Ro Troia

10 Ways To Better Sex In Boulder Colorado!

Yes I know…what a deceptive way to attract readers to my Boulder real estate blog but how else do you dress up the process of obtaining an FHA/VA loan in a smooth manner?  In Part I of my blog, Uncle Sam Passes Housing Stimulus Bill , I summarized what the new FHA reform laws mean for all of us when purchasing Boulder real estate using a government loan. 

In Part II, I am recommending 10 steps you can take to help ensure your FHA/VA mortgage experience is VERY satisfying.  Now it may not be as satisfying as sex for most you but I’m sure some of you, unfortunately, may experience the same satisfaction .

Here we go:

1.) Please, plz, puhleese sign and date all forms properly.  Time and time again there are unnecessary delays because signatures, initials, and dates are not properly inserted.  All tax returns and bank statements (all pages should be dated/stamped if provided by bank, online statements must come from a secure site and show the URL, customer name, account number and bank name) must be properly signed.  Self employed buyers must complete IRS form 4506.

2.) If possible keep seller concessions out of the contract.  Any seller concessions paid to the buyer must be toward closing costs or paid directly to third party vendor.  Personal property, money for repairs, etc. can not be included.

3.) Turn in the contract early.  Eager beaver is the attitude to have.  All parties must sign and date the contract and all changes must be made in advance…not at closing! 

4.) Buyers must show two years of work history or related education leading to employment.  Buyers must provide pay stubs and W2s verifying two years of employment.  A job offer letter will not suffice and current pay stubs with 30 days employment is required.

5.) VA loans require a Certificate of Eligibility (COE).  This form is obtained online but working intimately with you mortgage broker may prevent delays.

6.) Provide an adequate paper trail for gifts.  A gift letter must be signed and dated by all parties and include documentation of the transfer of funds.  Cash deposits may require further documentation.  Donors may be asked for bank statements to prove their ability to gift the funds.

7.) Title checks must show the seller’s compliance with FHA requirements.  The seller must have acquired the property at least 90 days before execution of the sales contract.

8.) Make all repairs recommended by inspectors.  Make sure the sellers complete the recommended repairs before closing.  Contact your mortgage rep for details as the required inspections vary by state.  Some inspectors can be very anal.

9.) Be prepared to provide all documentation.  To ensure a smoother transaction, advise your buyers to respond promptly to all requests.  The amount of documentation required will vary depending on each buyer’s profile.

10.) Be available throughout the process.  Buyers should keep in contact with their mortgage rep during the process and be available several days after the scheduled closing date.  Please refrain from going on vacation or setting appointments with movers, contractors, etc.

Suddenly I feel like I need a cigarette….

Tags: Tags: Boulder property, Boulder real estate, FHA, home, lender, mortgage loan, reform laws, sex, Uncle Sam, VA

This entry was posted on Friday, September 12th, 2008 at 1:43 pm and is filed under Buyer's Corner, First Time Buyers, REO and HUD Talk. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Rob Saxe said at September 16th, 2008 at 2:35 pm

   awesome article..absolutely awesome!

2. Jim Cronin said at September 16th, 2008 at 2:40 pm

   Oh my goodness…

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