I no longer have the desire to do mortgages. I always loved the marketing aspect of doing them and I liked having a good team behind me that could handle the load that I brought in. So, that is what I am going to focus on. Marketing, whether it be for Real Estate, Affiliate sites or whatever comes my way.

I am taking a cue from Andy Andrews, I am Burning the Boats, I have no intention of ever going back to mortgages. I am just simply done.
I am going to focus more on speaking, marketing and helping others who need help in marketing. One of my first jobs is to help Dr. Dough Pizza look for that coming soon.

Stay Strong & Burn the Boats

Dave

I got some big news coming soon. In the meantime, here is a funny video that I nicked from Steve Dalton over at First Financial in Portage. If you are looking for a good Northwest Indiana first time home buyer rep in the Mortgage industry he is one of the best. Well, next to me, but that is horse is already out of the barn.

Go enjoy your day

I am

Dave

There is a lot going on this week when it comes to the Fed and which way mortgage rates could go.  Watch this quick video to better explain it.

you got any questions just let me know

Dave

This week Dave discusses the FHA Home Loan regulations, new seller concessions, FHA and Flipping, Higher Down Payment, and the Biz Booster of the week is ID Theft.

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Dave Woodson

The Mad Mortgage Machine

- Waiting Could Cost You $1000′s

This is no April Fool’s joke, but if you wait to buy an Indiana home you will be the fool. On April 5th, the required up-front mortgage insurance premium (MIP) will increase to 2.25%. So, buying a $150,000 home in Indiana with 3.5% down payment of $5250, the up-front MIP will be increased by $732.76. Granted, the up-front MIP is financed as a part of the loan, by why pay extra when you don’t have to.

Also, later on this Spring, Indiana Home sellers will no longer be allowed to give more than 3% in sellers concessions for closing costs and pre-paids. So, if the taxes or closing costs are more than previously thought the difference will be pushed upon the shoulders of the buyer.

The only way to avoid these forthcoming short falls in FHA financing is to buy a house early in 2010. Really, why would you wait to buy a new home. The first time home buyer tax credit expires on April 30th. Well, you need to be in Indiana home contract by then, and close by the end of June 2010, the same goes for “Move-up Buyer” tax credit as well.

I think you would be safe from these Indiana FHA increases if you have your mortgage application in by the end of March.

If you have any Indiana FHA or Indiana USDA home loan questions please let me know. I appreciate your business.

Dave Woodson – The Mad Mortgage Machine

Indiana FHA Expert

Stay tuned for the Mad Mortgage Machine Podcast coming out tomorrow

As foreclosures increase across the United States and that includes Indiana, banks are looking for ways to sell their overloaded REO inventory.

FHA has devised a plan that should be able to help many of those that buy homes, do some fixing up of the home and put it back on the market.  In the hopes of turning a profit.  FHA has waived the 90 day seasoning rule for sellers.  Here are the guidelines broke down.

1. The waiver takes effect February 1st, 2010 for a period of at least 1 year unless extended. (we will see if it gets abused)
2. Investors are now exempt from the 90-day seasoning rule.
3. All transactions must me arms-length. (no relation amongst the seller & buyer)
4. No identity of interest can exist between buyer and seller. (ie. land contract)
5. If sale price is 20% or greater than the seller’s acquisition cost, the lender must:

a. provide supporting documentation and/or a second appraisal and
b. order an inspection of the property and provide it to the buyer.

6. The waiver is limited to forward mortgages only. (you cannot use a reverse mortgage)

I have uploaded for your convenience the Indiana FHA mortgagee letter that further explains the “90 day waiver”

any questions feel fee to give me a call

Dave

- Where do mortgage rates come from?

• Certainly, not the Mortgage Rate Fairy and certainly not the 10 year T-bill, but from mortgage backed bonds.
• My “shopping around” tool is not quite ready for prime time it will be uploaded very soon
• How a little change in rates have an affect on your monthly principle & interest (very little)
  

  Monthly Payment

• Short Sale Business Booster please leave your name and email and I will get it emailed to you ASAP.

(I will never spam you)

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This week is the first show, full of “ums” and “ahs” as I bumble along trying to edit and get better.  I miss radio where I had a partner and I could bounce things off of them.  Enjoy the show, Episode #1 will be out tomorrow sometime.

Dave

This week HUD updated the FHA Loan Limits for Indiana.  The good news they remain unchanged from 2009.

Porter and Lake Counties FHA Loan Limits will remain with:

• 1 unit – $410,000
• 2 unit – $524,850
• 3 unit – $634, 450
• 4 unit – $788, 450

The rest of Indiana including LaPorte, St. Joseph and beyond

• 1-unit : $271,050
• 2-unit : $347,000
• 3-unit : $419,400
• 4-unit : $521,250

Id you ha eany questions or would like to be pre-approved please give me a call or download one of my two mortgage applications.

Dave

Dear Mad Mortgage Machine

I won’t be ready to buy a house until next year, but can’t stand to lose out on the $8000 tax credit.

Mark

Mark,

You are in luck the $8000 tax credit has been extended through June, but you need to be under contract by April 20th, 2010.  Even more good news is that it has been extended to other home buyers that have owned a home over the last five years to the tune of $6500, that is some really great news.  So, tell everyone you know the gov’s is paying them to sell their home and buy a new one.  Lets make sure we get them approved first.

Dave – The ever Mad Mortgage Machine