Above and Beyond for My Clients

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Mortgage and Lending - Homestreet Bank - NMLS #404052
We all know not only how difficult our market is, but what little clients we do have that are interested in buying a home and are qualified to buy a home are difficult to come by. Sometimes we also don't recognize that, in addition to finding those clients, we also need to know who we are working...
I had several FHA loans that I was working on that involved condos.   One of them was a refinance, and the other was a purchase.  On the website https://entp.hud.gov/idapp/html/condlook.cfm , it gives you a list of FHA approved condominiums.   Neither of these condominiums were listed as approved...
FHA condominium financing will get much more difficult after February next year.  It is already a cumbersome process, but where I work, we can still get spot approvals on condominiums if no more than 10% of the loans in the project are FHA approved.  A spot approval means we do not have to go thr...
I had a lady come into my office who needed to refinance her home due to a divorce.  She had already started a loan with another mortgage company.  However, she recinded her loan when she received the final package prior to closing. (Remember, because of the HERA/HOEPA act, clients now must recei...
Cannot stress enough the benefit of this tax credit until April 2010.   Not only does it give some first-time buyers more hope, but also it allows these first time homebuyers and move up or move down borrowers the opportunity to take advantage of these low interest rates. How long are we going to...
Tommorrow Obama is expected to sign this extension of the tax credit that yes, will put America deeper in the hole in terms of tax liability, though. However, given the fact that many first time homebuyers, at least in my neck of the woods, had given up looking at homes due to the fact that they ...
What is the new niche now? FHA guidelines are tightening up considerably for condos now that spot approvals will not be allowed. The Republicans are proposing a minimum of 5% down payment on purchases. The minimum FICO scores for FHA homeowners and homebuyers are 620, and for those with non-tradi...
Look for changes in the FHA lending guidelines for those of you with FHA loans. Streamline FHAs without an appraisal are great products since no income, asset, or credit requirements are required.  Starting January 1 of this year, look for that to change!!  Now FHA loans will require full documen...
I have attended four open houses with top producing realtors in the past month, and a total of 4 people have showed up for these open houses.  The signage was more than adequate, the ads were put on Craig's list in addition to the RMLS, the price was reasonable, and that is the amount of traffic ...
I was speaking with a listing agent today who had asked me when documents were going out on a purchase.  Not to get into any detail here about how our process works or how the lending process works, once a Loan Officer has sent all conditions over and it is in Final Review, then that part is out ...

Paul W. Thompson

Going Above and Beyond...
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