Rain Wallace Mortgage Blog

I think everyone would agree that hazardous materials should be marked with a skull and cross bones; the universal message "bad things will happen to your health if you're not careful" symbol.  Now I'm asking -shouldn't there be a warning for financial health?  Today credit scores have serious po...

It's a good day when I see mortgage backed securities soaring high when I get my first report on the days trading.  With the news of the government taking control of Fannie Mae and Freddie Mac we got a nice drop in mortgage rates today.  (About three different reprice notices from our lenders imp...

It seems like the only thing anyone will confirm about the Down Payment Assistance program (the ones most used with FHA purchase loans) is that they are not allowed after October 1.  Many lenders are requiring home buyers using DPA money to be locked by this week's end, a few will confirm that th...

MORTGAGE STRATEGIESCOMPLETELY TAKE CARE OF CLIENT COMES FIRST WITH ME  

Here's an update about the home buyer assitance programs.   "Important HUD ruling on FHA Down Payment Assistance:On October 1, 2007 HUD published a final regulation that establishes that a prohibited source of downpayment assistance is a payment that consists, in whole or in part, of funds provid...

FHA Secure Plan this is NOT FHA 100% purchase money. I have had some clients I've pre-approved to buy homes tell me during my usual follow-up call they were waiting for the FHA Secure plan to roll out in January before they begin shopping for a home. I'm not sure where they got this misinformatio...

As some of you know the down payment assistance program used for FHA purchase money "Nehemiah" could be canceled if you don't have an application in by Oct 30Th.  But there is hope for Down payment Assistance from "The Genesis Foundation" http://www.preferredprogram.org/realtors.aspx  This compan...

You can still buy a home today with little or money down in Utah with a couple of good tips.  Agency loans like MyCommunity and Home Possible are still making loans to home buyers with no down payment.  The rules for qualifying for these loans have tightened up in effort to reduce the chances of ...

I was reading an article about insurance companies that didn't pay claims after the 2005 Katrina disaster in New Orleans.  Which made me wonder about my own insurance company I use for homeowners insurance and who I recommend to others.  Since my rates are what I consider low; I wanted to make su...