Tag Archives: VA Loans

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.

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

Hello U.S. Veterans

First off if you are a U.S. Veteran that served this country I want to say “Thank You” I appreciate your dedication in protecting and serving this Country.

If you are a Veteran, with an existing VA Mortgage, you are entitled to refinance that property with a VA Streamline Refinance program, also known as an Interest Rate Reduction Refinancing Loan (IRRRL).  This VA IRRL as we will call it from here on out in this blog allows you to lower the interest rate on your VA mortgage with few or no out-of-pocket costs.

It must be a VA to VA refinance, and it will reuse the VA Certificate of Eligibility.

The VA IRRL is the probably the best option for you if you want to refinance your existing loan with a lower interest rate and monthly payment. .

The biggest VA requirement for the VA IRRL is that you lower your current rate to a lower rate or converting an ARM to a fixed rate.

Benefits of a VA IRRL: 

  • You Will NOT need to provide bank statements, W2s or paycheck stubs
  • You cannot receive any cash at closing
  • Refinancing without an appraisal is possible
  • You must be current on your existing VA mortgage and not have had ANY 30-day late(s) on your mortgage the last 12 months.
  • An IRRRL can be a fixed rate loan or an adjustable rate loan.
  • An IRRRL must be at a lower interest rate than your current mortgage loan unless you are refinancing from an adjustable rate mortgage loan.
  • The VA has a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

Bonus of a VA IRRL:

  • Within 30 days of closing, you will receive the money that was held in your old escrow account because a new escrow account will be set up with your new loan

No loan other than the existing VA loan may be paid from the proceeds of an IRRRL.  If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.

A VA IRRL can be accomplished faster and with less documentation than a typical home refinance loan.  Do you currently have a VA Loan?  Do you want to reduce your monthly mortgage payment?  What are you waiting for…? Contact Me and let’s get started with reducing your monthly debt by refinancing you in a VA IRRL.

Blessings,

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

Department of Justice Stands up for the Veterans!

Recently I have heard several stories where “Active” military personal have had their homes foreclosed on and it irritates me greatly!  I mean think of the stress levels that both spouses experience during the foreclosure process; not to mention the family having to move during a time that the husband / wife and dad is fighting overseas.  That is heartbreaking.

First off how can the bank foreclose on someone who is actively serving this country?  Second off in most situations foreclosing on an active military person is breaking the Service Members Civil Relief Act (SCRA) formally Soldiers & Sailors Civil Relief Act (SSCRA).  So why have the “Banks” been foreclosing on the one’s serving this country?  They must have been ignorant to the laws! Not to mention sitting there and clicking their computer screen to begin the foreclosure process while the veteran is putting his life on the line to protect this country.

Great news today!

The Department of Justice has made a stand for those military people! Thomas Perez, Assistant Attorney General for the Civil Rights Division said “The men and women serving our nation should not have to worry about a bank foreclosing on their home while they bravely serve our country,” BAC Home Servicing will pay a total of $20,000,000 as compensation for those military people who were illegally foreclosed on.

Military personnel whose homes were improperly foreclosed upon will each receive at least $116,875 from BAC Home Loans Servicing, a subsidiary of Bank of America, for the bank’s alleged violation of the (SCRA).   For details o the SCRA law http://www.military.com/benefits/content/military-legal-matters/scra/servicemembers-civil-relief-act-overview.html

I hope we all continue to stand up and support those serving this country.

Blessings,

Cindy Seely

P.S. yes I do VA loans

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