Danny Salas

Archive for the 'Mortgage Industry Updates' Category

Real Estate Today Radio

Check out Danny Salas on Real Estate Today Radio (1290am Sundays 1-11pm).

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Listen to his past segment to see why now is the best time to buy and why the window is slowly closing.

Also, we had a great turn out two fridays ago as we hosted our “How to Think Like an Asset Manager” symposium in the Big Room at Sierra Nevada. Over 100 local professionals showed up to listen, ask questions, and have some great drinks and appetizers.

Special thank you’s to Sandi Bauman, Kimberly Nedelkow, and Julie Rolls. These ladies did an excellent job explaining offer writing and answering everyones’ questions.

Another thank you to the Sierra Nevada Brewery and their crew for letting us take over their Big Room again and for the amazing service.

And thank you to everyone who came out! We hope you enjoyed it and if you’d like to give us feedback we have a Discussion Board posted on our Facebook for that here.

Our presentation → Asset Manager Panel PDF

 

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Asset Manager Symposium Presentation

For anyone who would like to check out our “How to Think Like an Asset Manager” symposium’s presentation (Fri. 11th at Sierra Nevada):

 

→ Asset Manager Panel PDF 

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How to Think Like an Asset Manager

Access Real Estate Lending will be hosting this event with guest panelists from Fannie Mae, Freddie Mac, and FHA.

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When: Friday, February 11, 2011

Time: 3PM to 5PM

Location: Sierra Nevada Brewery Co’s Big Room

Cost: Only $10 a person.

You won’t want to miss this event!

Enjoy appetizers from Sierra Nevada’s Restaurant.

♦ Hot Artichoke Dip with Crostini
♦ Sierra Nevada/Chico State Farm trio of sausages with pale ale
♦ Sauerkraut & their award winning mustard
♦ No host bar
♦ Stick around after to play “Classic Rock Fishing” with Danny!

The Experts:

FHA: Scott Mercer & Julie Rolls

Fannie Mae: Sandi Bauman

Freddie Mac: Kimberly Nedelkow

Topics that will be discussed:

♦ What people are saying

203(K) Loans

♦ Learn what to expect and require from your buyers.

♦ What contractors qualify for the program?

♦ How to stack up FHA, 203(k), EEM, for maximum buyer benefits

Homepath Loans

♦ Why 3.5% seller credits just may not be enough

♦ What are EA-Level I Approvals from Fannie Mae?

♦ Do EA-1’s Qualify for Homepath?

Homepath Renovation Loans

♦ How much can apply towards renovation?

♦ What items are Homepath Eligible?

♦ Want to kill an escrow? Check the wrong box!

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203(k) Loans – Turning Potential Dreams…Into Real Ones

Fix Your Home Into Your Dream

What Are 203(k) Loans?

The Federal Housing Administration (FHA) insures loans that enable home buyers to finance 96.5% of acquisition costs PLUS the cost to renovate the home.  So, if you’re interested in buying a foreclosed property that has had the carpets removed, that doesn’t have a front door, or needs some nice fixing up, than this loan will enable you to do so.  And the escrow can close before any of the work starts!

Writing An Offer

You definitely want to write your offer to include the verbage, “seller is aware that buyer is obtaining an FHA 203(k) loan.”  This is important, as the seller, and Listing Agent, need to know that you understand that the property needs some rehabilitation attention, if it’s not included, than the seller may not take your offer seriously; as they know the property is dilapidated.

FHA’s 203(k) Loan Attention To Detail

You’ll definitely will want to get your ducks in a row, on this loan.  It’s not only important for you to have your documentation ready, but you’ll be working with a general contractor that needs to pay specific attention to details, as well.  One example is a general contractor’s insurance needs to be updated…almost always.  The renovation must start within 2 weeks of the escrow closing.  All of the work must be completed within six months.  So, if the general contractor’s insurance is set to expire in seven months, from your loan application date, you can see that this could be an issue.  Simple answers to these types of dilemmas, are exactly why you want to use a knowledgeable Mortgage Banker, like Access Real Estate Lending.

You Will Want To Be Very Organized

What You’ll Need

Click on this link, and it will take you to a list of everything you’ll need to gather, including what your general contractor will need to provide.