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Check Out Marc Pellettiere’s Interview in The Northshore Report from New Orleans City Business

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Attached below is a link to an article in New Orleans City Business, The Northshore Report, in which Marc Pellettiere is interviewed. Under the heading Insurance and Investments, Marc speaks about FHA guidelines, flipping homes, and real estate investments in a poor market.

New Orleans City Business, The Northshore Report Interviews Marc Pellettiere

The article is available in print in the June / July edition of The Northshore Report.

Thank You

Check Out Skip Scoggin’s Interview In The Northshore Report from New Orleans City Business

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Below is a link to the article on New Orleans City Business, The Northshore Report. The interview is under the heading Office Technology and is about how Skip's Company Mauti Meredith Scoggin is using video to market their real estate listings online.

New Orleans City Business, The Northshore Report Interviews Skip Scoggin

The article is in print in the June / July edition of The Northshore Report.

Thank You

Marc

Fannie Mae and New Eligibility Rules for Short Sales

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Great News for Buyers with a Short Sale!
New Eligibility Rules Announced From Fannie Mae!

There's great news from Fannie Mae for home buyers who have experienced a short sale or deed in lieu of foreclosure. To help the housing market's continued stability, Fannie Mae is changing the "waiting period" (i.e. the amount of time that must elapse after the preforeclosure or short sale event) before home buyers can qualify for a loan.

Several factors will impact these changes, including the required down payment or loan to value (LTV) for the transaction and whether extenuating circumstances contributed to the individual's financial hardship (e.g. a job loss). The following chart highlights the new rules:

Preforeclosure Event
Current Waiting Period Requirements
New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure

4 years
Additional requirements apply after 4 years up to 7 years

2 years – 80% maximum LTV ratios

 
Preforeclosure Sale
2 years
4 years – 90% maximum LTV ratios
Short Sale
No policy currently exists specific to short sales
 7 years – LTV ratios per the Eligibility Matrix
Exceptions to Waiting Period for Extenuating Circumstances
Preforeclosure Event
Current Waiting Period Requirements
New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure

2 years
Additional requirements apply after 2 years up to 7 years

2 years – 90% maximum LTV ratios
Preforeclosure Sale
No exceptions are permitted to the 2-year waiting period
Short Sale
No policy currently exists specific to short sales

(1)The maximum LTV ratios permitted are the lesser of the LTV ratios in this table or the maximum LTV ratios for the transaction per the Eligibility Matrix.

Note that the terms 'short sale' and "preforeclosure sale' are both referenced in Fannie Mae’s announcement and have the same meaning – the sale of a property in lieu of a foreclosure, resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

The bottom line:  Buyers who have experienced a short sale or deed in lieu of foreclosure may be eligible for financing sooner than previously expected…especially if they have 20% to put down.  If you have any buyer prospects who may benefit from this change, I’d be happy to help you put them in a home.

Read the full announcement from Fannie Mae.

Sincerely,

Guy V Jones & Lance Scott
Integra Lending Group, LLC
985-206-0960
ls@integralg.com

Integra Lending Group, Madisonville, LA – “How Purchase Loans are Made.”

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How Purchase Loans Are Made
A Step-By-Step Walkthrough


1.
 Loan Search – Buyers should seek the advice of an experienced mortgage professional, someone who will help determine which financing options best suit their needs today and in the future.
2.
 Loan Application – It's crucial that consumers supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.
3.
 Documentation – Buyers must submit paperwork supporting the application as well. Information commonly sought includes pay stubs, two years' tax returns, and account statements verifying the source of the down payment, funds to close and reserves.
4.
 Pre-approval – Getting pre-approved for a mortgage allows borrowers to know exactly how much house they can afford. Viewed as "cash buyers", pre-approved borrowers have greater negotiating power as well.
5.
 The Hunt – The buyer begins shopping for a house. When the right one is found, the terms of the sale will be negotiated, including the price and potential terms of the loan being sought.
6.
 Appraisal – Lenders require an appraisal on all home sales. By knowing the true value of the home, the borrower is protected from overpaying.
7.
 Title Search – This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.
8.
 Termite Inspection – While most purchase loans do not require a formal inspection for termite and water damage, some loans (especially government loans) allow for the possibility. If problems are found, repairs may be necessary.
9.
 Processor's Review – The mortgage professional packages all pertinent information and sends it to the lending underwriter, including any explanations that may be needed, such as reasons for derogatory credit.
10.
 Underwriter's Review – Based on the information put together by both the loan executive and the processor, the underwriter makes the final decision regarding whether or not a loan is approved.
11.
 Mortgage Insurance – Many lenders require private mortgage insurance when borrowers put down less than 20 percent on a loan.
12.
 Approval, denial or counter offer – In order to approve a loan, the lender may ask the borrowers to put more money down to improve the debt-to-income ratio. The borrower may also need a bigger down payment if the property appraises for less than the purchase price.
13.
 Insurance – Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance will also be required if the property is located in a flood zone. In California, some lenders require earthquake insurance on condominiums.
14.
 Signing – During this step, final loan and closing documents are signed.
15.
 Funding – At this point, the lender sends a wire or check for the amount of the loan to the closing company.
16.
 Close of Transaction – Documents transferring title will now be recorded with the County Recorder.
17.
 Buyer Begins Making Mortgage Payments

Thank You

Guy V Jones & Lance Scott
Managing Owners
Integra Lending Group, LLC
Phone: 985-206-0960
Fax: 985-206-0965
ls@integralg.com
www.IntegraLendingGroup.com

Integra Lending Group, Madisonville, LA Mortgage Rate Update, 3/30/2010

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4.875%. Todays interest rates are very low. If you can afford to buy, Now is the time! Home values are low, interest rates are low. The stars are aligned for buyers right now. Take advantage while the getting is still good. Contact us for the first step in purchasing a home. Pre-Qualification. Any offer on a home will only carry weight if a Pre-Qualification Letter is attached. To be frank, there is no point in even looking at homes until this is done. If you do not know what you qualify for, please contact us for a FREE Confidential Pre-Qualification, or EMAIL Us Here and someone will contact you back ASAP. Then it is just a matter of finding you the home of your dreams. 🙂

Thank You

Marc