Good Morning everyone. I am sorry that you are getting this today instead of yesterday, but I was hiding under my desk from Congress and all the bailout talk.
Seriously, I was out of town yesterday and did not have a way to send until today. I am being asked by a lot of people if anything has really changed in the Mortgage world these days and actually the main things that have changed are:
1) No more “Stated” loans for the Self-Employed unless it is a 75% loan to value or less (usually)
2) The Down Payment Assistance Program on FHA has now gone away
3) Stricter guidelines on “Non-Owner” occupied properties
Other than these major changes, the guidelines have not changed much, however Underwriters themselves are probably being a little more cautious than they were a year ago or even a month ago.
Bottom line is….People with good credit and can prove their income do not have a problem in 95% of the cases. Those without any money or can’t prove their income or their debt ratios are too high, are the ones having the issues getting approved. Of course, I would say that is just simple common sense, but what do I know
Please remember that we not only have Conventional and FHA, but VA and USDA are available still up to 100% financing for qualified buyers.
Thanks
From the desk of
David Lee
President
405-340-3277 (o)
405-340-3627 (f)
405-245-0714 (c)
www.aduddellmortgage.com
Tuesday, September 23, 2008
Tuesday, September 9, 2008
5 Common First-Time Home Buyer Mistakes
1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the homebuying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Source: Real Estate Checklists and Systems, www.realestatechecklists.com.
1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the homebuying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Source: Real Estate Checklists and Systems, www.realestatechecklists.com.
Saturday, September 6, 2008
The Drainage System
Gutters, downspouts and splash blocks collect rainwater from a roof and send it away from the structure. Gutters are the valleys located on the edge of the roof. The downspouts connect to the gutters to carry the water to the ground. Splash blocks are located at the end of the downspouts to divert water away from the building.
Damaged or leaking gutters can cause water to stain walls, pool against the foundation or seep into the walls, damaging the structure. With fall just around the corner, your gutters are susceptible to clogs from falling leaves. A few actions on your part can help prevent these problems and route water away from your home:
• Remove debris from gutters as often as needed to prevent dams and overflow. Gutters may need to be cleaned twice a year or weekly.
• Visually inspect gutters and downspouts for apparent damage from tree limbs or storms.
• Check that all downspouts are directed away from the home’s foundation and splash blocks are in place.
• Check fasteners on downspouts and gutters to insure proper connections are in place.
A National Property Inspections property inspection includes a thorough visual examination of the drainage system. Your NPI inspector will note any problems and recommend any needed repairs.
To locate an NPI professional in your area, check out National Property Inspections.
back to the top
Be Advised
Carbon monoxide (CO) is a colorless, odorless, poisonous gas. It is produced by the incomplete burning of solid, liquid and gaseous fuels. Appliances fueled with natural gas, liquid petroleum, oil, kerosene, coal or wood may produce CO.
According to the U.S. Consumer Product Safety Commission (CPSC), every year, over 200 people in the United States die from CO and several thousand people go to hospital emergency rooms for treatment for CO poisoning.
Symptoms of CO poisoning are similar to the flu and include headache, fatigue, shortness of breath, nausea and dizziness. While it is important to recognize these symptoms, there are also ways to prevent CO poisoning:
• Make sure appliances are installed according to manufacturer’s instructions and local building codes.
• Install a CO detector/alarm in the hallway near every separate sleeping area of the home.
• Never burn charcoal inside a home, garage, tent or vehicle.
• Never leave a car running in an attached garage, even with the garage door open.
• Never use appliances such as ranges, ovens or clothes dryers for heating your home.
• Do not use gasoline-powered tools and engines indoors.
For more information on CO, visit The U.S. Consumer Product Safety Commission.
back to the top
Kitchen Safety
The kitchen is one of the most used rooms in a home. It can also be one of the most dangerous. Use the following checklist as a guide to help keep your family safe from kitchen hazards.
• Store harmful products in their original containers and away from food.
• Post the poison control hotline (1-800-222-1222) and other emergency numbers near every phone.
• Store knives and other sharp objects out of the reach of children.
• Wear gloves and masks when using harsh products.
• Do not mix products together as this can cause dangerous reactions.
• Put away products promptly after use and wipe up spills immediately.
• Cover the trashcan with a lid.
• Make sure your kitchen electrical outlets are GFCI protected, according to your local jurisdiction and building standards.
• Test the GFCI monthly by pushing the red test button.
• Do not leave the kitchen while cooking.
• Keep things that can burn, such as dishtowels, paper or plastic bags and curtains at least three feet from the range top.
• Carefully remove lids or other coverings from microwaved food to prevent steam burns.
• Make sure all matches and lighters are stored out of children’s reach.
For more information on kitchen safety tips, visit the Home Safety Council.
back to the top
Smart Kitchens
When it comes to energy consumption, the kitchen is the hungriest room in the house. Kitchen appliances – including refrigerators, freezers, ranges and dishwashers – account for about 27 percent of household electricity use, according to taunton.com.
Here are some tips for remodeling your kitchen into a “smart” kitchen that can save you money and resources.
Refrigerators/Freezers - look for:
• The Energy Star Label, which provides 15 percent more energy efficiency than the federal minimum.
• Freezers on top or bottom.
• Manual defrost cycles.
Cooktops and Ovens:
• Induction: the most efficient of cooktops.
• Radiant ceramic: most common cooktop.
• Electric coil: slow to heat but energy efficient.
• Gas: rates worst in energy efficiency.
Dishwashers - look for:
• The Energy Star Label, which is at least 41 percent more energy efficient than the federal minimum.
• Soil sensing determines how dirty the dishes are and adjusts water use accordingly.
• No-heat drying.
In 2006 a tax law change provided a tax credit of 10 percent for buying qualified energy efficiency improvements.
For more information on “smart” kitchens, go to www.taunton.com.
back to the top
Maintenance Matters
Are you ready for the first day of fall on Sept. 22? No matter where your home is located, cooler weather is approaching. Here are a few tips to get your home ready for the months ahead:
Inspect the deck or patio – clean the deck with soapy water and a pole brush. Apply a water sealer. To clean a concrete patio, use a concrete sealer.
Clean up/repair outdoor furniture – use a mild dish detergent with water and a sponge. Make any repairs to weathered furniture. Have a spot ready to store them when the time comes.
Check your weather-proofing – look for gaps or worn spots in weather-stripping around exterior doors and windows and replace as needed.
Clean your windows and screens – inspect the screens and repair any holes or tears. Replace screens with storm windows/doors if necessary.
Trim trees – tree branches that hang over the roof can damage the roof should they break under the weight of snow or ice.
Winterize the lawn – rake up leaves, cut the grass, remove any weeds and fertilize the lawn to keep it green and protect it from pests and cold.
Prepare your garden and planting beds – mulch around your bulbs, shrubs, roses and trees to prevent any drastic changes in soil temperature from destroying the root systems of these plants.
Take care of the lawn mower and garden tools – run the gas out of the mower for storage. Change the oil and check the spark plug. Clean garden tools and give them a light coat of oil to protect them from rust.
Drain the water – if you live in a location where it freezes, drain the hose, coil it up and hang it up where it won’t freeze or crack. If you have a sprinkler system, drain it, and shut off the water to prevent pipes from freezing.
For more information or to locate a NPI professional in your area, go to www.npiweb.com.
Gutters, downspouts and splash blocks collect rainwater from a roof and send it away from the structure. Gutters are the valleys located on the edge of the roof. The downspouts connect to the gutters to carry the water to the ground. Splash blocks are located at the end of the downspouts to divert water away from the building.
Damaged or leaking gutters can cause water to stain walls, pool against the foundation or seep into the walls, damaging the structure. With fall just around the corner, your gutters are susceptible to clogs from falling leaves. A few actions on your part can help prevent these problems and route water away from your home:
• Remove debris from gutters as often as needed to prevent dams and overflow. Gutters may need to be cleaned twice a year or weekly.
• Visually inspect gutters and downspouts for apparent damage from tree limbs or storms.
• Check that all downspouts are directed away from the home’s foundation and splash blocks are in place.
• Check fasteners on downspouts and gutters to insure proper connections are in place.
A National Property Inspections property inspection includes a thorough visual examination of the drainage system. Your NPI inspector will note any problems and recommend any needed repairs.
To locate an NPI professional in your area, check out National Property Inspections.
back to the top
Be Advised
Carbon monoxide (CO) is a colorless, odorless, poisonous gas. It is produced by the incomplete burning of solid, liquid and gaseous fuels. Appliances fueled with natural gas, liquid petroleum, oil, kerosene, coal or wood may produce CO.
According to the U.S. Consumer Product Safety Commission (CPSC), every year, over 200 people in the United States die from CO and several thousand people go to hospital emergency rooms for treatment for CO poisoning.
Symptoms of CO poisoning are similar to the flu and include headache, fatigue, shortness of breath, nausea and dizziness. While it is important to recognize these symptoms, there are also ways to prevent CO poisoning:
• Make sure appliances are installed according to manufacturer’s instructions and local building codes.
• Install a CO detector/alarm in the hallway near every separate sleeping area of the home.
• Never burn charcoal inside a home, garage, tent or vehicle.
• Never leave a car running in an attached garage, even with the garage door open.
• Never use appliances such as ranges, ovens or clothes dryers for heating your home.
• Do not use gasoline-powered tools and engines indoors.
For more information on CO, visit The U.S. Consumer Product Safety Commission.
back to the top
Kitchen Safety
The kitchen is one of the most used rooms in a home. It can also be one of the most dangerous. Use the following checklist as a guide to help keep your family safe from kitchen hazards.
• Store harmful products in their original containers and away from food.
• Post the poison control hotline (1-800-222-1222) and other emergency numbers near every phone.
• Store knives and other sharp objects out of the reach of children.
• Wear gloves and masks when using harsh products.
• Do not mix products together as this can cause dangerous reactions.
• Put away products promptly after use and wipe up spills immediately.
• Cover the trashcan with a lid.
• Make sure your kitchen electrical outlets are GFCI protected, according to your local jurisdiction and building standards.
• Test the GFCI monthly by pushing the red test button.
• Do not leave the kitchen while cooking.
• Keep things that can burn, such as dishtowels, paper or plastic bags and curtains at least three feet from the range top.
• Carefully remove lids or other coverings from microwaved food to prevent steam burns.
• Make sure all matches and lighters are stored out of children’s reach.
For more information on kitchen safety tips, visit the Home Safety Council.
back to the top
Smart Kitchens
When it comes to energy consumption, the kitchen is the hungriest room in the house. Kitchen appliances – including refrigerators, freezers, ranges and dishwashers – account for about 27 percent of household electricity use, according to taunton.com.
Here are some tips for remodeling your kitchen into a “smart” kitchen that can save you money and resources.
Refrigerators/Freezers - look for:
• The Energy Star Label, which provides 15 percent more energy efficiency than the federal minimum.
• Freezers on top or bottom.
• Manual defrost cycles.
Cooktops and Ovens:
• Induction: the most efficient of cooktops.
• Radiant ceramic: most common cooktop.
• Electric coil: slow to heat but energy efficient.
• Gas: rates worst in energy efficiency.
Dishwashers - look for:
• The Energy Star Label, which is at least 41 percent more energy efficient than the federal minimum.
• Soil sensing determines how dirty the dishes are and adjusts water use accordingly.
• No-heat drying.
In 2006 a tax law change provided a tax credit of 10 percent for buying qualified energy efficiency improvements.
For more information on “smart” kitchens, go to www.taunton.com.
back to the top
Maintenance Matters
Are you ready for the first day of fall on Sept. 22? No matter where your home is located, cooler weather is approaching. Here are a few tips to get your home ready for the months ahead:
Inspect the deck or patio – clean the deck with soapy water and a pole brush. Apply a water sealer. To clean a concrete patio, use a concrete sealer.
Clean up/repair outdoor furniture – use a mild dish detergent with water and a sponge. Make any repairs to weathered furniture. Have a spot ready to store them when the time comes.
Check your weather-proofing – look for gaps or worn spots in weather-stripping around exterior doors and windows and replace as needed.
Clean your windows and screens – inspect the screens and repair any holes or tears. Replace screens with storm windows/doors if necessary.
Trim trees – tree branches that hang over the roof can damage the roof should they break under the weight of snow or ice.
Winterize the lawn – rake up leaves, cut the grass, remove any weeds and fertilize the lawn to keep it green and protect it from pests and cold.
Prepare your garden and planting beds – mulch around your bulbs, shrubs, roses and trees to prevent any drastic changes in soil temperature from destroying the root systems of these plants.
Take care of the lawn mower and garden tools – run the gas out of the mower for storage. Change the oil and check the spark plug. Clean garden tools and give them a light coat of oil to protect them from rust.
Drain the water – if you live in a location where it freezes, drain the hose, coil it up and hang it up where it won’t freeze or crack. If you have a sprinkler system, drain it, and shut off the water to prevent pipes from freezing.
For more information or to locate a NPI professional in your area, go to www.npiweb.com.
Friday, September 5, 2008
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