New Changes to Mortgage Rules and Regulations Don't Have to be This Summer's "Beanball" and Knock Buyers Out of Their Home Buying Game  The ever evolving mortgage business requires an expertise and personal commitment by its professionals to provide excellence in service and quality, not to mention results. And part of that commitment includes education and the imparting of knowledge to the public, their clients, and referral partners to industry guidelines and changes to those guidelines. A recent announcement from HUD, on the processing of those loans intended to be insured with an FHA loan, indicates that further credit tightening is warranted when a Borrower owes more than $1,000 in bills in collection. In the past, an Underwriter could use discretion and approve such credit scenarios. Now, that is no longer the case ... and that scenario is NOT approvable. Now a Borrower MUST pay-off that debt to qualify, or at minimum, have established a sufficient past history of paying back their creditors on a monthly basis, if not in full. And that includes medical collections, an area where some leniency was also applied in the past. Now debate may rage about the intelligence or need for this new HUD decision, but the debate changes nothing. The bottom line is: This new ruling is in effect. And that means further education of the home buying public is absolutely necessary regarding it at this time, for it WILL impact Buyers who:
The above just points out one more huge reason we in the real estate industry need to educate the public about the home buying and mortgage process better ... and the importance of getting ALL Home Buyers, not just some ... "pre-approved" for their purchase and/or mortgage financing (sooner than later)!  So Buyers, please take note: This new ruling recently "pitched" at us by HUD does NOT mean your "beaned" and out of your home buying game. It just means this ... Since HUD is stating that a 3 month payment history, or longer, is needed to approve a scenario with Collections totaling $1,000 or higher ... if you're looking to buy a home in a projected time frame of 6 months from this date, you should absolutely get "pre-approved" NOW! If you're hoping to become a home buyer, contact me (or your own lender). Take action to stay in the game! Don't hesitate or wait any longer. It's
best to start the "pre-approval" and mortgage financing process
earlier than later. Give yourself, and your mortgage lender, the time to work-out any
credit issues that might be present ... and start collecting the financial
information and documentation needed for mortgage application. If an agent/broker, pass
this advice on to ALL your potential buyers and everyone else you know so they too can pass it on. Educate as many as possible to these new changes. Save
home buyers, and yourself, the disappointment of starting the home buying and "pre-approval" process "too
late". As a matter of policy, it is my opinion that it is extremely important that ALL home
buyers talk with a mortgage lender to be "pre-approved". That this should
be established as a priority and absolute necessity. Home Buyers should know, and respect, the
fact that Agents/Brokers invest much time, effort, and dollars into
their services and those receiving them ... and respect that fact.
These facts together dictate that (in the over-riding cases) ALL Home
Buyers be "pre-approved" prior to their Agent showing them homes.
In the long-run, Buyers are much better served adhering to a "pre-approval" rule.
There are fewer surprises and last-minute issues to see to once actual
mortgage processing begins. The entire process will run more smoothly
and be more enjoyable. HUD, and other governmental agencies, can "pitch" us new rules and regulations now and in the future ... but it does NOT mean
they have to be "bean balls", knock Buyers out, or keep them from buying a home. Good, complete
preparation by Home Buyers, their Mortgage Lender, and all their real estate professionals, can mean
these changes are addressed and handled fully to the satisfaction of HUD. Successful home buying and Mortgage Closings can be a result ... * Get the professional mortgage information and service you need to buy your home, whether in Will County, IL, Chicago, Chicagoland, or across the U.S. in any of the 50 states. Work with a "big league"
mortgage professional that knows and understands how to guide and
assist you through today's challenging mortgage processing and home buying experience. Contact me today! I'll be glad to hear from you and happy to have the opportunity to earn and win your trust and business. I can be contacted through any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Website: www.genemundt.com
Conveniently at Skype: 630.219.1316
Click 4 a: NO Cost NO Obligation |
 |
||||||||||||||||||||||
 
CategoriesActiveRain.comAgents and Brokers Announcements and News Appraisal changes Appraisals Arbor Day ARM Loans Asking credit and mortgage questions Asset-Based Lending Program Baby Boomers Bolingbrook, IL budgeting budgets Businesses Buying a Home Buying or Renting Calendar of Chicagoland Events Cash Purchases Charitable Causes Charitable/Community Organizations Charity/Charity Events Chicago Chicagoland Chicagoland Activities Chicagoland Entertainment Chicagoland Markets & Special Events Chicagoland new construction Children Choosing a Mortgage Lender Choosing Your Real Estate Professionals Clients Closing Costs Commercial Lending Commercial Loans and Properties Commercial Properties Communication Community Info Community Services Condominium Associations Condos and Townhomes Conducting Business Construction Costs Cook County Co-Signing Mortgages Cost of Living and Bills County Services and Departments Credit Credit and Financial Counseling Credit Counseling Credit Repair Credit Reports/Fico Scores Crest Hill, IL Debt Deciding Which Home is Best to Buy Discounts Doing Business Down Payment Downsizing a Home DuPage County DuPage Township Education Education Opportunities Educational Opportunities energy saving initiatives Families Family Activities Family Issues Fannie Mae Fannie Mae/Freddie Mac FHA Approval for Mortgage Lending FHA Financing for Condominiums FHA Mortgage Insurance FHA Mortgage Lending Financial Glossary and Terminology Financial Planning Financing First-Time HomeBuyers Frankfort IL Freddie Mac Fun, Comical Gene Mundt Gene Mundt's Client Services Golf/golf courses Grundy County Halloween HARP 2.0 Helpful Hints History/Historical Sites Holiday Events Holiday Shopping Holidays Home Buyers home buying Home Improvements and Curb Appeal Home Inspections Home Maintenance & Repair Home Ownership Home Services Home Staging Homemaking Homeowner Affordability and Stability Plan Update, 2011 HomePath Program HUD Identity Theft and Crime Illinois Importance of Credit Insurance and Insurance Services Interest Rate Lock-In Interest Rates Investment Properties Investors and Investments Joliet/Shorewood Kane County LaGrange, IL Lake County Lincoln-Way Community High School District Links Localism Posts Lockport, IL Lombard, IL Los Angeles CA agents and realtors Los Angeles Home Buying Los Angeles rental properties Maintenance and Upkeep of Your Home Manhattan, IL Marketing McHenry County Military Personnel and Veterans Military Personnel and Veterans Mortgage Programs and Discounts MLS Service Mokena, IL Moms Monee, IL Money-saving Strategies MoonDancer Realty, Dillsboro NC Mortgage & Transaction Processing Mortgage Banker Mortgage Closing Costs Mortgage Costs Mortgage Crisis Mortgage Lender Mortgage Seminars Mortgages Naperville New Leaf credit-improvement program New Lenox, IL North Carolina Real Estate/R.E. Agents Obtaining Mortgage Quotes, Pre-Approvals, & Info Palos Verde Realtor/Brokers Palos Verde, CA Parents/Relatives Assisting with Down Payment/Home Buying Park District Activities Plainfield, IL Preparing your home for sale Pre-Qualification/Pre-Approval Pricing a home for Sale Private Mortgage Insurance Professional Service Property Assessments Property Tax Bills Real Estate Real Estate Advice Real Estate Attorney Services Real Estate Contracts Real Estate Professionals realtor magazines and social media Realtors Recycling Refereral Partners Referrals Refinance Remodeling Rental Properties Rental Properties and Investments Right Time to Buy a Home River Forest, IL Romeoville, IL Safety Sales Tales Savings Advice School Districts Schools Seeking Advice Sellers Assisting with Closing Costs Selling Your Home Senior Issues Senior Issues/Reverse Mortgages Servicing Clients and Referral Partners Shopping Shorewood, IL Short Sales/Foreclosures Social Media Special Events St. Charles, IL Staging your Home Tax Deferral Programs Technology The Federal Savings Bank Three Rivers Association of Realtors - Will and Grundy Counties Travel utility bills VA/Military Veterans Video & Audio Village and Police Services Will County Will County Activities Will County IL Tax Bills/Assessments Will County Services Winnetka and North Shore Winter Activities women Working with a Mortgage Professional Working with a Real Estate Professional Zoning and Building Classifications |
|
 |
||||||||||||||||||||
    |
||||||||||||||||||||||
