2014 Qualified Mortgage Rules

A Qualified Mortgage (QM) is generally a mortgage that cannot include certain product features and that must be underwritten in accordance with specific underwriting Ability to Repay (ATR) guideline standards.  The QM requirements are designed to minimize the risk of non-payment by the consumer.  Properly originating a QM loan satisfies the ATR standard and provides liability protection to the creditor.  The specific requirements differ depending on the type of QM the creditor originates. 

Typical QM Requirements

• The loan must provide for regular, periodic payments that are substantially equal. (except for the effect that an interest rate change may be for an Adjustable Rate Mortgage.)
• The loan must exclude negative amortization, interest-only payments and balloon payment features.
• The loan term must not exceed 30 years.
• The points and fees for loan amounts equal or greater than $100,000 must not exceed 3% of the total loan size.  Great caps for lower loan sizes rules must also be followed.

General QM Underwriting

The QM loan must be underwritten taking into account the monthly payment for the mortgage-related obligation, based upon a fully-amortizing schedule using the maximum rate permitted during the first 5 years after the date of the first periodic payment.

• At a minimum, underwriters must consider and verify consumer’s income, assets, current debt obligations, alimony and child support obligations.
• Underwriters must determine that the consumer’s total monthly debt-to-income (DTI) ratio does not exceed 43%.

Temporary QM

There is a Temporary QM Option that lenders are permitted to follow.  When the loan program chosen is eligible for purchase or guarantee by (GSE’s) Fannie Mae (FNMA) or Freddie Mac (FHLMC) or is eligible for insurance by the HUD, or is eligible to be guaranteed by VA or USDA, then the underwriter must follow the Desktop Underwriter (DU) automated loan program to determine the debt-to-income ratio.  This temporary QM Option expires on the earliest of:

1. the date that the GSE’s exit federal conservator ship or receivership or
2. January 1, 2021.

Google Hummingbird Update

Google Hummingbird Update

The Google Hummingbird updates took place sometime between the last week of August to the 1^st week of September 2013 and Google did not provide any formal notification of the updates.

The update has been intended to provide further requirements for webmasters to include in websites in order for the site to be found.  The 5 major updates include:

1.)          Add Questions-Answer Pattern Controls.

Since consumers are asking questions, the algorithms are seeking answers.  Q&A sites have become very popular in the search results.

2.)          Increase the Domain Authority of Your Site.

Having links from high quality sources to your site will assist in your site being considered authoritative.  Having natural back links are also authoritative.

3.)          Use Schema Mark Up.

Schema mark up is a revolutionary vocabulary that can be implemented on any site.  It is best to have your Webmaster assist you with this task, as it is extremely HTML driven.

4.)          Implement Mobile SEO Tactics.

Ensure that your site is mobile friendly.

5.)          Use Google Authorship.

This is one aspect that YOU can control.  Instructions are listed below.

The one aspect of the 5 updates that you have control over with your Property Blogging and Brand Blogging is Google Authorship.  Therefore, you should also consider adding Google Authorship to your blogging platform (or each property blog that you create) and I would recommend that you add Google Authorship to your website.

You may want to reach out to your Webmaster for the other updates, as they can easily add the algorithms codes to your site.

GOOGLE AUTHORSHIP DIRECTLY FROM GOOGLE

Link to your Google+ profile using rel=”author”

The easiest and most reliable way to enable authorship information in Google search results is to provide a verified email address on the same domain as your content. If you don’t have an email address on the same domain, however, you can associate your content with your Google+ profile by following the steps beow:

Linking your content to your Google profile is a two-step process. First, you add a link from your website or page to your Google profile. Second, you update your Google profile by adding a link back to your site.

1. Link your content to your Google profile

Create a link to your Google profile from your webpage, like this:

<a href=”[profile_url]?rel=author”>Google</a>

Replace [profile_url] with the your Google Profile URL, like this:

<a href=”https://plus.google.com/109412257237874861202?    rel=author”>Google</a>

Your link must contain the ?rel=author parameter. If it’s missing, Google won’t be able to associate your content with your Google profile.

2. Link to your content from your profile

The second step of the verification process is to add a reciprocal link back from your profile to the site(s) you just updated.

To add links to your Google profile:

1. Sign in to your Google profile.
2. Click Edit profile.
3. Click the Contributor To section on the right (depending on how many photos you have, you may need to scroll to see this section), and then click Add custom link.
4. If you want, change the visibility of your link, and then click Save.

To check your markup and see what author data Google can extract from your page, use the structured data testing tool. The tool only looks at a single page, so for now, you’ll need to check author pages and content pages separately to see if they are linking to each other correctly.  Verify your Authorship on Google

If you don’t want your authorship information to appear in search results, edit your profile (using http://plus.google.com/me/about/edit), and make sure the Profile discovery option Help others discover my profile in search results is unchecked.

And I found a YouTube online for those of you that like to learn visually.  To save you time, please forward the video to timeline 7:01.  The beginning shows you the power of Google Authorship.

Karen Jones Introduces Realtor- Vivien Biggs

Karen Jones introduces Vivien Biggs, REALTOR at Prudential in Scottsdale.

Vivien Biggs, 602-615-9137 is showcasing this beautiful 3 Bedroom Home for Sale in Fountain Hills with a Play Pool.
Contact Vivien Biggs today for your private showing.

Karen Jones, Licensed Sr. Loan Officer is happy to introduce to Activerain members, Vivien Biggs, Realtor from Prudential.

14607 N KINGS Way Fountain Hills, AZ 85268 Single Family – Detached, Territorial/Santa Fe – F

Price : $249,999.00 Bedrooms : 3 Bathrooms : 2.00 Square Foot : 1,267 Lot Size : 4,800 sq.ft. County : Maricopa Property Type : Single Family Year Built : 1986 MLS Number : 5023974 Click for more information and pictures Property Description This is a beautiful 3 Bedroom Home for Sale in Fountain Hills with a Play Pool with updates throughout the home. (1 bedroom could be a Den).  This 3 Bedroom Home for Sale in Fountain Hills with a Play Pool offers 2 Baths, and Porcelain Tile throughout with Pergo Wood flooring in Bedrooms! Kitchen and Master Bath of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool has Updated cabinets with soft close drawers! Granite Counter Tops in Kitchen with Island sparkle in this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool! Newer Appliances! Wood Shutters on most windows of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool.  Stacked Rock Wood burning Fireplace in Great room is featured in this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool! Ceiling Fans accent most rooms of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool.   Includes Newer Washer & Dryer! The sparkling Play Pool of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool backs to wash for privacy with no homes behind. Low maintenance front & back landscape.  Do not overlook this gem in the desert. To learn more about the financing of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool gem in the desert, contact Karen Jones, Licensed Sr. Loan Officer and she will guide you to success.  Karen Jones can be reached at 480-339-1577. Features List • 3 Bedroom Home • Convert to a Den • 2 Bathrooms • Porcelain Tile • Pergo Wood Flooring • Updated Cabinets • Granite Counter Tops • Fireplace • Great Room • Not a Short Sale • Not a Foreclosure • Not a REO

Equal Housing Opportunity.

This is a beautiful 3 Bedroom Home for Sale in Fountain Hills with a Play Pool with updates throughout the home. (1 bedroom could be a Den). This 3 Bedroom Home for Sale in Fountain Hills with a Play Pool offers 2 Baths, and Porcelain Tile throughout with Pergo Wood flooring in Bedrooms! Kitchen and Master Bath of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool has Updated cabinets with soft close drawers! Granite Counter Tops in Kitchen with Island sparkle in this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool! Newer Appliances! Wood Shutters on most windows of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool. Stacked Rock Wood burning Fireplace in Great room is featured in this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool! Ceiling Fans accent most rooms of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool. Includes Newer Washer & Dryer! The sparkling Play Pool of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool backs to wash for privacy with no homes behind. Low maintenance front & back landscape. Do not overlook this gem in the desert. To learn more about the financing of this 3 Bedroom Home for Sale in Fountain Hills with a Play Pool gem in the desert, contact Karen Jones, Licensed Sr. Loan Officer and she will guide you to success. Karen Jones can be reached at 480-339-1577.

Brand Blogging

Brand Blogging…..

…I wanted to share this video that I created to provide some education on Brand Blogging for:

• Area of Expertise
• Pay if Forward
• Community
• Have fun with your Brand Blogging and please remember, I’m here to help!

 

 

2011 FHA Loan Limits for Phoenix, Scottsdale, Chandler, Mesa, Arizona

2011 FHA Loan Limits Announced.
Learn More About the FHA Mortgage.

FHA has announced 2011 FHA Loan Limits. Check out the FHA website (listed below) for the new 2011 Loan Limits, which starts 1-1-2011.
Please visit the FHA website. https://entp.hud.gov/idapp/html/hicostlook.cfm

How Can FHA help you buy your home….Learn More About the FHA Mortgage.

FHA is a great loan program to assist you with the purchase of your new home. FHA only requires 3.5% down payment and this down payment can be gifted to you by family. You can even borrow from your 401K loan for your down payment and the 401k loan will not be included in your debt-to-income ratios.

FHA normally allows one FHA Home Loan per borrower, however there are exceptions to the rule. Lenders set their own minimum credit score requirements, and most lenders normally require a credit score of 640 or higher. With that being said, the FHA Mortgage is the most forgiving home loan on the market at this time. If you do have credit challenges on your record, a detailed letter of explanation explaining the circumstances normally will suffice. Do remember that having your credit score at 640 or higher most likely will be required. Additionally, most of the time, any outstanding collections do not have to be paid, up to $5000.

As of this writing, most sellers are very open to paying for a portion of the buyers closing costs. The average seller paid closing cost is usually 3% of the purchase price of the home. Your realtor will be able to guide you in the negotiation process of having the seller pay for your closing costs. When interviewing your realtor, be sure to bring this subject up, as you want to work with someone that has a strong history of success in this negation area.

Obtaining a pre-approval for your FHA Mortgage purchase is an extremely smart move. When you take the process of getting pre approved, then you can shop with confidence, knowing you have a home loan and now you just need to find your home.

Now that you have learned more about the FHA Mortgage, if you would like assistance in preparing for this exciting event, I invite you to contact Karen Jones from Amerifirst Financial. With over 30 years in the banking industry, Karen will be sure to educate you and prepare you for one of the largest purchases you will make.
Much success in your home ownership goals!

Home Loans by Karen Jones
Offers FHA, VA, Conventional, Jumbo loans.
Looking forward to serving you!

Karen Jones 480.339.1577

KJones@Amerifirst.us

Financing Available:

•VA Mortgage in Arizona
•FHA Mortgage in Arizona
•Conventional Loans in Arizona
•Jumbo Loans in Arizona
•First Time Home Buyer Loans available in Arizona
•Down Payment Assistance Information available in Arizona
•Move Up Buyers looking to advance their real estate holdings
•Vacation Homes for the up and comers
•2nd Home Loans with pricing as good as Primary Loans
•Investment Property Financing with 25% down
•Ficos as low as 640 for First Time Home Buyers

Karen Jones
Licensed Senior Loan Officer AZ #LO-0914383 NMLS # 307015
Amerifirst Financial, Inc. AZBK0013635
480.289.7600 15111 N. Pima Rd. Suite #110
Scottsdale, AZ 85260

Equal Housing Lender