St. Louis Real Estate - 100% Financing

Filed under: For Buyers, Mortgage News

100% Financing an urban legend?  No way…it’s still available!

There IS 100% financing.   MHDC funds, organized and funded by the Missouri Housing Development Commission, offers the First Place program.  Currently, there remains over $11million dollars available to Missouri residents who qualify. 

How it works:

• First Place program supplies the 3% down payment funds at closing for the Buyer.
• Simple application process - you apply through your trusted mortgage professional.
• Funds are disbursed in the form of a second mortgage on the property.
• Applies to first time homebuyers and qualified veterans.
• First Place loan is a 30 year fixed rate mortgage.
• It’s used in conjunction with FHA, VA, USDA loans and is Fannie Mae qualified.

So what’s the catch?

• Not all lenders are approved (so you’ll need to ask up front).
• The interest rate is set by the government (right now, that’s a good thing).
• There are maximum income levels and maximum purchase prices (check with your lender).
• You must live in the home for a period of five (5) years (or repay the balance at sale).
• It’s a loan and not a grant - however, it’s still forgivable after five (5) years.
• There may likely be other tax ramifications (ask your tax expert).

So what’s the message to you?  There are still many options available if you are serious about buying a home right now.  It’s a fabulous time to purchase your new home and get a great deal.  The question is…what are YOU waiting for now? 

For more information on the MHDC loans, you can go to the website at http://www.mhdc.com/ or you can contact your mortgage professional directly.   I’m also available to answer your inquiries at Aprille@LoansByAprille.com  or (314) 363-3913. Once you’re pre-approved for MHDC funding, call your Realtor and get out there house hunting!

Posted by Aprille Trupiano   |   Read More   |   Your Comments Are Welcome!   |   11.03.2008

St. Louis Real Estate - Your Credit Score

Filed under: For Buyers, Mortgage News

If you’ve had your head in the sand about dealing with your credit, now is the time to stand and face the music.  More than ever in recent years, it is imperativethat you manage your credit history and credit scores attentively and responsibly.  Today, a 700 is the same as 640 used to be.  Remember, that is your MID score requirement, not the high score.  It’s necessary to collect all three for an accurate assessment.  As it stands, nearly all lenders require a minimum of 620 for conventional loans and a minimum of 580 for government loans like FHA and VA.  And the bar keeps raising as we go. Here is just a snapshot to get you started and if that’s not enough, join us for a webinar with Credit Resolution Guru, Ron Marchiani Wednesday, October 22nd at 6:00pm.  Details are at bottom. 

Facing the Music - Find Out What’s in the Report

• The three major credit “repositories” (bureaus) are Equifax, Experian and Trans Union Corp.
• Requesting a report from each should cover your complete credit history (reports can be requested online: www.equifax.com , www.experian.com , www.transunion.com ).
• You are entitled to one free credit report per year.

Don’t Take Their Word for it - See if Somebody Goofed

• Most financial information, such as a credit card payment history, is sent directly from creditors’ computers to the three repositories’ computers.
• Data transfer still involves human input, including information gathered from courthouse files, for example.
• Simple recording errors or mistaken identities could result in a mistake on the credit report.

Be a Vigilante - Request Corrections

• Credit bureaus are obligated to investigate complaints and correct errors.
• Consumer vigilance is important, nonetheless, because the bureaus are not as diligent as we would hope.

Start Doing the Dance - Get Ready to BUY or REFINANCE!

• Do things to offset your credit if it’s less than ideal.
• Opt out of credit card offers at 888-5-OPTOUT - this will raise your score.
• STOP making inquiries or allowing anyone else to make inquiries 60 days before you are ready to buy.
• Make sure your Mortgage Broker is not running the credit over and over.
• Don’t be late on payments - one month can cost you down the road!!
• Pay off all recent small collections - especially medical and utilities (let the old ones sit or you could reactivate a dormant account and actually hurt your credit more).
• Start putting money in the bank - 100% financing is no longer available, although FHA still allows 97% and many 95% loans.
• Build good credit while you’re working on resolving old credit issues.
• Pay down high balance credit cards (your debt to credit ratio should not exceed 40%).
• DON’T cancel all your credit cards. Keep the three or four oldest ones and maintain good payment histories and low balances to continue good credit reporting activity.

Plan for your Future - Get the Right Home Mortgage

Count on your Personal Mortgage Professional for smart financing options and the expertise to help you achieve your goals.  Your home mortgage should be part of your overall financial planning picture, not just something you do “for now”.

Don’t Procrastinate - Call your Personal Mortgage Professional EARLY in the process to:

• Buy a new home.
• Refinance your home to pay off high interest debt, make improvements.
• Eliminate Private Mortgage Insurance (PMI) and increase monthly cash flow!

For more indepth information, some great overview booklets can be found here:

http://www.myfico.com/crediteducation/brochures

http://www.consumerfed.org/topics.cfm?section=Finance&Topic=Credit%20Scores%20and%20Reporting 

If you’d like to join us and learn more about your credit, how to evaluate it and how to improve it, please join us.

Date: Wednesday, October 22, 2008
Time: 6:00 pm, Central Daylight Time (Special Realtors ONLY Session begins at 5:30pm)
Meeting Number: 615 784 337
Meeting Password: credit

Please click the link below to see more information, or to join the meeting.
——————————————————-
To join the online meeting (you must be in front of your computer)
——————————————————-
1. Go to https://meetings.webex.com/meetings/j.php?ED=5638742&UID=0
2. Enter your name and email address.
3. Enter the meeting password: credit
4. Click “Join”.
——————————————————-
To join the teleconference only
——————————————————-
Call-in number (US/Canada): 1-650-429-3300
Toll-free dialing restrictions: http://www.webex.com/pdf/tollfree_restrictions.pdf
——————————————————-
For assistance go to http://www.webex.com/go/ppusupport
——————————————————-

WHAT DO YOU THINK? TAKE OUR POLL.

Do you think the mortgage lender is getting TOO strict on credit now?
( polls)

Posted by Aprille Trupiano   |   Read More   |   Your Comments Are Welcome!   |   10.21.2008

St. Louis Real Estate - Financial Meltdown

Filed under: Mortgage News, Real Estate News

“Too weird for words”…that’s our financial world right now.

As a result, Chicken Little is running wild!  And he is providing fuel for every single media outlet in this country.  “The sky is falling, the sky is falling…”  Well, unless you’re willing to live in a bomb shelter that your grandparents or great grandparents built and eat canned goods for the next 12-18 months, you would do well to be calm in the face of this storm that we’re in today.   Because let’s face it, the storm’s hit and the fan is blowing at high speed.

So let’s talk reality about the financial marketplace.  What are some fundamental truths that most people aren’t aware of today?  Consider that historical studies show that the Dow Jones typically experiences a sharp and sudden drop every 4.3 years.  The last one we had in the US was in 2001, so we are 2.7 years overdue.  The S&P 500 historically experiences a sudden drop of similar magnitude as we’re seeing every 10 years.  We haven’t had one since the crash of 1987, making us 10 years overdue.  What we are experiencing, while painful and frustrating, is not unexpected for those who understand the marketplace.  What IS unexpected is the fact that it this occurrence coincides with all of the backlash of the real estate failures we are seeing.

I will not waste time pointing fingers or laying blame.  There aren’t many who are without responsibility in this mess.  However, what I will highlight is the element at the HEART of our circumstance that can have the most effect at an individual level.  That is, unequivocally, consumer sentiment.  This is the only thing that we as individuals can affect personally…put our minds on the positive and move forward with life.  While unemployment has risen, it is still nowhere near the 9.0 and 10.8 percent levels of our worst recessions as a nation.  Nor is it at the average recession level of 7.6 percent.  We are at 6.2 percent in the St. Louis metro area.  That means that 93.8 percent of us do have work and we can continue to give 100% when we are fortunate to be able to go.

In the long run, if consumer sentiment continues to drop and panic continues to rise in our hearts and minds, we as individuals will only perpetuate what has befallen us.  Spending tightens up because people are afraid-afraid to lose their jobs, afraid to run out of gas (which is at a new low of $80/barrel by the way, eyes on the pumps), afraid to lose their houses.

Panic is infectious and it is paralyzing. The media has done a fine job of spreading the virus.  But let’s face it, no matter how the fat cats on Wall Street have squandered or mismanaged, we as individuals still have work to do, mortgages to pay, families to raise and nurture.  No matter what gas costs, we have to buy it to do the things in life we need to accomplish each day.  No matter what milk and eggs cost, we have to buy them to feed our children.  And we will.  Because that’s what we do.  I’m not playing Pollyanna; I have the same worries and concerns, the same bills to cover each month.  Yet I say that we are resilient.  The United States has had 10 recessions throughout history and, on average, they’ve lasted 10 months, on one occasion it lasted as long as 14 months.

What to do?  No sense complaining, losing sleep, worrying.  Know that the nation will take care of itself.  We have more resources and opportunities to restructure and rebound from the financial situation of today than in any other era in which such tribulations occurred.  Be concerned for yourself.  Take actions to make sure your future is secure.  Review your financials with your financial planner (or your spouse/partner) and create a strategy for rebuilding.  Give 110% at work and make yourself so valuable if a staff cut should come down the pike, you’re not on the short list.  Eat well, perhaps just less extravagantly.  Your health is important.  Spend normally, just more wisely.  It will stimulate the economy and support your communities.  Love your children and teach them courage and faith, not fear and scarcity.  It will be your legacy to them and their future.  The rest is all temporary.

Posted by Aprille Trupiano   |   Read More   |   Your Comments Are Welcome!   |   10.11.2008

St. Louis Real Estate - New Face, New Voice

Filed under: Mortgage News

Greetings…
I’m Aprille Trupiano and I’m excited to be a part of the St. Louis Real Estate Voice community!

In today’s volatile financial market, it’s important to have expert advisors supporting your most important decisions. Along with the other professionals on the St. Louis Real Estate Voice, I look forward to contributing to those decisions for you and your family.
As a Mortgage Banker, I approach each and every consultation with my Borrowers bearing the same principal in mind - to provide sound information that is relevant to my clients’ future. I am not interested in “closing the deal” today to get you a loan that will “just do”. Today more than ever, you have to know how your financial decisions will impact you tomorrow. I am committed to securing you a mortgage that will serve your needs today as well as protect you and your family in the future.
Call me at (314) 878-7900 or email me at Aprille@FirstIntegrity.com  to get a complimentary copy of my Special Report, “How to Select a Personal Mortgage Consultant and Why Having One is Important to Your Future”. There’s no fee for the report, but being misinformed can be very costly.

Posted by Aprille Trupiano   |   Read More   |   Your Comments Are Welcome!   |   10.06.2008