David Krushinsky - Phoenix Mortgage Professional

Can I Purchase A Home If My Spouse Does A Short Sale?

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Fri, 23 Jul 2010 19:35:04 -0400

Short sales, in most cases, are one of the most economical solutions for all parties involved when a borrower can no longer afford their home. The bank typically incurs a smaller financial loss than would result from an ultimate foreclosure or continued delinquency on the mortgage payments. Borrowers may be able to soften the overall damage to their credit, and potentially settle future deficiency judgments. The big question on hand is.......What is life like after a short sale??

If you're married and your spouse has recently had a short sale, you may still be able to purchase a home.

For the majority of married couples, their homes are purchased together using joint credit, income and assets. This article will address the following situations; the spouse purchased a home before the couple was married in his/her name, or the spouse purchased a home, qualified on his/her own qualifications and the other spouse disclaimed their interest in the property.

Let's take a look at an example of what a typical scenario might look like for a typical borrower.

Mr. Smith bought a home in 2002. He was forced to do a short sale in 2008 because he lost his job and could only find employment that paid 50 percent of his previous income. When Mr. Smith purchased his home, he was able to qualify on his own and Mrs. Smith was not included on the loan. Mrs. Smith signed a disclaimer deed at the closing. Mrs. Smith has since graduated from medical school and returned to the workforce. Mr. Smith and Mrs. Smith would like to purchase a new home together. Unfortunately, Mr. Smith's credit will not allow him to be part of the loan due to the short sale. Even if Mr. Smith's credit score has rebounded from the effects of the short sale, Mr. Smith still must wait 2-3 years before he can buy using most traditional financing.

Mrs. Smith can qualify for a home on her own even though Mr. Smith had a short sale less than 2 years ago, provided she meets the standard qualification standards. Mrs. Smith would like to purchase the home with a FHA loan. In community property states, such as Arizona, Mrs. Smith can still purchase the home even though the lender will review Mr. Smith's credit history. However, any additional debts which appear on Mr. Smith's credit report will have to be included in her qualifying ratios. As long as she can qualify on her income alone, she will be able to purchase a home. Mr. Smith will have to sign a disclaimer deed, relinquishing all of his rights to the property.

Please note: This article was written per Arizona State laws and other states may differ. Please consult your mortgage consultant to discuss the laws and regulations applicable to your state.

Mortgage Loan Originators - How Will You Get Paid After April 1st, 2011???

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Tue, 17 Aug 2010 14:30:17 -0400

It appears that the government has finally found another solution to stop Mortgage Loan Originators (MLO) from abusing and deceiving consumers. This new rule will likely have the same benefit to today's consumer that HVCC and the new GFE has - more fees and higher loan costs. Below are the highlights on the final rules on the Loan Originator Compensation and Steering.

The final rules protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices.

The new rules apply to all persons who originate loans, including mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.

The final rules, which apply to closed-end loans secured by a consumer's dwelling, will:

Prohibit payments to the loan originator that are based on the loan's interest rate or other terms. Compensation that is based on a fixed percentage of the loan amount is permitted.
Prohibit a mortgage broker or loan officer from receiving payments directly from a consumer while also receiving compensation from the creditor or another person.
Prohibit a mortgage broker or loan officer from "steering" a consumer to a lender offering less favorable terms in order to increase the broker's or loan officer's compensation.

Provide a safe harbor to facilitate compliance with the anti-steering rule. The safe harbor is met if:

The consumer is presented with loan offers for each type of transaction in which the consumer expresses an interest (that is, a fixed rate loan, adjustable rate loan, or a reverse mortgage); and
The loan options presented to the consumer include the following:

the lowest interest rate for which the consumer qualifies;
the lowest points and origination fees, and
the lowest rate for which the consumer qualifies for a loan with no risky features, such as a prepayment penalty, negative amortization, or a balloon payment in the first seven years.

The final rules are effective April 1, 2011, to provide lenders and originators time to develop new business models, implement necessary changes to their systems, and train personnel.

The Dodd-Frank Wall Street Reform and Consumer Protection Act also restricts practices concerning loan originator compensation. The Reform Act includes provisions that are similar to the Board's final rules but also addresses other practices not covered by the final rules. The Board plans to implement the Reform Act provisions in a future rulemaking with opportunity for public comment.

Arizona CE Classes for Real Estate Professionals

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Fri, 13 Aug 2010 19:20:46 -0400

CONTINUING EDUCATION CLASS FOR ARIZONA REAL ESTATE PROFESSIONALS

Down Payment Assistance and The Consumer

You are invited to attend the continuing education seminar "Down Payment Assistance and The Consumer" on Thursday, August 26th from 1:00 pm - 4:00 pm. This event is "No Charge" and provides (3) Three Hours Fair Housing Credit towards your continuing education requirements.

In this class you will get a deeper understanding of current down payment assistance programs and valuable information that will assist you while working with your clients. This class will cover:

USDA Rural Housing Loans
American Dream Down payment Initiative (ADDI)
The Community Assisted Mortgage Program (CAMP)
Home Free Program
FHA HUD Repos
Neighborhood Stabilization Program
And Much, Much More!!!

Don't miss out on this opportunity to learn about new and changing information and get your questions answered.

The class will be held at Re/Max Preferred Choice located at 6751 North Sunset Blvd., Suite 320 Glendale, AZ on Thursday, August 26th from 1:00pm - 4:00pm. Click here for directions.

Please RSVP to reserve your seat. For any questions or to RSVP, please contact Kristen Krushinsky at 480-339-1576 or email kristen@dkhomeloans.com. Click here for future Continuing Education Classes for Arizona Real Estate Professionals.

Hope to see you there!

Continuing Education Credit hours offered by Arizona Academy of Real Estate * 8476 West Thunderbird Road, Suite 202 • Peoria, AZ 85381 *AZRE License #S05-0009 • 623-505-5380

Continuing Education Class for Arizona Real Estate Professionals

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Fri, 30 Jul 2010 19:08:33 -0400

CONTINUING EDUCATION CLASS FOR ARIZONA REAL ESTATE PROFESSIONALS

Section 8 Housing

You are invited to attend the continuing education seminar "Section 8 Housing" on Thursday, August 12th from 1:00 pm - 4:00 pm. This event is "No Charge" and provides (3) Three Hours Fair Housing Credit towards your continuing education requirements.

In this class you will get a deeper understanding of Section 8 Housing and valuable information that will assist you while working with your clients. This class will cover:

The complete process of participating as a landlord
Pitfalls and concerns to watch out for
How to make Section 8 Housing work for you and your clients
Helpful landlord tips
Creative financing options
And Much, Much More!!!

Don't miss out on this opportunity to learn about new and changing information and get your questions answered.

The class will be held at AmeriFirst Financial located at 15111 North Pima Road Scottsdale, AZ 85260 on Thursday, August 12th from 1:00pm - 4:00pm.

Please RSVP to reserve your seat. For any questions or to RSVP, please contact David Krushinsky at 602-695-7575 or email david@dkhomeloans.com. Click here for future Continuing Education Classes for Arizona Real Estate Professionals.

Hope to see you there!

Continuing Education Credit hours offered by Arizona Academy of Real Estate * 8476 West Thunderbird Road, Suite 202 • Peoria, AZ 85381 *AZRE License #S05-0009 • 623-505-5380

A Request for Help From Fellow ActiveRainers

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Wed, 09 Jun 2010 13:58:16 -0400

While there are many jokes and gripes about having a mother-in-law, I feel like I am one of the lucky few who had the chance to marry into a wonderful family. My mother-in-law, Diana, has taught me so much about having a positive attitude, no matter what life throws your way. She's taught me how to have the courage and strength to keep fighting when others would give up. She's also taught me the most important thing about life, your family.

My mother-in-law has been battling breast cancer for the last two and a half years. I've watched her go through extensive surgeries and chemotherapy treatment, all while keeping a positive outlook and a sense of humor. She has already had a radical mastectomy and has also had 40% of her liver removed. The cancer has metastasized again to her liver and we have been recently told that the chemotherapy treatment that she was undergoing is not working. The tumors have increased in both number and size and the cancer has since spread to several places in her bones.

My wife, Kristen, and Diana have met with several doctors where she has been told that she is not a candidate for many of likely treatments. Her doctor has recommended a procedure of transcatheter occlusion and radiopharmaceutical therapy (radioactive beads place directly into her liver). The insurance company has denied the treatment stating that it is experimental and investigational. This treatment is approved for liver cancer. However, since the cancer originated in her breast, the insurance company is classifying it as breast cancer in the liver and is refusing to approve/pay for the procedure. I'm not familiar with how issues, like this, are typically handled in the medical and insurance industry. It's hard for me to understand and comprehend why someone who needs life-saving treatment can be denied coverage for treatment at her doctor's recommendation, if they have insurance. After all, the reason people like you and me have insurance, is for emergency situations.

Her doctors are appealing this decision and have asked for family and friends to write letters on her behalf asking for them to overturn the decision. If you have time and would like to help, I would really appreciate it. All they want is a personal letter stating that she has gone through so much and deserves every chance to beat this devastating disease.

If you could address the letter to:

Mercy Healthcare Group
Grievance Department
4350 E. Cotton Center Boulevard, Building D.
Phoenix, AZ 85040

Re: Diana Mourssali

The letters can be emailed to me or Diana, dsmourssali@q.com, and they will be submitted with the doctor's appeal.

Thank you again for all your support and prayers. It means more than any of you can possible know.

8 Questions Your Phoenix Mortgage Lender Should Be Able To Answer About Mortgage Rates

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Mon, 07 Jun 2010 19:45:14 -0400

As consumers, we've all been taught that shopping around for a mortgage to get the best deal is critical. When shopping for your Phoenix home mortgage, it's fairly easy to check online or make some phone calls to determine rates.

Once you have had an opportunity to narrow down your search for the right lender, it will also be important to ask some essential questions to make sure they're educated regarding mortgage rates. With Phoenix mortgage interest rates changing quite frequently, sometimes several times during the day, it's important to make sure your lender can answer basic questions. The following questions and answers will allow you to determine if your lender can provide you with an affordable loan and, most importantly, have the expertise to get you the lowest rate.

•1. Who determines mortgage rates and what are they tied to?

Mortgage interest rates are determined by the pricing of Mortgage Backed Securities or Mortgage Bonds. The media often implies mortgage rates are based off the 10-year Treasury Note, which is incorrect. While the 10-year Treasury Note typically trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions.

•2. How often do mortgage rates change?

Mortgage rates constantly change throughout the day; however, since mortgage rates are based on Mortgage Bond prices, they only change on days when the Bond markets are trading securities. Think of a Mortgage Bond's sales price similar to that of a Stock. It trades up and down during the course of a day. For example, the FNMA 30-Year 4.50% coupon is selling for $100.50. The price is 50 basis points lower from the previous day's closing price of $101.00. In simple terms, the consumer would have to pay an additional .50% of their loan amount to have the same rate today that they could have locked in the previous day. Alternatively, the consumer would also have the option of increasing their rate by .125%.

•3. What causes mortgage rates to change?

Mortgage Bonds are largely affected by various economic forces that influence the ever changing demand for bonds within the market. Each week various economic reports are released that influence the movement within the bond markets. Some of the key economic factors that have the greatest impact are unemployment percentages, inflationary fears, economic strength and the overall movement of money in and out of the markets. Like stocks, most fluctuation is caused by consumer and investor emotions.

•4. What do you use to monitor mortgage rates?

There are several great subscription based services available to monitor Mortgage Bond pricing. The key is to make sure the lender is aware they should be monitoring Mortgage Bond pricing, such as the Fannie Mae 30-Year 4.50% coupon, and not the 10-Year Treasury Note.

•5. When the Fed changes rates, why do mortgage rates move in the opposite direction?

It is a common misconception that when the Federal Reserve implements a rate cut that it is immediately correlated to a reduction in mortgage rates. The Federal Reserve policy influences short term rates known as the Fed Funds Rate ("FFR"). Lowering the FFR helps to stimulate the economy and increasing the FFR helps to slow the economy down. Effectively, cutting interest rates (FFR specifically) will cause the stock market to rally, driving money out of bonds and creating potential for inflation. Mortgage Bond holders need to obtain a higher rate of return on their money if inflation is increasing, thus driving up mortgage rates. With the Federal Reserve Board meeting every six weeks, this is an important question to ask. If your lender does not have a firm understanding of this relationship, they may leave your rate unprotected costing you thousands of dollars over the life of your mortgage.

•6. Do different programs have different interest rates?

Conventional, FHA and VA loans can all carry different rates on a 30-Year fixed mortgage. FHA and VA loans are insured by the Federal Government in the event of defaults. Conventional mortgages are insured by private mortgage insurance companies, if insurance is required. Typically, FHA and VA loans carry a lower rate because the investor views the government backing as less of a risk. While rates are usually different for each program, it may be more important to compare the monthly and overall cost during the life of the loan to determine which program best suits your needs.

•7. Why is an Adjustable Rate Mortgage (ARM) rate lower than a fixed rate mortgage?

An Adjustable Rate Mortgage (ARM) is usually fixed for a specific period of time. The period is typically 6 months, 1 year, 3 years, 5 years or 7 years. The shorter time period the rate is fixed, the lower the interest rate tends to be initially. This is due to the borrower taking the future risk of increasing interest rates. The only instance where this would not be true is when there is an inverted yield curve where short-term rates are higher than long-term rates.

•8. Why are rates higher for different factors such as investment property?

Mortgage interest rates are based on risk-based pricing. Risk-based pricing allows adjustments to par pricing for risk factors such as; FICO scores, loan-to-value percentages, property type(SFR, Condo, 2-4 Units), occupancy (Primary, Vacation or Investment) and mortgage type (Interest Only, Adjustable Rate etc). This allows the investors who lend their money for mortgages to receive additional compensation for taking additional risk. An example is if the borrower encounters a financial hardship, are they more likely to make the payment on the home they live in or the one they rent?

Continuing Education Class for Arizona Real Estate Professionals

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Wed, 19 May 2010 17:15:45 -0400

FREE CONTINUING EDUCATION CLASS FOR ARIZONA REAL ESTATE PROFESSIONALS

Understanding FICO Scoring & Managing Credit

You are invited to attend the continuing education seminar " Understanding FICO Scoring & Managing Credit" on Thursday, June 17th from 1:00 pm - 4:00 pm. This event is FREE and provides (3) Three Hours Legal Issues Credit towards your continuing education requirements.

David Krushinsky, a Certified Mortgage Planning Specialist, will cover:

Overview of Credit Market & Structure of Credit Reporting Agencies
What makes up a good FICO score
How to use and unsderstand the Fair Credit Reporting Act
New Developments in Credit Markets and FICO Scoring
How lenders apply the FICO Model for both FHA and Conventional Loans
Factors that affect a FICO score
And Much Much More!

Don't miss out on this opportunity to learn about new and changing information and get your questions answered.

The Seminar will be held at AmeriFirst Financial's Classroom located at 15111 North Pima Road, Suite 110 Scottsdale, AZ 85260 on Thursday, June 17th from 1:00pm - 4:00pm.

Please RSVP to reserve your seat. For any questions or to RSVP, please contact David Krushinsky at 602-695-7575 or email david@dkhomeloans.com

Hope to see you there!

Accredited by C. David McVay School - 3412 E. Dunlap Ave., Phoenix, AZ 85028
602-749-2098 Email: dmcvay@cdavidmcvayschool.com ; www.cdavidmcvayschool.com

Free Continuing Education Hours Glendale, AZ - For Realtors

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Tue, 14 Jul 2009 15:02:07 -0400

Free Continuing Education in Glendale, AZ

You are invited to attend the continuing education seminar "Answers To Tough Questions About Credit In Today's Market" on Thursday, July 17th from 6:00-9:00pm.

This event is provides (3) three Accredited General Hours towards your Continuing Education requirements for the State of Arizona.

David Krushinsky, a Certified Mortgage Planning Specialist and Licensed Instructor, will address those tough questions regarding your clients credit in today's real estate industry.

The following are a few key topics that will be discussed:

Is it better for your client to file bankruptcy or to foreclose?
What is a short sale and how can it affect your clients credit?
What about a Deed-In-Lieu of Foreclosure?
Foreclosure vs. Short Sale
What should my clients do???
Many more items to cover!!!

Don't miss out on this opportunity to learn about new and changing information and get your questions answered.

The Seminar will be held at the Foothills Recreation & Aquatic Center 5600 West Union Hills Drive, Glendale, AZ 85308. Please RSVP to reserve your seat. For any questions or to RSVP, please contact David Krushinsky at 602-695-7575 or email david@dkhomeloans.com

Accredited by C. David McVay School - 3412 E. Dunlap Ave., Phoenix, AZ 85028 602-749-2098 Email: dmcvay@cdavidmcvayschool.com ; www.cdavidmcvayschool.com

How Do You Purchase a Home Using the "Your Way Home Arizona" Program? - Free Seminar

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Mon, 21 Sep 2009 18:06:55 -0400

How do you purchase a home in Arizona using the Your Way Home Arizona loan program?

You are invited to attend the seminar explaining the "Your Way Home Arizona" on Monday, October 5th from 9:30 am - 12:30 pm.

Reginald Givens from the Arizona Department of Housing will be presenting on the Your Way Home Arizona program. This is a great opportunity if you, your business partners or clients want to learn more about the Your Way Home Arizona Program.

Don't miss out on this opportunity to learn about new and changing information and get your questions answered.

The seminar will be held at the W.J. Bradley Mortgage Branch conference room located on 9237 East Via de Ventura, Scottsdale, AZ 85258.

Please RSVP no later than September 30th to reserve your seat. For any questions or to RSVP, please contact David Krushinsky at 602-695-7575 or email david@dkhomeloans.com

* Breakfast will be provided.

Free Continuing Education Hours - Arizona Real Estate Professionals

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Fri, 02 Oct 2009 19:48:10 -0400

FREE CONTINUING EDUCATION CLASSES FOR ARIZONA REALTORS

You are invited to attend the continuing education seminar " Answers To Tough Questions About Credit In Today's Market" on Wednesday, October 28th from 9:00 am - 12:00pm. This event is FREE and provides (3) three Accredited General Hours towards your continuing education requirements.

David Krushinsky, a Certified Mortgage Planning Specialist, will address those tough questions regarding your clients credit in today's real estate industry. The following are a few key topics that will be discussed:

   -Is it better for your client to file bankruptcy or to foreclose?
    -What is a short sale and how can it affect your clients credit?
    -What about a Deed-In-Lieu of Foreclosre?
    -Foreclosure vs. Short Sale
    -What should my clients do???
    -Many more items to cover!!!

Don't miss out on this opportunity to learn about new and changing information and get your questions answered by a mortgage professional.

The Seminar will be held at the Foothills Recreation & Aquatic Center 5600 West Union Hills Drive, Glendale, AZ 85308 on Wednesday, October 28th from 9:00am - 12:00pm.

Please RSVP to reserve your seat. For any questions or to RSVP, please contact David Krushinsky at 602-695-7575 or email david@dkhomeloans.com

Hope to see you there!

Accredited by C. David McVay School - 3412 E. Dunlap Ave., Phoenix, AZ 85028
602-749-2098 Email: dmcvay@cdavidmcvayschool.com ; www.cdavidmcvayschool.com

Free Continuing Education Hours - Arizona Real Estate Professionals

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Fri, 23 Oct 2009 13:34:52 -0400

FREE CONTINUING EDUCATION CLASSES FOR ARIZONA REALTORS

You are invited to attend the continuing education seminar " Answers To Tough Questions About Credit In Today's Market" on Wednesday, November 18th from 2:00 pm - 5:00 pm. This event is FREE and provides (3) three Accredited General Hours towards your continuing education requirements.

David Krushinsky, a Certified Mortgage Planning Specialist, will address those tough questions regarding your clients credit in today's real estate industry. The following are a few key topics that will be discussed:

   -Is it better for your client to file bankruptcy or to foreclose?
    -What is a short sale and how can it affect your clients credit?
    -What about a Deed-In-Lieu of Foreclosure?
    -Foreclosure vs. Short Sale
    -What should my clients do???
    -Many more items to cover!!!

Don't miss out on this opportunity to learn about new and changing information and get your questions answered by a mortgage professional.

The Seminar will be held at the Foothills Recreation & Aquatic Center 5600 West Union Hills Drive, Glendale, AZ 85308 on Wednesday, November 18th from 2:00pm - 5:00pm.

Please RSVP to reserve your seat. For any questions or to RSVP, please contact David Krushinsky at 602-695-7575 or email david@dkhomeloans.com

Hope to see you there!

Accredited by C. David McVay School - 3412 E. Dunlap Ave., Phoenix, AZ 85028
602-749-2098 Email: dmcvay@cdavidmcvayschool.com ; www.cdavidmcvayschool.com

Need a Low Down Payment Home Loan to Purchase in Phoenix? Homepath Financing May Be the Answer

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Fri, 05 Feb 2010 17:55:42 -0500

So you're in the market to purchase a home in Phoenix, Arizona? You've saved your money, but were hoping to find something with a low down payment. Unfortunately, most of the affordable houses in your price range are unable to be financed with a FHA home loan. It is beginning to seem like your only option may be Conventional financing, which requires a significantly larger down payment.

There is another option. It is possible to take advantage of today's low interest rates and affordable home prices in Phoenix, while still benefiting from a reasonable down payment.

You can purchase a home, which is owned by mortgage giant Fannie Mae, for as little as 3% down. Fannie Mae currently owns many homes taken over through the foreclosure process in Arizona. These homes can be financed through their new HomePath^® program, specifically for Fannie Mae REO properties. Listed below are some of the highlights.

HomePath^® Financing Highlights

Low down payment and flexible mortgage terms
Up to 97% financing for Owner Occupied homes
Up to 90% financing for 2nd homes
Up to 90% financing for Investment Properties
Borrowers purchasing a 2nd home or investment property with maximum 75% LTV/CLTV can own up to 10 financed properties
No mortgage insurance option (over 80% LTV requires a 660 credit score and additional fee)
No appraisal fees (Sales price is used to determine value)
Eligible properties include 1 to 4 units, condos, and PUD's

You can search for Fannie Mae REO's at in Arizona by clicking here. Fannie Mae is also offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

Closing costs;
The purchase of new Whirlpool® appliances by Fannie Mae; or
A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

Our mortgage team works with many Real Estate Professionals that specialize in locating these homes for our borrowers. Please feel free to contact us for a referral of someone who is qualified to assist you in writing a contract, negotiating terms and obtaining the best long-term strategy for you and your family. Purchasing a home involves many other aspects than just negotiating a sales price. It's very important to know, upfront, how to properly structure your real estate offer upon submitting your contract to Fannie Mae. Contact us today to begin the process.

Even Great Warriors Die In Battle

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Mon, 08 Mar 2010 16:18:29 -0500

For many, 2010 will undoubtedly prove to be one of the toughest years in the mortgage industry. The underwriting guidelines still continue to change daily, government regulation and intervention is at an all-time high, legislation is being proposed to change compensation models for Loan Originators, more fraud verification policies are being put in place to protect lenders adding confusion, borrowers are forced to jump through ridiculous hoops and great mortgage professionals are exiting our industry in droves. Let me repeat that.... "Great" mortgage professionals are exiting our industry, not "Good", but "Great".

I'm sure you know how we got where we are at, but do you really know where we are at? Everyday I speak with my friends from markets across the United States that are considering changing careers. The same questions come up, "How is it possible to create a great experience for a borrower with this environment?" I don't pretend to know the answer because, in my opinion, there isn't one.

Telling your borrower three months after closing they need to provide proof they've personally paid a credit card on their credit report for 12 months, showing their bank statements for the last 12 months. How and why would they have trust and confidence to refer their friends and family?
When you receive a loan approval with 45 prior to doc conditions, then it takes 45 minutes to explain why so much documentation is needed. How are your clients to have the trust and confidence to refer their friends and family?
Loan guidelines forcing Mortgage Professionals to order two appraisals on a property, after one has already been received $14,000 above selling price. How are today's clients to have trust and confidence to refer their friends and family when they feel they've been mistreated and forced to pay excessive costs?

When this happens over and over and over on every transaction, why would Real Estate Professionals continue to refer their clients? It's simple... they don't. They move on to the next Loan Officer. Your past clients don't refer you anymore. You soon realize you don't have a passion for this industry anymore and "Even Great Warriors Die In Battle."

For those that make it through this, we are the survivors, we are the fighters and we are the ones who will shape the perception of this industry so many love. Live the Dream - Carpe diem quam minime credula postero!

Continuing Education for Arizona Real Estate Professionals

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Wed, 17 Feb 2010 17:12:14 -0500

FREE CONTINUING EDUCATION CLASS FOR ARIZONA REAL ESTATE PROFESSIONALS

Have your clients asked you any of the following questions and you just weren't quite sure how to answer them?

Is it better to file bankruptcy or to foreclose?
What is a short sale and how can it affect my credit?
What about a Deed-In-Lieu of Foreclosure?
Foreclosure vs. Short Sale - which is better for me?
Many more items to cover!!!

You are invited to attend the continuing education seminar " Answers To Tough Questions About Credit In Today's Market" on Thursday, February 25th from 1:00 pm - 4:00 pm. This event is FREE and provides (3) three Accredited General Hours towards your continuing education requirements.

David Krushinsky, a Certified Mortgage Planning Specialist, will address those tough questions regarding credit in today's real estate industry.

Don't miss out on this opportunity to learn about new and changing information and get your questions answered by a mortgage professional.

The Seminar will be held at the W.J. Bradley Mortgage Capital Corporation Conference Room located at 9237 East Via De Ventura Suite #100 Scottsdale, AZ 85258 on Thursday, February 25th from 1:00pm - 4:00pm.

Please RSVP to reserve your seat. For any questions or to RSVP, please contact David Krushinsky at 602-695-7575 or email david@dkhomeloans.com

Hope to see you there!

Accredited by C. David McVay School - 3412 E. Dunlap Ave., Phoenix, AZ 85028
602-749-2098 Email: dmcvay@cdavidmcvayschool.com ; www.cdavidmcvayschool.com

100% Financing Available in Arizona? Welcome To The USDA Home Loan

David Krushinsky (Mortgage Professional - Phoenix, AZ - NMLS 202115) — Wed, 16 Sep 2009 20:08:49 -0400

USDA Home Loans

Are you interested in purchasing a home in Arizona but don't have the available resources for a down payment? Look no further than the U.S. Department of Agriculture (USDA) Home Loan. The USDA has a guaranteed home loan program available to help individuals and families purchase a home in Arizona located in certain qualified rural areas.

How do you qualify for a USDA loan? As with most mortgage loans, you must demonstrate your ability and willingness to repay the loan in monthly installments. Your credit history and other monthly obligations will be analyzed to determine if you have the reasonable ability to meet repayment obligations on your current debts and the new mortgage payment. Additionally, you must show that you have steady and sufficient income that is enough to meet mortgage payments, as well as discretionary income remaining each month.

Credit Eligibility

If you know you have made all past credit payments on time and have a good credit history, you are in good standing and should be a good candidate for a USDA home loan. But even if you have some "spotty" or derogatory credit, you may still be eligible for a loan. USDA mortgage guarantee home loans do not have a minimum credit score but most banks have an overlay of a 620 FICO requirement.

The mortgage loan underwriter wants to know that you are willing to repay the loan. If your credit history shows late payments or even previous bankruptcy, you can still repair your credit report. It may take some effort but don't get discouraged. Your first step is to find out what your credit rating is.

Most late payments should usually be at least one year in the past, and your current history must show that you have met your credit obligations on-time and diligently for at least 12 months. If you have filed for previous bankruptcy, the discharge date will usually need to be at least two years ago. Since the bankruptcy, you must show that you re-established credit and have been diligent with credit and debt payments.

Income Eligibility

The USDA home loan guarantee program is designed to help low to moderate income families. There are income restrictions depending on the area you wish to purchase a home. Your loan underwriter will look at your gross income, income from any co-applicants, as well as any other adults who plan to live in the household. If your income exceeds the maximum limit, you may still receive certain adjustments to your gross income that will help you qualify.

In order to give a loan underwriter a clear picture of your income, you will need to submit copies of at least two years of W-2 or 1099 tax filings. If you are self-employed, two years of full tax returns may be necessary to determine a good average income. If you currently work for an employer, you should provide copies of at least one months of pay stubs. You may also click here for a checklist of items you may need for the processing of your home loan.

SOME Eligible Areas in Arizona:

Metro Areas:

Buckeye, AZ
Anthem, AZ
Queen Creek, AZ
Casa Grande, AZ
Sierra Vista, AZ
Tucson, AZ
Yuma City, AZ

County Areas:

Cochise County, AZ
Pima County, AZ
Pinal County, AZ
Santa Cruz County, AZ
Yuma, County, AZ

You can click here to determine if the property your purchasing could be financed with this program.

Before you begin the search for the home of your dreams contact the David Krushinsky Team at 602-695-7575 or david@dkhomeloans.com to see if you qualify for the USDA 100% financing home loan in Arizona.

* Because of the complexity with financing homes with swimming pools under the USDA home loan guidelines, we recommend that you avoid submitting offers on homes with swimming pools.