Lynne Dewar's (ldewar) Blog

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Mortgage and Lending - Fairway Independent Mortgage - NMLS #519116
The new Good Faith Estimates have created a lot of paperwork and training, but I am happy to see the Government finally step in and make the Lenders Honor their word. Before the new law, a client could get a Good Faith Estimate at 4.5% and no cost and be charged 6% and $10,000 at closing. The Len...
There is a bill before Congress that would re-instate the AmeriDream Program. It is H.R. 600 and would allow AmeriDream to make a gift for the down payment on FHA loans. This program would use no tax dollars and would open home ownership up to thousands of buyers. Please call or write your congre...
Great News! As part of the stimulus package FHA as increased their loan limits until December 31, 2009. The new Arizona limits for single family units are below: Coconino County - $450,000 Navajo Counlty - $308,750 Yavapi County - $390,000 Gila County - $325,000 Apache County - $281,250 Maricopa ...
Time is running out to take advantage of the temporary higher FHA loan limits. Effective January 1, 2009 the FHA loan limits in Coconino County, AZ will drop from $450,000 to $333,500. The last day to lock in an FHA loan with the higher limits is November 28th and the last day to close is Decembe...
FICO Scores are becoming even more important with the recent guideline changes. There are several steps you can take to increase your FICO Score.First you need to pull a copy of your credit report from Annual  You can get a free credit report once a year. You can then buy a copy...
Fannie Mae has announced that they have gone to a new FICO based plan for all loans. The Higher your FICO Score the Lower your Rate. For example, on a $250,000 30 year, fixed rate mortgage the interest rate would be 5.75% if you FICO is 760 or  higher.  This would be a payment of $1,459. If your ...
We have a new foundation system for manufactured home that meets FHA requirements.  It is called the Xi2 System.  It is a concrete foundation system and can be installed in any type of soil.  The total cost of the system is between $2,700 and $3,500 and that includes the Engineers Certification. ...
There is a new program available to help First Time Buyers get into their first home.  It is a 1% down loan program.  The Buyer puts down 1% and the AZ FHR Program gives them a 2% gift to make a 3% down payment.This program can be used with Manufactured Homes or stick build homes.  The AZ FHR Pro...
There are many benefits of Home Ownership.  Some of the most benefical are listed below.1. Homeowners accumulate wealth faster than renters.2. The median net worth for homeowners was $184,400 in 2004 compared to only $4,000 for Renters.3. Homeownership provides Tax Benefits - Mortgage interest an...
One of the good side effects of property values declining is the opportunity of lower property taxes. If you feel that the "Full Cash Value" of your property is greater than the full market value you have two methods of appeal: Administrative or Judicial.  You may appeal the "Full Cash Value" to ...

Lynne Dewar

Mortgage Loan Expert
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