Wednesday, February 27, 2013

Tire Track Painted Border

Get your bedroom in the fast lane with a painted tire track wall border.


 Tire Track Border

Step 1: Download the stencil. Cut out the tire marks and trace onto two pieces of green sign material. Cut out stencils. 

Step 2: Decide where on the wall you want the border to be. Tape the stencil to the wall at the correct height. 

Step 3: Using a sponge brush, fill in the stencil with black paint. Don’t worry about perfect even coverage; some uneven spots help this stenciled border look like the real thing. 

Step 4: Remove the stencil. Tape your next stencil so that the pattern is even, level, and continues unbroken. This is easiest to do if you use a level with the stencil. 

Step 5: Continue around the room.
detail of Tire Track Border
Customer Comments
By:Anonymous
February 1, 2013
That blue wall clashes horribly with the bedding. Otherwise, cute idea. Like the tool cabinet for a night stand too.
1 of 1
Project Details
Skill level: Beginner 

Estimated Cost: $4 + paint 

Time Estimate: 3 hours, but varies with size of room.

Project resources:
Tire Track Border Stencil 


Tools:
  • Scissors
  • Foam brush
  • Level
  • Painter’s tape
  • Utility or craft knife
Get It at Lowe’s:
  • The Hillman Group 19"x15" Green Blank Sign, #336120
  • Valspar Signature Paint in Cracked Pepper (#CI 57)
Items may be Special Order in some stores. Product costs, availability, and item numbers may vary online or by market. Paint colors may vary slightly from 

Sunday, February 24, 2013

FHA to tighten underwriting, raise premiums

Bid to boost capital reserves also includes changes to reverse mortgage offerings
By Inman News
Inman News®
Share This
The Federal Housing Administration will issue a series of changes to FHA mortgage programs this week designed to bolster the agency's capital reserves in the hopes of avoiding a taxpayer bailout.
The changes will limit the ability of some borrowers with low credit scores to qualify for loans, and raise minimum down payment requirements and premiums for borrowers taking out mortgages larger than $625,500. 
The agency reported a $16.3 billion deficit in a report to Congress in November, raising the specter that FHA will require a taxpayer bailout next year for the first time in its 78-year history.
The U.S. Department of Housing and Urban Development (HUD), of which FHA is a part, noted the changes in an announcement today:
  • As of April 1, 2013, FHA's full drawdown reverse mortgage program, the Standard Fixed Rate HECM, will no longer be available to borrowers who seek a fixed interest rate mortgage. Such borrowers will only have access to the HECM Fixed Rate Saver, which "will significantly lower the borrower’s upfront closing costs while permitting a smaller pay out than the HECM Fixed Rate Standard product, thereby reducing risks to the (FHA's) Mutual Mortgage Insurance Fund," the agency said. The vast majority of HECM borrowers currently choose the Standard option.
  • FHA will raise the annual mortgage insurance premium paid by borrowers on most new FHA loans by 10 basis points, or 0.1 percent, which the agency expects will add $13 a month to the average borrower's monthly payments. FHA will also increase premiums on jumbo mortgages (those $625,500 or bigger) by 5 basis points or 0.05 percent, to 155 basis points -- the maximum currently allowed by law. Certain streamline refinance transactions will be excluded from the premium increases, the agency said.
  • FHA will reverse a policy that automatically canceled required premium payments after loans reached 78 percent of their original value. Most FHA borrowers will now have to continue paying annual premiums based on the unpaid principal balance for the life of their mortgage loan. The agency estimates it lost billions of dollars in premium revenue on mortgages endorsed from 2010 through 2012 because of this cancellation policy.
  • Borrowers with FICO credit scores below 620 and a total debt-to-income ratio of more than 43 percent will not be eligible for processing through FHA's automated underwriting system, TOTAL Scorecard. Such will have to be processed manually, with lenders documenting compensating factors such as a larger down payment or a higher level of reserves.
  • FHA will propose an increased minimum down payment on loans between $625,500 to $729,000 to 5 percent from 3.5 percent. "This change, coupled with the statutory maximum premiums charged for these loans, will help protect FHA and further facilitate its efforts to encourage higher levels of private market participation in the housing finance market," the agency said.
  • FHA will crack down on lenders that advertise under the false pretense that borrowers can "automatically" qualify for an FHA-insured loan three years after a foreclosure. Borrowers who have experienced a foreclosure must have re-established good credit and meet underwriting criteria, including the policy change outlined above for borrowers with credit scores under 620. FHA is also committed to a new housing counseling initiative that would apply to a number of borrower classifications, including borrowers with previous foreclosures, the agency said.
The changes will fulfill the commitments FHA Commissioner Carol Galante made in December in a letter to Sen. Bob Corker, a Tennessee Republican and a member of the Senate Banking, Housing and Urban Affairs Committee, who in return for the commitments agreed to drop his opposition to Galante's nomination to be FHA commissioner. The U.S. Senate confirmed Galante to the post on Dec. 30. 
"These are essential and appropriate measures to manage and protect FHA’s single-family insurance programs," Galante said in a statement.
"In addition to protecting the MMI Fund, these changes will encourage the return of private capital to the housing market, and make sure FHA remains a vital source of affordable and sustainable mortgage financing for future generations of American homebuyers."
The reverse mortgage consolidation was announced today. HUD will provide further details on the remaining changes through announcements in the next several days. 

Thursday, February 21, 2013

Perpetual Family Calendar

Create a calendar you can change every month and customize it with your family’s favorite holidays and events.



 Perpetual Family Calendar


Step 1: Have a Lowe’s associate cut the plywood into two 2-foot squares. You’ll need one per calendar. Pick a main color (we used Twist of Lime) and paint the board’s front. 

Step 2: Using scissors, cut two strips of wall base into 3-inch-square tiles; you’ll get 16 per strip for a total of 32. Trace and cut seven 3-inch circles out of the remaining strip. 

Step 3: Mark a spot in the center of each tile, 1⁄2 inch from the top, for a nail hole to hang them. Use an awl or drill to punch a hole on the mark.

Step 4: Paint the tiles with two coats of paint. Then use paint or a permanent marker to write numbers on each tile. Use the special event stencils to trace holiday designs on the circles.

Step 5: Create a template with kraft paper and mark where nails and chalkboard paint should go. Then hammer in the nails and remove the paper. Tape off a rectangle at the top with painter’s tape and apply two coats of chalkboard paint. 

Step 6: When the chalkboard paint has dried for 24 hours, write the month in chalk and arrange the tiles on the board.

Tuesday, February 12, 2013

Will 20% Soon Be the Minimum Down Payment on a Home?

Several government agencies are reviewing data to determine what will be the minimum down payment required under the new Qualified Residential Mortgage (QRM) guidelines scheduled to be revealed in the next few months. In the original Mortgage Market Note issued by the FHFA, it was suggested that loan-to-value (the percentage of the overall purchase price which was being borrowed) was a major factor in determining if a loan would default:
“For most origination years, requirements for borrower credit score and loan-to-value ratio are the factors that most reduce the ever-90-day delinquency rate of mortgages acquired by the Enterprises that would have met the proposed QRM standards.”
The note then made the following proposal:
“An LTV ratio qualified residential mortgage must meet a minimum LTV ratio that varies according to the purpose for which the mortgage was originated. Forhome purchase mortgages, rate and term refinances, and cash-out refinances, the LTV ratios are 80, 75, and 70 percent, respectively.”
Basically, the original note suggested that a 20% down payment should be the new guideline. We realize that there has been much debate on this issue since and that the minimum down payment required under the new QRM guidelines will probably be less than 20%. However, we can’t know for sure.
Bloomberg reported last week:
“The six regulators drafting the separate QRM rule, including the Department of Housing and Urban Development, the Office of the Comptroller of the Currency and the Securities and Exchange Commission, must decide whether to include such a requirement — and whether to make it less than the 20 percent they originally proposed.”
Will it be more difficult to qualify for a mortgage after the new QRM rules are announced? Probably
As David Stevens, President of the Mortgage Bankers Association said during a speech in Washington on Jan. 16:
“I have consistently warned of the regulatory tidal wave to come and it’s finally upon us. These changes will impact business operations and the future of mortgage access for years to come.”

Saturday, February 9, 2013

High End Sellers - GOOD NEWS!



Do you have a luxury home?  Now may be the time to look at selling - let me know if I can tell you about the luxury market and how I can market your home to its best advantage.

Sunday, February 3, 2013

7 Things To Know When Investing in Trust Deeds

 
7 Important Elements To Know When Investing in Trust DeedsWhether you are a seasoned trust deed investor or you are considering your first trust deed investment, there are critical considerations to make in ascertaining that the investment is right for you. Its very important to familiarize yourself with trust deed investing before you make the final decision. Make sure to review available notes, and select properties and locations you are comfortable with. 
Here are 7 important elements to pay attention to before you invest:
  1. Market value, equity in the property, and the marketability of the collateral.
  2. Borrower’s financial standing and creditworthiness.
  3. Knowledge, experience and integrity of the Mortgage Loan Broker through whom the transaction is conducted.
  4. Escrow process involving the funding of the loan or the purchase of the note.
  5. Documents and instruments describing, evidencing, and securing the loan.
  6. Loan servicing provisions, authority and compensation.
  7. Recovering your investment when the borrower fails to pay.
When you're ready to pull the trigger with your trust deed investment, you'll then want to request a complete due diligence package which will include a certified appraisal and other documents that will allow you to better evaluate your trust deed investment. Then make sure to thoroughly read, sign, and return ALL required forms and agreements. Your signed forms and wired funds will then be sent to an escrow account.  Once you receive the closed loan package, interest will begin to accrue. You will then be able to monitor all payments online and receive monthly statements. Good luck!

About This Blog

Short Sales and Foreclosures

More Information

  © Blogger templates Psi by Ourblogtemplates.com 2008

Back to TOP