Happy Anniversary to Boyd & me ---- 45 years today !!!!!!
Focus Group today ---
Topic was Jumbo Loans --- Becky Hayward and Ginny North, GMAC Mortgage, lead the discussion. Attending were: Bill Knight, Clara Hahn, JoAnn Leigh, Edy Mimms, Kathleen Emery, Delores Johnson and Susie Schumm.
Below are some points from the discussion:
- need a minimum of 660 credit score to get a jumbo
- jumbo means anything over $417,000
- jumbo also referred to as non-conforming
- no investor non-conforming loans
- can get primary residence and 2nd homes on non-conforming
- if obtaining non-conforming loan for 2nd home, must stay in the home 10 days a year
- non-conforming loan -- with a 660 credit score, can go up to 2,000,000 but have to put down 35%
- non-conforming -- example: $650,000 loan with 660 score, must put down 20% -- $650,000 loan with 680 score and put just 10% down.
- stated loans are still available
- stated loans -- new law says that borrower must be able to prove the income that he/she stated.
- stated loans -- need a minimum of 680 credit score
- stated loans --- no investor loans
- stated loans --- for primary and 2nd homes
- on another note --- most lenders now are saying they don't want more than 4 loans with same borrower
- on another note --- If investor loan, the borrower must qualify for both house payments -- his primary and his investment house --- will not allow rental income to be used for qualifying.
For those who missed the session, you really missed a good one!!! Thanks to Becky for setting it up.
Birthday Party for Ed today was awesome --- it was so great to see so many of you. Stan was the chef --- outstanding job!!!!
Yes, we really did put 80 candles on the cake --- Ed got them all blown out rather quickly, but not quick enough to prevent the fire alarm from going off.
The food was outstanding --- many agents brought food -- thanks to Boyd for supplying the basics of hamburger and buns. This party today was probably one of the best we have had and it did not cost your company a dime!!!
Those in attendance were: Ed Ball, Rhonda Cromwell (bookkeeper), Ashley Melton, Stephanie Wilson-Hartzog, Betty Pigott, Delores Johnson, Susie Schumm, Melanie Wennersten (Title lady), Dana Belger (bookkeeper), Mandy Pittard (comptroller), Scott Ferguson, Ken Kurtz, Roe Gabriel, Thomas Horvath, Marilyn Durkee, Neil Schneider, Susan Bryant, Tyler Bergin, Chris Borders, Michael Whitfield, Greaton Sellers, Holly Knight, Sandy Nettles, Joe Eddleman, Jason Ogden, Lane Baker, Deane Chavous, John Kennington, JoAnn Leigh, Elaine Buckholtz, Ute Appleby,Kevin Sanders, Katherine Reynolds (yes, our Katherine came by), Keating Simmons and Claude Loadholt from the West Ashley office, Kim Huff (Stan's wife), Brady Huff (Stan's sone), Bill Knight, Billie Jo VanDusen, Linda Vincent, Jenny Welch, Maylee Suffel, and Kimberly Bessinger.
Special thanks go to Linda, Jenny, Kimberly, Bill & Stan who really put the celebration together and set it up today.
Boyd & I will be out of town Aug. 7 & 8th --- Stan Huff will be in charge of the office.
You probably won't have the blog updated until Monday unless I figure out how to do it on my blackberry.
Until later------
Liz Loadholt
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