Everyone who works with Dawn comes away with the same impression – She’s awesome!
Friendly, courteous, knowledgeable, capable, detail oriented, truthful, helpful, professional, approachable, eager to assist…
Now, she’s licensed! Having passed all Federal & State exams, she’s “blessed” by the regulator-gods.
NMLS # 320935.
Dawn Hansen – Licensed Mortgage Professional on the Todd Abelson Team!!! (520) 331-LEND
Just when you though it might be getting easier to qualify for a home loan, Fannie Mae and Freddie Mac (aka “The Grinchs”) are implementing TIGHTER qualifying guidelines for their loans.
Beginning the weekend of December 12th, both Government Sponsored Enterprises (GSEs) are rolling out new versions of their Automated Underwriting Systems. To give you a taste of “why?”, here’s sentence from the Fannie Mae announcement:
“We are implementing these changes to help ensure that our guidelines reflect and appropriately respond to the current market conditions, and that we continue to provide sustainable home ownership opportunities to borrowers.”
In a nutshell, choke off some “riskier buyers” buy tightening qualifying guidelines ! The single biggest change will be (again quoted from the Fannie Mae Release):
“An updated to the maximum allowable total expense (debt-to-income) ratio to 45%, with flexibilities up to 50% for certain loan case files with strong compensating factors” (accents placed above be me!).
Maybe this is a good thing, that of limiting DTI ratios to 45%, but I estimate this may choke off approx 20% of currently prospective home buyers (from here-on forth they shall be called “wanna-bes”). At best, the timing of this change is horrible since the “first time home-buyer” and “move-up home-buyer” credit programs have been extended through 6/30/2010 (with contracts ratified by 4/30/2010). Talk about the left hand not knowing what the right hand is doing??? Santa’s putting a lump of coal in their stockings for sure!
To get the latest news, call Todd Abelson & Tyler Ford at Sunstreet Mortgage in Tucson, AZ
It’s important to note that raising your credit scores is a bit like losing weight: It takes time and there is no quick fix. In fact, quick-fix efforts can backfire. The best advice is to manage credit responsibly over time.
There is a must read Do You Make These 38 Mistakes with Your Credit? How increasing your credit scores will improve your lifestyle
Realtors® Do You Make These 38 Mistakes with Your Credit? How increasing your credit scores will improve your lifestyle is a great book to give your clients.
To see how much your scores will increase click here.
Payment History Tips
When you read the newspaper, listen to the news on TV, have a discussion with friends, family and colleagues it becomes clear there are many factors influencing our economy. You hear concerns about the price of gas, slow economy, housing market, interest rates, inflation and 2008 Presidential election.
There is one thing for certain, we have little or no control over change and change is inevitable. So why not make the best of change? Educate yourself and prepare for the ups and downs of the market and take advantage of opportunity.
There are many good books on the subject of money and finances. I am a big reader and am always looking for ways to improve my situation and grow as a person. For those of you that like to read and educate yourself a great book on the subject of finance is Rich Dad Poor Day by Robert Kiyosaki.
I am a contrarian. In finance, a contrarian is one who attempts to profit by investing in a manner that differs from the conventional wisdom, when the consensus opinion appears to be wrong. Now is a good time to buy and take advantage of some great deals that are available that won’t last forever!!!
There has been some positive data in the Tucson’s housing market put out by the Tucson Association of Realtors® Multiple Listing Service, Inc (MLS). If you would like a copy of the full residential sales report put out by the MLS give me a call and I will email it to you. It is worth looking at. Below are some highlights of the report.
This is good news for the Tucson housing market. Inventory levels are staring to come down. It is all about supply and demand and getting the inventory levels back to an equilibrium which is slowly starting to happen.
“Live Frugally” while being grateful for life. Live within your means and save money.
“Stay Liquid” Have cash available to prevent the need for credit and to take advantage of opportunity when it presents itself.
“Buy Income Producing Assets” put your money to work for you rather than having to work for money.
Make it a great day! You deserve it!
Tyler Ford
