinance even if the value of their home has dropped. For more detailed information on our refinance mortgage options, feel free to call our office at (253) 472-1500 ask for Kevin.

http://www.mortgageratestacoma.com

$8000 tax credit available to First Time Home Buyers

By Steve Sloboda · May 3, 2009 For The Suburban Times

I recently wrote about the fantastic $7500 tax credit opportunity that was offered by the US Government. Just when it was thought that it couldn't get any better the Feds announced a full $8000 credit for First time home buyers. It's more than the previous version and has much better terms. The initial option was actually a long term loan that had to be paid off. Now it doesn't have to be paid back. It's actually a tax credit of up to $8000 that you get directly if you qualify as a first time home buyer and close on a house during the allowed time period.

The website www.federalhousingtaxcredit.com explains some terms needed to qualify.

A few main points are:

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

In addition to these main points there is an extensive list of questions and answers on www.federalhousingtaxcredit.com.

So what does that mean for the market here in the South Puget Sound area? Well, it means a lot of things. First, it further magnifies the thought that this might be the best time in our history to be a first time buyer. With interest rates being at historic lows, inventory of homes for sale being higher than usual, and this tax credit, the time is now to buy a home if at all possible. Second, our area has many great homes at affordable asking prices. Getting out there to take a look has never been easier. There are so many great sites out there to search real estate. Take a look online or get in touch with a real estate agent to begin the process.

Pierce County has a lot to benefit from with this tax credit. Hopefully, it will stimulate the housing market allowing people close to foreclosure to get out of a bad situation. In addition, allowing qualified buyers to step in and move forward. That will be good for the local economy.

A lot of people have approached me with the thought that getting a loan was now next to impossible and that was why these incentives are popping up. That can't be further from the truth. Its not that loans aren't available, it's that exotic or risky loans are no longer available. To get a home loan these days you must be qualified with a bank or mortgage broker. Banks are a little more stringent in their rules to qualify. If you have a job, some money saved for a down payment, and the desire to buy...Odds are there will be a good loan available for you.

Recently I've seen a significant uptick in the local real estate market. The days are getting longer, school is close to getting out, and people are excited about the interest rates and this tax credit opportunity. If you've been thinking of buying a home I suggest you move forward sooner rather than later. Nobody is sure how long this will last.

Steve Sloboda is Associate Broker at Windermere Real Estate/Paragon Co. in the University Place office. Steve lives in the Oakbrook neighborhood of Lakewood with his wife Amity, and their two young children. For more information or to contact Steve direct please go to www.stevesloboda.com.

Need a great first time home buyer program? Our Great Start Loan provides an initial interest rate of 3.75% with the stability of a fixed rate.

Fannie Updates Investor & Second Home Policy

Highlights

•· Limited to 10 properties financed in total (this includes primary residence and any other properties).

•· Commercial properties or those greater than 4 units do not count toward the 10 property rule

•· Properties titled to and financed by an entity (LLC, etc) do not count toward the 10 property rule

•· Down payment options vary depending on number of units and number of properties financed

Qualifying

•· Easier to qualify than what most people realize

•· Entire down payment must come from borrowers own funds, no gifts allowed

•· Seller contributions cannot exceed 2% of the sales price

•· Cash Reserves Required - depending on number of properties owned

•· Anticipated cash flow can often be used to offset the new payment making it easier to qualify

•· Borrowers with multiple rental units can use rent to offset payments making it easier to qualify

Benefits

•· Tax benefits associated with owning rental properties can be significant

•· Prices are at record lows creating great buying opportunities

•· Rental property buyer's don't have a home to sell giving them a negotiating advantage

•· Lower prices = Lower down payment requirements and lower monthly payments

•· Lower monthly payment = better cash flow

Don't let your investors miss out on an investment buying opportunity by working with a lender who may not be familiar with investment property lending. Call Kevin Tinsley at www.alltechmortgage.com with any refinancing or investor financing questions. (253) 472-1500