THEY'RE BACK! Wheda has been out of home financing for a couple years but is back just in time! Their new program is the WHEDA Fannie-mae Advantage ZERO DOWN loan. Designed for borrowers who haven't owned a home in the past 3 years. Borrowers must contribune $1,000 toward closing costs from their own funds. Income restrictions vary per county. Wisconsin homes only. Single family and duplexes over 5 years old. Owner occupied only! Rates estimated around 5.75% with no mortgage insurance which makes it a competitive rate compared to a conventional loan around 5% with mortgage insurance.
This program comes out just in time for buyers to take advantage of the $8,000 buyer tax credit, also for those who haven't owned a home in the past 3 years.
There are also TARGET areas throughout Wisconsin where you can still buy even though you have owned a home in the past 3 years.
Call me if you need details.
63 days remain to get your offers accepted and take adavantage of the homebuyer tax credits!!!!!
Thursday, February 25, 2010
Tuesday, February 23, 2010
HONEST LENDERS
Lost a nice borrower last week. I'm a bit ticked about it. I've always thought honesty is the best policy, but I lost a deal because of it. When someone comes to see me about financing, I like to tell them what the maximum closing costs will be. Until someone locks their interest rate in, rates and what I charge for fees isn't set. Would you rather come to closing with less than you expected or have costs come in higher?
I was a bit upset about this deal because the lender at the bank told them their payment was $100 less a month and closing costs were $700 less. If we are at the same interest rate, there is no possible way the payment would be $100 less a month!!
With the new Federal Government changes, there is no way to know exactly what closing costs will be until we know who is doing everything like appraisals, and title work. Because of these changes, we are required to estimate high, as once we give a borrower a good faith estimate we can not change the estimated fees to what the actual costs are and I end up paying the difference (note the word estimate doesn't mean crud).
Now in concept, I agree there are a lot of bad lenders and brokers out there who would lie to borrowers and quote low costs, then at closing, a borrower found out the needed hundreds, if not thousands of dollars more than the estimate. What is now unfair to honest lenders like myself is we have to stand by the estimated costs. Appraisals (which lenders can not order because we "influence" the appraisers) are ordered through appraisal management companies. Because of this, appraisals can cost anywhere from $375 to $550 and we don't know what the cost will be until we get the appraisal because we can't order it or know who is doing it. I can't put $375 because if the appraisal comes back costing $550, I personally have to pay the $175 difference. Because of this, I will always put the maximum closing costs , and they should come in much less.
In the instance of the loan I lost, my rate was 1/4% less, and if they had checked rates and locked with me that day, I could have offered them a credit toward closing costs of $825. The borrowers paid 1/4% more in rate and $125 more in costs than what I could have given them based on what that lender told them. I just wished them the best, rather than point out they would really have gotten a better deal with me. They got screwed! They're going to pay $27.12 a month more with the other lender, which is $325.38 a year or $9,761.45 over the life of the loan! I'm not going to beg someone to work with me. I only want to work with people who want to work with me and trust me.
I don't know how to express that I will give a borrower the fairest rate and costs, and that my rates are some of the most competitive around.
I hate it when lenders mislead borrowers to get a deal. Just be sure you deal with someone who's reputable and was referred to you by someone you trust.
I was a bit upset about this deal because the lender at the bank told them their payment was $100 less a month and closing costs were $700 less. If we are at the same interest rate, there is no possible way the payment would be $100 less a month!!
With the new Federal Government changes, there is no way to know exactly what closing costs will be until we know who is doing everything like appraisals, and title work. Because of these changes, we are required to estimate high, as once we give a borrower a good faith estimate we can not change the estimated fees to what the actual costs are and I end up paying the difference (note the word estimate doesn't mean crud).
Now in concept, I agree there are a lot of bad lenders and brokers out there who would lie to borrowers and quote low costs, then at closing, a borrower found out the needed hundreds, if not thousands of dollars more than the estimate. What is now unfair to honest lenders like myself is we have to stand by the estimated costs. Appraisals (which lenders can not order because we "influence" the appraisers) are ordered through appraisal management companies. Because of this, appraisals can cost anywhere from $375 to $550 and we don't know what the cost will be until we get the appraisal because we can't order it or know who is doing it. I can't put $375 because if the appraisal comes back costing $550, I personally have to pay the $175 difference. Because of this, I will always put the maximum closing costs , and they should come in much less.
In the instance of the loan I lost, my rate was 1/4% less, and if they had checked rates and locked with me that day, I could have offered them a credit toward closing costs of $825. The borrowers paid 1/4% more in rate and $125 more in costs than what I could have given them based on what that lender told them. I just wished them the best, rather than point out they would really have gotten a better deal with me. They got screwed! They're going to pay $27.12 a month more with the other lender, which is $325.38 a year or $9,761.45 over the life of the loan! I'm not going to beg someone to work with me. I only want to work with people who want to work with me and trust me.
I don't know how to express that I will give a borrower the fairest rate and costs, and that my rates are some of the most competitive around.
I hate it when lenders mislead borrowers to get a deal. Just be sure you deal with someone who's reputable and was referred to you by someone you trust.
Friday, February 12, 2010
WHEDA FANNIE MAE ADVANTAGE - NEW ZERO-DOWN PROGRAM
It's true - and WHEDA is happy to be back with a new loan program just in time for buyers to take advantage of a great loan and the $8,000 1st-time buyer tax credit.
I've got the details, income limits, property max sale prices, so call me for details. For Wisconsin homes only and limits can vary per county.
Zero down, buyer must invest $1,000 into the loan transaction, seller can pay the balancde of closing costs. Requires homebuyer education.
1st-time buyers are buyers who have not owned property in the past 3 years. A mobile home on rented land does not count as owning property. No condo's, no new construction, no manufactured homes, no 3-4 unit properties.
Single family homes, zero down. Duplex requires 3% down from borrowers own funds.
No news on the rate yet - probably not till 3/1/2010, but rumors are the rates will be good.
To take advantage of the homebuyer tax credit, offers on properties must be accepted no later than 4/30/2010 so.....
You've got less than 76 days left to find a home and get your offers accepted! Get in touch with a REALTOR today so you don't miss out, and call me about your financing.
I've got the details, income limits, property max sale prices, so call me for details. For Wisconsin homes only and limits can vary per county.
Zero down, buyer must invest $1,000 into the loan transaction, seller can pay the balancde of closing costs. Requires homebuyer education.
1st-time buyers are buyers who have not owned property in the past 3 years. A mobile home on rented land does not count as owning property. No condo's, no new construction, no manufactured homes, no 3-4 unit properties.
Single family homes, zero down. Duplex requires 3% down from borrowers own funds.
No news on the rate yet - probably not till 3/1/2010, but rumors are the rates will be good.
To take advantage of the homebuyer tax credit, offers on properties must be accepted no later than 4/30/2010 so.....
You've got less than 76 days left to find a home and get your offers accepted! Get in touch with a REALTOR today so you don't miss out, and call me about your financing.
Thursday, February 11, 2010
WHEDA ANNOUNCES THEIR NEW PROGRAM
WHEDA (Wisconsin Housing and Economic Development Authority) ran out of funding more than a year ago. They are coming out with a new program which is designed to get new homebuyers into the market. Perfect timing, as we've got 77 days to get offers on properties accepted if borrowers want to take advantage of the stimulous tax credits of up to $8000 for buyers who haven't owned a home in the last 3 years, and up to $6,500 for repeat buyers who have lived in their home for at least 5 of the last 8 years.
I'll be out with details of the program as soon as they roll it out tomorrow. The BUZZ on the streets so far is that it is a zero-down, 30 year fixed rate program. Borrowers must invest $1,000 into the purchase/transaction and have a middle credit score of at least a 620.
This WHEDA program will be a great addition to the potential tax credit and should provide a super opportunity for young 1st-time buyers out there.
There's not a better time to buy. Great rates, great deals, free money! (Well, you have to go into debt for up to 30 years to get the free money - but it's better than paying rent)
If you would like to get the details on the new WHEDA program, or the buyer tax credit, just shoot me an e-mail. I'm here for you!
Remember: You can't have everything - where would you put it? - comedian Steven Wright
Have a great day. Get out and enjoy the sun (it's sunny here in Wisconsin)
I'll be out with details of the program as soon as they roll it out tomorrow. The BUZZ on the streets so far is that it is a zero-down, 30 year fixed rate program. Borrowers must invest $1,000 into the purchase/transaction and have a middle credit score of at least a 620.
This WHEDA program will be a great addition to the potential tax credit and should provide a super opportunity for young 1st-time buyers out there.
There's not a better time to buy. Great rates, great deals, free money! (Well, you have to go into debt for up to 30 years to get the free money - but it's better than paying rent)
If you would like to get the details on the new WHEDA program, or the buyer tax credit, just shoot me an e-mail. I'm here for you!
Remember: You can't have everything - where would you put it? - comedian Steven Wright
Have a great day. Get out and enjoy the sun (it's sunny here in Wisconsin)
Friday, February 5, 2010
$8000? Only 84 days left to get the buyer tax credit
Help spread the word - buyers have less than 84 days to get an offer accepted by 4/30/10 so they can take advantage of the stimulous' HOMEBUYER TAX CREDIT. Even if you're not a 1st-time buyer, you may qualify for the up-to $6,500 repeat buyer credit.
Realtors are doing a good job of advertising it here in the La Crosse area, but I still don't think people are understanding it's $8,000 FREE MONEY for buying a home. I doubt they'll extend it a 2nd time, so jump down off that fence and get writing offers!
I'm licensed in Wisconsin and Minnesota, so give me a call. Even if I can't do a loan for you in your state, I'll be glad to answer quesitons on the tax credit for you.
Realtors are doing a good job of advertising it here in the La Crosse area, but I still don't think people are understanding it's $8,000 FREE MONEY for buying a home. I doubt they'll extend it a 2nd time, so jump down off that fence and get writing offers!
I'm licensed in Wisconsin and Minnesota, so give me a call. Even if I can't do a loan for you in your state, I'll be glad to answer quesitons on the tax credit for you.
Wednesday, February 3, 2010
85 days remain - time is running out!
The clock is ticking, tick-tock, tick tock, and if you don't find a home to buy soon, you will miss out on up to $8,000 free money. 85 days will go super fast.
Offers must be accepted by April 30th, and the closing must take place by June 30th if you want to take advantage of the stimulous program's up to $8,000 tax credit.
10% of sale price up to $8,000 for buyers who have not owned a home in the past 3 years, and up to $6,500 for buyers who have owned a home for 5 of the last 8 years. Buyers must purchase an owner-occupied property. Can't use it for investment properties. A duplex you will occupy qualifies.
If you've filed your 09 taxes, you don't have to wait till 2011 to get the tax credit, you can immediately ammend your return after your closing and get the benefit right away.
I'm licensed in Wisconsin and Minnesota, but even if I can't do your loan, you can still call me with questions. I've done massive research on this program and am here to help.
As mentioned in my prior post - if you're thinking of selling this year, DON'T WAIT! If you wait to list your home till May, you've just missed a ton of motivated buyers who needed to get their offers accepted by April 30th. Call a Realtor today and get your home on the market. You may be able to then buy and get the $6,500 repeat buyer credit.
Offers must be accepted by April 30th, and the closing must take place by June 30th if you want to take advantage of the stimulous program's up to $8,000 tax credit.
10% of sale price up to $8,000 for buyers who have not owned a home in the past 3 years, and up to $6,500 for buyers who have owned a home for 5 of the last 8 years. Buyers must purchase an owner-occupied property. Can't use it for investment properties. A duplex you will occupy qualifies.
If you've filed your 09 taxes, you don't have to wait till 2011 to get the tax credit, you can immediately ammend your return after your closing and get the benefit right away.
I'm licensed in Wisconsin and Minnesota, but even if I can't do your loan, you can still call me with questions. I've done massive research on this program and am here to help.
As mentioned in my prior post - if you're thinking of selling this year, DON'T WAIT! If you wait to list your home till May, you've just missed a ton of motivated buyers who needed to get their offers accepted by April 30th. Call a Realtor today and get your home on the market. You may be able to then buy and get the $6,500 repeat buyer credit.
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