Volunteers? Anyone?
Had an event over the weekend with Habitat for Humanity. Sing for a Cause which is an idol type competition. I was one of the judges and we had a great turnout for the tryouts. It just so happen that one of the recipients that Habitat is building a home for was present. She got on stage and thanked everyone for volunteering so much time and effort. The Habitat Organizer spoke to the audience afterwards also thanking the volunteers and explained a problem they were having. It turns out that they have all the materials needed to build the house, all of the contractors and volunteers needed to build the house, but nowhere to put it. They didn’t have the land or lot or location. HUH? With all the vacant foreclosed homes that these banks are holding onto, and demolishing, kicking people out left and right, not modifying mortgages, do you mean to tell me we are trying to build another house but can’t find a location. Didn’t we bail these banks out? Bank of America, Citibank, Chase ect. Why can’t we take over a bank owned debilitated property and refinish it instead. Isn’t there something wrong with this picture? Just sayin.
100% Financing, UH YEAH
I spoke with an old client of mine who financed with me back in the days when things were honest and ethical. He’s now purchasing a home and applied for financing 5 months ago. He has a job where he’s worked for 4 years now, some savings and his credit is good. He qualifies for the USDA program. The reason why the process is taking so long is that, THE LENDER KNOWS NOTHING ABOUT USDA, yet they are approved to execute the program. I will not mention names just yet but there is no excuse for this. I am waiting for the denial before I step in as the HOMEOWNER ADVOCATE and I will be the hero of the day. Unfortunately this is a story that is heard over and over again. Consumers are loosing hope, not applying for mortgages, not looking into homeownership because it seems hopeless, yet it is not. More people in the United States qualify for programs that are available to them and they are just unaware of what is available. With the market the way it is, who can blame them. USDA is a program that allows more lenient underwriting guidelines, manual underwriting does not require credit scores, certain limits on income and the property must be considered rural. That doesn’t necessarily mean a home out yonder. One of my clients bought a beautiful condo in Manassas, VA near Washington DC. Ofcourse he was denied until I stepped in. I am the HOMEOWNER ADVOCATE.
The Great Depression
I found an old cassette that belong to a friend of mine a few weeks ago. It was an old high school project that he completed for his Social Studies class back in 1985. He interviewed his Great Uncle Gib about the Great Depression in the early 1900’s. Honestly Social Studies was not one of my strong courses and history bores me but I decided to listen to it. After the first few minutes I realized that I was getting an actual account of Uncle Gibs personal and emotional experience. I seriously was mesmerized by this interview and in complete disbelief that people survived such a depressing time. Sleeping under 12 blankets every night with no heat when the weather was below 0 as the snow seeped into the leaky roof and drenched the covers. Eating once a day. Maybe getting lucky enough to have 1 scoop of ice cream as their treat for the week. Looking forward to school because there was heat and food. The eagerness to learn. Towns shut down because all of the businesses went under. Sharing bath water. No resources if someone were to become ill. Imagine what Uncle Gib would say today if we told him we were in a Great Recession, unemployment is on the rise. Meanwile we have freezers full of ice cream, heat with a click of a button, cell phones to call from anywhere and laptops that connect us to the world and give us resources to practically diagnose ourselves if we are ill. My point is, there is opportunity everywhere you look. This country still has the same amount of money as it did before, and it is still printing currency. If you cannot find a job, then create your own. Be the creator of your life. There’s a customer on every corner waiting to buy what you have to offer. What does this have to do with homeownership?
Well I receive a lot of emails from folks who ask me, ” How can I buy a home when I have no job?” or ” I cannot find a job so I cannot afford a home.” My advice is, stop looking on the outside for a job and start looking from within. To see if you prequalify for a home go to: http://www.ratesarehot.com
Have you been denied for a mortgage?
Nothing irritates me more then hearing from some of my clients that they were denied for a mortgage when they look and seem like a perfect potential homebuyer. Sometimes things are what they seem. Being the fact that I was an FHA and FNMA Underwriter, I decided to look further into these denials and I found that the Underwriters do not know what they are doing. They are not following specific guidelines and because they were spoiled with the desktoop underwriting model (which means let the computer underwrite the loan) they’ve gotten lazy (is gotten a word? it just fits. ) However their laziness is hurting this market. When I was an Underwriter, I knew the guidelines, and where there is a will, there is a way, and when there was a loophole I found it. And you know what, the guidelines are still the same. Not much has changed. What you can’t do here, you can do there, and get approved. I decided to take over the files of some of my clients, and challenge these underwriters and I am proud to say, everyone of them have closed. So remember, if you are employed, and have been employed, have good to excellent credit and you get denied, don’t stop. Find out exactly why and have the processor or Loan Officer double check the guidelines. Or email us here at ratesarehot.com. I will help you. I love to prove the Underwriters wrong.
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