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Memphis, TN Real Estate News

By David Saks, Broker / Industry Analyst
Listen to  The David Saks Show Live Saturday Night The University of Memphis 9pm Till Midnight Central Time By Clicking the Picture Below Or the Official Webpages Of WUMR    
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By David Saks, Broker / Industry Analyst
"MANHATTAN SERENADE" Jo Stafford in 1942 with Tommy Dorsey's Orchestra. You can hear this great song in the movie "The Godfather" Make your buyer or seller an offer they can't refuse. Have a great week ahead. -David-
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By David Saks, Broker / Industry Analyst
                                                    #2250 A land contract is usually acceptable for a seller second which will supplement an institutional loan. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False A land contract cannot be used for a seller second supplementing a loan. A mortgage or a deed of trust is acceptable. Remember to check with your lender for up to date information.
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By David Saks, Broker / Industry Analyst
                                                         #2249 The rule of thumb, when qualifying a VA loan applicant, is that debt to income ratio should not exceed 55%. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False The debt to income ratio should not exceed 41% for the VA loan, although the consideration of residual forms of income, such as a large cash settlement, could change the percentage. Check with your lender to see what the current status of the process incurs.
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By David Saks, Broker / Industry Analyst
                                                        #2248 The VA will consider and allow secondary financing only if the total amount of the loan to be financed exceeds the appraised value of the property. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False Not exceeding the the total amount of the appraised value of the property is a condition for the VA's consideration of secondary financing.
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By David Saks, Broker / Industry Analyst
                                                         #2247 A veteran is applying for a 400,000 dollar loan, which is the purchase price of the home, and has full VA entitlement. The home was appraised at 425,000 dollars. The required downpayment for the loan is 1.5% of the total loan amount, or $6000 dollars if no downpayment is applied to the cost. Is this fact true or false ? Please remember to take your time. The solution is posted  below the wildlife photo. A. False One of the key characterisitics of a VA loan is that no downpayment is required as long as the loan does not exceed the appraised value of the home. Thanks to Steven Cook for this valuable update: "There is another criteria, on VA not needing a down payment, and that is that the mortgage not be for more than the stan...
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By David Saks, Broker / Industry Analyst
                                                     #2246 Prepayment penalties are always a condition of underwriting a VA loan. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False Prepayment penalties are not allowed with a VA loan. This is considered one of the key characterisitics of a VA loan.
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By David Saks, Broker / Industry Analyst
                                                         #2245 A veterans entitlement may only be restored after his or her VA loan is assumed and the one who assumes the loan is not a veteran. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False One of the conditions for restoration of entitlement is that the new borrower must be a veteran and agree to substitute his or her entitlement for the original borrower's entitlement. If the parties meet the specifications for qualification, and loan payments are up to date, and the new borrower is approved, the original borrower will obtain a restoration of entitlement.
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By David Saks, Broker / Industry Analyst
                                                     #2244 A veteran may receive a VA guaranteed loan only on a single family residence. One to four unit unit residences are ineligible. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False A one to four unit residence is eligible for a VA loan as long as the veteran occupies one of the units.
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By David Saks, Broker / Industry Analyst
                                                     #2243 The the VA will guarantee a loan only if the lender does not require a downpayment. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False Lenders will make a loan without requiring a downpayment because the government has made a guaranty to reduce the risk to the lender if the buyer ultimately defaults on the loan.
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By David Saks, Broker / Industry Analyst
                                                       #2242 Discount points always have to be paid by the borrower on an FHA loan. Is this fact true or false ? Remember to take your time. The solution is posted below the wildlife photo. A. False Discount points may be paid by either the borrower or the seller. Other parties are allowed to pay the discount points on the FHA loan for the borrower.
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By David Saks, Broker / Industry Analyst
                                                       #2241 When the FHA considers the application of the local loan ceiling for the making an FHA loan, the decision is based on both the costs of mortgage insurance and the debt-to-income ratio of the borrower. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False The FHA's decision to establish a loan ceiling for the purchase of a property is based upon the median housing costs of the region in which the loan is being applied for.
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By David Saks, Broker / Industry Analyst
  Man Guilty of Sending Female Realtors Graphic Text Messages A man charged with sending graphic text messages to a number of female Realtor's in the Murfreesboro, Manchester and beyond appeared in a Coffee County courtroom this week to face sex-texting charges. Robert Lee Green, 31, was arrested May 22 and charged with stalking and indecent exposure. The charges were the result of Green sending graphic text messages to female Realtor's over several weeks. Green appeared in Coffee County General Sessions Court before Judge Tim Brock and pleaded guilty to two counts of indecent exposure. It's has been a little over a month since Green was arrested and it was puzzling why it took 6 months to arrest himIn May, after a six month manhunt Manchester Tennessee police finally nabbed him. They a...
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By David Saks, Broker / Industry Analyst
Here's a show stopper to go with the coffee and bagel. The late, great Steve Allen with "Impossible". Enjoy the laughs. -David-
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By David Saks, Broker / Industry Analyst
They Had to Pick Me Up Off of Floor In the Office the First Time I Heard This ! I laughed so hard I fell out of the chair. The zany Tom Waits & "Step Right Up" Enjoy !-David-
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By David Saks, Broker / Industry Analyst
Thought you might enjoy this. I was working around the house, tired and sweaty, it started to rain  and I sat down to play "Rhythm of the Rain". I washed my hands first :-) Have a great day, happy closings, And let me know if you need me. -David-      
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There are plenty of people trolling ActiveRain and playing it for points like a pinball machine. I'm not one of them. I post the FBI releases to let the community at-large know that there are dangerous criminals in the real estate business. Lots of them ! Read the Legal Disclaimer to the right. Be vigilant.   -David-
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  (FBI and Department of Justice Press Releases are not copy and pasted and published for points. Please read the legal disclaimer to the right.)  Former Executive at Florida-Based Lender Processing Services Inc. Sentenced to Five Years in Prison for Role in Mortgage-Related Document Fraud Scheme More Than One Million Documents Prepared and Filed with Forged and False Signatures, Fraudulent Notarizations WASHINGTON—A former executive of Lender Processing Services Inc. (LPS)—a publicly traded company based in Jacksonville, Florida—was sentenced today to serve five years in prison for her participation in a six-year scheme to prepare and file more than one million fraudulently signed and notarized mortgage-related documents with property recorders’ offices throughout the United States, an...
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