Tag Archives: buying a home

HomeStyle Rehab Loan

Fannie Mae HomeStyle Loan

I am sure many of you are asking why I am so driven and passionate about this “HomeStyle” loan program.  Maybe I am crazy?  LOL this is a possibility

For decades many homeowners have not focused on building equity in their home.  In my 30+ years in real estate I believe that creating and building equity in your home is major building block in your family’s financial foundation.  By building equity you can buy up every few (5 – 7) years and after your 2nd or 3rd home sell you will have the home of our dreams without the high monthly payment!

Fannie Mae “HomeStyle” Loan allows up to 50% in remodel / repairs (based on “as completed value”).

Some of the Benefits of a HomeStyle Loan:

  • Ability to explore more home choices for purchase
  • Can immediately add equity to the home
  • Advantageous for the First Time Home Buyer, no need to save up for the home repairs, needs and wants
  • Avoiding high interest rate credit cards for home repairs
  • Borrowers can purchase the appliances they may not own
  • Have the ability to personalize home improvements
  • Get in your desired school district or neighborhood
  • Have more house than you thought you could afford
  • Get the kitchen, bathroom, or office they wanted or needed
  • Remodel a home to fit their needs
  • Monthly mortgage insurance will be based on the estimate value of the home after renovation. And NO upfront funding fee that Government Loan require (FHA, VA & USDA)

The HomeStyle Loan is for both Purchases and Refinances!

To get more details on this loan product click on the link. HomeStyle

Contact me and we will get started on your HomeStyle Loan building equity and your financial future.

An attitude of gratitude creates blessings – Sir John Templeton

Blessings,

Cindy Seely NMLS # 245378

Western Missouri Branch Manager & Licensed  Loan Originator

National Asset Mortgage, LLC NMLS # 836952

(816) 728-1384

1201 N. W. Briarcliff Parkway, Kansas City, Mo 64116

 

Veteran Appreciation Event

Veterans Appreciation Night, Friday, March 24th. Memorial Concert for Benjamin “Squirrel” Kelley.  For details on the even click on the attachment / image below.

Come out and show your appreciation and support for our Veterans. Donations will go to Foundation for Exceptional Warriors.

Thank you to Damien Gunn Band for creating this event and bringing awareness.

Please share this post with your friends in K.C. so the turnout is huge!

On a side note: As a mortgage broker (22+ years) if you connect me with a borrower and notify me of this. I will make a donation to Foundation for Exceptional Warriors after closing.

I am part of Boots Across America and Certified Military Home Specialist with VA Loans.

Home-Buyer Handbook

Buying your new home can be overwhelming and confusing.  In my 19 years as a mortgage broker I see first hand this confusion.  I found some material I put together that will assist you.

I am sharing a E-Book that will help release some of the confusion of the home-buying process.

Click this link for a copy of:

Cindys Home-Buyers-Handbook 2014

After downloading the Home-Buyers Book I would suggest saving it for future reference.  Then sit back breathe and relax as you read this book.

Please share with your family and friends!

Blessings,

Cindy Seely

NMLS # 245378, Mo 10-1649-MLO, Ks 0009720

Homebuyers Reduce your Stress and Make a More Solid Offer to the Seller with a TBD Approval!

First to clarify TBD – To Be Determined; meaning the property has yet to be found or under contract.

Many buyers think they need to find a house before getting “Approved” for a mortgage.  That is NOT True!  In reality the majority of the underwriting process can be done before finding your new home with a TBD file.

Buying a home can be stressful from negotiating the sales price of the home to the loan and underwriting process.

The solution to reducing the stress:  a TBD Approval!  There is a big difference between getting “Pre-Approved” from a lender and having an “Approval”.  And it will carry more weight with the seller and seller’s agent when making an offer.

TBD Process: signing disclosures, providing supporting docs i.e. income, assets etc.  The file is then submitted to the lender.  Your file will be completely underwritten by an underwriter and fully approved.  Then you will go out and find your new home.  J

When you find the home you want you will then negotiate with the seller on a price which you both agree on.  In the negotiation process you will provide the seller with an “Approval Letter” which carries more weight than a “pre-approval” letter since the underwriter has already seen, analyzed and accepted your credit report, income and assets.

Once you have a property under contract the only thing that the underwriter will require is specific information on the property: appraisal, title, homeowners insurance, inspections etc.

TBD’s are a HUGE benefit to the buyer, seller, Real Estate Agents.

#1.  Buyers have more confidence and less stress knowing that the underwriter has viewed, confirmed and approved their financial picture.

#2.  Sellers have less fallout when dealing with TBD approvals and TBD buyers are held in higher esteem than buyers who have only been “Pre-Approved”.

#3.  The benefit to Buyer, Seller and Real Estate Agents knows that the process will be smoother and take less time to close the sale.  Time needed to close will be reduced by 2 -3 weeks!

How do you get TBD approved and enjoy these benefits? Contact Me at:  (816) 728-1384 or Cindy@CindySeely.com

I can provide TBD’s on Conventional, VA, FHA and USDA Loan Products.  Hot Happy Couple

 

If you have any questions please don’t hesitate to ask and I will answer.

Blessings,

Cindy Seely

NMLS # 245378, Mo 10-1649-MLO, Ks 0009720

What Credit Score Do You Need to Get a Mortgage?

Credit Score Mag GlassDo you know the answer to this question?  If your answer is “No” realize you are not alone.

If you are thinking of purchasing a new home or refinancing your existing mortgage it is Tremendously important to know what the minimum credit score requirements for mortgages.

If your credit score is to low you probably will not get approved for a mortgage loan. Your credit score will not only have an effect on being approved but also on what interest rate you will pay.  The Higher your credit score the lower your interest rate will be.

Minimum Credit Score Requirement for Mortgage Loans:

FHA : Minimum credit score “typically” is 640 with most lenders.  There are a few lenders out there that say they will go down to 580 but I have yet see or hear of one closing.

VA:  Minimum Credit score “typically” is 640.

USDA:   Minimum Credit score “typically” is 640.

Conventional:   Minimum Credit score is 680.

Mortgage lenders go off of your “Mid Score” which is the middle of 3 credit scores; example if your credit scores are 646, 687 & 669 the lender will use 669. If you by chance only have 2 credit scores they will go off the lower of the 2 scores.

I would advise you to shoot for a credit score of 740 or above that should be your goal.  The higher your credit score the less the risk the lender assigns to your mortgage and the better your interest rate.

The banks / lenders use your credit score to assign a “risk” to you mortgage.  When lenders analyze / underwrite mortgages your credit score is a major factor in loan approval.  Your credit score not only impacts the interest rate you pay but also the maximum loan to value for your loan.

With the current changes in lending it is very likely that lender criteria will require higher credit scores in the future.  So be prepared and work on increasing your credit score.

I would suggest checking into your credit score several months in advance of wanting to buy your new home.  A web site that I recommend is creditkarma.com it is a free site and they do not ask for credit cards.  They also give you FREE credit scores!

I would suggest checking your credit every 4 – 6 months to make sure it is accurate.  If you have a lender/bank pull your credit then your score will take a “hit” of 5 – 7 points to your credit scores.  But going into CreditKarma.com and pulling your credit report will not reduce your credit score.

If you have any questions on this or if you are ready to see about a new mortgage give me a call!

Blessings,

Cindy Seely

NMLS # 245378, Mo 10-1649-MLO, Ks 0009720

Do You Have Questions????

Question SolutionI am ready to start blogging again and was going over what topics to write on and wondering what is everyone’s questions are.  Then the light went off ask on your web site what questions do you have about mortgages, refinancing, buying a home, loan products.

Let me know what questions or situations you have about: mortgages, buying a home, refinancing, loan programs and I will answer your questions in the blog.

I am sure most of  you have questions so just post below ↓ and I will answer you back in the blog post.

I  look forward to hearing / reading your questions