Tag Archives: mortgages kansas

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

Update on What Credit Score is Needed to Buy or Refinance a Home???

Credit PigI get ask this question a lot and wrote a blog on this back in October 2013 and since the lending industry does change often I thought I would update you on Lender Requirements on credit scores.

Lenders have become a little more open when it comes to their credit score requirement, typically now it is 620 for government (FHA, VA & USDA) loans.  Conventional loan requirements for credit scores are typically higher than government, this is due to the face that government loans are “guaranteed” or “insured” by the government.  So that lessens the lenders risk.

The credit score the lenders go off of is your middle score of the 3 credit scores they get when they pull your credit.  If the loan has more than 1 borrower the lender will go off of the lower of the 2 middle scores.

The higher your credit score is the smoother the loan will be underwritten “typically” and the better your interest rate.  So someone with a 760 mid score typically gets a better rate than someone with a 620 mid score.  The reasoning behind this is risk factor, the lower your score the higher the risk taken by the lender to extend the mortgage loan to you.

The down payment amount / percentage plays into the approval!  Let’s say you have a 640 credit score and you will be putting 40% down on your new home.  Since the lender is taking less of a risk the chances are pretty good that you will be approved.  The larger down payment lessens the lender’s risk and they are more open to doing the loan.  This of course is contingent on what derogatory credit is reporting on your credit report.

While some lenders say they will loan to borrowers with scores lower than 600 but I have yet to see one close.  I am from Missouri and “You have to Show Me”!!! LOL

Bottom-line you will need a middle credit score of 620 or higher.

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

 

 

 

 

Late Update

Celebration Happy, Happy, HAPPY!!!!!!!  

I wanted to let everyone know that in May 2014 I took a new position with a new company.  I am the Western Missouri Manager & Loan Officer with National Asset Mortgage “America’s Finance Professionals”.

I am so blessed to have been given this opportunity in life.  National Asset Mortgage is a mortgage broker licensed in 35+ states!  😀

So if you are looking to buy that new home or are ready to refinance give me a call and let’s talk.

Also if you know of someone who is looking for mortgage loan please send them my way, I would really appreciate it.

Blessings,

Cindy Seely

Western Missouri Manager & Loan Officer

National Asset Mortgage, L.L.C. NMLS# 836952

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