That's right.  If you haven't heard,  there is a special program for qualified homeowners.  

Here is an outline of time frames in the market right now combined with my
experience.  Most don’t like to hear what I am about to share with you and
many loan officers and companies try to soft shoe around what really seems to
happen.

 Underwriting is currently 5-14 business days depending on the lender we use,
every loan comes out of underwriting with some kind of conditions for final
approval (typically additional documentation from the borrower) 1-5 days to get
the information from the borrower, 4-7 days before the underwriter reviews,
documents typically cause the underwriter to ask more questions another 1-5 days
to get information from the borrower, another 4-7 days to get it reviewed, we
are now issued a clear to close and can request loan documents which takes 2-4
business days (all days are business days ), the closing instructions are sent
to title and title takes 1-3 days to review and produce a HUD-1 (closing costs
break down) which must be approved 1-2 days and then the closing appointment is
set usually 1-2 days later depending on everyone’s schedule.  

Add all of this up and we get 49 business days from when we have enough
documentation to submit a borrowers loan worse case and 20 business days best
case.  In a really good market (underwriters not overwhelmed with
refinances) it will still take 10-13 business days as a general rule.

 On top of all of these you can usually not count the day before and the day
after a holiday as a work day even if it is, as most companies are severely
understaffed on those days.

 I am sure you have all heard the horror stories from friends, business
associates or the media from borrowers who talk about how long their loan took
to close and the stress involved.  If their loan officer had been up front
with their agent and them they would have probably gone somewhere else and still
had a story to tell.  Bottom line and beyond all of our control is that
underwriters are simply overwhelmed with loan volume and new lending guidelines,
so for now, longer escrows should be what everyone comes to realize is the
norm.

 I strive to meet contract deadlines but it is becoming increasing challenging
in this environment.

I hear almost everyday how an appraiser didn't do a good job or that the appraiser didn't bring in the value. 

An appraisal is done to determine the value of something based on the most relevant information.  In the case of real property that can be summed up in one word - proximity.  What sold most recently and closest to the real estate being appraised is generally the most representative of the current value the market (buyers) have placed on a given property.  Currently listed properties will indicate the direction (increasing, declining or stable) of the current area.

Sometimes relevant information may not have been available or missed by an appraiser.  By simply providing new, different and relevant information the appraiser can make a different evaluation.

I do hear the statement "but the appraiser can use sales from up to 6 months ago". The key word here is "can".  They can if there are not any more relevant and recent sales available.

When considering purchasing any real estate remember to look at the closest in time and distance as a starting point. Then look at the current listings and pending sales to determine the overall direction.

I have never had my wife find a pair of shoes she loves, with a brand new "on sale" tag and insist she pay the price on the tag underneath from yesterday.  I am sure that no one buying a home wants to pay the price of the house from 6 months ago.

I just joined Capital Concepts, Inc. in Houston.  My hope is to be able to better serve my clients with more loan products and more flexibility.

I can now do loans for:
    1. 5 or more mortgaged properties (was only 4, now up to 10)
    2. Investment property purchase with money for repairs
    3. FHA
    4. VA
    5. Conventioanl loans

1. Credit - A credit score over 740 with at least 3 accounts that have been opened for 2 years or more.  If not talk to an e for guidance.

2. Capacity - 2 years or more at the same place of employment on a set salary with paystubs and 2 years W-2's and tax returns demonstrating your ability to repay your home loan.  The total housing payments which include the loan payment + 1/12 of the annual insurance, 1/12 of the annual property tax, 1/12 of the annual homeowners association fees, and any mortgage insurance should not exceed 1/3 of your gross monthly income. For different situations talk with a Certified Mortgage Planning Specialist

3. Collateral - Is it sufficient for your loan request?  Demonstrated by your down payment (how much skin do you have in the game, so to speak), and the type and location of the home. 

Other advantages can include:

•  Home staging guidance  
• Marketing experience
• Contract negotiations
• Title work
• Opening escrow  
• Surveys
• Dealing with buyer loan issues
• Dealing with buyer appraisal issues
• Pest inspections
• Required repairs
• Relocation
• Purchasing your new home
  

As a seller - when you list your home with an agent you suddenly put your home in front of the buyers they know.  When your home is listed on the local metrolist service that is exclusive to licensed, participating Realtors, your home is now connected to every participating agent and the buyers they know.  According to studies done by NAR and U.S. News and World Report, your home will probably sell faster.

NOTE:  If you live in a non-disclosure state like Texas, only the agents participating in the local metrolist service can readily identity what homes in your area have actually sold for.  You cannot price your home effectively by looking at what your neighbors priced their home at last week and especially last summer.  Values are determined by the most recently sold home in the closest proximity to yours.

Did you know over 80 % of home buyers find the home they ultimately purchase themselves?

So why use a Realtor? What they really do is more important than you realize.

First important reason to have your own Realtor - They represent your interest.

Not having your own Realtor is like asking the prosecuting attorney to defend you. Buyer bonus,you don't pay them, the listing broker does.

Did you know that your Realtor is paid on straight commission? That means they only get paid if they help you close on your home purchase.

So here we go.  My first post on my new website and blog.  First thing that I must put out there is a big THANK YOU to Lana Carlene.  I really appreciate all your work, experience and sage advice on making my website easier.  You made it easier for my clients to navigate and find great information.  You also made it easier for me to use.  I am very grateful to have such talented sister in law.  Thank you.