Repair Escrows
So how exactly does the repair escrow work? Well that's a great question! Let's go thru this step by step. We offer repair escrows with any loan program: FHA, VA, RD, & Conventional. Repair escrows give the buyer the ability to have the work done after closing. Here’s how it works: Appraisal is completed and... Read More
Qualified Mortgage – QM
You may have heard some of the buzz in the news about a qualifed mortgage rule rolling out in the begining of January. I want to try and dispell some of the rumors because the media as always makes this sound like a big deal. The fact is Lenders are already doing this and its... Read More
Another Happy Customer
Meet the Eckerts, closed a loan for them a few months back. After lots of hard work on their part they were finaly able to make their dreams come true. Here's their story:... Read More
RD Update: Government Shutdown
UPDATE FROM BELOW INFO: RD is issuing conditional commitments "subject to funding" We ARE Currently Closing and Funding RD Loans! I want to update you on the status of RD lending with the government coming back on line last night. Rural Development has sent out a couple different notices here is a brief summary: They... Read More
Government Shutdown: Whats the big deal?
Yeah the shutdown is a big deal for a lot of people and their families, but the houseing market certinaly hasnt come to a screaching hault. I was headed into work today listening to the radio and all the news about the government shutdown. We all knew it was possible and by the end of... Read More
Attention Investors: Finding the dollars
Wanted to let everyone know I'll be speaking in front of a group of investors in Kalamazoo, Michigan on August 27th. If you are thinking about buying a rental property or looking to expand your portfolio this would be a great opportunity to not only learn more about the mortgage guidelines and process, but also... Read More
City Of Kalamazoo Housing Inspection News
Well the City of Kalamazoo has release there Summer 2013 Newsletter. Couple interesting things to note. Landlords so be sure to schedual reinspection for renew certificates well in advance to take advantage of the 40 month certificate. To find out when a certificate expires click this link Property Tax then select city of kalamazoo, then click... Read More
Traffic Jam At Rural Development
USDA Rural Development - RD program backlogged! **** As of 1/16/2014 the backlog is nearly worked thru and turn times are running approx 2 weeks. Just wanted to make sure everyone is aware of the backlog at rural development. The process for lenders originating RD loans is the following: Lender works up and underwrites file... Read More
Appraiser Nailed You With Required Repairs – No Worries!
With all the foreclosed homes on the market right now required repairs have become very common in the home buying process. No worries, its just another hurdle and there are a number of ways to get to closing even when the appraisal comes back with required repairs. All loan programs FHA, VA, Rural Development, &... Read More
203k Renovation Loan – Info For Realtors
This event was brought to GKAR members buy GKAR's education committee and sponsored by Amerifirst Home mortgage. Great info crammed into an hour and a half event. We do tons of these 203k renovation loans for our borrowers. All shorts of repairs such as bathroom updates, kithcen remodels, roofs, windows, electric upgrades, the list is... Read More
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S.O.S. SAVE OUR SALE
S.O.S. SAVE OUR SALE: WHAT TO DO WHEN YOUR LENDER STALLS WEEKS BEFORE CLOSING!
Did your mortgage lender suddenly go radio silent, request the same bank statement for the fourth time, or drop a last-minute loan denial right before your scheduled closing date?
Yesterday, a panicked real estate agent called my office from Portage. Their buyer had been under contract for three weeks on a home near Milwood. The closing date sat just nine days away.
Out of nowhere, the buyer’s out-of-state call-center lender issued a denial letter. The call-center underwriter miscalculated self-employment write-offs, panicked over an unpermitted porch repair on the appraisal, and threw the entire transaction into the trash can.
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