The Jamie Hook & Patsy Pardue Update
July 15th, 2010      
Message from your Realtors:

The $8000 tax credit has been extended until 2011 for members of the Military and certain other Federal employees.  If you know anyone that has served in the Military for 90 days between December 31, 2008 and May 1, 2010 then they qualify!  They do not have to repay the money either.  Who do you know that is in the Military or Foreign Services that is still eligible for the Tax Credit?  

In This Issue
Potential Loan Closing Killer
Super Sunday Winner
Money-saving Home Repairs
Atlanta Restaurant Week
Southern Snakes
Potential Loan Closing Killer

Just when you thought the underwriting scrutiny could not get any worse, Fannie Mae and Freddie Mac have now implemented a new rule - LQI (Loan Quality Initiative). Fortunately, this new rule currently only applies to Conventional Loans. FHA and VA have not indicated that they will also adapt this new rule to their mortgage guidelines...yet.

These new guidelines went into effect on June 1, 2010.

Homebuyers could now find their closing stopped the day of closing if they make any new purchases or changes to their credit, income or assets after they make the loan application. The LQI rules require Lenders to re-check all of the borrower's data to ensure that there have been NO changes since the loan application.

Homebuyers have long been advised by their Realtor and their Mortgage Loan Officer not to make any purchases or open any new credit during the mortgage process.

Unfortunately, many of those homebuyers did not listen. Fannie Mae and Freddie Mac's quality control audits of closed mortgage loan files revealed that many borrowers had in fact opened new accounts or increased existing debt balances. These major differences between the documentation presented to the underwriter and the actual facts of the borrower's credit income, assets and ratios at time of closing has prompted this new LQI rule.

The actual rule states that all Lenders must "determine that borrower liabilities incurred up to, and concurrent with, closing are disclosed and evaluated in qualifying the borrower for the loan". Lenders know that the best way to do this is to run an additional credit report right before closing. Lenders will be taking a close look at each file to ensure the borrower's occupancy status of the property is correct. Social Security numbers and filed IRS tax returns will also be closely reviewed.

Lenders are utilizing a new credit report call a "Comparison Report" which quickly and easily highlights changes between the qualifying report and the new refreshed report.

Any changes, even minor ones, could result in a closing delay, pricing adjustment, or, worst, loan approval being withdrawn.

Fannie Mae's LQI mandates are already in place, and the best advice to borrowers is NO SPENDING before closing, PERIOD.

Super Sunday Winner

Super Sunday Winner!

Super Sunday, May 16, 2010
Helen Frassmann
Peachtree City, GA

Attend our open houses to be entered to win a drawing every month. One lucky winner will take home $1,000!


Next Super Sunday will be August 8, 2010 (2PM - 5PM)

Money-saving Home Repairs

Home Repair Fixing leaky faucets is just one home improvement guaranteed to save you money.

Other easy upgrades

Atlanta Restaurant Week

RestaurantAtlanta Area Participating Restaurants
July 26 through August 8, 2010

This event showcases Downtown Atlanta restaurants with special dining promotions of three-course dinners for $25.00 and $35.00 per person, plus tip, plus tax*.

Participating Restaurants and menus
Southern Snakes

Snake Georgia and South Carolina are home to at least 40 species of snakes. Most are harmless and, for the most part, beneficial to the environment.

Don't let all snakes rattle you

We offer our clients everything they need - real estate, mortgage, insurance, home warranty, and closing services.
 
Sincerely,
 
Jamie Hook & Patsy Pardue
Realtors of Better Homes and Gardens Real Estate Metro Brokers.
Better Homes and Gardens Real Estate Metro Brokers
Metro Mike
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