The Truth About Qualifying For a Mortgage: June 2011

What a truly amazing resource Geothermal heating and cooling is. The true, technical term for the technology is "ground source heat pump". The EPA and the Department of Energy certify that ground source heat pumps are the cleanest, most eco-efficient method of home heating and cooling. PLUS, the homeowner enjoys free hot water all summer long. The benefits are numerous, the savings are instant and programs are available at numerous levels to offset the installation costs. A ground source heat pump and the loop system can be included in a FHA "EEM" (energy efficient mortgage) and also combined with the FHA 203(k) mortgage which provides the approved buyer the necessary funds to improve an owner occupied dwelling in almost any way.

For more on Geothermal heating and cooling see:

PSNH.com - Geothermal To Heat or Cool

To fill out a mortgage loan application, check rate averages or learn more about FHA financing options please visit:

http://www.newenglandloans.com/

As always, I'm here to help!

Jamie Woods
Community Banker
Home Savings of America
Member FDIC/Equal Housing Opportunity
225 Derry Rd.
Hudson, NH 03051
Office: (603)-459-8412
Cell: (603)-339-4461
http://www.newenglandloans.com/

http://www.activerain.com/jpsunshine

In the last couple of years the USDA Rural Development mortgage loan has become much more widely demanded for its qualifying flexibility. As you may know, USDA Rural Development guaranteed financing is a sensible, secure, no money down mortgage loan for qualified owner occupant buyers of single family homes, select mobile homes and condos. The program is available in the suburbs & outward. 95% of New England is geographically eligible. For quick and easy access to the map of eligibility for homes qualifying for 100% financing please visit:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11

Accept the disclaimer and just enter the property address. Toy around with it a little and discover entire area maps. Or, visit me at my office to learn more.

If you're a qualified buyer looking for a no money down, flexible mortgage program you should be looking closely at this very beneficial, sensible and stable mortgage loan product. But did you know, however, that when properly understood, the USDA Rural Development mortgage loan can be a tremendous tool for your success as a Realtor? That's right; this program is a real problem solver and enables home sales when fully understood and implemented. If you're not already doing so, you should be recommending this program to your buyer prospects and getting acquainted with experts in this area! The USDA program has many wonders including:

No down payment required
Approved buyer can finance closing costs if market value is sufficient
Amazingly low, 30 year fixed rate mortgage on entire appraised value; no need for "piggyback mortgages"
100% LTV (of the appraised value) plus the 3.5% guarantee fee, which can be financed or paid by other
Expanded debt to income ratios and flexibility in credit underwriting (640 or better waives almost all credit flaws). Certain credit flaws can be waived by compensating factors
No monthly mortgage insurance, ever. This allows a higher affordability index for your qualified buyer because it lessens their monthly payment substantially
No cash contribution required from qualified buyer
Unrestricted gift funds for any qualified buyer expense or down payment, if they are making one
No maximum loan amount - however, loan amount is based on repayment ability of qualified buyer; median income for area and debt to income ratios, making it impossible for a qualified buyer to purchase more than they can afford
No reserves requirement (buyer reserves are a number of months PITI payment sometimes required by lenders, varying between 2 and six months.)
Same day buyer pre-approval determinations and 30 day closings...every time!

So, next time you hear of tightening guidelines deterring eager and motivated buyers remember to encourage them to look into this wonderful program! My team and I are extremely adept, experienced and turn key at originating USDA Rural Development Guaranteed Financing loans for buyers everywhere!

Also important to know; USDA Rural Development guaranteed financing is designed to promote median income home buying; buyers household must not exceed area income limits. Also, waterfront homes and large lots are acceptable but lot value should not exceed 30% of total value. Properties at end of cul de sacs or with spectacular views may also have this challenge. However, exceptions to the 30% of value rule can be made by extra strong buyer credentials such as making a down payment, having employment tenure or having verifiable assets. Also, in ground pools cannot get financed so if the appraisal report assigns monetary value to an in ground pool, it will have to be paid for by buyer or other. Stick with us, we'll guide you and your qualified buyer properly!

Finally, it is key to remember: when structured properly the qualified buyer can get reimbursed at closing for their appraisal fee, the credit report and their inspection costs, too! Now more than ever, home buyers need their cash for moving, furnishing, decorating, living. Don't let your credit and income qualified but cash-tight buyers be discouraged from home buying. Inventory is aplenty, rates are increidble and 100% financing is within reach for many.

To learn more or to apply quickly and easily for a USDA Rural Development Guaranteed Financing purchase mortgage please find me, Jamie Woods at:

http://www.newenglandloans.com/

For tips and pointers on rapid, effective credit repair please see my helpful article at:

http://abrightsunshineyday.blogspot.com/2011/05/tips-for-rapid-credit-restoration-from.html

As always, I'm here to help!

Jamie Woods
Community Banker
Home Savings of America
225 Derry Rd.
Hudson, NH 03051
Office: (603)-459-8412
Cell: (603)-339-4461
http://www.newenglandloans.com/

Tuesday, June 14, 2011

PSNH.com - Geothermal To Heat or Cool

PSNH.com - Osprey Online

Sunday, June 5, 2011

Flexible 100% Financing Helping Market

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