My Mortgage Guru, Linda Davidson: Easy Pay Program!!

My Mortgage Guru, Linda Davidson: Easy Pay Program!!: "How many times have you heard (or said)…. Nothing is easy right now in our industry? We are soooo excited to introduce our exclusive Easy ..."

Easy Pay Program!!

How many times have you heard (or said)…. Nothing is easy right now in our industry? We are soooo excited to introduce our exclusive Easy Pay program today- it has been in the works for several weeks (and I have been just bursting to tell you) and I am thrilled that we can finally make the announcement!!!!!

Our Easy Pay loan can help make a home purchase affordable and easy as 1-2-3 with lower payments for the first three months!
1) Minimum payments only are due for the first 3 months
2) 3.5% down payment is required (gifts allowed).
3) Seller contribution is required. Max contribution from seller is 6% of sales price.

How it works….
~ FHA loans only, 3.50% down (in 3A)
~Seller pays the interest up front at closing for the buyer’s first three month’s house payment

(must be part of the FHA max allowed contribution of 6% in 12A1B of contract)
~ Buyer must qualify for PITI.

~Single Family, Townhome or Condo (as long as it can go FHA financing)
~Buyer has more money for the first three months of payments to do ALL those extra things that seem to come with moving into a new home!

Realtors- We are so excited about our new EASY PAY and know that your buyers will be also! To get the word out, we have the following:
~*~ Two (2) Ready-to-Use Flyers Ready for Printing (front and back)- Just email us at ldavidson@servicefirstmtg.com, put please send flyers in the subject line and we will forward to you immediately

The LAST full week of August

The last full week of August….and only four months till Christmas… WOW…. Where did the time go? It’s my Birthday this week… hitting the 49 (really)- there was a time when 49 was “really old”- now… not so much J. If you will let me ramble for a moment- 49 is a special year for me because my mom died at that age of ovarian cancer. Some people know that I grew up in government housing and my passion of my clients owning a home is driven by that one thing- I understand what the pride of homeownership can do for a family. So I am looking forward to another great year in being able to assist hundreds of families in achieving that goal! I appreciate your trust in your referrals and it is never taken for granted!

Thank you!

Breaking FHA NEWS!!!

Breaking FHA News! We have breaking news concerning FHA MIP so I thought that I would go ahead and send out the market report today instead of Sunday night. This news is VERY important and needs to get out to your buyers- especially those that are sitting on the fence to purchase. See below for information.


We also have for you today 5 Important Reminders for you and a Survey/ Comment Opportunity from one of our Congressman about the expiration of a Tax Relief. Feel free to have your voice heard!


Since we are not sending this out on Sunday night this time, check out the Economic Market Report on our face book page (mymortgageguru Linda Davidson) on Monday. We post regularly to always keep you in the know!


Reminder that we are open on Saturday from 10:00- 3:00 for your prequals and questions. Simply call us then (or anytime) at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. We are NEVER too busy for you and always look forward to hearing from you. Have a blessed weekend and next week! Linda






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Five (5) Important Reminders


1- The Davidson Group/Service First Mortgage still guarantees their Red Hot Service- 25 Day Closings*! Let our in-house processing, underwriting and closing make it happen for YOU!
As in all things, here are the exclusions :): Does not apply to specialty programs (i.e., Bonds, USDA, TVLB, TDHCA, MAP, UPCAP, etc). Does not apply to foreclosed properties or short sales. Contract must be executed and in our office for the 25 days to start and the appraisal must be able to be ordered by day three of the executed contract. Buyer must also have 100% of their "home"work list to us by day three of the 25 days and furnish all underwriting conditions within 7 days of closing. Issues beyond our control (i.e., appraisal, title work, buyer misrepresentation


2- Remember we also have the exciting 1,000 Ways That I Can Support Your Selling Efforts. Don’t forget- Your five certificates are available- all you have to do is email us at ldavidson@servicefirstmtg.com and put 1,000 Ways in the subject line- We will send immediately for you to print! They will apply for new applications from June 9 through the end of Labor day (one per new loan, please). The only caution: we would like to know this certificate will be used well before the loan gets to the closing table. Missed the email about the 1000 Ways?…. Here you go….. http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11857393



3- We HAVE USDA money and we ARE the expert! (see link below)

http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11857394





4-Military & Certain Federal Employees Get Home Buyer Tax Credits Until 2011
http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11856339
More information:
http://www.irs.gov/pub/irs-pdf/i5405.pdf (go to Page 3- Instructions)

http://www.irs.gov/pub/irs-pdf/f5405.pdf


5-Sales Tax Holiday/ Tax Free (Next Weekend)- Reminder Your Clients
http://www.window.state.tx.us/taxinfo/taxpubs/tx98_490/tx98_490.html


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Breaking FHA News!
Yesterday Congress passed H.R. 5981 which will give FHA the authority to change their annual and monthly mortgage insurance premiums. The bill passed very quickly and the changes that are going to take place will be implemented on September 7th with all new case numbers pulled on and after that date. Please take note that the September 7th date correlates to pulling a FHA case number, not contract dates.

Want to read more:
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/05/AR2010080506663.html


The changes are as follows: FHA will be decreasing the Upfront Mortgage Insurance Premium from 2.25% to 1.00%. They will also be increasing their monthly mortgage insurance premium from .50-55% to .85-.90% depending on the combined loan to value (LTV’s <=95% will increase to .85 and LTV > 95% will increase to .90).



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Economic Market Report
Since we are not sending this out on Sunday night this time, check out the Economic Market Report on our face book page (mymortgageguru Linda Davidson) on Monday. We post regularly to always keep you in the know!


Reminder that we are open on Saturday from 10:00 AM- 3:00 PM for your prequals and questions. Simply call us then (or anytime) at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. We are NEVER too busy for you and always look forward to hearing from you. Have a blessed weekend and next week! Linda

Simplify Your Life Week, Appraisals and The 10 Things You Need to Know, Questions About Interest Rates, Good News on Foreclosures, Market Report

Click here to view in color and highlighted http://tinyurl.com/August-2-2010

DID you know that this is Simplify Your Life Week ? It really is. My Pastor spoke this Sunday morning on when you know your purpose, your life is simplified. It got me thinking what my purpose is....What is my purpose in the Mortgage industry? My purpose is "To Fulfill The Dream of Homeownership". I LOVE that I have placed in our industry to fulfill that purpose and it is what drives us to 1) Know the Guidelines well (and have our Underwriting designation so that we know what to look for upfront) 2) Never over-promise 3) Never close late or ugly. This is what I and my team strive for daily!



So what do we have for you this week.... A recap of the 10 Things You Need to Know about Appraisals (lots of questions this week on appraisals), an interesting Dallas Morning News article on foreclosures and Two Questions About These Historically Low Rates (and of course the Market Report).



The first week of August- wow how has the year flown! It has been sooo much fun talking to our buyers this week and helping them fulfill their homeownership dream. Let our experience and knowledge fulfill YOUR client's dream! We look forward to hearing from you for your prequals and questions and are NEVER too busy for you (972-278-3400 or ldavidson@servicefirstmtg.com)! Have a blessed week! Linda

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Two Questions About These Historically Low Rates
Interest Rates are "crazy low" and just is such an amazing time to look at purchase (or perhaps refinancing). Below you will see two questions that we are asked a lot about interest rates- I think you will find the information interesting!

http://tinyurl.com/QuestionsaboutRates



Bottom Line #1: It has never been a better time to buy a home!

Bottom Line #2: It has never been a better time to look to see if refinancing is right!


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Back by Popular Demand- 10 Things You Need to Know About Appraisals - Feel Free to Forward On!
Lots (and lots) of questions last week about appraisals. It is soooo important that you understand why (and how) HVCC is affecting the real estate industry. I especially want to discuss points #4 and #9- If you are the listing or the selling agent, you ARE allowed to speak to the appraiser (just the loan officer and/or their commissioned staff is not). In addition, appraisers ARE really open to getting your comps upfront- they are NOT there to kill the deal; however, if you cannot find comps, neither can they! I WOULD highly recommend that you 1) either present your comps upfront to the lender to upload in the appraisal ordering system (if the lender will allow it) or 2) have comps at the home marked and available for the appraiser to review BEFORE the appraisal is completed. This is NOT against HVCC guidelines as long as the appraiser does not feel that undue duress was given in order to make value. Address these areas upfront and it could make the difference in the deal closing!

Need more information on the 10 Things You Need To Know About Appraisals? Click on the link below....

http://tinyurl.com/Top10ThingsKnowAboutAppraisals






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Good News- Dallas-Fort Worth home foreclosure filings drop 12%
http://www.dallasnews.com/sharedcontent/dws/classifieds/news/homecenter/realestate/stories/041610dnbusforeclosures.24e7135ee.html




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MARKET REPORT (Source: Mortgage Market Guide)

Last Week In Review
THEY SAY IT TAKES TWO TO TANGO... And the relationship we see in the markets between Stocks and Bonds is a dance of its own, as one often improves at the expense of the other... while one kicks higher, the other often dips lower. But why... and how does this impact home loan rates? Here's what you need to know.

http://tinyurl.com/MarketReportAug2-6-2010



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Let our experience and knowledge fulfill YOUR client's dream! We look forward to hearing from you for your prequals and questions and are NEVER too busy for you (972-278-3400 or ldavidson@servicefirstmtg.com)! Have a blessed week! Linda