Lenders Begin to Tighten FHA Loans

Mortgage banks are further tightening FHA loans. The first item to notice is that the previous lending limit of $417,000 between FHA normal limits and FHA Jumbo limits now has to include the UFMIP (up-front mortgage insurance premium) while previously it could be added to the $417,000 maximum normal limit. The next item to change is that a 660 (up from 620) credit score will now be required on FHA Jumbo loans and it must include a DU approve eligible through the FHA Total Scorecard Underwriting System. Purchases with a loan-to-value above 95% will require a FULL 2nd appraisal. Your buyers will need to be prepared also for an anticipated raise in FHA appraisal prices as the industry moves to a nationalization of appraisal ordering on May 1st. We have already been advised by some of these companies that they will be charging up to $600 for an FHA appraisal. That would be $1200 for 2 on FHA Jumbos.

These guidelines are effective immediately with several lenders and it will run through the rest of them as days go by. Rest assured, we will keep you informed here in this blog of any agency guideline changes.

Do other agents a favor and suggest this blog.
For marketing tips and tools, go to http://www.AgentSignIn.com

UPDATE ON THE $8000 TAX CREDIT!

A website listing all the details concerning the $8000 first time buyer credit can be found at http://www.GiveMe8000.info and it includes program guidelines and links to the IRS forms necessary to obtain your credit. Make sure all of your past clients know of the firstime buyer credit of $7500 for last year and the new one for this year. This is a great reason to call past clients and then ask if they know anyone that wants the tax credit too!

Need Marketing Help?

You have heard it before. You must create an USP (unique selling proposition) to set yourself apart from all the other agents out there. While there are a multitude of marketing ideas and programs (most of which cost money), there are some ideas that cost little to nothing to implement and there success toward helping you reach your goals is only determined upon your own ability to follow through.
Here are some ideas:

1. Make sure every listing you have has it's own internet website.
2. Have your own website seperate from the one your company may provide.
3. With your website in place, begin to blog.
4. Join website communities like BrokerVoice, Facebook, Twitter, and other internet environments that can showcase your talents.
5. Consider just how much your existing loan officer helps you in your marketing efforts. Beyond getting deals closed, are they providing leads or helping you further your career?
6. Follow blogs that relate to real estate and try to get in tune with what is happening in the industry beyond just the negative rantings and boo-hooing out there.
7. Think positively about how you can use news to your advantage.

You can start using items 1 & 2 by visiting http://www.AgentSignIn.com to get your own personal website up and running and get individual websites for each of your listings. Both of these are FREE to you by the companies we use for our systems and I am more than happy to help anyone to get up and running.
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