PSNH.com - Geothermal To Heat or Cool

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

PSNH.com - Osprey Online

What a truly wonderful initiative this is! Check out the live cam! If you're a nature lover, you will love this!

PSNH.com - Osprey Online

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

Flexible 100% Financing Helping Market

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/

FHA 203(k) Financing Simplified

Are you thinking about acquiring a bank owned home or just any old fixer upper to buy, improve and live in? Maybe you've found a house that you love but it's not quite perfect and needs updates. Are you looking into the FHA 203(k) renovation loan? Are you a Realtor looking for the inside scoop on this product? Well, I'm about to slice through the spin, misinformation and banner ads for you. I'm going to provide you the simplified, down to Earth, REAL story on how the FHA 203(k) mortgage loan works. There is so much misinformation, hype and water cooler talk circulating! It is so important to get properly informed on this program. How does the FHA buy & improve mortgage loan work? Will I qualify? What types of improvements are covered? How long does a rehab loan like this take to close? Can I do the work myself? What will the interest rate and terms be?

 The FHA 203(k) mortgage is not new, despite the claims of many. It has been around since 1978. In the words of HUD, "The Section 203(k) program is the Department's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding home ownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an important program and we intend to continue to strongly support the program and the lenders that participate in it."...

How does it work? Well, the FHA 203(k) improvement loan can be used by an approved buyer of an owner occupied home or an existing owner of an owner occupied home. For the sake of simplicity, let's focus this article on the buyer. In short, what happens is the approved buyer can obtain a low, fixed rate or adjustable rate FHA mortgage that covers the purchase price of the home and the needed funds to improve the home in almost any way imaginable, all in one mortgage loan, with one closing and one monthly payment. At closing, the seller gets paid the agreed asking price for the property in its current state and the buyer's pre-calculated repair or improvement funds are held by the bank for disbursement to the buyer's chosen contractors to be paid from as work progresses. Despite ads or claims elsewhere, "do it yourself" work is not permitted any longer. So, the buyer must collect bids and estimates from contractors during the analysis/review stage.

Among the many benefits of this program is that it uses the after improved value of the subject property to calculate the loan amount. This means that the lender appraises the home in its proposed completed state, using the contractor bids to do so. Remember; almost all types of improvements are covered, with the exception of luxury items such as pools and exterior hot tubs. A buyer may use the program to fix any known hazards or flaws to the home such as a cracked foundation as well as to customize, upgrade or improve the home to their taste or liking such as flooring, paint, windows, siding, even brand new, free standing appliances. All work to be done gets totaled up during the analysis stage and submitted to the lender via contractor bids. It is key to remember, however, that major, structural work and/or work exceeding $35,000.00 requires a bit of a different process. In this case, once the contractor bids are collected they are given to a HUD 203(k) inspector who will visit the property with estimates/bids in hand and translate them into a master summary with his or her signature. Any necessary work being missed will be pinpointed by the inspector at this time. The inspector will also draft up a draw/disbursement schedule for the contractors to be paid from as work progresses. As with any type of home improvement loan the 1st disbursement does not occur until phase one of the work is complete so the buyer will of course need a cash deposit to pay contractors to start the job. Minor to moderate work and/or work not exceeding $35,000 will be classified as a "streamline" 203(k) which requires no inspector, no draw schedule and workers can get paid start up money right at closing.

Another great benefit of the FHA 203(k) program is the instant equity it can yield the buyer when properly structured. When done right, a buyer can obtain a home at below market value, add the right type of improvements and upon completion, yield literally tens of thousands if not more in instant equity. It is crucial to use a savvy, experienced Realtor with a keen eye for value and also to get quality estimates from professional contractors. Additionally, it is absolutely paramount that the buyer use an experienced, qualified source for 203(k) financing. Using a newbie is

sure to invite complications, set backs and failure. There is a lot to know about this wonderful program; this here is the condensed "nutshell" explanation. If you have a scenario that you would like to share with me or if you have questions, and you probably will, please feel free to run it by my team and I. We will visit the property within 48 hours and help with answering any questions you may have. Comment here, send me an email or call me! Or, join us at our ongoing workshop, "Fixer Upper Friday" every other Friday in our spacious conference room at our Hudson, NH office.

As always, I'm here to help!

Jamie Woods
Community Banker

Home Savings of America
Member FDIC/Equal Housing Lender
225 Derry Rd  Hudson, NH  03051
http://www.newenglandloans.com
(603)-339-4461

  

Tips For Rapid Credit Restoration From a Mortgage Specialist

So, taking on credit repair? I've pulled and consulted on over 10,000 credit reports. Let me help:

1. Dispute Simultaneously: If you want rapid results it is crucial to dispute simultaneously. Disputing one or two at a time and awaiting their findings is not the way to go. You may be surprised how many do just this. Dispute everything at once!

2. Closing Active Accounts: Closing accounts with available credit limits on them while leaving others open with balances will instantly drive ones balance to limit ratio up and in doing so, drive their score down and potentially bounce them out of contention for financing a major purchase like a car or a home. 

3. Failure To Use Certified Mail: Without certified mail, one has no way of documenting and proving the chronology of their efforts. One must be able to prove that they took the proper steps to dispute their trade lines.

4. Giving Up: The creditors and the bureaus want us to give up and will try relentlessly to discourage our disputes. They offshore their back end work such as dispute handling. They have set up software and detection systems with the intent to complicate and delay our efforts. One must not give up!

5. Using dispute letter "templates" or frivolous/false disputes: Most of us know that the steps to credit score restoration almost always involve disputing inaccurate trade lines or requesting validation of ones debts. Almost all of the web-based "fix your credit now!" ads or those that we hear on the radio with 800 #'s (as in, call now! Operators are standing by!") use cheap, pre-generated letter templates which almost always get rejected at the gate by a computerized detection system. If a templated letter is detected your challenge is almost certain to get declined. Secondly, one should not challenge knowingly valid debts on one's report. Neither creditors nor the bureaus are required to respond to claims that are deemed frivolous.

6. "Resetting the clock": Making a payment to a collection agency on say an old collection account potentially resets the statute of limitations on the debt. As you may know, the statute of limitations as it applies to debt means the amount of time a creditor legally has to pursue a judgment against a debtor for non-payment of a debt. By no means is this advising that we don't pay our debt; after all, we incurred them. This is just to provide a bit of insight as to when and how to resolve collection accounts. (Check your state's statute of limitations or ask an attorney, the statute differs everywhere).

7. Not Validating: This is paramount! As many know, debts are commodotized, sold and purchased on a sort of "secondary market". Collection agencies buy their debts in bulk. Often these agencies fail to keep proper records and paper trail of the origination of these debts. One should always insist that ones creditor (or creditor's agent) validate the debt via the legally defined method.

8. Complacency: Don't get complacent. One must be constantly assertive, stay super-informed, use urgency and thoroughly articulate the detailed nature of their disputes. Also, if an action is to be taken within a certain time frame or deadline, take that action! 

9. Not Keeping Copies: One should get a file box from Staples or WalMart and an extra set of file dividers with labels. This file box is to be used solely for the task of credit repair. One must always copy and alphabetically file ones dated correspondence to and from from lenders, payment receipts, replies from creditors, the bureaus; everything.

10. Not Hiring a Professional or Hiring the Wrong One: Can one handle their own credit score restoration? Of course. The FTC recognizes and advocates this and they provide resources to help consumers do so. But when a professional is needed, as they often are when one is in a super hurry, such as a deal on a house, it is crucial to use a reliable, effective, complaint-free organization whose primary objective is not only rapid results for their customers but also the customer's long-term credit health as well. Be sure to thoroughly research a credit repair organization and visit the FTC's website on the topic before moving forward! If you would like a referral to an excellent credit repair organization with a track record of nothing but results and accolades from their customers, please visit my long time referral source, A & Z Credit Restoration's site and moderate your speakers volume before loading:

http://www.a-zcreditrestoration.com/

If you would like a same day pre-approval interview for a mortgage loan, to apply and lock in an interst rate, or simply an analysis or some recommendations, please, give me a call or send me a memo!

To apply for a mortgage pre-approval quickly, easily and securely please visit:

https://rwstools.com/fxsecureforms/quickapplication.aspx?siteid=884&lo=jwoods@hsoa.com&email=jwoods@myhsoa.com

For more on 100% financing for approved owner occupant buyers and the requirements please see:

http://abrightsunshineyday.blogspot.com/2011/06/sensible-30-year-fixed-no-money-down.html

For the FTC's website on consumer credit repair please see:

http://www.ftc.gov/bcp/menus/consumer/credit.shtm

As always, I'm here to help!

Jamie Woods
Community Banker
Home Savings of America
Member FDIC/Equal Housing Lender
225 Derry Rd  Hudson, NH  03051
http://www.newenglandloans.com

(603)-339-4461

* This is not legal advice. If you are in need of legal analysis, please contact an attorney.