Hey folks,   check out this URl link I think it will be great for everyone.  If someone asks you if the neighborhood is good send them the link.  If you want to know about a Neighborhood click the link.   websites to help you know your neighborhood: http://tinyurl.com/cf5tsd   Hope this helps.   Franklin.mclawhorn@ziprealty.com 03/24/2009

Check out this great home in the desireable neigborhood of Nicewood.  This home is on a cul-de-sac with a park just steps away.  This home has plenty of room for a growing family.  With 3 bedrooms and 1.5 baths, a living room, kitchen, dining room and family/bonus room - you are sure to find this home just what you are looking for.  Near military bases, shopping, restaurants and everything else you need to never go without!  Click on this link and it will take you to the much more information and pictures  www.postlets.com/res/1826524 My name is Sandra Payden and I am a REALTOR with Greg Garrett Realty.com in Newport News (Hampton Roads,) VA.  Feel free to email me at Sandra@757RealEstateInfo.com and visit my website at http://www.757RealEstateInfo.com.   02/20/2009

Well it's that time of the year again when yellow buses roam the streets and parents sigh in secret relief knowing they won't have to hear "I'm bored" all day long.  Yes, it's back to school time!  On August 27th the Virginia Department of Education updated the Virginia School Report Cards.  The reports contain information on proficiencies in reading and math, participation in testing, attendance and graduation rates.  The Adequate Yearly Progress (AYP) goals have become a little tougher since the No Child Left Behind Act of 2001.  By 2014 all students are expected to pass the reading and math tests.  These objectives are in addition to the Standards of Learning (SOL) requirements. The reports contain a lot of information and can be an excellent resource to direct your clients to regar... 08/28/2008

Appraisals are just as important as a home inspection.  By Michael Mapes, The Responsible Mortgage LenderCongress recently took up action to place a bar between lenders and appraisers.  The rationale to this proposal was that on too many occasions mortgage brokers where applying pressure to appraisers to inflate the value so the deal would work.  However as the recent foreclosure rate continues to rise. Fraud during the mortgage application process seems to becoming a re-occurring theme.  In many cases across the country regulators are finding appraised values on properties that were for more than the house was actually worth at the time of sale.In the past a lender would send an appraisal request to an appraiser because he was fast and fair and would work to resolve any issues quickly.... 11/20/2007

Are mortgage brokers a good place to find a loanBy Michael Mapes, The Responsible Mortgage LenderA few years ago I went out for dinner only to find a gentleman standing at the bar having a drink.  He appeared to be in an extremely good mood.  So being the ever inquisitive person that I am I had to ask him why he was so happy?  He told me that he was a mortgage broker and had just closed a loan that paid him $5,000.00.  Now this gentleman did not know that I am a Mortgage Banker but I thought to myself that this seemed like a lot of money to make on one loan, must have been a big loan.  So I asked him about the loan and he said that the loan was for 140,000.00 and that he charged the borrower 3 points on the front end and 2 on the back end, the borrower ended up with an 8.5% interest rat... 11/07/2007

Lender Paid Mortgage Insurance, an old concept with a new twistBy Michael Mapes, The Responsible Mortgage LenderLike old yeller it is hard to teach a new dog new tricks, in the world of mortgage financing we are continually finding new ways to open doors to potential homeowners and those wishing to escape adjustable rate mortgages in a declining market place.One example of an old idea that has a new twist is Lender Paid Mortgage Insurance.  It works very simply.  Suppose you are purchasing a 100,000 home and going to put a down payment equal to 10% of the purchase price.  A normal loan at 6% would have a principal and interest payment of $540.00, taxes and home owners insurance would equal about $150.00 and mortgage insurance would equal about $48.60 for a total payment of $738.60.  Len... 11/06/2007

Mortgage Insurers defy Fannie Mae and refuse to insure certain productsBy Michael Mapes, The Responsible Mortgage LenderMortgage Insurance Agencies like MGIC, United Guaranty, Radian and others announced last week that they would no longer insure certain products issued by Fannie Mae and Freddie Mac.  This is direct response to mounting loses from early payment defaults.  Under the old rules if a borrower received an approval from FNMA (Fannie Mae) or FHLMC (Freddie Mac) automatic underwriting system, then mortgage insurance was approved as well based on those findings.  In reality the mortgage insurance agency's walked in lock step with the Quasi-Federal Agencies.  That is no longer the case.In a recent announcement, mortgage insurers will no longer rubber stamp certain loan products f... 11/06/2007

Old Ideas present us with new solutions, Creative Mortgage Financing for Consumers.By Michael Mapes, The Responsible Mortgage Lender10 years ago there was only a handful of ways to finance a home and by the way you better have had pretty decent credit and a down payment.  That was replaced in 1999-2000 by the over exuberance of lenders and brokers pushing tailor made, easy to process, approve and close sub prime and Alt A loans.  Gone was the rational of actually having a financial stack in your home.  Gone was the rational of ever thinking someone could actually pay back the loan and gone was the thought of credit quality.As with all good things the party had to end.  Sad to say but it did.  In its wake the hangover effect has been like a heroin addict still searching for that next fix... 11/03/2007

 Mortgage Rates decline as Housing Prices begin to moderate is some areasBy Michael Mapes, The Responsible Mortgage LenderDuring most of 2007 two inevitable things have happened.  One foreclosures have risen has home owners could not keep up the rising costs of housing as their adjustable rate mortgages have reset.  Secondly, this factor among others has led to a decline in the average home price in just about every market in the country.The Credit Crunch and Liquidity issues experienced in August and September have yet to show up in the economic data released in October.  However, the Federal Reserve Board headed by Ben Bernanke saw signs that the economy was going to fracture and that the stability of the US Financial System was at risk.  Their direct response was to lower the discoun... 11/03/2007

Federal Reserve Cuts rates .25 bps.  How will mortgage rate respond?Now that the widely anticipated rate cur for October has occurred how does the market respond?  The first over all response is that oil topped off at over 94.00 a barrel.  However, that price is driven by market speculators who will soon be burned when the bubble on oil burst and goes down to 60.00 a barrel in short order.  Although, the economy is not out of the woods just yet, In the weeks and months that precede this rate cut turmoil in the financial markets still exists.   For one the LIBOR rate which is the rate banks loan to each other is still at extreme levels, since  banks typically have inside knowledge this rate spread between treasury's and LIBOR (London Interest Rate Over Night Lending Rate) is still troubl... 10/31/2007

Some very positive signs for 2008By Michael Mapes, The Responsible Mortgage Lender.ComThere have been some very interesting developments that I'd like to share.  These developments have given us some very positive news as well as some clearer signals about how the mortgage market and housing market will look in 2008.  I want to leave you with two very important pointsThere are some very important signs in the capital markets that the liquidity is returning for "prime" mortgage loans and bonds.These positive trends in capital markets liquidity are being muted by continued concerns over the housing market, the broader economy, and the concerns over the soundness of the financial system - we should not assume the worst is over.Capital Markets LiquidityOver the past several weeks, we have s... 10/31/2007

The  Results of UnPrincipled of Responsible Borrowing.By Michael Mapes, The Responsible Mortgage Lender.I received an email from a long time client who sounded so depressed about the state of the current housing market.  They have moved away, still trying to sell their old home and just recently closed on a new home in Ohio.   Her statement was "Michael, every time I turn on the news or read the paper I see something about the housing industry that makes me want to shudder".  As I pondered her reaction to the current state of affairs, it reminded me that actually things are not really bad in this industry.  "What?" you say. People are losing their homes in record number. People are getting laid off and entire companies are going out of business.  This is all true, but why?  The entire m... 10/26/2007

Your Credit Score will depend on if you get a home or if you Rentby Michael Mapes, The Responsible Mortgage Lender.ComMortgage Insurance companies AIG/United Guaranty along with RMIC  have announced this morning that it will no longer insure certain loan types with credit scores under 660.  Citing first payment default as the reasoning behind such a move, the mortgage insurance industry has begun to not accept automatic underwriting model approvals from both Fannie Mae and Freddie Mac.In recent years when a borrower applied for a loan, the loan officer would input this data into a loan application and electronically send it to Fannie Mae's DU/DO system or Freddie Mac's LP system.  These systems would use a statistical model to gauge the risk and with in a minute send back a underwriting... 10/26/2007

New Jobless claims sparks debate about October Rate Cut. How will Mortgage Rates respondBy Michael Mapes, The Responsible Mortgage Lender.ComNew Jobless claims for the week ending Oct 19 was up 27,000.  Most economist were expecting a number of down 2,000.  The surprise in this result has once again spurred comment that the Federal Reserve will once again have to cut key interest rates by .25bps at the October 31st meeting.The Federal Reserve Chairman Ben Bernanke in Testimony on Capital Hill recently told law makers that "The Federal Reserve is prepared to step in and aid the economy with whatever means it has".  Most market analysts view this statement as a sign that the Federal Reserve will indeed cut key rates again this month.  The latest cut of 50 bps in the September meeting was ... 10/23/2007

 Jumbo Loan Liquidity returning to NormalBy Michael Mapes, The Responsible Mortgage Lender.comDuring the month of August as the liquidity issues gripped the market and the news of a global credit crunch became reality one of the first segments to feel the pinch were those borrowers wishing to borrow in excess of 417,000 on a home.  The rush to judgement for these loans was so sever that the 30 year rate went from 6.75% one day to over 8% the next.  As the institutional investors sold off their positions in these products and refused to purchase these so called "risky" loans, the real estate market went into a further tailspin.  However as the noise is settling down we are beginning to see the investors return to these products.  As of today we have witnessed a decline in real interest r... 10/23/2007

 State of the Mortgage Market for October 2007By Michael Mapes, The Responsible Mortgage Lender.Com Having just returned from the annual conference of Mortgage Bankers in Mass.  I left with not the same good feelings about our industry as when I went.  During this three day conference we or should I say the mortgage bankers that actually went.  Were not so delighted to hear the news coming from key executives at various mortgage banking firms across the country.  Having set foot onto the convention floor I was convinced that 2009 was going to be the turn around year for our industry.  Today I am not so sure.  The key highlight and eye opener for me was that amount of inventory unsold across major urban areas.  For example today the entire state of Florida has a 3 plus year standing inve... 10/23/2007

How to guarentte you get ripped off.By Vallee DelongAs Realtors we take pride in what we do.  We work long hard hours, why do we do this, Because we care.  Yes you can go to a dot com and save money.  Can also cost you money too.  Information is money and so is Knowledge.  Dot com companies and discounts brokers do not have a finger on the pulse of a market, nor do they know your neighborhood.My friend got into a car wreak last week and had to take her car into to be fixed.  When she picked it up she saw that the parts were not premium parts like the ones damaged.  In fact it was pretty poor parts.  When she fused she wanted to know why.  The gentleman politily told her that that is what her insurance company said they would pay for.  She was furious and demanded premium parts.  The bod... 10/14/2007

The Historic Trangleby Michael MapesYourtown, Va is where George Washington finally defeated the British to win the Revolutionary War.  It is in the middle of the so called "Historic Triangle"  nesttled between Williamsburg, Va and jamestown, Va.  Each carry significant weight when it comes to the history of this country.Williamsburg, Va is the first colonial capital of the United States and is also the most visted site by US Presidents.  visit www.colonialwilliamsburg.com for more information on visiting this area.Jamestown, Va is the site of the first english speaking colony in the New World.  www.jamestown.com is a great site to visit for information about Jamestown and the 400 anniverary of the first English settlement.So when you want to set sail and take a good family vacation, a ... 10/14/2007

 It is about the Relationshipby Michael Mapes, The Responsible Mortgage Lender  Today many lenders advertise the ease and affordability of mortgage loans.  It does not matter if you have good credit bad credit purchasing a home or refinancing.  The pitch is the same.  Yesterday I spent an hour watching the latest and greatest infomercial on the topic of mortgage loans from A direct lender.  We have 50 year, 40 year and 30 year terms with options like pick a payment, bad credit loans, foreclosure bail outs, chapter 13 bail outs and the list goes on and on and on.I was hoping that this down turn in business would put these kinds of people out of business.  I guess I was wrong.  You see a mortgage loan regardless of reason or circumstances is about the relationship you can create and foste... 10/14/2007

 When well qualified borrowers can't get loansBy Michael Mapes, The Responsible Mortgage Lender.com  When borrowers who can document income and credit is in the high 750 range can not get loans then we are all in trouble.  Recently that has happened to a couple wishing to refinance their home.  Royce and Cathy wished to refinance their home and take cash out for the purposes of doing some home repairs and upgrades.  The couple's credit is stellar, in fact the scores that are on their credit are so stellar the lowest score is 750.  They have no other debt than their house payment and the house payment represents only 30% of their gross income.  However, the new FNMA desk top underwriting model suggested that they were a risk to the lender and did not approve their loan through the automa... 10/14/2007