Tag Archives: real estate

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


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


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.



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.


Cindy Seely

Western Missouri Manager & Loan Officer

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

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

Ownership Transfer of Your Mortgage Loan

Happy HouseVery often today your mortgage loan is sold / “Transfer of Loan Ownership”.  I am going to explain a few things that it you need to be aware of.

Your home is one of the most expensive items you will buy in your lifetime that is why it is important to understand several aspects of your loan even after it closes.  The aspect I am going to talk about today has to do with the sale of your note (mortgage).

First off if or when your note is sold your rate and term cannot change!  That part of the note is set in stone and recorded in your local county records.  The lender / note holder can sell the note or have a 3rd party do the servicing (receiving payments, paying escrows etc.) of the note.  If the note is sold the old note holder has to disclose 15 days prior to selling the note and the new note owner has 15 days after purchasing the note to disclose.  The letter of the new note owner will include: name and address for the new note owner and the effective date of the note sale.  These disclosures will be sent to you in snail mail.

At my loan closings I always bring this up and tell my borrowers that if their loan is sold they will receive a “Hello” and “Good-Bye” letter.  The “Hello” letter comes from the new note holder notifying the homeowner that their loan has been sold and where to send their monthly payments.  The “Good-Bye” letter from the old note holder will notify the homeowner that their note has been sold.  If you would by chance only receive one of the letters let’s say you receive a “Hello” letter but not a “Good-Bye” letter I would recommend that you contact your old lender to verify.  There has been some fraud going on in this area so it is best to have your backside covered.

Here are some additional suggestions that the FTC (Federal Trade Commission) makes to help protect yourself:

  • Read all notices from your mortgage company / mortgage servicer carefully!
  • If the servicer ask for proof of homeowners insurance, or tax records.  Send it promptly and keep a record, I personally would send it registered mail to make sure you are fully covered.
  • Maintain records of all payments (cancelled checks, billing statements and bank account statements)
  • Thoroughly read all your mail from your lender.
  • If you have a problem and are not able to find a clear resolution with your lender then either contact the FTC or ask your lender for their Ombudsman contact information.

For more information go to Federal Trade Commission or download the FTC MORTGAGE SERVICING



Cindy Seely 

Senior Loan Analyst 

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

HomePath Mortgage



If you are interested in buying real estate as either a home or investment;  have you heard about the HomePath Mortgage Program?

What are the benefits of HomePath Mortgage; how is it different from other mortgages programs like FHA, VA, USDA?

  • No appraisal required
  •  No Mortgage Insurance (upfront or monthly)
  • Seller paid closing cost up to 6% of the sales price
  • Low down payment
    • Owner Occupied & Second Homes – 97% Loan to Value
    • Investors – 90% Loan to Value

The largest benefit of the HomePath is No monthly mortgage insurance or Up Front Funding fees.

Up front funding fees for USDA and VA is 2% of the loan amount (example on a $100,000 loan amount the up front funding fee would be $2,000).

Monthly mortgage insurance on a FHA loan is 1.1%/12 (example on the same $100,000 loan amount the monthly mortgage insurance on an FHA would be $91.67.  That would come out to “typically” paying $5,500 in 5 years.

Check out the properties at www.homepath.com .  As of today there are 1,500 in Missouri and 397 in Kansas listed on the web site.

Properties offered through HomePath include single family homes, townhouses and condominiums.  The properties are owned by Fannie Mae and are sold “As Is” and buyers should obtain a home inspection from a licensed inspector.  If you need a good one give me a call I know several. J

Does the HomePath interest you?

If you have any questions or are looking to buy contact me (816) 728-1384.


Cindy Seely

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777




New Mortgage Blog

Now that my mortgage site is up and running (kind of) I am going to start blogging with mortgage updates and my thoughts on the mortgage industry!

Yesterday “Origination News” came out with a news updated; The “head count” for “licensed loan originators” 

According to a new head count, banks and their mortgage affiliates employ 350,000 registered LOs. Nonbanks—also known as “state-licensed companies”—have registered 109,000. 

For those of you not in the wonderful mortgage industry I will explain.  The S.A.F.E. Act requires that mortgage brokers who are “Non-Bank” employees must be registered and licensed (Nationally in addition to any state we want to originate loans in).

We had to go through some pretty tough testing;  the pass rate is typically 40% or less. State and Federal Government also run background and credit checks on us and then we have to be approved and “licensed”.

Bank loan officers do not have to take any national or state tests, their employer (the bank) runs a background check and registers them on the national site.

I am so happy to say that I have passed the National Test, Missouri and Kansas test!  So I am 1 in 109,000.

When you talk with loan officers ask them for their NMLS # and then check them out on NMLS  here is my license number 245378.

I will be putting more blogs up very soon So be sure and “Stay Tuned”


Cindy Seely

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

P.S. Hey if you know of someone who is wanting to take advantage of the historically low rates with a refinance or purchase have them contact me…