Sam's Blog

head_left_image

FHA Loans still Assumable!

Did you know this?

FHA loans can still be assumed with us.  Customers may have an opportunity to buy a property and assume the mortgage of the current owner. The seller (original owner) usually remains liable unless released by the lender. We will have to approve the new buyer in order to release the seller (original owner) from liability.

Available on all FHA products.

Qualifying

  • The new customer and property must meet standard underwriting criteria.
  • The sales price must be equal to or greater than the current balance. A property cannot be sold for less than the unpaid mortgage balance. LTV cannot exceed 100%.
  • The customer may be required to provide a down payment, closing costs and escrows. (E.G., If the house is being sold for more than the unpaid principal balance of the loan, the seller isn't paying the closing costs, and the escrow account is short and taxes are paid in advance.) Verification of funds to Close is not required.

Send all of your buyers to us so we can get them in an assumable FHA loan that can be another huge selling point when your buyers are ready to sell down the road if interest rates rise significantly.  I know, that's how I bought my house back in 1984 when rates were around 13% and I assumed an 11.5% loan!

Sam Thompson, PHH Mortgage Advisor.  Your trusted source in making sure your buyers are getting the best service in the industry.

http://samthompson.phhmortgage.com/

 

5 comments • Sam Thompson • February 11 2007 05:05PM

The Mortgage Insurance Tax Deduction

Bush Signs MI Deduction; National Mortgage News

President Bush has signed a tax bill that creates a deduction for mortgage insurance premiums that is designed to help homebuyers in 2007 but could also benefit owners who refinance. The MI deduction becomes effective Jan. 1, and it allows homebuyers with incomes up to $100,000 to take a full deduction for the premiums they pay during 2007. It is understood that homeowners who refinance in 2007 can take an MI deduction, but it has to be based on the original amount paid for the house. "Mortgage insurance has long provided a safe and smart way for families to afford a home," MGIC president Patrick Sinks said. "With this new deduction, it becomes all the more sensible at a time when both interest rates and housing costs are on the rise." The MI deduction is good for only one year, but MGIC and the other MI companies expect Congress to extend it next year. One industry source said consumer disclosures should warn that there is some legislative uncertainty involved.

Caveat No. 1: The tax deduction applies only to mortgages that are closed in 2007. If you have a loan with mortgage insurance in 2006, you won't be able to deduct the premiums in the 2007 tax year unless you refinance in 2007.

 

 Caveat No. 2: There are income limits. You get the full deduction if your adjusted gross income is $100,000 or less. The amount you can deduct phases out rapidly after that, and no mortgage insurance deduction is available if you make more than $110,000.

 

Caveat No. 3: This is a one-year deal, and Congress would have to renew the deduction to make it apply for the 2008 tax year and beyond. Congress probably will extend the deduction, but you can't know for sure.

 

Caveat No. 4: If you take the standard deduction instead of itemizing deductions, the new law makes no difference to you. "You need to have a mortgage of about $130,000 or so to even pay enough interest to hurdle the standard deduction," says Bob Walters, chief economist for Quicken Loans. In practice, he says, this means that the deduction is available to households with incomes between $50,000 and $100,000.

Sam Thompson, PHH Mortgage Advisor.

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

Great Pinehurst Links:

Pinehurst Real Estate  - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes  - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms  - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate  - www.fortbragghomesnc.com

 

0 comments • Sam Thompson • February 02 2007 11:11PM

VA - Certificants of Committment Timing Information.

The validity period for Certificates of Commitment (VA Form 26-1866) is six months.  If a loan closing extends beyond six months, you must request an extension of the commitment before the validity period expires.  In those cases where VA has issued a commitment and the loan is cancelled or withdrawn, you must notify VA promptly and return the Certificate of Commitment.

After the loan has closed, you are required to submit the loan package within 60 days of the closing date to the VA office of jurisdiction for review and issuance of the Loan Guaranty Certificate.

If you have a buyer that wants to use his VA Certificant, call me so whe can help you!  We have a Govie Team that specializes in VA and FHA and we have all of the answers!

We can do 100% VA construction-perms too!

Sam Thompson, PHH Mortgage Advisor.  Ranked #1 by Inside Mortgage Banking and Campbell Institute for our low fees, low rates, dependable Good Faith Estimates and Reliable Closing Dates.  We guaranty our closing dates or we reduce the rate by 1/8%!

Call me for a test drive!!  You'll be glad you did.

843-230-7929

http://samthompson.phhmortgage.com/

 

www.myphhmortgageadvisor.com/

 

Great Pinehurst Links:

Pinehurst Real Estate  - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes  - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms  - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate  - www.fortbragghomesnc.com

 

0 comments • Sam Thompson • February 02 2007 09:35PM

The Fred Factor - What we all aspire to be...

As I read the blogs that many of you post, I think about the Fred Factor book by Mark Sanborn.  In his book, Mark tells about his mailman, "Fred" that went out of his way to take good care of him when he moved to town.  Mark didn't know how to react at first but soon realized that this was an extraordinary man with heart of gold.  Mark started talking about his mailman while on speaking tours and soon made him the topic of his talks and then the topic of his best selling book, "The Fred Factor".

Active Rain is full of "Freds".  You are sharing ideas, experiences and comments for people that you will never meet because you are just a great person that really cares about helping others and in living a good life.  I aspire to be like Fred too and I know that giving of yourself is much more important than receiving.  My philosophy in my travels in meeting with the agents in my primary region is to share ideas and try to inspire them to try something different if they are not acheiving the results that they want.  Often, my first question is, "how is your business going?" and then "well, if it is not going as well as you want, let's brainstorm some ideas that you can try."  Most of my competitors are just coming in and saying, "why aren't you sending me any deals?" because it's just about "me" and not "them".

I really do want the real estate professionals that I serve to be successful and hopefully, they will want the same for me but that is secondary.  Because of this approach, many are trusting me more with their referrals and when they do, I do everything I can to provide a better rate and service than what they are used to. 

Many of you are doing the same and I am sure that your business is growing as a result of this as well.

Sam Thompson, PHH Mortgage Advisor and Fred, wantabe!  Cell phone 843-230-7929

http://samthompson.phhmortgage.com/

Read my blogs and tips in NC and SC.  Hopefully, you will find something that you can try differently today that will help you make a ton of people happy and you a lot of money too!

2 comments • Sam Thompson • February 01 2007 06:48AM