Veterans and eligible surviving spouses can qualify for VA home loans through approved lenders. VA loans have low or zero down payment requirements and other benefits. Widows must have a spouse who died in service or from a service-related disability to qualify. Since 1944, the VA has guaranteed over 20 million home loans for veterans and their families through this program.
Qualified Personal Residence Trusts: Estate Taxes and Your Homegemerich
This document discusses using a Qualified Personal Residence Trust (QPRT) to remove the value of a Florida residence from an estate for federal estate tax purposes. It provides an example of how a QPRT could save a family over $500,000 in estate taxes. It explains that by transferring a residence valued at $700,000 to a QPRT for a 15-year term, the taxable gift would be reduced to $137,634 based on the settlor's right to live in the home for 15 years. If the home appreciates to $1,260,660 after 15 years, it would pass to beneficiaries without estate taxes being owed. The document concludes that a QPRT is a
This document provides information about a life insurance agency in Burnaby, BC called Brian So Insurance. It explains that people need life insurance to support their families financially if they die prematurely, by replacing their income and paying off debts. A life insurance calculator can help determine how much coverage is needed based on one's situation. The agency helps clients get the right policy to protect their family. Those needing life insurance in Burnaby are encouraged to contact Brian So Insurance.
Alternative Ways To Protect The ResidenceBruce Givner
This document summarizes different options for protecting a house, including doing nothing, giving the house to children, selling the house to children, contributing the house to a family limited partnership, using a Qualified Personal Residence Trust, Grantor Retained Annuity Trust, or Private Retirement Trust. It outlines the setup requirements, tax implications, ability of creditors to access the house, rental options, ability to deduct debt, and ability to access equity for each option.
Bad Credit Repair: Beware of Sketchy Credit Repair PromisesLegacy Legal
This document warns consumers about sketchy credit repair promises and advises people to beware of companies that promise to quickly repair bad credit. It suggests reading any service agreement carefully and warns that some companies may dispute every item on a credit report or ask for personal information like a Social Security number without explaining why it is needed.
This document is a flyer in support of Dawn Zimmer for Mayor of Hoboken, NJ. It summarizes her positions on taxes and PILOT tax abatements compared to her opponent Peter Cammarano. The flyer states that Zimmer has a specific plan to cut municipal taxes by 25% in the first year alone and supports reducing personnel costs, which make up 80% of the budget, through measures like furloughs and layoffs. In contrast, it says Cammarano has no specific tax cut plan and backs continuing abusive PILOT tax abatements that subsidize high-income earners.
Veterans and eligible surviving spouses can qualify for VA home loans through approved lenders. VA loans have low or zero down payment requirements and other benefits. Widows must have a spouse who died in service or from a service-related disability to qualify. Since 1944, the VA has guaranteed over 20 million home loans for veterans and their families through this program.
Qualified Personal Residence Trusts: Estate Taxes and Your Homegemerich
This document discusses using a Qualified Personal Residence Trust (QPRT) to remove the value of a Florida residence from an estate for federal estate tax purposes. It provides an example of how a QPRT could save a family over $500,000 in estate taxes. It explains that by transferring a residence valued at $700,000 to a QPRT for a 15-year term, the taxable gift would be reduced to $137,634 based on the settlor's right to live in the home for 15 years. If the home appreciates to $1,260,660 after 15 years, it would pass to beneficiaries without estate taxes being owed. The document concludes that a QPRT is a
This document provides information about a life insurance agency in Burnaby, BC called Brian So Insurance. It explains that people need life insurance to support their families financially if they die prematurely, by replacing their income and paying off debts. A life insurance calculator can help determine how much coverage is needed based on one's situation. The agency helps clients get the right policy to protect their family. Those needing life insurance in Burnaby are encouraged to contact Brian So Insurance.
Alternative Ways To Protect The ResidenceBruce Givner
This document summarizes different options for protecting a house, including doing nothing, giving the house to children, selling the house to children, contributing the house to a family limited partnership, using a Qualified Personal Residence Trust, Grantor Retained Annuity Trust, or Private Retirement Trust. It outlines the setup requirements, tax implications, ability of creditors to access the house, rental options, ability to deduct debt, and ability to access equity for each option.
Bad Credit Repair: Beware of Sketchy Credit Repair PromisesLegacy Legal
This document warns consumers about sketchy credit repair promises and advises people to beware of companies that promise to quickly repair bad credit. It suggests reading any service agreement carefully and warns that some companies may dispute every item on a credit report or ask for personal information like a Social Security number without explaining why it is needed.
This document is a flyer in support of Dawn Zimmer for Mayor of Hoboken, NJ. It summarizes her positions on taxes and PILOT tax abatements compared to her opponent Peter Cammarano. The flyer states that Zimmer has a specific plan to cut municipal taxes by 25% in the first year alone and supports reducing personnel costs, which make up 80% of the budget, through measures like furloughs and layoffs. In contrast, it says Cammarano has no specific tax cut plan and backs continuing abusive PILOT tax abatements that subsidize high-income earners.
15 06-18 Top 10 Tax Preparer And Other Tax Penalties - Not Going To Jail But ...Bruce Givner
What is the definition of a tax return preparer? What is the accuracy-related penalty? What are the primary other penalties? What is IRC Section 6694 (the preparer penalty)? How is it coordinated with the accuracy-related penalty? What are the easiest crimes to commit, e.g. obstruction of justice. What good can an opinion by a tax lawyer do for you?
The 9 most common myths of Medicaid and Medicaid PlanningMark Heffner
Presented to the Rhode Island chapter of the Alzheimer's Association on Oct. 3, 2013. This talk was Part 4 of the "Getting Started Education Series", given at The Highlands on the East Side, in Providence, RI.
This document is a preliminary change of ownership report for a property transfer in California. It collects information about the participants in the transaction, the purchase price and financing details, and the characteristics of the property. The purpose is to determine whether the transfer of ownership will trigger a reassessment of the property's taxable value. The report asks whether the transfer qualifies for various exclusions from reassessment under California law, such as a transfer between family members or to replace a primary residence.
The separation agreement outlines the terms for Peter Divisoren and Melisa Tiebreak Divisoren's separation. Key points include: Melisa will remain in the family home and be responsible for expenses like utilities and association fees, while Peter and Melisa will each pay half the mortgages on two vehicles. They agree to split the funds in their joint bank account equally. The agreement also specifies terms for custody, support, personal property division and maintains confidentiality. Both parties acknowledge entering into the agreement freely and without coercion.
This document discusses different ways that people can pay for home care services for aging loved ones, including using private income/assets, long-term care insurance, a reverse mortgage (HECM), and a VA pension benefit for veterans and spouses that can help cover in-home care costs. It provides contact information for a local home care company called Partners in Healthcare that can provide more details on options.
The document contains several local news articles from the Sierra County Sentinel newspaper including:
1) Sierra Vista Hospital is facing financial losses of $2.46 million over the first six months of the fiscal year due to a reduction in patient volume. Hospital authorities are implementing cost-cutting measures and service revisions to improve income.
2) Local governments are hoping to receive capital outlay funding from the New Mexico state legislature for infrastructure projects such as streets, water systems, facilities improvements, and a regional animal shelter.
3) A Super Bowl food and funds drive will be held at Walmart to benefit the Matthew 25 Food Pantry, which assists food-insecure individuals in Sierra County. National Honor Society students are
This certificate of insurance summarizes the key details of Eric Schumann's errors and omissions insurance policy with Scottsdale Insurance Company. The policy provides $1 million in coverage per claim and $1 million in aggregate coverage for the period of October 1, 2011 to October 1, 2012. The policy covers on a claims-made basis and defense costs reduce the liability limit. The certificate holder should review the full policy for all terms and conditions of coverage.
This document discusses using a "Kiddie Condo" loan program to purchase an investment property with a non-occupying co-borrower like a parent. With this FHA loan, parents can help their children qualify for a mortgage with a 3.5% down payment and blended debt-to-income ratios. Both the child and parent must be creditworthy and sign the loan, but alternative credit can be used if the child has no credit history. The program provides benefits like a lower down payment and tax deductions from rental income.
Dan Borst Power Point Presentation 2015 Tax SymposiumDaniel Borst
The document discusses the 2015 estate and gift tax landscape including:
- The federal estate tax exemption was $5.43 million per individual or $10.86 million for married couples.
- Only the portion of an estate over the exemption is taxed, with an example showing a $7.8 million estate with $2.37 million taxed after exemptions.
- Portability allows a surviving spouse to make use of the deceased spouse's unused exemption, simplifying planning for many estates. However, it has some disadvantages like lack of asset protection and loss of discounts.
- Proper estate planning techniques can help address long-term care needs, property tax issues, and transferring property to heirs.
The document discusses Medicaid planning strategies to help cover the high costs of nursing home care. It provides two planning examples: 1) Converting a joint living trust to a single living trust to allow the surviving spouse to qualify for Medicaid immediately. 2) Creating an irrevocable trust and gifting assets to it to generate income and remain under the Medicaid asset limits, while allowing distributions for uncovered expenses. Both strategies aim to utilize Medicaid benefits while protecting other assets for a spouse or beneficiaries.
Estate recovery allows the State of Michigan to be reimbursed for Medicaid services paid for a recipient after their death. It applies to those over 55 who received long-term care Medicaid benefits back to 2007. The state seeks to recover assets that must go through probate, especially the recipient's house. Protecting the house from probate through a ladybird deed prevents estate recovery on it. Other exemptions may also apply to protect certain heirs. Proper planning like avoiding probate on other assets and obtaining hardship waivers can mitigate the impact of estate recovery.
VA IMPROVED PENSION WITH A&A INFORMATION SEMINAR- PDFNabors Law Group
This presentation provides information about the VA Improved Pension with Aid and Attendance benefit. It discusses the qualifications for veterans and widows/widowers to receive the pension, how assets and income are assessed, and the monthly award amounts in 2015 which ranged from $719 to $2,120 depending on status. It also notes that proposed new VA rules may increase asset limits but also implement penalties for asset transfers, potentially disqualifying applicants for up to 10 years. The purpose is to make attendees aware of this underutilized benefit and help spread information to patients and clients who may be eligible.
15 07-24 Puerto Rico Income Tax IncentivesBruce Givner
Instead of expatriating, it is better to consider retaining your U.S. citizenship and becoming a resident of Puerto Rico. You sign a 20 year contract with the government. As a result, as an individual, you can pay zero federal and state tax on local interest, dividends and capital gains. The incentives for business are also phenomenal: a 4% rate with profits paid to owners tax free. A business must have 3 employees of which husband and wife can count as two.
This document is a presentation about life insurance from Jody Patterson of Patterson Financial Group. It discusses developing a contingency plan to protect your family financially in the event of your or your spouse's unexpected death. It covers considerations like replacing income, paying debts and expenses, college funding, and ensuring your existing assets and life insurance are sufficient to meet your goals. The presentation provides a framework to prioritize financial goals and review needs as they change over time.
Katie Hays, US Chamber of Commerce, Health Care Panel Legislation Panel Discu...Delaware State Chamber
View this powerpoint delivered by Katie Hays, Executive Director of Government Affairs, U.S. Chamber of Commerce about the Health Care Reform Legislation. This presentation was given on June 2, 2010 at the Delaware State Chamber of Commerce's End-of-Session Legislative Brunch at Dover Downs.
Income and Estate Planning for the Inbound and Outbound ResidentSara Kadletz
The document discusses income and estate planning considerations for individuals coming to or leaving the United States. It addresses questions to ask regarding immigration status and assets before arriving, differences between tax residency and immigration status, how worldwide income and wealth are treated for tax purposes, planning strategies for couples with mixed statuses, and estate planning tools. It also covers implications for leaving the US, such as income tax obligations and exit tax rules, and issues with returning after abandoning permanent residency.
This document provides a household financial worksheet for those facing potential foreclosure. It includes sections to track income from various sources over the last, current, and projected months, as well as expenses in similar categories. Total income and expenses are calculated to determine any excess or shortfall. Other assets are listed that could potentially cover shortfalls, such as savings, pending legal cases, tax refunds, or sellable assets. The goal is to analyze a household's complete financial picture to find options aside from foreclosure.
Benefits of the VA Home Loan Program. Helping agents help vets. Presented by John Mcdade & Sutton Underwood:
Questions? Give us a call:
Sutton Underwood
Loan Officer. VA Home Loan Specialist
NMLS# 1497037
Mobile: 860-944-9083
This document provides an overview of asset protection planning for Florida Medicaid. It discusses how to distribute assets to family while still qualifying for Medicaid by following the Medicaid rules and asset limits. It outlines the Medicaid requirements and tests for assets, income, exempt assets, strategies for protecting assets like gifting, annuities and life estates. The goal is to limit the amount of the estate that must be used to pay for nursing home or other long-term care costs.
15 06-18 Top 10 Tax Preparer And Other Tax Penalties - Not Going To Jail But ...Bruce Givner
What is the definition of a tax return preparer? What is the accuracy-related penalty? What are the primary other penalties? What is IRC Section 6694 (the preparer penalty)? How is it coordinated with the accuracy-related penalty? What are the easiest crimes to commit, e.g. obstruction of justice. What good can an opinion by a tax lawyer do for you?
The 9 most common myths of Medicaid and Medicaid PlanningMark Heffner
Presented to the Rhode Island chapter of the Alzheimer's Association on Oct. 3, 2013. This talk was Part 4 of the "Getting Started Education Series", given at The Highlands on the East Side, in Providence, RI.
This document is a preliminary change of ownership report for a property transfer in California. It collects information about the participants in the transaction, the purchase price and financing details, and the characteristics of the property. The purpose is to determine whether the transfer of ownership will trigger a reassessment of the property's taxable value. The report asks whether the transfer qualifies for various exclusions from reassessment under California law, such as a transfer between family members or to replace a primary residence.
The separation agreement outlines the terms for Peter Divisoren and Melisa Tiebreak Divisoren's separation. Key points include: Melisa will remain in the family home and be responsible for expenses like utilities and association fees, while Peter and Melisa will each pay half the mortgages on two vehicles. They agree to split the funds in their joint bank account equally. The agreement also specifies terms for custody, support, personal property division and maintains confidentiality. Both parties acknowledge entering into the agreement freely and without coercion.
This document discusses different ways that people can pay for home care services for aging loved ones, including using private income/assets, long-term care insurance, a reverse mortgage (HECM), and a VA pension benefit for veterans and spouses that can help cover in-home care costs. It provides contact information for a local home care company called Partners in Healthcare that can provide more details on options.
The document contains several local news articles from the Sierra County Sentinel newspaper including:
1) Sierra Vista Hospital is facing financial losses of $2.46 million over the first six months of the fiscal year due to a reduction in patient volume. Hospital authorities are implementing cost-cutting measures and service revisions to improve income.
2) Local governments are hoping to receive capital outlay funding from the New Mexico state legislature for infrastructure projects such as streets, water systems, facilities improvements, and a regional animal shelter.
3) A Super Bowl food and funds drive will be held at Walmart to benefit the Matthew 25 Food Pantry, which assists food-insecure individuals in Sierra County. National Honor Society students are
This certificate of insurance summarizes the key details of Eric Schumann's errors and omissions insurance policy with Scottsdale Insurance Company. The policy provides $1 million in coverage per claim and $1 million in aggregate coverage for the period of October 1, 2011 to October 1, 2012. The policy covers on a claims-made basis and defense costs reduce the liability limit. The certificate holder should review the full policy for all terms and conditions of coverage.
This document discusses using a "Kiddie Condo" loan program to purchase an investment property with a non-occupying co-borrower like a parent. With this FHA loan, parents can help their children qualify for a mortgage with a 3.5% down payment and blended debt-to-income ratios. Both the child and parent must be creditworthy and sign the loan, but alternative credit can be used if the child has no credit history. The program provides benefits like a lower down payment and tax deductions from rental income.
Dan Borst Power Point Presentation 2015 Tax SymposiumDaniel Borst
The document discusses the 2015 estate and gift tax landscape including:
- The federal estate tax exemption was $5.43 million per individual or $10.86 million for married couples.
- Only the portion of an estate over the exemption is taxed, with an example showing a $7.8 million estate with $2.37 million taxed after exemptions.
- Portability allows a surviving spouse to make use of the deceased spouse's unused exemption, simplifying planning for many estates. However, it has some disadvantages like lack of asset protection and loss of discounts.
- Proper estate planning techniques can help address long-term care needs, property tax issues, and transferring property to heirs.
The document discusses Medicaid planning strategies to help cover the high costs of nursing home care. It provides two planning examples: 1) Converting a joint living trust to a single living trust to allow the surviving spouse to qualify for Medicaid immediately. 2) Creating an irrevocable trust and gifting assets to it to generate income and remain under the Medicaid asset limits, while allowing distributions for uncovered expenses. Both strategies aim to utilize Medicaid benefits while protecting other assets for a spouse or beneficiaries.
Estate recovery allows the State of Michigan to be reimbursed for Medicaid services paid for a recipient after their death. It applies to those over 55 who received long-term care Medicaid benefits back to 2007. The state seeks to recover assets that must go through probate, especially the recipient's house. Protecting the house from probate through a ladybird deed prevents estate recovery on it. Other exemptions may also apply to protect certain heirs. Proper planning like avoiding probate on other assets and obtaining hardship waivers can mitigate the impact of estate recovery.
VA IMPROVED PENSION WITH A&A INFORMATION SEMINAR- PDFNabors Law Group
This presentation provides information about the VA Improved Pension with Aid and Attendance benefit. It discusses the qualifications for veterans and widows/widowers to receive the pension, how assets and income are assessed, and the monthly award amounts in 2015 which ranged from $719 to $2,120 depending on status. It also notes that proposed new VA rules may increase asset limits but also implement penalties for asset transfers, potentially disqualifying applicants for up to 10 years. The purpose is to make attendees aware of this underutilized benefit and help spread information to patients and clients who may be eligible.
15 07-24 Puerto Rico Income Tax IncentivesBruce Givner
Instead of expatriating, it is better to consider retaining your U.S. citizenship and becoming a resident of Puerto Rico. You sign a 20 year contract with the government. As a result, as an individual, you can pay zero federal and state tax on local interest, dividends and capital gains. The incentives for business are also phenomenal: a 4% rate with profits paid to owners tax free. A business must have 3 employees of which husband and wife can count as two.
This document is a presentation about life insurance from Jody Patterson of Patterson Financial Group. It discusses developing a contingency plan to protect your family financially in the event of your or your spouse's unexpected death. It covers considerations like replacing income, paying debts and expenses, college funding, and ensuring your existing assets and life insurance are sufficient to meet your goals. The presentation provides a framework to prioritize financial goals and review needs as they change over time.
Katie Hays, US Chamber of Commerce, Health Care Panel Legislation Panel Discu...Delaware State Chamber
View this powerpoint delivered by Katie Hays, Executive Director of Government Affairs, U.S. Chamber of Commerce about the Health Care Reform Legislation. This presentation was given on June 2, 2010 at the Delaware State Chamber of Commerce's End-of-Session Legislative Brunch at Dover Downs.
Income and Estate Planning for the Inbound and Outbound ResidentSara Kadletz
The document discusses income and estate planning considerations for individuals coming to or leaving the United States. It addresses questions to ask regarding immigration status and assets before arriving, differences between tax residency and immigration status, how worldwide income and wealth are treated for tax purposes, planning strategies for couples with mixed statuses, and estate planning tools. It also covers implications for leaving the US, such as income tax obligations and exit tax rules, and issues with returning after abandoning permanent residency.
This document provides a household financial worksheet for those facing potential foreclosure. It includes sections to track income from various sources over the last, current, and projected months, as well as expenses in similar categories. Total income and expenses are calculated to determine any excess or shortfall. Other assets are listed that could potentially cover shortfalls, such as savings, pending legal cases, tax refunds, or sellable assets. The goal is to analyze a household's complete financial picture to find options aside from foreclosure.
Benefits of the VA Home Loan Program. Helping agents help vets. Presented by John Mcdade & Sutton Underwood:
Questions? Give us a call:
Sutton Underwood
Loan Officer. VA Home Loan Specialist
NMLS# 1497037
Mobile: 860-944-9083
This document provides an overview of asset protection planning for Florida Medicaid. It discusses how to distribute assets to family while still qualifying for Medicaid by following the Medicaid rules and asset limits. It outlines the Medicaid requirements and tests for assets, income, exempt assets, strategies for protecting assets like gifting, annuities and life estates. The goal is to limit the amount of the estate that must be used to pay for nursing home or other long-term care costs.
The document provides information on various home loan options including conventional loans, jumbo loans, FHA loans, FHA Streamline loans, HomePath loans, Home Possible loans, DU Refi Plus loans, Freddie Mac Relief Refinance loans, and USDA/Rural Housing loans. Key details include eligible property types, loan amounts, borrower requirements, down payment options, and seller contribution limits for each loan program. Contact information is provided to learn more about home loan options.
The document provides information on various home loan options including conventional loans, jumbo loans, FHA loans, FHA Streamline loans, HomePath loans, Home Possible loans, DU Refi Plus loans, Freddie Mac Relief Refinance loans, and USDA/Rural Housing loans. Key details include eligible property types, loan amounts, borrower requirements, down payment options, and seller contribution limits for each loan program. Contact information is provided to learn more about home loan options.
This document provides an overview of reverse mortgages, including their market potential, key features, and strategic uses. It discusses how reverse mortgages can provide purchasing power for home buyers age 62 and older. The document compares reverse and traditional mortgages, dispels common misconceptions about reverse mortgages, and shows examples of how a reverse mortgage could help buyers purchase a home with no monthly mortgage payment. It also outlines the growth of a reverse mortgage line of credit over time and potential strategic uses of the funds. The presentation aims to educate real estate professionals on reverse mortgages so they can better serve clients.
Shari J Brooks is a senior mortgage underwriter with over 15 years of experience underwriting conventional, FHA, USDA, jumbo, and complex loans. She has underwritten loans to guidelines from Fannie Mae, Freddie Mac, Ginnie Mae, and multiple private investors. Her resume demonstrates experience analyzing complex documentation and underwriting loans for compliance at several large mortgage lenders.
The document provides an overview of the mortgage industry, including the different types of mortgage companies, loan products, and eligibility requirements. It summarizes the key aspects of conventional loans, FHA loans, VA loans, VHDA loans, USDA loans, and niche programs. The document aims to help readers gain a basic understanding of home mortgages and how to work with a mortgage lender to find the best financing options.
This document provides answers to common questions for first-time home buyers. It discusses key terms like mortgages and notes, available programs for first-time buyers, the loan application and approval process, and differences between pre-qualification and pre-approval. It also outlines factors that determine credit scores, available loan types and their advantages, and estimated closing costs. Responsibilities during the lending process are noted as well, such as accurately reporting finances and not signing blank documents.
The document provides an overview and update on the Making Home Affordable Plan. It discusses that through August 2009, over 570,000 homeowners have received loan modifications through the Home Affordable Modification Program. However, the House Financial Services Committee wants to see more conversions of trial modifications by November 1st. It also outlines recent program updates, participation from large servicers, documentation requirements, and eligibility criteria to provide context on the plan from a housing counselor's perspective.
USDA Rural Development offers loan programs to help low-income individuals and families in rural areas purchase homes. Borrowers must meet income limits based on location and household size. The loans have competitive interest rates, no monthly mortgage insurance, and allow financing up to 102% of the appraised value. The loans are guaranteed by the USDA against default but are funded through borrower fees rather than taxpayer money. Eligible borrowers must intend for the home to be their primary residence and meet additional criteria on debt-to-income ratios, credit history, and property eligibility. Funds for the loans are allocated annually by Congress and can run out before the fiscal year ends.
This document provides information about VA loans from Kathy Weese-Dyer, an associate broker. It begins with 10 questions about VA loans and provides answers to each. It then discusses VA loan eligibility requirements for service members, veterans, and spouses. The document ends with positive testimonials from past clients that praised Kathy's professionalism, responsiveness, and dedication in helping them buy or sell homes.
1. The document advertises a program where baby boomers aged 62+ can purchase a new "Smart Green Home" for half the price using a reverse mortgage with no monthly payments. The home would have low utility bills and taxes in Florida.
2. It details how the reverse mortgage program works, allowing buyers to make a one-time payment of around $70,000-$90,000 for half the home's price, with the other half financed by the bank with no verification of income, credit, or assets. The buyer would never have to make a mortgage payment.
3. It claims that over 20 years living in such a home, buyers could save over $150,000 versus paying a monthly mortgage
This document describes a whole note investment program that offers 8% annual returns. It works by Secured Investment Lending Corporation providing loans to real estate professionals to fix up and flip homes. They then sell these performing mortgage notes to investors at 8% APR. The professionals use the funds to purchase homes below market value, renovate them, and sell for a profit to pay back the loan. This provides monthly interest payments to investors and returns their principal. Management has over 20 years of real estate experience and oversees underwriting, loan servicing, and property sales.
what is a short sale, why do lenders consider short sales, the short sale process, short sale documents, financial effects of a short sale, short sale case studies, short sale benefits and what we do
Home Savings of America is a federally chartered savings and loan association that has been in business since 1934. It offers a variety of mortgage products nationwide, including conforming, FHA, VA, USDA, and renovation loans. It uses an online system called eHome to process loans from application through underwriting and closing. Loan officers are paid on a commission structure and can earn up to $6,500 per loan.
Doing business with governments in the u.s.a.ProColombia
The document provides information on doing business with governments in the United States. It discusses why it is beneficial to do business with the government, as nearly 1/3 of the US GDP is purchased by government agencies. It also outlines how government agencies purchase goods and services through bids, requests for proposals, small purchase quotations, and procurement cards. The document then discusses the different levels of government - federal, state, and local - and provides tips on registration, finding opportunities, understanding requirements, preparing bids, and more to successfully do business with government entities.
Intercepting and Preventing Foreclosure.robert tapia
The document discusses options for homeowners facing foreclosure such as loan modifications, refinancing, or selling the home. It cautions homeowners to carefully review their loan documents to ensure they met the lender's qualifications and warns of potential foreclosure rescue scams. Homeowners are encouraged to audit their loan documents for potential fraud and stand up for their rights to prevent wrongful foreclosure.
The document summarizes the key aspects of the Consumer Financial Protection Bureau's new Ability-to-Repay and Qualified Mortgage rules for mortgage lending that take effect in January 2014. It outlines the minimum underwriting factors lenders must consider to determine a borrower's ability to repay. It also describes qualified mortgages, which provide a safe harbor presumption of compliance if certain conditions are met. Overall, the rules aim to ensure borrowers can afford their mortgages while offering protections for lenders through qualified mortgages.
Similar to HVF USDA Rural Development Presentation Victor Bals (20)
2. WHAT IS RURAL DEVELOMENT?WHAT IS RURAL DEVELOMENT?
Census-basedCensus-based
US Department of AgricultureUS Department of Agriculture
Guaranteed against loss by USDAGuaranteed against loss by USDA
Pays lender if borrower defaultsPays lender if borrower defaults
Victor Bals
734-417-2115
Vic@HVFloans.com
3. WHO CAN ORIGINATE USDA LOANS?WHO CAN ORIGINATE USDA LOANS?
Approved lender with HUD, VA, FannieApproved lender with HUD, VA, Fannie
Mae or Freddie MacMae or Freddie Mac
State Housing AgencyState Housing Agency
Farm Credit ServiceFarm Credit Service
Victor Bals
734-417-2115
Vic@HVFloans.com
4. LOAN PURPOSELOAN PURPOSE
Purchase new constructionPurchase new construction
Purchase existing homePurchase existing home
Refinance (only if currently have aRefinance (only if currently have a
Rural-Development Loan)Rural-Development Loan)
Purchase MobilePurchase Mobile Home (very limited; difficult)Home (very limited; difficult)
Victor Bals
734-417-2115
Vic@HVFloans.com
5. REASONS NOT USEREASONS NOT USE
RURAL DEVELOPMENTRURAL DEVELOPMENT
FOR A BUYERFOR A BUYER
Geographical LimitationsGeographical Limitations
Maximum Income limitationsMaximum Income limitations
Can’t buy house with in-ground pool (canCan’t buy house with in-ground pool (can
try for exception to this)try for exception to this)
Primary Home OnlyPrimary Home OnlyVictor Bals
734-417-2115
Vic@HVFloans.com
6. INCOME QUALIFICATIONSINCOME QUALIFICATIONS
http://eligibility.sc.egov.usda.govhttp://eligibility.sc.egov.usda.gov
Household adjusted annual income cap uses ALLHousehold adjusted annual income cap uses ALL
occupants whether on the loan or not, 18 and overoccupants whether on the loan or not, 18 and over
Counts gross income, overtime, commission,Counts gross income, overtime, commission,
bonuses, net self-employment income, Socialbonuses, net self-employment income, Social
Security, Child Support, unemployment, etc.Security, Child Support, unemployment, etc.
Based on family size , county, property is locationBased on family size , county, property is location
7. ADJUSTMENTS TO INCOMEADJUSTMENTS TO INCOME
$480 / Year per minor or full-time student$480 / Year per minor or full-time student
Verified child care expensesVerified child care expenses
$400 / Year if borrower or co-borrower is$400 / Year if borrower or co-borrower is
over 62 or disabledover 62 or disabled
9. GEOGRAPHICAL QUALIFICATIONSGEOGRAPHICAL QUALIFICATIONS
ALL Livingston CountyALL Livingston County
Most of Ingham CountyMost of Ingham County
Parts of Oakland CountyParts of Oakland County
Parts of Washtenaw CountyParts of Washtenaw County
Parts of Wayne CountyParts of Wayne County
Most Rural Parts of MichiganMost Rural Parts of MichiganVictor Bals
734-417-2115
Vic@HVFloans.com
10. BENEFITS TO BUYERSBENEFITS TO BUYERS
Finance 102% of appraised value, without gettingFinance 102% of appraised value, without getting
cash back at closing (can get EMD, but no more)cash back at closing (can get EMD, but no more)
No Monthly Mortgage InsuranceNo Monthly Mortgage Insurance
30-Year fixed rate with very competitive rates30-Year fixed rate with very competitive rates
No loan limits (DTI / income limitations)No loan limits (DTI / income limitations)
Closing costs can be financedClosing costs can be financed
Unlimited gift, seller contributions 6% maxUnlimited gift, seller contributions 6% max
No reserves requiredNo reserves requiredVictor Bals
734-417-2115
Vic@HVFloans.com
11. Sales Price:Sales Price:
Appraisal:Appraisal:
Seller Paying:Seller Paying:
EMD:EMD:
Closing / Pre-paidsClosing / Pre-paids
2% Funding Fee:2% Funding Fee:
$100,000
$110,000
$0 Closing Costs
$500
$3,000/$2,000
$2,000
Can Finance: $107,000 and get $500 EMD back
Victor Bals
734-417-2115
Vic@HVFloans.com
12. Sales Price:Sales Price:
Appraisal:Appraisal:
Seller Paying:Seller Paying:
EMD:EMD:
2% Funding Fee:2% Funding Fee:
$100,000$100,000
$105,000$105,000
ALL Closing / Pre-Paid ItemsALL Closing / Pre-Paid Items
$500$500
$2,000$2,000
Can Finance: $102,000 and get $500 EMD back
Break it Down
Victor Bals
734-417-2115
Vic@HVFloans.com
13. QUALIFYINGQUALIFYING
Debt to Income Ratios = 29/41Debt to Income Ratios = 29/41
Can go higher on DTI w/compensating factors:Can go higher on DTI w/compensating factors:
660 + credit score required660 + credit score required
Payment shock consideredPayment shock considered
Reserves consideredReserves considered
Rental / Housing history not required withRental / Housing history not required with
620 credit or higher620 credit or higherVictor Bals
734-417-2115
Vic@HVFloans.com
14. OTHER CRITERIAOTHER CRITERIA
Do not own a dwelling currentlyDo not own a dwelling currently
Lack sufficient resources to secureLack sufficient resources to secure
conventional creditconventional credit
US Citizen, Permanent Resident, Resident AlienUS Citizen, Permanent Resident, Resident Alien
Have legal capacity to enter contractHave legal capacity to enter contract
15. PROPERTY ELIGIBLITYPROPERTY ELIGIBLITY
Must have access from a street, roadMust have access from a street, road
or drivewayor driveway
Site value less than or equal to 30% ofSite value less than or equal to 30% of
total value of home and landtotal value of home and land
Leasehold estates (where applicable)Leasehold estates (where applicable)
16. OTHER PROPERTYOTHER PROPERTY
REQUIREMENTSREQUIREMENTS
Well & septic tested if county requiresWell & septic tested if county requires
Water test for private wells requiredWater test for private wells required
Escrow for repairs under certain limited circumstancesEscrow for repairs under certain limited circumstances
and will be 150% of cost of the repairs held in escrowand will be 150% of cost of the repairs held in escrow
New construction - must have warrantyNew construction - must have warranty
17. FUNDS AVAILABLEFUNDS AVAILABLE
Annual funds appropriated by Congress.Annual funds appropriated by Congress.
Have been known to run out before end of fiscalHave been known to run out before end of fiscal
year. Congress must appropriate new funds foryear. Congress must appropriate new funds for
the programthe program
Victor Bals
734-417-2115
Vic@HVFloans.com