My New Blog

2010 Here we go!
January 21st, 2010 7:22 PM

What's new in the mortgage business?  Well, where should I start?  First of all, we have a new Good Faith Estimate that actually simplifies all loan fees and title company fees and clearly explains the loan terms for our borrowers.  I'm excited to start using it!  Also, the HUD Settlement statement that appears at closing will be compared to the Good Faith Estimate, and if lenders fees are higher than what was disclosed to the buyer, guess what...the lender must eat the extra fee!  No more bait and switch tactics...which is great for us honest loan officers and not so good for the shady ones.  I feel this is going to improve our industry immensely! 

What else is new?  Well FHA just announced that they will be raising the upfront MIP from 1.75% to 2.25%.  So FHA loan will be a bit more costly for buyers, but you have time...this doesn't take effect until April 1st 2010.  FHA also announced they will be lowering the maximum seller credit from 6% to 3%, but they haven't stated when this will take effect. 

Lastly, it is rumored that the Federal Reserve will stop buying mortgage backed securities in March of 2010, sooo that means we need new investors for Mortgage Backed Securities or our rates will rise pretty dramatically. 

The moral of this blog...if you are thinking of buying or refinancing....now is the time, before rates go up!

I'd love to help, give me a call (504) 324-1880.

Brandy Simpson

 

 

 

 

 

Posted by Brandy Simpson on January 21st, 2010 7:22 PMPost a Comment (0)

Federal Tax Credit - First Time Home Buyers!
July 15th, 2009 2:30 PM
Calling all First Time Homebuyers....time to get off the fence.  You need to buy a new home by November 30th of 2009 to take advantage of this $8,000 credit.  Call me to see if you qualify.  (504) 324-1880
Posted by Brandy Simpson on July 15th, 2009 2:30 PMPost a Comment (0)

The Sub Prime Mess
August 31st, 2007 3:33 PM
Well, it has been a hellish few weeks for Loan Officers in the mortgage business.  We've lost a lot of features to our sub-prime and alt-A loans.  We used to be able to do 100% financing 80/20's with 650 credit scores and stated income and now we can't do anything close to that.  So it is so extremely important to have good credit and be able to document your income.  There are many excellent resources on the internet for clearing up credit issues (www.myfico.com), and now is the time to talk to employers about documenting income.  Rest assured, we have plenty of financing available for borrowers that can show their income and have good credit.  We do have Jumbo loans and 100% financing and LHFA Bond Money Loans.  Don't be discouraged, call me today!  Brandy Simpson, Loan Officer
Posted by Brandy Simpson on August 31st, 2007 3:33 PMPost a Comment (0)

LHFA 2007B Bond Money Issue
July 12th, 2007 3:42 PM
Lower Rates for qualified buyers.  Please call me for more information (504) 324-1880.
Posted by Brandy Simpson on July 12th, 2007 3:42 PMPost a Comment (0)
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