What you should do before negotiating your pay for your new job that requires relocation.

Michael & Ceili Yablonsky — Fri, 15 Apr 2011 02:21:00 GMT

Congratulations on your first successful interview for your new position. You are now in the running for the position and you are discussing your compensation package with your new potential employer. Before you finalize your new salary and benefits you need to have a discussion with a loan originator if you plan on purchasing a new home in the area you will be moving to.

Many home buyers believe that they can do this after they sign on with their new company. This assumption can lead to a hasty rental if your homework has not been done.

We have had buyers recently who have contacted us after receiving their new position with moving compensation, salary and time frame set to move only to learn they do not qualify for a purchase or the moving expenses coverage is not enough.

Today's Buyers are faced with the change in lending criteria from mortgage companies and having a committed start date must settle for their living arraignments. Most employers will not renegotiate moving expenses or salary once you have an established agreement.

If you are moving to the Grand Rapids - West Michigan Area contact us and we will guide you during this process so your first day at your new position is done with you living in the home you want.

When can you qualify for an FHA loan if you have had a short sale on your previous home?

Michael & Ceili Yablonsky — Wed, 20 Jan 2010 04:05:00 GMT

When can you qualify for an FHA loan if you have had a short sale on your previous home?

Here's what David H Stevens (United States Dept. of HUD) states in a recent letter to REALTORS:

Q: What guidance was recently published by FHA about short sales? What changes will you be making and when will they be introduced?

FHA issued new guidance to help responsible borrowers who did not fully payoff their mortgage due to extenuating circumstances gain access to FHA financing. On Dec. 16, we released a Mortgagee Letter (09-52) to lenders and underwriters regarding borrower eligibility for a new FHA mortgage after pursuing a short sale (when a previously owned property is sold for less than what is owed) or a short payoff, when there is a principal write down of indebtedness that cannot be refinanced into a new mortgage.

In the letter, which took effect immediately, we stated that borrowers are considered eligible for a new FHA-insured mortgage if: 1) they were current on their previous mortgage and other debts at the time of the short sale and 2) if the proceeds from the short sale serve as payment in full.

We also stated that borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement to take advantage of declining market conditions, or to purchase another property at a reduced price. Additionally, borrowers who execute a short sale while in default on their mortgage are not eligible for a FHA-insured mortgage for three years from the date of the sale. Lenders, however, can make exceptions if the default was due to circumstances beyond the borrower's control, such as the death of the primary wage earner.

If you would like a PDF version of the Mortgagee Letter (09-52) please let us know and we will email the complete 6 page document to you for your files.

Talk to you soon,

Mike and Ceili Yablonsky

Michael and Ceili Yablonsky of RE/MAX SunQuest

What you should do before negotiating your pay for your new job that requires relocation.

When can you qualify for an FHA loan if you have had a short sale on your previous home?