Weekly Mortgage Memo: Funds for Closing

Author: Terra  //  Category: Real Estate

Funds for Closing

As a part of every loan we have to verify the borrower has the funds for closing.  Very often the borrower’s plans and the lenders requirements don’t match.  The sooner buyers know the lender requirements the better. It could save some processing headaches or a denied loan. Here then are some things to keep in mind when consulting your buyers.

  • Lenders now ask for 60 days or two bank statements.  Any non-payroll deposits will need to be documented.  It is amazing how many people wait until the last minute to deposit cash, gift $, etc.
  • Government loans allow the down payment to be a gift from a family member, employer or the government like DPA programs.
  • Conventional Same as Government.  Borrower can receive a gift from a family member with zero minimum requirement.
  • Business assets can be a challenge. Most underwriters ask for a CPA letter that says a withdrawal from the business account won’t harm the business.  CPA’s stopped giving those and now it’s a struggle.
  • Stocks and bonds.  We have to paper trail the conversion/sale to a cash account including copies of the bonds.
  • Borrowers can borrow from an asset for the funds for closing.  If the loan isn’t on the credit report we would have to add the payment into their ratios:

o   Auto

o   Motorcycle

o   Land / Home

o   Cattle J (it is Oklahoma after all!)

o   401k / IRA (Traditional IRA lets you take a distribution for a first time home buyer without penalty.  Taxes, of course, would

apply)

  • Borrowers can sell an asset.  This is tough to paper trail.  We have to determine the value of the asset and document the sale.
  • Unacceptable sources of funds for down payment include cash, unsecured loans (no asset involved – ie Credit Card).
  • Lease to purchase equity.  Also difficult to document.  Money paid to the owner/lessor that is in excess of the market rent can then be counted as funds into a mortgage transaction and used for down payment.  An appraisal to determine the market rent would have to be ordered.
 

Markets

Interest

Rates

 

Equities

 

 

 

Commodities

 
Last Week 3.875 Dow Industrials 18,272 Oil (WTI) 59.69
Today 3.990 Devon 65.86 Natural Gas 3.02
FHA Today 3.725 Chesapeake 15.00 Gold 1,225

Taylor Ortiz
Sr. Loan Officer
Fairway Mortgage

2575 Kelley Pointe Parkway, Suite 180
Edmond, OK 73013
NMLS ID 449866

Direct:  405-421-0404

Mobile:  405-509-1064

Fax:  405-562-4272

TaylorO@fairwaymc.com

www.TaylorOrtiz.net

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Congratulations Edmond

Author: Terra  //  Category: Real Estate

Edmond-Recycles-Logo

 

 

Congratulations Edmond, Oklahoma! In April, you were awarded the 2015 Seal of Recycling Excellence Award from Republic Services. This program was created to award cities that have over a 70% participation rate. That is more than twice the national average of participation! Way to go! The city and the residents worked together to achieve an 80% participation rate. Very impressive! That means that 80% of individual residences participated in the new single-stream recycling program. Over 4,800 tons of recyclable material has been collected so far since the beginning of this program. That is a significant amount of material that is not filling up a landfill. Because YOU decided to make a change, value the environment, and take action.

The Mayor of Edmond, Charles Lamb, attributes these outstanding numbers to the new single-stream recycling program Edmond put in place. The resident simply places all recyclable material in the city provided 96 gallon recycling poly cart and puts it out on collection day. No further sorting necessary. This new program has doubled participation rates over the previous city implemented program. Mayor Charles Lamb admits that even he recycles now where he didn’t before.

If you are not participating yet, but would like to, The RED Team would like to encourage you to check out the City of Edmond website for information on how you can get on board. Wouldn’t it be so amazing if we saw participation rates increase over the next year.

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Mother’s Day

Author: Terra  //  Category: Real Estate

In light of Mother’s Day, we would like to thank all mothers! Thank you for caring about the scraped knees and snotty noses! Thank you for caring about the tiny people who will grow up to change the world! You and your family are vital part of the community that surrounds us! We are so grateful for the love you pour into each of your children! Without you, Edmond couldn’t be as wonderful as it already is.  For all the mothers looking to become a part of this community here are some things worth knowing. The school systems average a high rating on a 1-10 scale. According to greatschools.org, most of Edmond schools rate about a 9 out of 10. Not to mention, Edmond is one of the safest cities in the country. According to the official website of Edmond (edmondok.com), the population has increased 20% while Edmond’s overall crime rate has dropped 4.5%. Edmond is a wonderful community full of life and growth. However, Edmond isn’t the only great part about Oklahoma. Oklahoma City is just as exciting! There are numerous ways to entertain your family. Multiple sports teams in Oklahoma City such as the Thunder and Energy are extremely enjoyable to watch! There are many restaurants, movie theaters, and even a rock climbing gym! The Oklahoma City Metro is loaded with entertainment and fun! Any mother looking to raise a child, this is a community worth being a part of. Oklahoma really is a great place to grow and we want to help you become a part of it! Call The RED Team TODAY for all of your real estate needs! 405-410-9696

 

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Red Day is SATURDAY! Don’t forget to sign up for a good cause!

Author: admin  //  Category: Real Estate

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Open House Sunday 2-4pm!

Author: Terra  //  Category: Real Estate

Come check out our Open Houses this weekend!

Sunday 2:00pm-4:00pm

cristobal

 

16425 Sterling Creek Dr

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New Oak Tree Listing

Author: Terra  //  Category: Real Estate

laquinta

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Open Houses SUNDAY from 2-4PM!

Author: admin  //  Category: Real Estate

OpenHouse17

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FREE PHOTOS with the EASTER BUNNY this SATURDAY!!!!

Author: Terra  //  Category: Real Estate

MomsBlogAd

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April Fun Events in the Edmond/OKC Metro!

Author: Terra  //  Category: Real Estate

Here are just a few events that I have found that could fill your April schedule up! Some are free and some you have to pay for tickets. Stay local and support the Edmond and OKC metro area!

April 01:  OKC Thunder vs Dallas Mavericks – Thunder Basketball Schudule for April (http://www.nba.com/thunder/schedule)

April 02 Western Avenue on the Lawn – family happy hour focused on good food, yard games and live entertainment (http://www.travelok.com/listings/view.profile/id.22513/event.9910)

April 03 Oklahoma City Blue vs Idaho Stampede – OKC Blue Basketball Schudule for April (http://dleague.nba.com/schedule/#/team/oklahomacity)

April 4: Come and have your picture taken with the EASTER BUNNY FOR FREE! 16425 Sterling Creek, Edmond, OK in Seminole Pointe from 10:30AM-12PM.

April 4-5: There are LOTS of Easter Egg hunts in the area! Just google one close to you! 

April 05: Come visit Memorial Road Church of Christ for Easter Sunday and hear about the resurrection of Christ. We would love to have you! (www.mrcc.org)

April 07: Oklahoma City Barons vs San Antonio Rampage – OKC Barons Hockey Schudule for April (http://okcbarons.com/index.cfm?fa=schedule)

April 10: Oklahoma City Dodgers vs Round Rock Express  – OKC Dodgers Schudule for April (http://www.milb.com/schedule/index.jsp?sid=t238)

-LIVE on the Plaza – every second Friday is LIVE on the Plaza, an art walk featuring local artists, live music, deadCENTER film screenings, local retail shopping and much more.

April 11 & 12: Redbud Classic – The annual Redbud Classic will feature two days of running, cycling, walking and marathon events in Oklahoma City’s Nichols Hills district.

April 12:  Oklahoma City Roller Derby BoutLightning Broads vs CenTex at 5PM

April 17-19: Oklahoma City Ballet presents: Nine Sinatra Songs

April 18: Green Frog Festival and Puddle Jump 5K (www.travelok.com)

April 19: Day of Remembrance – Each year, visitors gather at the Oklahoma City National Memorial & Museum in downtown Oklahoma City to remember those who were killed, those who survived and those changed forever by the April 19, 1995 bombing of the Alfred P. Murrah Federal Building in Oklahoma City.

April 21-26: Festival of the Arts – Known as Oklahoma City’s annual “rite of spring,” the Festival of the Arts is a six-day community celebration of the visual, culinary and performing arts plus there is lots of yummy food!

April 22-26: Better Barrel Races World Finals -Better Barrel Races brings their World Finals competition to the Oklahoma State Fair Park in Oklahoma City for five days of hard hitting barrel racing action.

April 24-25: OKC Philharmonic presents: A Night at the Cotton Club -During “A Night at the Cotton Club,” trumpeter Byron Stripling, vocalist Carmen Bradford and tap dancer Ted Louis Levy pay tribute to some of the biggest names in jazz and blues.

April 24: H&8th Night Market -On the last Friday night of each month, gourmet food trucks, musicians and local businesses come together for H&8th Night Market in downtown Oklahoma City.

April 25-26: R.K. Gun Show – For a high quality gun show with great prices and selection, visit the R.K. Gun Show in Oklahoma City.

April 26:Oklahoma City Memorial Marathon – The Oklahoma City Memorial Marathon is not about running, it is about life, honoring the memory of life lost through the tragedy of the Oklahoma City bombing and celebrating the gift of life given equally to each person. (okcmarathon.com)

 

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Brokers Open/ Open House TODAY

Author: Terra  //  Category: Real Estate

brokers open

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