Posted on January 5, 2009
Filed Under Home Sellers, Homebuyers, Homes for Sale | Leave a Comment
This area is for buyers and sellers to come together and meet each other. To share what your real estate needs are. Kind of like a forum but thru blog posting and commenting.
We will probably have to experiment with this a few times to find out the best system but let’s try this for now. If you are a real estate buyer or seller fill in the form below and state what your deal is.
For example: I would like to buy a home that is (such and such) or I would like to sell a home that is (such and such). Than, I will create a blog post only putting in your request but will not include any names or contact information.
Than, the blog readers who are interested in the “deal” could fill in the contact form and request to have the “deal maker” contact you by providing them your contact information.
*Notice to real estate agents and real estate brokers - we love you – but, this section is not for you unless you have a deal. Otherwise, the buyer or seller are private parties and they are choosing to deal directly with each other without representation. If they choose that it will be on their own accord. The “deal maker” will probably “google” the contact name before calling to verify it is not a real estate agent trying to solicit their business.
If you are a real estate agent and are interested in the “deal” for private purposes and not for commercial purposes than please disclose your licensing so that the “deal maker” will know it is okay to contact you and they won’t be hit over the head with a sales pitch.
Deal #1 – Investor is seeking….
Posted on January 5, 2009
Filed Under Homes for Sale | Leave a Comment
The For Sale by Owner Homes presented on these pages are accurate as of the date they were manually entered. You will need to contact the home owner directly to find out if they are still accepting offers and to get more info and view the home. If, you happen upon one of these homes and find out it is no longer available please feel free to notify us by commenting or filling out a form so we can delete the post. However, this is a very active site and we are in frequent communication with the FSBO sellers so it should be fairly up to date.
Battle Ground FSBO’s
Brush Prairie FSBO’s
Vancouver FSBO’s
La Center FSBO’s
Hockinson FSBO’s
Ridgefield FSBO’s
Camas FSBO’s
Washougal FSBO’s
Woodland FSBO’s
Kelso FSBO’s
Kalama FSBO’s
Longview FSBO’s
Centralia FSBO’s
Chehalis FSBO’s
Posted on January 2, 2009
Filed Under FHA Home Loans, Home Loans | 3 Comments
To get your FHA loan application off to the right start you will need to following documentation. This will help your lender expedite the loan approval process.
FHA purchase loans:
Employment:
Most recent 2 years tax returns with all schedules
Most recent 2 years w-2’s, 1099’s and other
Most recent paystubs for past 30 days
Self-Employed – 3 Years tax returns with all schedules & YTD P&L
Savings:
Most recent 3 months bank statements – all pages
Most recent statements of: 401K, stocks, bonds, mutual funds, money market accounts, etc…
Credit:
Most recent statement of bills including monthly payment amount and current balance
If renting: copy of lease agreement or name and phone number of landlord or rental agency and copy of cancelled checks front and back side.
If No Credit Established: Copy of montly bills and evidence of payments over 12 months. Utility bills, phone bills, etc…
If prior or current Bankrupty: Complete bankruptcy filing including discharge papers.
If Co-Signing for a car or other type of consumer loan: copy of checks front and back showing you did not make the payments.
Personal Information:
Copy of Drivers License
Copy of Social Security Card
If applies: copy of divorce decree, palimony or alimony papers
If applies: copy of green card or work permit
If applies: if you own another home – see next section
Refinancing or Own Rental Home(s)
Copy of note and deed of trust
Copy of payment coupon
Copy of Hazard Insurance Policy
Copy of Propery Tax Bill
Rental agreements if the property is a multi unit building
Upfront Mortgage Insurance Premium
Posted on January 2, 2009
Filed Under FHA Home Loans, Home Loans | 3 Comments
UFMIP - Upfront Mortgage Insurance Premium is the insurance used to protect the lenders in the event of a mortgage default. It is important to know how to calculate the UFMIP to arrive at your final loan amount and total monthly payment. Learn how to calculate the maximum mortgage amount.
FHA Refinance Loans – Max Loan to Value (LTV) and UFMIP
Rate and Term Refinance – 97.75% Max LTV + 1.75% UFMIP
FHA to FHA Streamline with Appraisal – 97.75 Max LTV + 1.50% UFMIP
FHA to FHA Streamline without Appraisal – Lower of 2 calculations + 1.5% UFMIP
Cash out Refinances – 95% and 85% – 1.75% UFMIP
All cash out refinance transactions over 85% LTV will require a second appraisal.
Monthly MIP for Purchase loans, Full qualifying refinance loans and streamline refinances is as follows:
30 Year Mortgage
LTV < 95% = 50 Basis Points
LTV > 95% = 55 Basis Points
15 Year Mortgage
LTV < 95% = None
LTV > 95% = 25 Basis Points
Co-Borrowers & Co-Signers
Posted on January 2, 2009
Filed Under FHA Home Loans, Home Loans | 6 Comments
FHA rules for Co-Borrowers and Co-Signers are important to understand before when pre-qualifying a borrower for an FHA mortgage.
(see 4155-1 for complete explanation and rules)
Borrowers, Co-Borrowers and Co-Signers. Borrowers and Co-borrowers take title to the property and are obligated on the mortgage note and must also sign the security instrument. The co-borrower’s income, assets, liabilities, and credit history are considered in determining creditworthiness.
Co-signers do not hold ownership interest in a property, but are liable for repaying the obligation and must sign all documents with the exception of the security instruments. The co-signer’s income, assets, liabilities, and credit history are considered in determining creditworthiness for the mortgage and the co-signer must complete and sign the loan application.
