Lonnie Glessner's (lonnieglessner) Blog

This week I had the opportunity to learn about USDA Rural Housing Loans and this is an awesome program for people and properties that qualify. Here are some of the details- •·         No down payment •·         Seller concessions of 6% allowed •·         No monthly mortgage insurance •·         G...

I just read the summary of NAR's latest research on home buyers and home sellers and I thought in today's post I would highlight the data pertinent to first time home buyers. •·         41% of home buyers are first time home buyers this year. •·         The typical FTHB is 30 years old and their ...

Nothing makes me scream louder than Mortgage Professionals telling people that mortgage rates are tied or linked to the 10 Year Treasury Bill. Plus hundreds of "Talking Heads" in the media believe and say this as well. NO THEY ARE NOT!!!!!!!!!!!!!!! The last 2 days of trading make my point as the...

On Tuesday NAR, the National Association of Realtors released their third quarter report on real estate sales in every MSA in the country. The headline for Denver was "prices drop 11% in the last year!" Watch out the sky is falling! Now, let's look at the facts. Yes, median prices dropped 11% fro...

I spent a great week last week in Vegas and I want to share with you some of what I learned. And it has nothing to do with betting against an inside straight. I was in Vegas for the Mastery Business Plan Seminar with Todd Duncan and other great leaders in the mortgage industry. One of my favorite...

This week I spent 4 days at The Mastery Business Plan event for the mortgage industry. This is typically the biggest and best event in the mortgage industry every year. We talked a lot about the economy and the state of our industry and how to move from fear to faith. Here is what I learned- •·  ...

•·         NAR has asked FHA to lower the required occupancy ratio on condos which currently requires 51% owner occupancy. They have also asked that REO condos not be counted as non-owner occupied. (I really like the 2nd idea). •·         If you are selling a condo or have a client buying a condo...

According to Smart Money Magazine November 2008 issue they named Denver one of the 7 most promising cities for a real estate rebound in the near future. I would agree. In the magazine they quoted the PMI Group's quarterly risk survey which might be the best risk assessment survey in the business ...

The final thing we can do to keep another Mortgage Mess from happening is by getting the money out of politics. As I documented earlier Fannie Mae and Freddie Mac doled out over $200 million to politicians or their favorite causes in hopes of buying votes. And each Dollar bought just enough votes...

Freddie Mac has announced that they are matching many of the changes that Fannie made earlier this year. Honestly most banks and all the PMI companies were already following Fannie's rules; so, these rules really only additionally apply to banks like U.S. Bank who is a Freddie Mac lender and for ...