» North America Real Estate News

»If You Are Purchasing A Home_You need a PreApproval Letter_Get your FREE Preapproval letter

2014-08-25T12:40:00.000-07:00

If you are planning to home purchase with a mortgage loan, you need a Preapproval Letter.
A home purchase preapproval letter shows sellers and realtors that you are a serious buyer with a bonafide offer and you won't be wasting their time. The home purchase pre-approval letter will be tailored to your needs, whether your loan is Conventional, Jumbo, FHA, VA, USDA or portfolio loans. Why not get a FREE Preapproval letter from a Full Service FDIC Bank with strong credentials, long time history and a bank that has the authority to lend in all 50 states nationwide? Warsaw Federal has been helping folks with mortgage purchase loans for over 121 years.

Why isn't Warsaw charging an application fee while other banks are charging exorbitant application fees whether approved or not?
The answer is quite simple. Warsaw is very competitive with rates and closing costs. Using the services of Bill Burress, Sr Loan Officer you will receive exceptional service. The vast majority of borrowers who look to Warsaw Federal for a preapproval letter will go ahead and take full advantage of the opportunity to receive lower rates than Warsaw's competition. Warsaw also has a broader range of mortgage products and stellar service that is focused on closing your purchase loan on time.

Click the green button above to receive your conventional preapproval letter, jumbo loan preapproval letter, FHA preapproval letter, VA preapproval letter, USDA rural guarantee preapproval letter or a portfolio loan preapproval letter.

[Click Here] For your Free Preapproval Letter.

This offer is being presented by Bill Burress, Sr Loan Officer with Warsaw Federal. Bill may be reached at Toll free: 866-304-4414 or you may [Click Here]
Bill Burress can originate loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming. NMLS#240973. All loans are subject to credit approval.

» The Real Conventional Loan_No Minimum FICO Score_No Lender Overlays

2014-08-25T01:00:00.000-07:00

Real Conventional Loan

Definition of 'Conventional Mortgage' as from Investopedia.com "A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac... " Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are the largest purchasers of home mortgages today through mortgage backed securities. Both Fannie Mae and Freddie Mac are government sponsored enterprises or GSEs. Today, if you are trying to be approved for a conventional loan, you must meet at minimum Fannie Mae's or Freddie Mac's set loan guidelines or funding criteria. Unfortunately, there are other more stringent guidelines being placed on conventional loans by almost every lender providing conventional mortgage loans.

Have you ever been told that your FICO score was not high enough for a conventional loan or that you must have 20% down for a conventional loan? A minimum FICO score or 20% minimum down for a conventional loan are stricter guidelines placed on a mortgage loan by the lender or bank and are not guidelines set by Fannie Mae or Freddie Mac. What if you could have a conventional loan underwritten to Fannie Mae or Freddie Mac's guidelines with no minimum FICO score requirement with a down payment requirement as low as 5%? This is what you may have when your loan is underwritten to GSE standards with no overlays. This is what you may have with a REAL Conventional Loan_SM.

Today conventional loans are very popular and it seems every bank has conventional loans available for home purchase loans and refinancing. Despite conventional loans popularity, the truth is finding a real conventional loan is like finding a needle in a haystack. The reason real conventional loans are hard to find is banks and lenders will underwrite to Fannie Mae’s or Freddie Mac’s guidelines but then impose their own additional stricter guidelines on top of these guidelines. These additional lender or bank guidelines are often referred to as investor or lender overlays. Both Fannie Mae and Freddie Mac do not restrict the banks and lenders from adding overlay so long as the banks and lenders meet Fannie Mae’s or Freddie Mac’s minimum guidelines and requirements.

Have you ever played a game where the rules of the game kept changing? It's almost impossible to win when the rules of the game keep changing. Well this is the effect lender or bank overlays have on mortgage loan approvals. They change the rules. What's worse is sometimes these rule changes will surprise and derail a transaction or totally blow it up.

If you are looking for a mortgage loan for a home purchase or a refinance and you're talking with banks or lenders try this. Ask any loan officer what the minimum FICO score is for a conventional loan, each loan officer will probably respond with a different number. You'll probably find the most popular responses are 720, 700, 680 and 660. Wow! What a game. Did you know neither Fannie Mae nor Freddie Mac have minimum FICO score requirements for conventional loans? As soon as the loan officer responds to your question regarding conventional loan minimum FICO score requirements with any minimum FICO score, it will tell you that the loan officer works for a lender or bank that has overlays because a minimum FICO score requirement is an overlay.

Banks and lenders are adding their own minimum FICO score requirements to Fannie Mae and Freddie Mac guidelines. Of course, the minimum FICO score requirement is only the beginning of your frustration, pain and anguish. There are overlays for every conceivable situation you can think of and then some. Much like a game where the rules are constantly changing, overlays can be frustrating but what's worse it's not a game anymore. It's your life, your family, your finances and your home!

If you want a real conventional loan on either a home purchase loan or a refinance with no overlays, you have come to the right place. That’s right. The Real Conventional Loan_{TM underwritten by my Warsaw Federal DE Underwriter to Fannie Mae’s or Freddie Mac’s guidelines with absolutely no additional overlays and no minimum FICO scores.}

If you would like more information on The REAL Conventional Loan_SM contact Bill Burresss Toll Free: 866-304-4414 or email: wburress@warsawfederal.com For more information, you may call toll free: 1-866-304-4414 or [Click Here]

Bill Burress has completely overhauled the mortgage loan process into a streamline painless process to help borrowers close on time. They are also given continuous real time updates for their loan. This pilot mortgage loan process is called The Red Carpet Mortgage Loan Program _SM and borrowers who qualify will see amazing results. NMLS#240973

Bill Burress is licensed to lend in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming

»FICO Score9 Changes_Help Raise Scores For Homebuyers & Refinancing

2014-08-08T11:18:00.002-07:00

»FICO Score9 Changes_Help Raise Scores For Homebuyers & Refinancing

FICO has announced some changes in their analytics which I see as a positive for homebuyers and refinancers alike. It seems that many will be affected positively with this change. Of course time will tell once we see the rule of large numbers take place and we can better assess how this will impact our business.

FICO has announced it's newest score analytics, FICO® Score 9. With the new changes, FICO has reduced the impact of medical collections on FICO scores by differentiating medical collection fro non-medical collections. This change is expected to increase the median FICO score for consumers whose only deragatory references are unpaid medical collections 25%. This is a real win for consumers.

The latest model also will measure a consumer's pay history degrees rather than in absolutes such as they paid or they didn't pay. Another improvement is a better analysis of thin files or consumers with limited trade lines.

“FICO Score 9 uses a more refined treatment of consumers with a limited credit history and those with accounts at collection agencies, so that lenders can grow their credit and loan portfolios more confidently,” said Jim Wehmann, executive vice president for Scores at FICO. “By applying innovative predictive modeling techniques on recent data to capture consumer credit behavior, FICO Score 9 will extend FICO’s leadership in providing the credit score that most accurately and fairly defines U.S. consumer credit risk.”

Click the green button above to receive your conventional preapproval letter, jumbo loan preapproval letter, FHA preapproval letter, VA preapproval letter, USDA rural guarantee preapproval letter or a portfolio loan preapproval letter.

[Click Here] For your Free Preapproval Letter.

This offer is being presented by Bill Burress, Sr Loan Officer with Warsaw Federal. Bill may be reached at Toll free: 866-304-4414 or [Click Here]
Bill Burress can originate loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming. NMLS#240973. All loans are subject to credit approval.

» » Sometimes Referring An Experience Loan Officer Can Make A Big Difference

2013-09-25T01:00:00.000-07:00

» » Referring An Experience Loan Officer Can Make A Difference

The finer details that can delay a real estate transaction or possibly kill it. Today in many
communities, there is limited inventory of homes for sale. This puts extra pressure on the buyer side of the transaction. There is certainly less room for mistakes by all parties and evenly less room for mistakes by a loan officer. Any time there is a missed contract date because of buyer’s side financing delays, the buyer (and selling agent) risk losing the transaction. Having an experienced and knowledgeable loan officer as a partner will not only give you an edge and put more commissions in your pocket but it will also help you avoid the financing delays that could kill your real estate transactions.

Recently, I received a purchase contract and began to review it. Everything looked fine but during my contract review, I noticed that the subject property had a common driveway with no common driveway agreement. Alarms, bells, buzzers and sirens sounded in my head. Because of this one detail, the mortgage financing would have been killed or delayed with most lenders. Fortunately for all parties of the transaction, the mortgage loan application landed on my desk. You are probably asking, “What’s the big deal about a common driveway? There are many common driveways all over. How can that kill or delay a loan application”? Here’s the rub. Fannie Mae doesn’t like properties with common driveways and looks at them with great scrutiny while Freddie Mac does not. This makes a difference on a transaction where time is of the essence (virtually every transaction).

The good news is that I originate for a direct lender for both Fannie Mae and Freddie Mac. Now, on the particular day that the purchase contract was delivered, FNMA’s rates were .125% lower than FHLMC’s. If this property would not have had a common driveway, I would have chosen Fannie Mae to save the buyer .125% on his rate. My point is this. If the loan would have been referred to a less experienced loan officer, the transaction likely would have been delayed or killed. Instead, the loan application is on track from the start and I expect to have a final HUD settlement statement one week prior to close as usual. Realtors who have not been leading their buyers to an experienced loan officer that is also backed by an experienced team of processors and underwriters who are committed to closing the transaction on time may want to think of partnering up with the right loan officer.

I have a team of the most experienced and professional teams I have ever worked with. Our processors and underwriters have an eye for detail and are committed to meeting purchase contract dates. One testament to this is our unusually high percentage of purchase business as compared to refinancing business.

For additional information on how I can help you, call me toll free 866-304-4414 or [Click Here]

I am a Nationwide Mortgage Expert originating mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

» Ohio Mortgage Credit Certificate - Up to $2,000 Federal Tax Credit Per Year, Every Year

2010-01-14T10:03:00.000-08:00

There is a special Federal tax credit available for Ohio homebuyers. This is not a one time tax credit but one that a homebuyer may claim year after year. It is called a mortgage credit certificate and it creates an income tax deduction that reduces a household's federal income tax liability and allows the household to have more discretionary income or more income to make a higher mortgage payment. The mortgage credit certificate (MCC) is being administered by the Ohio Housing Finance Agency (OHFA) and is available for Ohio home purchases only. A percentage of what a borrower pays in mortgage interest becomes a tax credit that the borrower can deduct dollar-for-dollar from their income tax liability. This percentage can be 20%, 25% or 30%. 20% for non-target area homes, 25% for target area homes and 30% for REO properties. The remaining portion of the mortgage interest continues to qualify as an itemized tax deduction, as long as the borrower has a sufficient tax liability. The mortgage credit certificate is only available for a home purchased as a principal residence.

How To calculate the tax credit.
The calculation is not difficult. The borrower can calculate the tax credit by taking the amount of mortgage interest paid on the qualifying property in the calendar year and multiplying it by 20%, 25% or 30% depending on the classification of the purchase. Again, 20% for a non-target area home, 25% for a targeted home or 30% for an REO property. Please, keep in mind the maximum tax credit that can be claimed is $2,000 per year with the mortgage credit certificate and a borrower cannot claim an amount exceeding their Federal income tax liability for the year.

There are income requirements for the program and the income varies by county, number of people in thehomebuyer's family, whether the home purchased is in a target or a non-target area and if the property is a 1-family, 2 family, 3 family or 4 family home. The purchase price limits vary depending on whether the home is new, existing or located in a target or non-target area. Caution- The FHA loan limits may be less than the purchase price limits.

Other than income and purchase price limits, in order to qualify a homebuyer must also meet the following three conditions:

1. Occupy the property you are buying as your primary residence for every year you
claim the MCC. If the property ever ceases to be your primary residence, OHFA may
revoke your MCC approval.
2. Be creditworthy. You must meet standard credit and underwriting criteria
established by the IRS and HUD for the MCC Program.
3. Meet one of the following:
A. Be a first time homebuyer (Not having an ownership interest in their
principal residence in the last three years.)
B. Purchase a home in a target area.
C. Be a military veteran who has received an honorable discharge.

Additional Property Requirements
• New or existing single-family units, condominiums, and planned unit
development homes within the State of Ohio.
• Modular or manufactured homes must be permanently affixed to the foundation
and titled as real estate to be eligible.

Loan Types
• Must be a fixed rate loan.
• May not be a refinance loan.
• FHA, Conventional, VA, USDA-RD all qualify.

Mortgage Credit Certificates will be available for homes which close on or after March 23, 2009.

This program is not available through all lenders. If you are interested in learning more or to see if you qualify your next step is to contact the right mortgage professional who can advise you on The Mortgage Credit Certificate program. A mortgage professional who is familiar with the mortgage credit certificate program can check out the guidelines and qualifying criteria to determine if you qualify.

Bill Burress, Nationwide Mortgage Expert is a mortgage professional who can help you determine whether you qualify for the Ohio Mortgage Credit Certificate and can help you with a pre-approval for your home purchase. For information on this article or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414. or [Click Here]

Bill Burress, Nationwide Mortgage Expert has over 29 years experience in the mortgage business. Bill Burress is now assisting homebuyers Nationwide.

» $8,000.00 Homebuyer Federal Tax Credit Details with Video

2009-12-21T11:59:00.000-08:00

Homeowners who act quickly may take advantage of the expanded tax credit. Remember back in November, 2009 when The President signed into law the home buyer tax credit extension? Well, time is running out for would be home buyers because the extension was not a very long one. Those who are considering purchasing a home in 2010, should not let their tax credit deadline expire. You must purchase a home before April 30, 2010. Unless you already have a home picked out, this means you should get moving on it. The buyer must have an accepted contract by April 30, 2010 and have until June 30, 2010 to close. Searching for a home and negotiating the terms of a purchase contract is not an easy task and its better to get it done early than to close too late to pocket the tax credit.

What does the tax credit extension do? Well for starters, it includes not only first time home buyers but also existing homeowners. Existing homeowners can receive a tax credit up to $6,500.00 and first time home buyers can receive a tax credit up to $8,000.00. Purchase contracts exceeding $800,000 will not qualify for the tax credit. First-time home buyers and existing homeowners who purchase homes between November 7, 2009 and April 30, 2010 can participate. A current homeowner is defined as a homeowner who has used the home being sold as a principal residence for five consecutive years within the last eight years. Also, in order to qualify as a first-time home buyer, the purchaser or the purchaser’s spouse may not have owned a residence during the three years prior to the purchase. The income limits are as follows, $125,000 annual income for a single purchaser and $225,000 annual income for a couple.

What should be your first step? The first step to purchase a new home should be to get pre-approved for the new mortgage. With credit guidelines becoming tighter, the sooner you begin this process the better off you will be. It is always better to start earlier than you planned on starting in case there is any unforeseen items on your credit that need to be cleared up.

You can apply for a FREE pre-approval from Bill Burress, Nationwide Mortgage Expert.

Bill Burress, Nationwide Mortgage Expert has been helping homeowners with their mortgage financing since 1980. For information on getting pre-approved for a mortgage loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414 or [Click Here]

Now originating mortgages and negotiating short sales in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Copyright © 2009 - 2010 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

Sources:
HR 3548
SA 2712 (Sec 11 is the applicable section)
IRS.gov/recovery

» Need to Refinance or Purchase A Home? It May Be Time For Credit Repair

2009-12-21T08:26:00.002-08:00

Those who are trying to get approved for a mortgage may find themselves fighting an uphill battle. Not too long ago it seemed if you had a pulse you qualified for a mortgage. This no doubt contributed to the real estate bubble and collapse of the mortgage and financial markets. Now there are more being turned down for mortgages than being approved it seems. If you are sitting on the sidelines waiting for the credit guidelines to relax a bit before purchasing or refinancing your home, you really have a better chance of being struck by a meteor.

Being turned down for a mortgage loan due to a low FICO score may be remedied with sound credit repair techniques. Most in this situation should not attempt to repair their credit report on their own. I have seen too many cases where a borrower will shoot themselves in the foot by attempting to repair their own credit. The reason this happens is in credit reporting, logic does not always prevail. For example, a borrower may decide to close out a few credit cards they don’t use in order to raise the credit scores. This is the exact wrong move to make. Another mistake I have seen is when a borrower pays off all of their collections. This again, may lead to a large FICO score reduction. There are countless other mistakes a borrower can make while trying to repair their credit, despite their good intentions. A good credit restoration company can steer you away from the pitfalls of credit repair without costing you an arm and a leg.

If you are interested in having your credit repaired, give me a call and I can refer you to a reputable credit restoration company that does business in your area. They can answer any questions you may have and let you decide if it’s the right thing for you to do. The company’s I refer are not in it to make a quick buck. The people I work with in these companies truly care about the borrowers they help. I have heard their excitement when they get a score raised on all three bureaus. I have also heard their disappointment when they are trying to negotiate with an uncooperative creditor or lien holder.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a mortgage loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414 or [Click Here]
Now originating mortgages and negotiating short sales in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.
Copyright © 2009 - 2010 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

Image by Free-StockPhotos.com

$8,000.00 First Time Home Buyers Tax Credit

2009-05-04T05:40:00.000-07:00

First-Time Homebuyer Credit Questions and Answers: Basic Information

Q. What is the credit?

A. The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.

The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more.

For more information on applying for the credit: [Click Here]

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before December 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.
Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Q. Can I apply for the credit if I bought a vacation home or rental property?

A. No. Vacation homes and rental property do not qualify for this credit.

Q. Who is considered to be a first-time homebuyer?

A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.

Q. When do I have to buy a new home to get the credit?A. The home must be purchased after April 8, 2008, and before December 1, 2009, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home.

Q: How do I apply for the credit?

A: The credit is claimed on new IRS Form 5405 and filed with your 2008 or 2009 federal income tax return.

For more information on applying for the credit: [Click Here]

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q. I purchased a home that qualifies for the first-time homebuyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence?

A: Yes, if you meet all first-time homebuyer eligibility requirements. See Form 5405, First-Time Homebuyer Credit, for more details.

Q: If two unmarried people buy a house together, how do they determine how much each may take of the credit?

A: IRS Notice 2009-12 provides guidance for allocating the first-time homebuyer credit between taxpayers who are not married.

Q. I am a single co-owner of a home. How do I get this credit?

A. Depending on the year of purchase, you will claim the credit on either your 2008 or 2009 federal income tax return.

Q. I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit?

A. The credit is fully refundable and, if you qualify as a first-time homebuyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time homebuyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time homebuyer may file for the sole purpose of claiming the credit for a refund.

Q. Does the first-time homebuyer credit apply to homes located in the U.S. Territories?

A. No.

Q. Would I be considered a first time homebuyer if I owned a principle residence outside of the United States within the previous three years?

A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States.

For more information on applying for the credit: [Click Here]

Q. If qualified, are homebuyers required to claim the first-time homebuyer credit?

A. No.

Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a new home:
• Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
• You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
• You do not use the home as your principal residence.
• You sell your home before the end of the year.
• You are a nonresident alien.
• You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a mortgage loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 866-304-4414. or [Click Here]

Now originating mortgages and modifying mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Copyright © 2008 - 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

Source: http://www.irs.gov

» $15,000.00 Home Purchase Tax Credit Trimmed To $8,000

2009-02-14T06:03:00.000-08:00

Well, with much wrangling the Congress rolled out the final revision of the home purchase tax credit contained in the economic stimulus act. The President is scheduled to sign the bill on Monday, February 16.

The Senate's version of the home buyer's tax credit was scaled down and revised to a much smaller version which is expected to have very little impact on the economy. The tax credit is now limited to first time home buyers and is $8,000 instead of $15,000. There are also income restrictions on the first time home buyer tax credit. One good point on this tax credit is that it eliminates the pay back which is required on the existing $7,500 tax credit.

For more information regarding the new $8,000 first time home buyer tax credit or the current $7,500 tax credit, contact Bill Burress, Nationwide Mortgage Expert.

Bill Burress, has over 27 years experience in the mortgage business . For information on getting approved for a mortgage refinance or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414. or fill out the [Click Here]

The $8,000 first time home buyer tax credit is available for home buyers nationwide.
Now originating mortgages and modifying mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

» Mortgage Loan Approvals With Below 600 F.I.C.O. For Rates As Low As 5% A.P.R.

2009-01-28T12:10:00.000-08:00

I’m getting more phone calls this week from homeowners who have been turned down for a mortgage refinance because they had F.I.C.O. scores less than 600. This is no wonder since this week, lenders have once again raised the bar on mortgage applicants as the pressure from the regulators heats up.

With the housing industry and lending markets in turmoil, the federal regulators continue to turn up the heat and this means it is getting more difficult for anyone to get approved on a mortgage loan. With the underwriting guidelines continuing to reel in, those who have been wanting to get refinanced to a lower rate will be turned away in droves.

Those who want to get a rate reduction and perhaps change their loan term or perhaps get a fixed rate instead of an adjustable they currently have may get approved if they contact the right mortgage expert. I have seen borrowers get a rate below 5% 30 year fixed with F.I.C.O. scores well below 600. A low F.I.C.O. score should not be a reason to be turned down for a lower interest rate mortgage!

If you have been turned down time and time again, you might have already given up. Now may be the time to give it one more shot. I can’t guarantee an approval to everyone, but I can get approvals done today that I haven’t ever been able to get done. While the underwriting guidelines are getting tighter for most, I find I have more ways to get people a lower rate on their mortgage than ever before.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a mortgage refinance or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414. or fill out the [Click Here]

Now originating mortgages and modifying mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

» Have A Low FICO Score and Can’t Refinance?, Try A Loan Modification

2009-01-15T08:03:00.000-08:00

Housing foreclosures are sweeping the nation now as the real estate and financing markets are hit hard. As the foreclosure rates go up, the underwriting guidelines tighten. Homeowners who are now looking to refinance their home mortgage are finding they cannot because underwriting guidelines are strict now. Some lenders will not refinance a mortgage unless the borrower and the co-borrower have F.I.C.O. scores over 720. What was once was considered a high enough F.I.C.O. score for a mortgage loan approval will now hit the rejected file.

What can the homeowner who has been turned down for a F.I.C.O. score that is too low do? Well, some continue to apply with more banks and lenders and continue to get turned down, (someone once said the definition of insanity is doing the same thing over and over and expecting different results) while some take a completely different approach and contact a mortgage expert who can successfully complete a loan modification for them.

Bill Burress, Nationwide Mortgage Expert can modify your mortgage loan into a low fixed rate. Bill can also demand principle balance reductions to lower your monthly payments further. When using Bill Burress for your mortgage loan modification, you will not need to be late on your mortgage before your loan is modified and your loan modification will not harm your credit rating.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a mortgage loan modification or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414. or [Click Here]

» Stated Income Homeowners Now Approved For Low Rate Mortgage Loans Nationwide

2009-01-14T08:43:00.000-08:00

Not too long ago, many people were given mortgage loans by “stating” their income on their mortgage loan application. With these mortgage loans, no income verification was done. This was an excellent product for self employed borrowers especially because prior to the stated income loan, the borrower had to be approved using the income showing on their 1040. Many self employed borrowers could not be approved using the usual underwriting methods.

The problem has occurred when the rules changed once again. Stated income loans have been abolished. Those who are in a stated income mortgage note now and need to refinance to a lower rate or a fixed rate find they cannot do so. They are turned down on their refinancing loan application. Many are on adjustable rate mortgages and cannot afford the adjusted payments. Many have tried to refinance and are discouraged by repeatedly getting turned down for a new mortgage refinance.

Well now the majority of these borrowers can be approved regardless of credit or debt to income ratio. Borrowers who have been turned down for a mortgage refinance because they need a stated income loan or have been turned down because of a debt to income ratio need to take the next step and call Bill Burress, Nationwide Mortgage Expert. Bill Burress, Nationwide Mortgage Expert can get these borrowers approved for loan terms that will improve their situation by getting them lower monthly payments and lower fixed interest rates. Recently, borrowers have been approved for mortgage interest rates as low as 4.25% 30 year fixed.

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a lower rate mortgage or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Now originating mortgages and modifying loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming. Copyright © 2008- 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

Easier Mortgage Loan Approvals With Bail Out Bill

2008-09-29T05:21:00.000-07:00

On September 28, 2008, Congress reached an agreement with the White House with the largest spending bill in history. The bill is named the Emergency Economic Stabilization Act of 2008. The bill still needs to be passed and signed by the president and there will be much debate before this happens. This bill spends over $700 billion of tax payer dollars but what does this mean for those applying for mortgage loans? The bail out bill can help mortgage loan applicants. In most cases its business as usual with the same mortgage turndown ratio but for those who can find the easy money, the dividends can be the difference of getting a mortgage approval or being turned down for a mortgage loan or the difference between a high interest rate mortgage loan and a lower interest rate mortgage loan.

With the Emergency Economic Stabilization Act of 2008 (First Draft full text pdf),
the core of the bill takes the pressure off of the banks to allow them to lend more money. Before the passage of this bill, the system was on the brink of collapse due to a log jam of sorts with all of the bad paper the banks were holding. They weren’t able to lend as much money because of restrictions in mortgage banking laws because their balance sheets were wrecked with all of the non performing mortgage loans. Lending guidelines were getting tighter and tighter and every mortgage loan was harder to get approved. Congress stepped in and took care of the burden and the money should be flowing again soon. But how do you find the money that was released with this bill? That is the $700 billion dollar question.

For those looking to refinance a mortgage or purchase a home the first step is to find a seasoned mortgage expert. A seasoned mortgage expert knows where the money is and can help you get a piece of the $700 billion with a low cost mortgage. Bill Burress, Nationwide Mortgage Expert has been originating mortgage loans for over 27 years and has seen many trends and cycles in the business and economy. Over the years Bill has developed a keen sense of where to find the money. The money flowing out of this bill although it seems like a lot will not land everywhere and many lenders will fail despite the passage of the bail out. This is where Bill Burress, Nationwide Mortgage Expert can help. Like a hound dog on the trail, he is able to separate those that talk the talk from those who walk the walk.

For information on easy mortgage loan approvals or for any of your mortgage needs, you may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414 or [Click Here]

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

» Easier Mortgage Loan Approvals Can be Found With Bail Out Bill

2008-09-28T14:07:00.000-07:00

On September 29, 2008, Congress approved the Infamous bail out bill spending over $700 billion of tax payer dollars but what does this mean for those applying for mortgage loans? The bail out bill can help mortgage loan applicants. In most cases its business as usual with the same mortgage turndown ratio but for those who can find the easy money, the dividends can be the difference of getting a mortgage approval or being turned down for a mortgage loan or the difference between a high interest rate mortgage loan and a lower interest rate mortgage loan.

With the bail out bill or the now dubbed rescue bill, the core of the bill takes the pressure off of the banks to allow them to lend more money. Before the passage of this bill, the system was on the brink of collapse due to a log jam of sorts with all of the bad paper the banks were holding. They weren’t able to lend as much money because of restrictions in mortgage banking laws because their balance sheets were wrecked with all of the non performing mortgage loans. Lending guidelines were getting tighter and tighter and every mortgage loan was harder to get approved. Congress stepped in and took care of the burden and the money should be flowing again soon. But how do you find the money that was released with this bill? That is the $700 billion dollar question.

For those looking to refinance a mortgage or purchase a home the first step is to find a seasoned mortgage expert. A seasoned mortgage expert knows where the money is. Bill Burress, Nationwide Mortgage Expert has been originating mortgage loans for over 27 years and has seen many trends and cycles in the business and economy. Over the years Bill has developed a keen sense of where to find the money. The money flowing out of this bill although it seems like a lot will not land everywhere and many lenders will fail despite the passage of the bail out. This is where Bill Burress, Nationwide Mortgage Expert can help. Like a hound dog on the trail, he is able to separate those that talk the talk from those who walk the walk.

For information on easy mortgage loan approvals or for any of your mortgage needs, you may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414 or [Click Here]

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Jumbo Mortgage Loans Approvals Are Still Available As Guidelines Tighten and Loan Limits Are Raised

2008-09-28T07:50:00.000-07:00

With the housing and mortgage markets in peril, the jumbo loan is on the brink of extinction. Purchasing a home using a jumbo loan is hard enough today, getting approved on cash out or debt consolidation jumbo mortgage loan refinances is even tougher. Fewer lenders today offer jumbo loans than ever before leaving many buyers with few choices when it comes to jumbo loans. One bit of relief came from the economic stimulus act of 2008 but it is only temporary and provided the home loan falls within the H.U.D. calculation.

On March 6, 2008, H.U.D. published new FHA loan limits and GSE loan limits based on the median prices of homes as mandated by the Economic Stimulus Act signed at the end of February by President Bush. The new loan limits are based on 125% of the HUD published median prices and are temporary. The new loan limits are temporary and are scheduled to go back to the previous limits of $417,000 after 12/31/2008.

Until December 31, 2008, the GSE or conforming loan limits have been raised up to a maximum of $729,750. The newly increased limits set by HUD range from $417,500 to the highest of $793,750 in Honolulu, Hawaii. Other limits have been temporarily raised for two, three and four family using the same calculation.

With the changing of underwriting guidelines, many homeowners and would be homeowners are frustrated from being turned down with their jumbo loan applications. There are many homeowners who need to get approved for cash out jumbo loans and were literally laughed at by some lenders. Being turned down on a mortgage loan is no laughing matter.

Despite the financial crisis and the tightening of credit guidelines there are solutions for those needing jumbo loans. There are proven steps that borrowers should take which will improve the terms, conditions and pricing of a jumbo loan as well as increasing the chances of approval. A seasoned mortgage expert knows what’s needed for a loan approval and can help you through the loan process to a happy ending. The first step is to contact a mortgage expert who is familiar with jumbo loans and the current jumbo loan lending guidelines. An experienced mortgage expert can guide you through the application process and help you get approved for the jumbo mortgage loan that you need.

For information on a jumbo mortgage loan or for any of your mortgage needs, you may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414. or [Click Here]

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

» First Time Home Buyers Can Receive $7,500.00 Tax Credit on Home Purchase

2008-08-09T16:13:00.000-07:00

At the end of July 2008, President Bush signed a bill into law (H.R.3221) that will give thousands of first time home buyers nationwide a check for $7,500.00. This bill is clearly an effort to help the housing market and to stimulate the economy. Although this part of the bill was buried amongst a myriad of other items, this is probably the most affective economic stimulus Congress has passed and it will help real people who work save real money. There are many details and as they say, the devil is in the details but most will be delighted with the way this program works.

Many first time home buyers do a scramble when it comes to getting a down payment or even paying for moving expenses. This is real money the government will give you if you are a first time home buyer between April 9, 2008 and July 1, 2009. A first time home buyer is defined as a home buyer who has not owned a home in the previous three years. This is sensational. Currently housing values are depressed and now is a good time to get great values on real estate. There are many exceptional values on the marketplace today nationwide. If a family decides now to buy their first home now it might be a life changing event for their good. With the expected appreciation of housing over the next ten years the $7,500 they receive can continue to grow for years to come.

The passage of a bill this wide sweeping to help first time home buyers nationwide is unprecedented. Of course, it's temporary and the first time home buyer must qualify for the $7,500.00 and qualify for the mortgage. Are there many restrictions on this program? You betcha. The best way to find out if you qualify is to contact an experienced mortgage expert. An experienced mortgage expert can help you from the very beginning of your transaction to when you are handed the keys to your new home. The first step for those wanting to take advantage of this credit need to contact an experienced mortgage expert now.

For information on how you can receive your $7,500.00 towards your first home or for any of your mortgage needs,

You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or [Click Here]
Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Copyright © 2008- 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved.

» Cash Out Refinance Mortgage Loan Can Help Homeowners in Many Ways

2008-07-11T09:53:00.000-07:00

Cash out refinance mortgage loans may be the best way for a homeowner to get cash they need or get cash out BEFORE they actually need it. There are now cash out loan programs available that allow 95% L.T.V.. A 95% cash out loan enables a homeowner to use up to 95% of the home's value to determine the loan amount. For instance, a homeowner who owns a home with an appraised value of $200,000 may be approved for a cash out mortgage loan for $190,000.00. $200,000 X .95 = $190,000.

In obtaining a cash out loan, a homeowner can use the cash for anything they choose however if the homeowner wants to pay off debts or use the money for improvements on their property, they should tell the mortgage representative who is working on their loan that the cash will be used for these purposes. In both cases, this may help the approval process. Paying off debt with some of the loan proceeds may reduce the homeowner's debt to income ratio and help them to qualify for the cash out refinance. A property improvement may increase the value of the property which may also help an approval along.

Some homeowners choose to use their cash out loan to invest in strong investments. A homeowner investing their cash out proceeds in this manner could better themselves financially and benefit their family for many years to come. A homeowner can take a cash out refinance and apply it to a 401K account or I.R.A. Some homeowner's have been successful by investing in individual stocks. With today's historically low interest rates available on cash out mortgages, it is much easier to come out ahead with a cash out refinance for investment purposes. Another popular choice for a refinance cash out loan is to use the money for a business start up. The reason for this is simple. If a homeowner were to apply for a straight business loan without the loan being a mortgage loan, there is much red tape to go through. For instance, a complex detailed business plan would be necessary as part of the approval process. The borrower's ownership experience, management experience or years in the profession may also be heavily scrutinized by the underwriters when applying for a business loan. Contrasting the higher interest rates of a business loan with the low interest rates of a cash out mortgage loan, there may be considerable savings with a cash out mortgage loan. A longer term is also available with cash out mortgage loans and this will reduce the monthly payments as well.

Bill Burress, Nationwide Mortgage Expert can help homeowners get approved for a cash out refinance loan with no application fee. For information on a cash out mortgage loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414. or 30 Second Inquiry Form.
Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Copyright © 2008- 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

» Debt Consolidation Mortgage Loans Bring Financial Stability For Homeowners

2008-07-05T09:44:00.000-07:00

Many Americans are now feeling the pinch of high interest credit card debt, high auto loan balances, and high consumer debt. Add to this, the inflation of higher utilities, higher gasoline and higher food prices and it's no wonder divorce rates are up. A lot of consumers continue to pay the minimums on their credit card balances each month. With this habit of repayment, many won't pay their charge cards off in their lifetime.

Homeowners with consumer debt in excess of $15,000 should consider a debt consolidation loan. The right debt consolidation loan can help to reduce a homeowner's monthly expenses, increase their discretionary income and place them back on the right track financially.

How does a debt consolidation loan work? In a nutshell, a debt consolidation loan will pay off the existing first mortgage and other debts thereby reducing the monthly expenses or monthly obligations the homeowner must make. The new mortgage may be a fixed rate mortgage, so the homeowner's expected payment will not fluctuate. The reduction in monthly expenses will help the overall financial stability of the homeowner by making available more cash each month. Credit card and other consumer debt interest rates are in the double digits. The right mortgage loan can have an A.P.R. below 7% which can significantly lower the amount of interest paid on the debt and also lessen the term. Once extra cash is freed up, the homeowner can apply the monthly savings to the principle balance of the mortgage thereby reducing the term of the debt. The monthly savings can also be applied to home improvements, college funds, 401K or I.R.A. accounts or it can be used just for a better lifestyle. In short, the monthly savings can be used for whatever the homeowner chooses.

Homeowners who wait until they are forced to do something often find they cannot get approved. Their credit scores might drop because of their debt load and or delinquencies. There are debt consolidation loan programs available for homeowners who have less than perfect credit and low F.I.C.O. scores. Some of these debt consolidation loan programs can help those with F.I.C.O. scores as low as 500. A mortgage expert can help you find the right debt consolidation loan to fit your needs.

Bill Burress, Nationwide Mortgage Expert can approve debt consolidation loans for those with less than perfect credit. For information on a debt consolidation loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Copyright © 2008- 2009 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

» Make Huge Profits In Real Estate Using Stock Market Strategies

2008-07-04T13:10:00.000-07:00

Real estate investing in many ways is no different than investing in the stock market. It's important for real estate investors much the same as stock market investors to clearly identify their goals and to do their research before purchasing real estate investment properties. If the a property investor's goal is to have properties that cash flow, then he needs to focus on this goal. Cash flowing properties are more plentiful in today's real estate market. It's also important for a property investor to keep his emotions in check whether buying or selling and always drive a hard bargain.

A savvy real estate property investor, like a stock market investor needs to be disciplined and remember the basics when investing in real estate today. For instance, a great piece of advice for a stock market investor is to have a sell price the day he buys a position. This is also a great strategy for real estate property investors and it helps to keep his emotions out of the transaction. Not long ago, real estate investors had a very hard time finding properties that were priced right and that cash flowed. Sometimes it was like finding a needle in a hay stack, then when they found the right properties, the competition was there to drive the price up. Now, it is fortunate that there is a plethora of properties priced right with cash flow. If a property investor is looking in the right places for cash flowing properties, it's like shooting fish in a rain barrel. Today's real estate market is akin to the stock market drop right after 9/11. There were bargains galore in the stock market during that time period but many stock market investors were held back by their own emotions. Like some stock market investors right after 9/11 there are also property investors that seem gun shy in today's market. They are concerned about finding "the bottom" of the market. They need to stop looking for the bottom of the market. They will never find it. In any buyer's market, this hesitancy can be seen as an additional confirmation that it's a true buyer's market. If a real estate investor does his homework carefully, they can set themselves up to making solid profits much like many stock market investors gained right after 9/11, by investing wisely.

A summary of sound real estate investing strategies.

1. You make your money when you buy, so BUY SMART.

2. Do your homework on the property you are thinking of buying.

3. Seek out under priced properties.

4. Stop looking for the bottom of the market. You'll never find it.

5. Have key advisors and contractors at the ready before buying.

6. Start low with your offer. You can always go up if necessary.

7. Define the purpose for your property purchase.

8. Do not be emotionally attached to the property when you are buying or selling.

9. It's a business transaction. You are in it to make a profit.

10. Don't get wrapped up in the seller's needs or problems.

11. Have an exit strategy BEFORE buying.

12. Stick to your exit strategy for selling.

13. Re-assess your position and exit strategy from time to time. (Not emotion based).

14. Buy on weakness.

15. Sell on strength.

In the stock market, wise investors seek out stocks that are sold at a price below what they should be selling for. This is called "under valued." This is exactly the type of property a real estate investor needs to find. They need to go after bank R.E.O.'s, foreclosures, short sales and other distressed sales. They need to look for divorce sales, estate sales, business failure sales. In looking for these types of transactions, it will be much easier to find cash flowing opportunities. Of course, having a good contact list will prove to be invaluable. These contacts will help you with finding properties, arranging financing, contracting tradesmen, etc.

For information on the purchase real estate investment properties for sale or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414. or [Click Here]

Bill Burress, Nationwide Mortgage Expert can approve loans in all 50 states and has over 27 years experience in the mortgage business.

Now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Copyright © 2008 Bill Burress, Nationwide Mortgage Expert. All rights reserved worldwide.

» Bank Owned Properties Or Bank R.E.O.'s Can Be Big Money Makers

2008-07-03T14:29:00.000-07:00

Now may be a great time to buy bank owned properties. These are real estate properties that the banks have foreclosed on and are losing money on. A property that a bank holds is referred to as a bank R.E.O. Some of the properties may have gone through short sale offers that fell through. Maybe the bank representatives thought they could get more money and now the banks are stuck with the properties. After this, the property went through a real estate foreclosure auction and the property didn't sell. Whether a buyer is purchasing for his/her primary residence or considering purchasing as investment many investors think R.E.O.'s in general are a money making opportunity.

In a previous article I wrote, I highlighted some of the similarities between the real estate market and the stock market and one thing for sure is, the real estate market today is like the stock market right after 9/11. The banks are certainly not in the real estate business and they are heavily regulated. As such, if the amount of their R.E.O. is too high, it may not look good to regulators nor to it's stockholders. There comes a time when the banks must unload these foreclosures. This is where opportunity knocks. With the banks real estate holdings continuing to increase, the banks are beginning to let go of their real estate and this could mean significant savings for home buyers. There are some communities where bank owned properties exceed 30% of real estate available. The banks own these markets. In these markets a buyer can get into a home for much less whether it's a bank owned property or not because of the competitive nature of the real estate business. If the banks are selling 30% of the properties at a below market price, then others who want to sell must come down on their price to compete. When this happens, the downward spiral of home values continues. Whatever your level of expertise in the real estate game, you need to know that you cannot go it alone. Good contacts are key to your success. This rule holds true if you are purchasing for your primary residence or if you are purchasing an investment property.

For information on the purchase real estate investment properties for sale or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-866-304-4414. or [Click Here]

Bill Burress, Nationwide Mortgage Expert can approve loans in all 50 states and has over 27 years experience in the mortgage business.

Now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

» First Time Home Buyers Have Many Obstacles To Overcome For Loan Approval

2008-06-18T16:44:00.000-07:00

First time home buyers have many obstacles to overcome when purchasing their first home. Mortgage lending much like other lending is risk based and as such for a buyer to approach the application process uninformed could lead to a denial of credit. What are the factors that an underwriter looks for in approving a mortgage applicant? The short answer is the four C's of lending which are collateral, capacity, capital and character.

In looking at most first time home buyers and going methodically through the four C's of lending one wonders how a first time home buyer ever gets approved for a mortgage the first time. Let’s look at each one see how it may affect the first time home buyer.

Collateral. In a first time home buyer purchase, there typically is not too much collateral. Sure, in mortgage lending there will be a lien on the home, however most first time home buyers are purchasing with little or nothing down. The purchase price of the home is the market value so the first time home buyer is putting up little collateral. As such, the lender has an increased risk in the transaction.

Capacity. This is the ability to repay the mortgage. The first step is to determine the debt to income ratio. The underwriter will take all monthly debts and divide them by the borrower’s monthly income to determine what the debt to income ratio is. Also in determining the capacity, the underwriter will look at job history. Does the buyer hop from job to job or does the buyer stay put. A buyer who job hops may be a higher risk.

Capital. How much liquid assets does the borrower have? Stocks, bonds 401Ks, I.R.A.s, checking account balances and savings account balances all play a role in calculating the capital. The sum of these accounts is what is called reserves. Many times underwriters talk in terms of monthly reserves. Monthly reserves is referring the figure of taking the amount of reserves and dividing them by the monthly P.I.T.I. Six month reserves has become the standard in mortgage lending.

Character. One major factor in obtaining a mortgage loan is prior mortgage history. The first time home buyer is at a disadvantage here because there is no mortgage history. The next best thing to factor is rental history. The borrower’s credit history is looked at extensively to determine character. Delinquencies, proportion of balance to limits on installment and revolving credit, judgements and collections and bankrupties all are looked at to determine character of the debtor. Also, the number of trade lines as well as the length of time the borrower has had each trade line is a determining factor. After all of these items are taken into account, the underwriter will look at payment shock. Payment shock is a measurement of how much the household expenses are increasing with the purchase of the home. If it is too big of an increase, the underwriter may deny the applicant despite whether the debt to income ratio meets the guidelines.

Now, before you give up on your quest to be a first time home buyer, let me give you some good news. There are loan programs specifically designed for the first time home buyer and will be a bit more lenient with the 4 C's than usual. There have been cases where first time home buyers have been able to get better terms on a mortgage loan than many seasoned buyers with high credit scores and great marks with the 4 C's.

The first step to being a first time home buyer is contacting a seasoned mortgage expert that is experienced with first time home buyers. With proper planning and the right choice of a mortgage expert you will be on your way to owning your first home.

For informatinon on first time home buyer programs or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert can approve loans in all 50 states and has over 27 years experience in the mortgage business. Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» Getting Approved For Nothing Down Home Purchases

2008-06-18T10:42:00.000-07:00

It wasn't too long ago that "Nothing Down" or zero down home purchases were common and known to all who were in the real estate market. There was no mystique or magic in structuring a nothing down purchase. Today, the mere mention of a nothing down purchase to those in the real estate business may have them looking at you as if you have two heads. The real estate lending market has once again changed and there are very few nothing down purchases being done.

Many think the nothing down purchase is either not available or it's too complicated to structure. Yes, when you contrast the way a nothing down purchase must be structured today with how they were structured just a couple years back, the nothing down mortgages are definitely more complicated and harder to get approved but they are very possible even with borrowers with less than perfect credit and possible to borrowers with low FICO scores.

Two years ago, you simply told your lender that you wanted to do a nothing down purchase. The lender said, okay and you were given a 100% LTV (loan to value) mortgage loan. In some cases you were given two loans for a 100% CLTV (combined loan to value). Another option a buyer had in the past was a 100% CLTV with a seller held second mortgage. The vast majority of the nothing down home purchases were done by one of these methods. With the big changes in mortgage lending, these methods may no longer be available for home purchases and are unacceptable with today's underwriting guidelines.

Enter the seasoned mortgage experts. There are major differences between a mortgage loan expert and a typical loan originator. A seasoned loan expert can help you obtain the nothing down loan purchase with the knowledge he has gained over the years, whereas the typical loan officer cannot get it done. A seasoned loan expert can assess the loan risk and help you get approved for a higher LTV than the a typical loan officer. A seasoned loan expert will be up front with you about your loan product, the loan process and costs involved in closing your loan. A seasoned loan expert can get many borrowers approved for nothing down or little down mortgage loans. Today's real estate market offers a myriad of real estate opportunities. Nothing down home purchases make a prospective home buyer's dreams a reality.

One nothing down loan program offers very low interest rates and allows up to 9% seller's concessions which may be applied to closing costs, prepaids, etc with the buyer bringing nothing to the closing table in most cases.

For information on nothing down purchases, you may contact Bill Burress, Nationwide Mortgage Expert at Toll Free , 1-800-239-1416. or fill out the 30 Second Inquiry Form. Bill Burress is a nationwide mortgage manager with 27 years experience and is approving mortgages in all 50 states, U.S.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» A Reverse Mortgage May Be The Answer For Seniors Needing Cash

2008-06-10T08:08:00.000-07:00

Seniors, age 62 and older who are looking for money for any reason may just find themselves sitting on it. Thousands of seniors every month are cashing in on the equity in their homes by doing reverse mortgages. It may be the best way for seniors to get cash without paying income tax on the money they take out and the seniors are not required to pay the money back.

How does a senior get approved for a reverse mortgage? Approval is simple. Credit score or credit history does not matter. Income doesn't matter. Credit and income are probably the biggest factors in approving or denying a forward mortgage but when applying for reverse mortgage, these factors do not matter at all.

The 3 biggest factors of being approved for a reverse mortgage are:

• Loan is based on age, number of borrowers and home value.
• Must be 62 years of age for F.H.A. insured reverse mortgages.
• Must have equity in the property. Amount or percentage of equity will vary depending on the senior's goals but typically an equity position of 50% or greater pays more benefits.

There have been many myths surrounding reverse mortgages. The biggest myth might be, "The bank takes the deed to the house." In a reverse mortgage, the borrower retains ownership of the home. The lender does not take control of the title. The lender's interest is limited to the outstanding balance.

Another myth regarding reverse mortgages is that the approval process is difficult. Although the approval is easier than a forward mortgage, an over the phone credit counseling session is required for each borrower. This phone session only takes twenty to thirty minutes and is designed so that seniors are not taken advantage of by unscrupulous telemarketing companies. The credit counseling helps the seniors have a full understanding of the reverse mortgage. A certificate of completion is issued to the senior after the counseling is conducted. The credit counseling is conducted by third party firms and is paid by the lender and not the senior.

Reverse mortgages are regulated by H.U.D. and insured by F.H.A. and there are safeguards in place to protect seniors before a transaction takes place. These processes are in place to make the transaction smooth and thus ensure that the seniors are well informed of the details of the transaction.

For informatinon on reverse mortgages or any of your mortgage needs, You may contact Bill Burress, North America Mortgage Manager at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving reverse mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» The Raising of F.H.A. Loan Limits Raises Hopes of Economic Recovery

2008-06-04T12:17:00.000-07:00

Earlier this year HUD announced the raising of F.H.A. loan limits as overall lending guidelines were being tightened. The raising of the F.H.A. loan limits should be an economic stimulus and increase the opportunities for many in buying a home.
The limits have been raised in some counties to a high of $729,750 and a national average of $329,000. F.H.A. loan limits will range between $271,050 to $729,750. There are 75 areas in the U.S., out of a total of approximately 3200, that will be eligible for the highest loan limit of $729,750. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790.
The increased loan limits are considered to be temporary. The loan limits are temporary through December 31, 2008. In January 2009 the limits will return back to a maximum of $362,790.

The raising of the loan limits for F.H.A. are a part of the Economic Stimulus Act and as it’s name suggests, it is put in effect to help stimulate the economy. It’s too early to tell if the temporary limits have helped the economy but when enough time has gone by to get good statistics, the temporary loan limits will have expired. That is unless Congress extends it. One can assume that the raising of the F.H.A. loan limits surely cannot hurt the economy.

In order to apply for an F.H.A. loan, it’s best to contact an experienced loan originator who is familiar with F.H.A. lending guidelines and has a support staff that has experience with F.H.A. and is an approved F.H.A. lender. On top of the standard F.H.A. guidelines, lenders can impose their own guidelines, so not all F.H.A. lending is the same.

For informatinon on an F.H.A. mortgage or any of your mortgage needs, You may contact Bill Burress, North America Mortgage Manager at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving F.H.A. mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

» Nothing Down Loans Available For Less Than Perfect Borrowers

2008-06-04T10:30:00.000-07:00

There is no argument that underwriting guidelines have gotten tighter recently and for good reason. Defaults and foreclosures are at an all time high. Bad paper hit a point where Wallstreet said NO MORE emphatically. When this happened, mortgage bankers and lenders started folding in droves. This caused an overall tightening in mortgage lending leaving many would be home buyers out in the cold. Many of these would be home buyers have gotten discouraged and have given up on purchasing a home. Well now there is a reason for the would be home buyers to have hope.

Now there is a way a buyer can get into a home with NOTHING down. Yes, zero down, no down payment. Bill Burress, Nationwide Mortgage Expert has teamed up with several investors and has hammered out programs that can bring a buyer and a seller to the closing table without the buyer having to pay a down payment. Also, he has expanded the program to allow the seller to pay all prepaids, including hazard insurance, prepaid mi, and per diem interest.

These programs are terrific and there is no better market than this one to offer such great products. There is no application fee, so it will not cost the borrower anything to see if they can be approved.

You may contact Bill Burress, North America Mortgage Manager at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved worldwide.

Now approving mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.