• Did You Know That FNMA...


    Is the largest purchaser and servicer of home loans in the country

    • Sets the loan qualification guidelines for all mortgages provided by lenders intending to send loans to FNMA

    • Changed the guidelines at least four times since the industry imploded in 2007, making it harder to qualify for a mortgage each time

    • Sets the FICO score tiers which can increase interest rates and costs of mortgages across the country

    As they say, “he who has the gold, makes the [golden] rule”

  • Did You Know That...?


    • The lower your FICO score, the higher your interest rate will be... and the more money you will be required to put down?

    • The bank now requires more than two months housing expense in reserves after the closing?

    • Your expense to income ratio can be no higher than 43%?

  • Home Buyer Tax Credit Extended

    As a continued effort to stimulate the U.S. housing market, Congress passed new legislation that:

    • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010

    • Expands the tax credit to current homeowners purchasing a new home or existing home from November 7, 2009 through April 30, 2010 for up to $6,500

    Both of these tax incentives have income level and time constraints which might apply to the individual. Please check with your attorney and tax advisor for the most current information.

  • FHA to Change Guidelines

    More than 30% of all home loans are currently with the FHA, up from 3% in 2006. Is the Administration taking precaution to avoid the FHA from becoming the new sub-prime mortgage…or is it too late? 

    Secretary Shaun Donovan addressed Barney Frank and The House Committee on Financial Services about proposed changes to the FHA guidelines that will decrease the eligibility of thousands of potential homebuyers. Possible changes:

    •    Down payment requirements will be increased to 5%
    •    Third party contributions to homeowners will be reduced 3%
    •    Minimum FICO scores will be increased
    •    and Mortgage Insurance Premiums (MIP) will go up


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Geo-Fencing + Mobile Phones = Powerful Real Estate Marketing

It’s Saturday morning. Joel and Rebecca are walking their dog through a neighborhood in Austin, TX. As they walk, they chat about the movie they saw last night, what they’re going to make for dinner, and the big trip they have planned for next weekend. You wouldn’t know it by listening to their conversation, but the couple is also house hunting.

 

They cross Brodie Lane when Joel’s cell phone buzzes in his pocket. It’s a text message that reads:

Joel says to Rebecca, “We’ve got a match from our real estate company. It’s only four blocks away. Let’s go see what the house looks like.”

 

Within minutes, the couple is outside the 714 Longview Rd. home. It happens to be exactly the type of home they wanted, in the exact neighborhood they wanted to live in. They call their real estate agent to set up a viewing.

 

How did this happen? How was the couple instantly notified of the opportunity, perfectly merging buyer requirements, location and timing? The answer involves a combination of “geo-fencing,” mobile phones and GPS technology.

 

 

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Dale Robyn Siegel is available as a keynote speaker, at corporate conferences and small groups. Never boring and always informative, she will empower you with the right stuff to know about all things real estate.

 

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