Tuesday, December 17, 2013

Boost 2014 Sales with Listing Booster

Listing Booster is a fully automated property marketing system with an unlimited number of property websites as a Lender Sponsored Program.
I am making it available to the first 50 Realtors that sign up for only $11.82 for the whole Year.
Just send me an email to Ken@indymortgage.com and say "Yes" to listing booster.

Please let me know what you think of all of this by using the Google + to comment down below. 

Wednesday, October 30, 2013

Fannie Mae Down Payment To Increase

I don't know if you have heard, but Fannie Mae is increasing its down payment from 3% to 5% starting November 15th of this year. 
Now what does all of this mean? Well it means that people that have been struggling to save for a down payment (which is most all First Time Home Buyers) are going to have a harder time to be able to purchase a home. I truly hate to see this program go because FHA is going to be the only option for First Time Buyers with little down and they are going to be stuck with FHA’s PMI for the life of the loan.
Now here is what I have noticed whether intended by Fannie Mae or otherwise……… Fannie Mae is going to push credit borrowers with higher credit scores back to FHA thus improving FHA’s default ratio. Now is this an unspoken objective? Is it Good? Is it Bad? I really don’t know, this will have to be determined. But what I do know is that Good Credit Borrowers are going to be stuck with higher mortgage insurance cost and will have higher payments to purchase a home.

Please let me know what you think of all of this by using the Google + to comment down below. 

Wednesday, October 23, 2013

QM is coming- Rules are Getting Worse

 If you’re not aware, QM rules are heading your way come January 2014. Lenders will have to retain a portion of the loan made if the loan to value is greater than 80%. What this is going to do is force smaller lenders, who don’t have large amounts of liquid cash, to only fund loans where the buyer is putting at least 20% down. Well there was a lot of push back on this from several organizations and associations because this would mean that many minority and low income families financing options would be realty reduced perhaps even eliminated.
Based on the push back this rule sort of got pushed aside. Well now that we are approaching the release of these wonderful new rules it’s not only been revived, but revised as well. Now the brain trusts that control this stuff want 30% down. Can you imagine having most lenders in the country requiring 30% down? Looks like Wells Fargo, Bank of America, Chase and Citi will officially be the only lenders doing loans in the country. Awesome. I guess “too big to fail” means you simply have absolutely ZERO COMPETITION.
You have time to complain though, and who knows… if enough people do complain they might just listen. Click HERE to file your comment. Also,  Please, Please share this video with all of your friends and associates.

Wednesday, September 25, 2013

HUD's New Deadly Short Sale Rule


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So we all know that short sale fraud is in the Real Estate industry. We read about it in the news from time to time. So HUD has a NEW Rule that is slated to start on October 1st. It’s a rule that frankly is going to severely limit the number of real estate agents willing to take them.
I came across this story at Inman News about HUD’s new short sale rule. It says that if you list a HUD short sale (that is a property that has an FHA loan on it), you can’t represent the buyer on the property as well. Not so bad right? I mean, I could see that you might be able to commit some kind of HUD short sale fraud on a deal like that. You’re controlling both sides so you can work a little naughty magic if you’re so inclined.
So yes, by all means, the listing agent of a HUD short sale shouldn’t be able to represent the buyer as well. I get it.
 Problem is, the rule isn’t quite set up that way. It appears that HUD is stating that if an agent takes a HUD short sale listing, no other agent from that entire company can represent the buyer
So Yeah, goes like this…… you’ve got an office of 1500 agents, one of them gets a HUD short sale listing, and now no one else in your entire 1500 agent office can represent the buyer on the deal? Brilliant! So as a consumer, the goal would be to NOT list your HUD short sale with the biggest real estate company in town because you’ve now ensured that at least 1500 agents can’t sell it if you do!