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Archive for the ‘first time homebuyer’ Category

Should I Wait to Buy a Home?

Tuesday, August 24th, 2010

Last week while at the grocery store, I overheard a couple discuss waiting for a repeat of the First-Time Homebuyer’s Tax Credit before making their home purchase. All I could think was…NO! Now is one of the most opportune times to buy a home. Yes, I said home… not house. A house is an investment…a home is where you and your family live…memories are built, the good and bad things in life “happen”…grandma comes to visit…get the picture? Any way, here are some reasons why you don’t want to put off purchasing a home:

1. Interest rates are at their lowest EVER!. The difference between a 30 year fixed rate loan of $150,000 at 6%* and 4.5%* is $142.00 per month. Meaning that you can have a more affordable monthly payment, qualify for a bit larger or nicer home or buy that beautiful new home or condo with $142 Mello Roos or homeowners association dues.

2. FHA, Fannie Mae, Freddie Mac and Investors are continually changing and restricting a buyer’s qualifying ability. Just this week it was announced that co-signed payments will no longer be omitted from qualifying ratio’s. This flies in the face of a twenty-year practice of omitting the payment if it is proven (documented) that the second party is, and has been, making the payments within the last 12 months or since inception. This means, if you co-signed for your adult child’s auto loan, you now have to qualify with that payment as well. If you co-signed for your parents or grand parents, or your brother or sister, you are now held as responsible and have to qualify for your home loan even though they make the payments.

3. Just this week, a measure passed in congress allowing FHA to increase its annual mortgage insurance premium from .55 to 1.50%. President Obama is expected to sign this Bill into law. The administration argues that the premium hike will allow FHA to build it’s capital more quickly than it otherwise would. (Duh!) Also included, is the option to reduce the financed upfront MIP. However, financed MIP has a less severe impact on qualifying ratios, since it is spread out over the term of the loan. The higher Annual Monthly Mortgage Insurance Premium has the potential to further reduce a borrower’s qualifying potential.

4. Private Mortgage insurance is back for CA** home buyers with 5 -10% down and credit scores over 720.

So the government isn’t giving away $8,000, but the rates are lower than ever, and who knows what the next round of restrictions or laws will do to limit your ability to buy. Added together, these are all good reasons to buy a home now!

I encourage you to contact me today to discuss your purchasing options, before rates begin to climb and your ability to purchase becomes further restricted.

*not to be considered a rate quote and used for comparison purposes only APR 6.456% and APR 5.172%
** Not in all areas of CA

Photo of Ingrid Pierson

Ingrid Pierson
(530) 885-1545
ipierson@teamvitek.com


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New Program Reduces Federal Income Tax a Homebuyer Pays!

Monday, August 9th, 2010

New money is now available for the SHRA MCC program. This program blows away the $8,000 First-time Homebuyer Tax Credit, if the borrower keeps the loan in place for more than five years as an owner occupant.

The Sacramento Mortgage Credit Certificate (MCC) Program is designed to provide homeownership assistance on home purchases within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the County of Sacramento. The MCC reduces the amount of Federal income tax a homebuyer pays, thus giving more available income to qualify for a mortgage loan and to make monthly mortgage payments. This new allocation won’t last very long, so take advantage of it while you can. Below are a few keep points on the MCC loan program.

Program Features:

      • 20% Mortgage Credit Certificate – a tax credit of 20% of the annual mortgage interest paid (amount of the credit cannot be more than the annual federal income tax liability after all other credits and deductions have been taken into account)
      • MCC will be in effect for the life of the original mortgage loan provided property remains owner occupied
      • MCC may be reissued one time, upon the first refinance of the original mortgage loan
      • MCCs may be used with conventional loans, fixed-rate or adjustable loans, FHA and VA loans (MCCs are not available with bond-backed loans such as CHFA or Cal-Vet)
      • 40 percent of an MCC allocation is reserved for households whose income does not exceed 80 percent of the area median adjusted for family size

Eligible Applicants Include Homebuyers:

      • Who are first-time homebuyers (have not owned and occupied a home as a principal residence within the preceding three years) (in federally designated target areas, you do not have to be a first-time homebuyer)
      • Able to qualify for a loan to purchase the home
      • Who will live in the home being purchased
      Who do not exceed the following income limitation:
        • 1 or 2 person household $73,100 (non-target areas) $87,720 (target areas)
        • 3 or more person household $84,065 (non-target areas) $102,340 (target areas)

Eligible Properties Include:

      • Single family homes that are located within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the unincorporated areas of the County of Sacramento.

        Maximum purchase price limits:
            • New and Existing Homes $506,795 (non-target areas) $619,417 (target areas)

Contact me for more information or a list of federally designated target areas.

Photo of John Easterbrook

John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com


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STAY INFORMED OF YOUR ESCROW’S LOAN STATUS
VITEK GIVES YOU ‘LOAN STATUS UPDATES’ IN ‘REAL TIME’!

Tuesday, July 27th, 2010

Whether you are a homebuyer, Realtor®, or Escrow Officer, chances are you have endured a frustrating transaction by not knowing what is happening with your loan. Now with VITEK’s ‘Real-time Loan Status Updates’ (LSU), you will always know where your loan is in the process! We believe communication is vital to ensuring a smooth and successful transaction for our clients. Along with our new Loan Origination Software (LOS) we recently launched, we have programmed ‘Loan Status Updates’ into the loan process to keep you informed of important milestones in the transaction, as they happen.

When VITEK is your lender, in addition to phone calls from your mortgage loan originator, you can expect to receive email notification of important events in the loan process, triggered by the actions of our different loan departments.

A few important LSU’s that you can expect to receive include:

    • Preliminary Title Report Received
    • Loan Assigned an Underwriter
    • Loan Approved with (or without) Conditions
    • Loan Documents Ordered
    • Loan Funded!

To help ensure your loan closes quickly, in addition to communicating with you on the status of your loan, we also keep you informed on important information you will need to take note of throughout the transaction.

If you want to stay fully informed throughout your loan transaction, allow VITEK to walk you through the home loan process. You won’t be disappointed!

Photo of Philip Duncan

Philip Duncan
Executive Vice President


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Removing Disputed Credit Accounts

Friday, July 23rd, 2010

With home prices and interest rates at historic lows, many people are looking to take their first step into homeownership. In today’s challenging economy, many first-time homebuyers struggle with credit challenges. One often-seen challenge is accounts on credit reports that have already been rectified. These are accounts that have been settled by the homebuyer, but have not been removed from their credit report by the creditor. If you, or someone you know, are struggling with this same problem, below are a few of our mortgage loan originators who see these issues on a consistent basis, and their suggestions on how you can work to have these items removed from your credit report.

These outstanding accounts on your credit report can cause roadblocks in purchasing your dream home. If you have any questions on home financing, and how VITEK can help you purchase your dream home, contact one of our mortgage loan originators today.

Photo of Jessica Robinson I have a client who states that he contacted the bureaus directly (yes, the bureaus) and relentlessly. When we started he had two disputed accounts and now, zero!
Photo of John Easterbrook Get on the phone with the creditors. Demand a letter stating that the accounts are no longer in dispute. Its not easy. Insist on talking with a manager if they won’t do it for you. One other thing, you must have the borrower on the phone with you initially. They can usually authorize you for 24 hours.
Photo of Vicki Fargo Are they disputed accounts? If so, my client called her creditor and asked them to remove the disputed status of the account. The creditor wrote a letter to the bureaus taking the account out of dispute, and they sent a copy of their letter to the borrower, which she received about 3 days later. I sent that in to score plus, they contacted the creditors to verify status and another 3-4 days after that we had a new credit report with no disputed accounts!
Photo of Jonathan Hudak Pray to the man above that those creditors will write you a letter stating that the accounts are current and that they are no longer being disputed. A creditor wouldn’t give my client a letter and it prevented them from getting a home loan.
Photo of Mary Westphal Unfortunately, get ready to hurry up and wait. The credit bureau requires a letter from the creditor that the account is no longer in dispute and that these words will be removed from all three bureau’s. The letter works well with Equifax and Experian but Trans Union puts the account under investigation. This process took me three tries and six weeks. Equifax and Experian rescore can be accomplished in 7-10 days, maybe sooner by CBC, but the Trans Union process is a waiting game.I believe the reason it took so long is because my borrower kept calling the creditor and disputing the dispute. Just do it once and wait. CBC will keep checking for you. Seriously a pain, but we finally closed yesterday. Good luck!

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WHY VITEK?

Wednesday, July 7th, 2010

Now, more than ever, borrowers need to use extra care in choosing the right lender. The news media has been riddled over the past two years, with horror stories of borrowers, who for one reason or another, chose the wrong lender and paid terrible consequences as a result. Last week, I was thinking about this very issue and what people need to know about choosing the right lender. I feel so thankful that I work for one such lender, VITEK Mortgage Group. As a mortgage loan originator, with more twenty years of experience, I thought you might like to know why I, and so many of the area’s top and experienced mortgage loan originators, have chosen VITEK.

I have been with VITEK now for the past eight years. Previous to joining VITEK, I was working for another lender, when I felt it was time for me to make the move to another company. I was tired of working for large corporate lenders that kept buying and selling each other. I also didn’t like that many of these companies were based on the East Coast, where it was impossible for me or my clients to reach anyone after two o’clock in the afternoon, and sometimes it was difficult to reach anyone at all. Because of this, I knew I wanted to seek out a local company. I have always been involved in the community and I wanted a company that also had a local connection. It was important to me that the company was large enough to carry all the loan programs my clients needed, but also hadn’t lost the personal touch.

These two requirements are what made VITEK one of the front-runners for me. I wanted to be very careful in making my decision though, because I wanted a company I could feel at home with and where I could stay. When I started asking other mortgage loan originators why they liked VITEK, over and over I kept hearing the same thing - it’s the people!

Having people that care and are dedicated to customer service, in the long run, was so much more valuable to me, than the possibility of presenting my clients with a slightly lower rate. The lender with the lowest mortgage rate doesn’t always mean the best loan for my clients. Customer service, lender experience, and a company’s track record all contribute to a smooth loan transaction, and ultimately for me, a satisfied client. Thankfully, with VITEK I get to present my borrowers with the best of both worlds, low rates and quality service.

Last week I was reminded of this, when my VITEK team pulled together to make sure a young couple could move into their new home on-time over the weekend. This was important to them, because they had no time-off from work available to move during the week. It was just one more loan where my wonderful team was able to “pull a rabbit out of a hat” and get a loan closed, not just on time, but on time to meet the borrower’s needs.

VITEK stands for Value, Integrity, Teamwork, Excellence and Knowledge, all of which are the cornerstones of how we conduct business. I truly believe “team” should all be in all caps though, because it is exactly what makes VITEK so special - the TEAM of people caring and working together. You see, without people working for you who care, your loan doesn’t receive the care and attention it deserves. My last eight years with VITEK has been wonderful, and with the continuing support of the VITEK team, I am looking forward to continuing to provide my clients the best service possible.

Michele Dillingham
Michele Dillingham
(916) 486-6930
mdillingham@teamvitek.com

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