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Home Buyer Tax Credit

November 6th, 2009 9:43 AM

Earlier today the House of Representatives passed legislation to extend and expand the $8,000 first-time homebuyer tax credit, which was approved by the Senate this week. The legislation will be sent to the President, and upon his signature, made law. NAMB strongly advocated for an extension and expansion of the homebuyer tax credit, and considers this a victory for consumers, the housing industry, and NAMB.

Under the legislation, homebuyers will qualify for the tax credit until April 30, 2009 (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2009) to close the transaction. Borrower income limits have also been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program). The legislation also includes a tax credit not exceeding $6,500 for move up buyers who have owned their current homes for at least 5 years.

Posted by Aaron Walker on November 6th, 2009 9:43 AMPost a Comment (0)

Effective July 30th 2009 - HERA

August 5th, 2009 1:18 PM

Effective today, July 30th 2009, the following changes will affect all transactions in the mortgage industry both Brokers and Bankers. The changes will affect how to disclose the Truth and Lending and the Regulation Z, the result of the “The Housing and Economic Recovery Act of 2008” (HERA) changes.

Now let me take a moment to say that our numbers are always very accurate so this won't change very much for our team unless a 3rd party charge to APR comes up last minute. These fees would be additional title items from some of the REO sales that we have all seen lately.

However, the people that haven't been disclosing accurately all along (or the bait and switchers) really will need to adjust their behavior. You may know these as originators that always have to cover fees or explain why the good faith estimates don’t match up with the final HUD. The problem is because of the increased time to create and close a loan the “bait and switchers” will all but have your borrower locked into closing at the higher APR.

This re-disclosure rather than punishing the rouge lenders, will just punish the borrowers, sellers and agents because there will be a 3 day delay for the borrower prior to closing! The ugly truth is 3 days to re-disclose is still too short of a time frame to get a new loan done. The cost may be in that sellers may not be too willing or unable to extend if they are going to buy another house and have a simultaneous closing.

The “SOLUTION” to the following new law is to work with a professional you trust and one that has and will continue to disclose all fees truthfully instead of trying to “POLISH” up the good faith to look cheaper initially.

For listing agents it will become CRITICALLY important to get correct title fees if the seller picks the title company. For selling agents that pick the title company, getting correct fees to the buyer’s lender is equally important.

The following is a is a detailed synopsis of the new law that you can review with your clients and partners.

Housing & Economic Recovery Act of 2008 (HERA)

HERA was developed to protect the mortgage consumer. The Act contains provisions that revise the Truth and Lending Act and will apply to all loan applications received on or after July 30, 2009.

What is the HERA Mortgage Disclosure Improvement Act?

Five changes from HERA Disclosures:

o Saturdays count as a business day

o Upfront fees cannot be charged until the borrower receives the initial TIL from the Lender. Only exception is a credit report fee.

o Initial TIL now required on all purchases and refinances of primary residences and second homes. The loan cannot close (i.e. document signing) until seven (7) business days after the initial TIL disclosure has been mailed.

o Initial TIL must be provided at least seven business days before the close/sign date.

o An increase in APR by more than .125% requires re-disclosure of the TIL at least 3 business days before closing. If mailed, the TIL is considered “received” 3 business days after mailing. The loan cannot close until three (3) business days after re-disclosure TIL is received (when applicable).

Definition of Disclosure Delivery

If the disclosure are delivered via regular mail, the disclosures are considered received by the borrower three (3) business days after they are mailed. When disclosures are delivered electronically, consistent with the E-Sign Act, the creditor may rely on evidence of actual delivery to determine when the three-business (3) day period begins. Accordingly, lenders are adapting disclosure processing to support electronic communication of the Truth in Lending. Electronic delivery of the disclosures allow for a more streamline process and provides an opportunity for better customer service.

Reason for HERA Disclosures

A more transparent, level and fair regulation of the real estate industry

Additional controls to prevent deceptive lending practices

Protection against abusive lending practices for borrowers

Consistent lending practices among all lenders

Borrowers are more informed and more confident about the mortgage process

HERA Revision #1

Saturday is now counted as a business day for disclosure timing

HERA Revision #2

No upfront fees can be charged prior to the consumer’s receipt of the initial Truth in Lending disclosure (TIL) from the Lender. Lenders will no longer be able to charge large commitment fees that intimidated the borrowers into staying with that lender.

Credit report fee is the only exception to the regulation

If disclosures are mailed, the consumer is considered to have received the TIL 3 business days after mailing.

Appraisal cannot be requested until the consumer receives the initial TIL from the Lender (applicable to all loans, conventional AND government). This will stall all appraisal orders for a minimum 4 days from initial consultation.

RESULT

No fees collected or charged (other than the credit report fee) prior to consumer’s receipt of initial disclosures

You cannot request the appraisal or collect the appraisal fee until 4 business days after the initial disclosure packet. (Table fund and Enhanced loans wait period will be based off the broker’s issue date of the initial TIL.)

Add almost one full week in time to your purchase because of delayed appraisal order

HERA Changes - #3

Initial Truth In Lending (TIL) Disclosure

The initial TIL disclosure has been amended to require specific language to notify the consumer that they are not required to complete the loan agreement merely because they have received the disclosure or signed a loan.

Required for all primary and second home transactions

RESULTS

TIL disclosure will be included in all initial disclosure packages except investment properties

Enhanced Warehouse, Enhanced Table fund and Traditional Table fund brokers will be required to deliver the initial TIL to Investors with the initial file to meet minimum submission standards

HERA Changes - #4

Early disclosures need to be provided no later than 3 business days after receipt of application as well as be provided at least 7 business days before close/sign

RESULTS

Cannot schedule the close/sign date prior to the 7 day wait expiration

HERA Changes - #5

An increase of more than .125% in the APR from the initial TIL disclosure requires the TIL disclosure to be revised and reissued to the borrower

Borrowers must have a 3 business day review period prior to close/sign

It is presumed that borrowers will receive the disclosures 3 business days after mailing

HERA Changes - #5

RESULTS

New re-disclosure packet to be mailed any time APR tolerance is exceeded by .125% either up or down

Lock the loan (strongly recommended, but not mandatory)

If the APR increases by more than an .125% after re-disclosure, it will require another re-disclosure and a new 6 day wait

Settlement agents in escrow states will now be required to submit a HUD prior to receiving the closing package

HERA HVCC Guidelines

Per HVCC, the borrower must be provided a copy of the appraisal*

Borrowers must have a 3 business day review period prior to close/sign

It is presumed that borrowers will receive a copy of the appraisal 3 business days after mailing

Borrowers have the option of waiving their right to review the appraisal, thereby eliminating this wait period

*The Home Valuation Code of Conduct technically only applies to conforming loans, but many investors will apply it to all conventional loans, and in the future may apply it to other types of loans as well.

Posted by Aaron Walker on August 5th, 2009 1:18 PMPost a Comment (0)

Upgrades That Will Slash Your Tax Bill

July 30th, 2009 9:09 AM

Looking for that extra push to go ahead with an upgrade in your home? If it's an energy-efficient upgrade you may qualify for a tax credit in April 2010. A provision in the American Recovery and Reinvestment Act of 2009 allows homeowners to claim tax credits for up to 30% (up to $1500) on energy-efficient upgrade projects such as windows, roofs, insulation and doors.

While the tax credit for smaller projects will max out at $1500 (total, not per project), there is no cap for larger projects. Those homeowners planning on installing solar panels, solar water heaters and wind systems will see a credit of $1500 or more. The installation costs for these types of upgrades count toward the credit until 2016.

When planning a project you'll need to do a little research to make sure the upgrade qualifies for the tax credit. Not all Energy Star-certified doors and windows will qualify and such items as energy-efficient garage door openers won't qualify at all.

For your project to qualify, it must be "placed in service" during the tax year -- the purchase of the materials doesn't count, the job must be complete. It is also suggested that you keep the Manufacturer's Certification Statement saying the item qualifies for the tax credit.

To help you determine if a planned upgrade may qualify for the credit, take a look at the list below.

These projects qualify for a tax credit up to $1,500 (30% of cost through 2010):

Window, door replacement: Must have a U-factor and solar heat gain coefficient (SHGC) of 0.30 or less, which is a more stringent requirement than for some Energy Star-certified products. (U-factor and SHGC express heat flow through an object, hence its insulating value.) See http://www.garagewownow.com for more information on which garage doors qualify for credit.
Roofing replacement: All Energy Star metal and asphalt roofs qualify. Download "Find a Product" from Energy Star's "Roof Products" page for more information. Synthetic roofs are not covered.
Installing insulation: Insulation installations must last five years or have a two-year warranty. Insulated siding and cladding won't help you with a tax break, but vapor retarders will. It's not clear yet if spray foam and air sealing are covered, according to the Environmental Protection Agency.
Heating and cooling systems: Not all Energy Star products will qualify for the tax credit. See the Consortium for Energy Efficiency product directory for qualified types of central A/C and air source heat pumps. Consult the Air-Conditioning, Heating and Refrigeration Institute for natural gas and oil-using heating products. Check pelletheat.org for information on biomass stoves.
Water-heater replacement: Not all Energy Star gas-storage and gas-condensing water heaters will qualify for the tax credit. See "Residential Water Heaters Key Product Criteria" under Energy Star's "Products" tab.

These projects qualify for a tax credit of $1,500 or more (30% of cost installation through 2016):

Geothermal heat pump: All Energy Star geothermal heat pumps qualify for the tax credit.
Solar water heater: All Energy Star solar water heaters qualify for the tax credit, but it's unclear whether using them for radiant floor heating is allowed. No dice for swimming pools or hot tubs â€” the water must be used in the dwelling.
Solar/photovoltaic panels: No federal restrictions on qualifying products available. Contact the Solar Energy Industries Association for further information.
Small wind energy systems: No federal restrictions on qualifying products available. Contact the American Wind Energy Association for further information.

You can also go to the Database of State Incentives for Renewables and Efficiency for information on state and local tax credits.

Source: msn.com and Popular Mechanics

Posted by Aaron Walker on July 30th, 2009 9:09 AMPost a Comment (0)

Tax Tip for First Time Home Buyer Credit

June 29th, 2009 9:15 AM

If you’re filing an amended ’08 return for the first time home buyer credit...

Be sure to enclose a copy of the settlement statement with your 1040-X.

The Service has noticed that many of the refund claims for the credit are fraudulent, so it is giving all such claims extra scrutiny. To avoid having your refund delayed, attach a copy of the HUD-1 form with your amended return. First time home buyers can claim the tax credit...10% of the purchase price, up to a maximum of $8,000... on amended 2008 returns if they buy a primary home this year before Dec. 1, 2009.

Posted by Aaron Walker on June 29th, 2009 9:15 AMPost a Comment (0)

First-Time Homebuyer Credit

June 23rd, 2009 1:08 PM

Overview

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
Applies only to homes used as a taxpayer's principal residence.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

For 2009 Home Purchases

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.

Posted by Aaron Walker on June 23rd, 2009 1:08 PMPost a Comment (0)

FHA 203(k) Streamline Limited Repair Program Loan Process

March 30th, 2009 1:02 PM

FHA 203(k) Streamline Limited Repair Program Loan Process

The 203(k) Streamline Limited Repair Program allows a customer to purchase or refinance a home and make limited upgrades/repairs to the property all under one single loan. The loan is not re-qualified as it is only underwritten one time, upfront.

There is no minimum amount for the repair costs; however the maximum is $35,000 (includes 10% contingency, supplemental origination fee, and final inspection fee).

There is a mandatory 10% contingency required on all 203(k) streamline loans. This contingency is held until final disbursement. If the contingency is not used it will be applied to the principal mortgage balance.

The repair funds are held in escrow.

No more than two payments may be made payable to each specialized contractor or to the borrower, if the borrower is performing the work under a self-help arrangement.

The borrower is given 3 months from the closing date to complete all the repair/rehab work.

Eligible Properties

One-to-Four (single family) residences, including HUD REO properties Manufactured Homes are allowed (must meet FHA guidelines on our website)

Spot Approval for Condos is permitted on this program

Property must be 100% complete – no partially built homes

Eligible Improvements/Work

Repair/Replacement of roofs, gutters and downspouts

Repair/Replacement/upgrade of existing HVAC systems

Repair/Replacement/upgrade of plumbing and electrical systems

Repair/Replacement of flooring

Minor Remodeling, such as kitchens, which does not involve structural repairs

Painting, both exterior and interior

Weatherization, including storm windows and doors, insulation, weather stripping, etc.

Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens

Accessibility improvements for persons with disabilities

Repair/Replace/add exterior decks, patios, porches

Basement finishing and remodeling, which does not involve structural repairs

Basement waterproofing, including mold removal

Window and door replacements and exterior wall re-siding

Septic system and/or well repair or replacement

Connection to public water or sewage system

Ineligible Improvements/Work

Major rehabilitation or major remodeling, such as the relocation of a wall

New construction (including room additions)

Repair of structural damage

Repairs requiring detailed drawings, plans or architectural exhibits

Landscaping or similar site amenity improvements, including fence

Lead-based paint stabilization or abatement of lead-based paint hazards

Any repair or improvement requiring a work schedule longer than three (3) months; or Rehabilitation activities that require more than two (2) draws/payments.

Any work requiring a plan reviewer

Result in work not starting within 30 days after loan closing; or cause the borrower to be displaced from the property for more than 30 days during the time the rehabilitation work is being conducted (FHA anticipates that, in a typical case, the borrower would be able to occupy the property after the mortgage closing.

Contractors and Repair Criteria

All repairs/work must be completed within 3 months of the closing date.

Repairs must be completed by a contractor unless the borrower can demonstrate the required expertise/experience (ie: plumbing repairs would require a licensed plumber, electric work would require a licensed electrician).

The contractor making the repairs does not have to be a licensed general contractor; however, he must provide a resume along with two references (see client reference form).

The cost of repair(s) must be reasonable.

Use of Contractors:

Contractors provide estimates for the work to be done.

Contractors provide a resume and two references (see client reference form)

The lender will review the contractor’s credentials verifying jurisdictional requirements for licensing, bonding & insurance are met (we will need a copy of all these docs).

Each contractor must sign a homeowner/contractor agreement.

The cost estimate(s) provided must clearly state the nature and type of repair and cost for completion of the work item.

Additional cost estimates may be required from the borrower.

Self Help (borrowers completing work):

The borrower is required to have the necessary expertise and experience to complete the work in a satisfactory manner (ie: borrower is a licensed plumber and will complete that portion of the work).

The cost of labor is included in the repair/rehabilitation cost (in case the borrower is unable to complete the work and a contractor must be hired).

The borrower may not be compensated for his/her labor.

No sweat equity.

The borrower must provide written estimates of the repair/rehabilitation costs as well as written estimates from the suppliers of the materials that the borrower will purchase

The borrower must sign and complete the self help agreement.

“Cost Plus” or “Time and Material” contracts are prohibited.

Posted by Aaron Walker on March 30th, 2009 1:02 PMPost a Comment (0)

About Good Neighbor Next Door

March 26th, 2009 10:07 AM

About Good Neighbor Next Door

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

How the Program Works

Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.

How to Participate in Good Neighbor Next Door

Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.

The number of properties available is limited and the list of available properties changes weekly.

To learn more, please see our Good Neighbor Sales Frequently Asked Questions!

Posted by Aaron Walker on March 26th, 2009 10:07 AMPost a Comment (0)

Free Birthday Stuff!

March 16th, 2009 3:35 PM

You say it’s your birthday…

Everyone loves birthdays and everyone loves free stuff. Luckily for us, there are a ton of places out there that offer birthday freebies! I’ve compiled a list of some of the best birthday freebies out there. Remember that some places will want you to show proof, so be honest!

Abbot’s Frozen Custard - Join the Abbott’s Frozen Custard Fun Club to a get a free frozen custard on your birthday. The site says there will also be freebies throughout the year for their members.

Alfy’s Pizza - Get a free mini pizza on your birthday.

Applebee’s - Free dessert and song on your birthday.

Austin Grill - Register for their eClub and get a free meal on your birthday.

Auto Zone - Come in on your birthday and get a free oil change. **No longer valid**

Bakers Square - Get a free peice of pie on your birthday at Bakers Square.

Bandido’s - Get $10 off your favorite entree when you celebrate your birthday at Bandido’s in Ohio and Indiana.

Baskin Robbins - Baskin Robbins will send you a coupon for a free 2.5 oz scoop of ice cream on your birthday plus other special promotions when you join the Baskin Robbins Birthday Club.

BD’s Mongolian BBQ - Receive a free stifry on your birthday when you join Club Mongo.

Ben & Jerry’s - Get a free ice cream treat on your birthday when you become a ChunkSpelunker with Ben & Jerry’s.

Bennigan’s - Get a buy 1 entree, get 1 entrée free and a free brownie ice cream dessert coupon on your birthday.

Black Angus Steakhouse - Get a free steak dinner on your birthday when you join the BA Prime Club. You also get a complimentary dessert for signing up for the club.

Blimpie - Get a coupon for a free 6” sub on your birthday at Blimpie’s.

Blue Bell - Members of the Blue Bell Country Club will receive a gift certificate for a free half gallon of Blue Bell Ice Cream during the month of their birthday.

Bob’s Big Boy - Get a free hot fudge ice cream on your birthday.

Bob Evans - Sign up your child for their birthday club and they’ll get a free kids’ meal on their birthday at Bob Evans.

The Body Shop - The Body Shop will give you a free birthday gift up to a $10 value during the month of your birthday. **No longer valid**

Boston Market - Kids 12 and under will receive a birthday coupon good for a free kid’s meal, drink, and dessert at Boston Market.

Buffalo Wild Wings - Get a free dozen hot wings on your birthday at Buffalo Wild Wings. **No longer valid**

Burger King - Sign up your child to be a member of Club BK so they can get a free kid’s meal on their birthday.

California Pizza Kitchen - Sign up your child (10 and under) for CPKids and they will receive a free CPKids meal during the month of their birthday.

Captain D’s - Kids get a free kids meal and birthday greeting on their birthday at Captain D’s.

Caribou Coffee - Create an account and be sure to update it with your birthday. They will send you a coupon for a free coffee drink on your birthday.

Carrows - Join the Carrows E-Club to get a free dessert on your birthday as well as one for joining.

Cattlemen’s - Join the Cattlemen’s E-Club and get a free dessert when you come in on your birthday.

Charlie Brown’s Steakhouse - Get a free gift on your birthday as a member of the Charlie Brown’s Handshake Club as well as gift vouchers and special members-only events.

Chevys - Join Chevys Compadres Club and get a free dessert on your birthday.

Claim Jumper Restaurant - Join the CJ E-Club and get a free dessert on your birthday.

Cold Stone Creamery - Cold Stone Creamery will send you an email with a coupon for a free ice cream creation to enjoy on your birthday. All ages are welcome!

Country Buffet - Join the eClub and get a free birthday coupon in the mail.

Crazy Buffet - Bring a friend and your ID into Crazy Buffet on your birthday and get a free dinner buffet.

Dairy Queen - Join the Dairy Queen Blizzard Fan Club and get a free ice cream cone on your birthday as well as a coupon for a blizzard when you join.

Dave & Buster’s - Get a free $5 game card credit on your birthday.

Denny’s - Fill in and mail out this form to enroll your child (10 and under) in the Denny’s Kids’ Birthday Club where they will receive a birthday card entitling them to a free kid’s entrée and sundae.

Desparados Mexican Restaraunt - Come in and get a free meal at Desparados on your birthday.

Dockside Restaurants - Get a free meal on your birthday.

Duke’s ChowderHouse - Get a coupon for a free lunch or dinner entree on your birthday when you sign up on Duke’s website.

Famous Daves BBQ - Free food coupon via email on your birthday when you join the Famous Dave’s P.I.G. Club (could be free cake, an appetizer, or some ribs!).

Firehouse Subs - Jon the Firehouse Subs Birthday Club and enjoy a free sub on your birthday.

Friendly’s - Sign up for Friendly’s E-News and get free ice cream for your birthday. This is now for kids and adults!

Fuddruckers - Join the Fudds Club and gett a free burger on your birthday. (May not be available in all areas.)

Garozzo’s Ristorante - Bring in your driver’s license to get a free spedini meal at this Kansas City eatery.

Hana Japan - Get a free birthday lunch or dinner when you bring in 4 or more people on your birthday.

Hard Rock Cafe - Come in and get a free dessert on your birthday.

Hollywood Video - Get a free rental at Hollywood Video on your birthday with card membership. In fact, anyone on your account can get a free rental on their birthday.

Hometown Buffet - Join the eClub and get a free birthday coupon in the mail.

Houlihan’s - Visit Houlihan’s on your birthday and get free cake and ice cream.

IHOP - Come on into IHOP and get a free meal on your birthday. (May not be available in all areas.)

Joe’s Crab Shack - Go to Joe’s Crab Shack on your birthday and get a free piece of cake.

Luby’s - Free kid’s birthday meal (ages 9 and younger) on their birthday as a member of the Luby’s birthday club.

Macaroni Grill - Come on into Macaroni Grill on your birthday and get a free dessert plus a song.

Marie Callender’s - Join Marie Callender’s E-Club and get a coupon for $5 off your meal and piece of pie when you visit during the month of your birthday.

McDonald’s - Free Happy Meal for your child on their birthday. This offer is only good at participating McDonald’s in Colorado, Greater Las Vegas Area, Western Nebraska and Wyoming.

Memphis Barbecue - Receive a coupon good for a free rack of ribs and a dessert when you join the free eClub.

Moe’s Southwest Grill - Get a coupon for a free Moe’s entree on your birthday when you choose to “stay in the moe.”

Noodles & Company - Join the Noodleville Noodlegram to get a coupon for a free dish on your birthday.

Olan Mills Portrait Studios - Get a free Olan Mills portrait package that includes (1) 8X10, (2) 5X7 and (8) wallets when you join the birthday club.

Old Country Buffet - Join the eClub and get a free birthday coupon in the mail.

Old Spaghetti Warehouse - Join the Warehouse Club and get a coupon for a free meal on your birthday.

On the Border - Get a free appetizer on your birthday when you join On the Border’s Club Cantina. When you initially join you will get an instant coupon for a free bowl of queso or empanadas.

Outback - Get a free dessert and a song when you go to Outback on your birthday.

P.F. Changs - Come in and get a free dessert on your birthday.

Pancho’s - Join Pancho’s Birthday Club to get $10 off the bill for adults or $5 off the bill for kids.

Perkins - Receive an email for a free kid’s meal and birthday greeting on their birthday when you sign them up for the Bakery Buddies Kid’s Birthday Club.

Provino’s - Come on into Provino’s on your birthday and show your ID to get a free pasta speciality dinner (which includes salad, garlic rolls and a birthday dessert!).

Red Lobster - Join the Overboard Club and they will email you a suprise for your birthday.

Red Robin - Join the Red Robin eClub and get a coupon for a fee burger on your birthday. This is for all ages!

Rock Bottom - Join the Mug Club and get a free appetizer on your birthday.

Round Table - Get a free personal pizza when you visit on your birthday.

Ru Sans - Visit Ru Sans to sign up for their birthday card to get free food on your birthday.

Sephora - Sign up as a Beauty Insider and get a free gift from Sephora on your birthday.

Shoney’s - Get your child (10 and under) a free kid’s meal on their birthday when you sign them up for the the Kids Club.

Sonic - Members of the Wacky Pack Kid’s Birthday Club will receive a coupon for a free Wacky Pack during the week of their birthday.

Taco Bell - Get a free combo meal of your choice on your birthday at Taco Bell. (May not be available in all areas.)

Taco Time - Taco Time send kids ages 12 or younger a coupon for a free kid’s meal on their next birthday.

Texas Roadhouse - Become a Texas Roadie and come into Texas Roadhouse to get a free dessert on your birthday.

TGI Friday’s - Receive a coupon for a free appetizer to use on your birthday when you sign up for Friday’s E-Club. You also get a coupon for a free appetizer just for signing up!

Tony Roma’s - Get a free dinner on your birthday from Tony Roma’s.

Toys ‘R’ Us - Children ages 2 – 10 will receive a birthday card and surprise gift from Geoffrey when you sign them up for Geoffrey’s Birthday Club.

Zio’s Italian - Come in and get a free dessert on your birthday at Zio’s.

Posted by Aaron Walker on March 16th, 2009 3:35 PMPost a Comment (0)

Home Affordable Refinance FAQs

March 5th, 2009 9:28 AM

March 4, 2009

The Making Home Affordable program includes a new initiative – Home Affordable Refinance – to assist homeowners in refinancing their mortgages. The goal of Home Affordable Refinance, as announced by the President, is to "provide access to low-cost refinancing for responsible homeowners suffering from falling home prices."

The primary expectation for Home Affordable Refinance is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product (such as a fixed-rate mortgage).

Fannie Mae’s Home Affordable Refinance initiative has three primary components:

Expand opportunities for Fannie Mae to Fannie Mae refinances through Refi Plus™, which includes Desktop Underwriter® (DU®) and manual underwriting eligibility

Allow an LTV up to 105% on the new loan and additional underwriting flexibilities

Provide a solution for borrowers with LTVs above 80 percent who currently may not be able to refinance because of mortgage insurance (MI) coverage requirements:

Original Loan LTV Ratio

Existing MI Coverage

MI Coverage for New Loan

80% or less

None

Not required

Over 80%

None (previously canceled or terminated per Selling and Servicing Guide requirements)

Not required

Yes

The level of coverage in force on the existing loan or standard coverage in accordance with the Selling Guide*

Posted by Aaron Walker on March 5th, 2009 9:28 AMPost a Comment (0)

New Arizona FHA Loan Limits

February 26th, 2009 4:09 AM

County Name	State	One-Unit Limit	Two-Unit Limit	Three-Unit Limit	Four-Unit Limit
Apache County	AZ	281,250	360,050	435,200	540,850
Coconino County	AZ	450,000	576,050	696,350	865,400
Gila County	AZ	325,000	416,050	502,900	625,000
Maricopa County	AZ	346,250	443,250	535,800	665,850
Mohave County	AZ	322,500	412,850	499,050	620,200
Navajo County	AZ	308,750	395,250	477,750	593,750
Pima County	AZ	316,250	404,850	489,350	608,150
Pinal County	AZ	346,250	443,250	535,800	665,850
Yavapai County	AZ	390,000	499,250	603,500	750,000

Posted by Aaron Walker on February 26th, 2009 4:09 AMPost a Comment (0)