Archive for November, 2014

Fairway Independent Mortgage has partnered with Home Buyers Marketing (HBM)…by Barb Crea

November 21st, 2014
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Fairway Independent Mortgage has partnered with Home Buyers Marketing (HBM) and is excited to launch a business plan that is designed to help generate more listings and more leads for future business.  Last week I had the pleasure of spending 3 days with the Home Buyers Marketing Team while attending their Executive Management Training.  This business plan is a GAME CHANGER!

The National Association of Realtors (NAR) claims 92% of buyers use the internet in some way in their home search process http://www.realtor.org/reports/highlights-from-the-2014-profile-of-home-buyers-and-sellers .  Are you seeing this with your clients?  Do you find yourself being the bearer of bad news when your buyers contact you regarding a property they found online and the information is incorrect, OR worst yet, the property has already been sold?  Every week 36% of American households ‘Google’ real estate as a topic at least once – it’s become a sport.

YOUR clients are being marketed by your competition EVERY time they go to a public home search site!  THEIR information is being captured and sold to YOUR competition.  They are advertising to YOUR clients. What if your clients had access to a pass-word protected home search with access to 100% of the MLS listings in their market area with timely, complete, and reliable data available?  A home search site where THEIR information is NEVER sold to YOUR competitor.

There is a solution to protect and grow YOUR client base all while elevating YOUR brand. Read the rest of this entry »

Our recent addition of the Freddie Mac product offerings will enhance the conventional mortgage experience…by Randy Cullen

November 14th, 2014
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Fairway Independent Mortgage hits another milestone by topping the 2,000 employee mark in November! As the company continues to grow, the benefits of being a direct seller to Fannie Mae, Freddie Mac, and Ginnie Mae provide improved pricing and expanded products and programs that we can use to get more of your clients into a home.

Our recent addition of the Freddie Mac product offerings will enhance the conventional mortgage experience for your clients.   Let’s look at some of the benefits now offered:

Planned Unit Development (PUD)

When you encounter a single family property in a planned unit development managed by an association, the Freddie option will eliminate the need to get a project questionnaire completed.  The property needs to have a lot and block legal description, whether it is an attached unit or a detached unit.

Private Road Agreements

We do not see it very often, but how do you handle a shared driveway or private road? Per the Fannie Mae guidelines there must be an agreement for the maintenance of the street or road, whether it is community owned or privately owned.  With Freddie Mac, the agreement is not required if the comparable properties used in the appraisal also have no maintenance agreements.

Properties Recently Listed For Sale

Freddie Mac does not place any additional restrictions in this category.  So, if a client had their home on the market but had a change of heart, they can easily refinance the property to make their decision to stay in place more manageable.

Cash Reserves

Many clients are retaining a current home when purchasing a new primary residence for their family.   Some have built a portfolio of rental properties, and when qualifying for a new mortgage they may encounter restrictive requirements for calculating cash reserves to show financial strength.  With Freddie’s less restrictive guidelines the full value of all non-retirement assets are counted, which can make it easier to meet cash reserve requirements.

Self Employed Borrowers

We do run across more and more self-employed borrowers these days.  The Freddie Mac guidelines are more user-friendly to this entrepreneurial group. Read the rest of this entry »

Veterans Day is a special day to show gratitude and thank those that served our country… by Barb Crea

November 7th, 2014
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Tuesday, November 11th is Veterans Day, an official United States holiday that honors America’s veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good.  While we should thank our veterans every day for their service, Veterans Day is a special day to show gratitude and thank those that served our country so that we can live free.

One way to show gratitude is to donate to your favorite veteran’s charity.  If you don’t have one, check out one of mine, The Boot Campaign at http://www.bootcampaign.com/The Boot Campaign is a national nonprofit organization dedicated to Cultivating Awareness, Promoting Patriotism, and Providing Assistance to military personnel, past and present, and their families.  Proceeds from the boot sales, combined with donations and corporate sponsorships, fund five Assistance initiatives: Jobs, Housing, Wellness, Urgent Assistance, and Family Support

The U.S. Department of Veterans Affairs provides a home loan guaranty benefit and other housing related programs to help America’s service men and women buy, build, repair, retain, or adapt a home for their own personal occupancy for sometimes with as little a zero down http://www.benefits.va.gov/homeloans/.  As professionals in the housing industry, it is our duty and responsibility to be educated and knowledgeable about VA loans so we can assist America’s service men and women become homeowners.  VA Loans helps Servicemembers, Veterans, and eligible surviving spouses.

VA Loan Highlights:

  • ZERO DOWN – 100% financing based on Veteran’s available entitlement on Purchases and No Cash-out Refinances
  • 90% financing available on Cash-out Refinances
  • VA Eligibility can be used more than once.  Maximum available entitlement shown on the Certificate of Eligibility is $38,000.  Bonus entitlement of $68,250 is available for loan amounts up to $417,000
  • Loans exceeding $417,000 require VA Entitlement and cash/equity equal to at least 25% of the purchase price or appraised value.   There is NO maximum VA loan amount
  • NO MORTGAGE INSURANCE required
  • VA Funding Fee can be financed or paid in cash by borrower or seller
    • Reduced Funding Fee with down payment of 5% or more
    • Funding Fee WAIVED for Veterans receiving VA compensation for service-connected disabilities
  • Seller can pay up to 4% of the purchase price towards the borrower’s closing costs, prepaid expenses, and discount points
  • Gift funds are acceptable when received from a relative
  • 15 -30 year fixed rate loans available
  • First-Time Homebuyer Programs may be used on VA loans
    • Closing Cost Assistance available
    • First-Time Homebuyer Tax Credit (MCC) available
  • Interest Rate Reduction Refinances available WITHOUT an appraisal
  • VA Jumbo Loans available
  • VA Loans ARE Assumable – potentially a very valuable feature Read the rest of this entry »