Appleton Wisconsin Mortgage & Real Estate Resources: March 2009

I could not have said it better myself - Here is some important information to digest -

Also, please check this information on 100% financing - credit scoring and refinances - and credit restoration

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

When A Window Closes . . . A Door Opens - Income Limit Increase Pave A Way For Wisconsin Home Buyers.

On Monday, the Wisconsin USDA office in Stephens Piont announced an income structure change that will pave a road to home-ownership for thousands of home buyers. Prior to the change, income limitations were broken into eight (8) tiers. Each tier representing a household income limitation based upon the number of people residing in the home. The new structure will provide much more versatility by going to a two (2) tier banding structure.

What does this mean to you?  Here is an example. This will vary from state to state and county to county within each state.

Previously, in Brown County, Wisconsin, the income limits for a one-person household was $52,000 to qualify for a loan.  The income limits for a household of four members was $74,300.  Under the new structure, that same one-person household could have an annual salary that falls between the one- to four-person income band, allowing for more applicants to qualify.

Important point- There are pockets of qualified areas within each state that abut major metro areas. For example here in Wisconsin in Waukesha County, the following communities fall within the qualified areas: Dousman, Wells, Delafield, Hartland, Sussex, North Prairie, Big Bend and Franklin to name a few.

Dane, Pierce and St. Croix Counties limits increased to $88,400 for tier 1.
NOTE: The limit figures are from the previous structure and new figures are not currently available.  More will be announced as soon as the change is officially enacted.

I encourage you call  my office TODAY to get pre-approved for this great home loan program. 920-858-1203 - I guarantee you will be glad you did. This is a great loan program and is not limited to first-time home buyers. Together with the first-time home buyer tax credit, this program is a winner.

Here are some IMPORTANT highlights of the program: 

• NO Down Payment
• NO Monthly Mortgage Insurance
• NO Cash Reserves Required
• Competitive 30 year fixed rates - no penalties - no funny stuff
  
  
• Prior Bankruptcy, Short Sale, Foreclosure OK with 620+ Credit Score  -
  
  
• NO Maximum loan amount or purchase price - Loan amount are only limited to the applicants repayment ability and appraised value!
• Used for Purchase of Existing Home, New Construction and New Manufactured Homes.
• NO Limitation on source of closing costs -100% gifted closing cost or down payment assistance PERMITED - Soft 2^nd Mortgages are allow for closing costs, even if the total debt exceeds the appraised value.
• Finance up to 102% of Appraised Value for closing costs and loan fees -
• Seller Concessions Allowed

If I were you, I would be jumping off that fence! Oh look . . . I am here ready jump with you and assist in getting you qualified and on your way to the closing table.

Let's Go! If I can be of help to anyone wanting more information on this great program for home buyers, please feel free to shoot me an email.

Consultations and Pre-Qualification are always NO CHARGE - If you need help improving your credit, I am your gal.  

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

Back in 2003 you saved tons of money when you refinanced your mortgage at 5.5%. Your current balance is $159,000 and you are geared up to take advantage of the historically low interest rates by refinancing again - You know you are set because you have good credit and 22% equity in your home; Right?

Please keep in mind that this also applies toward people who are looking to purchase a home and  applies to Conventional Conforming home lending.

A call to your Bank and Local Mortgage Broker reveals a truth never mentioned in the media and throws you into shock when you learn that even with your good credit score and equity position, you will have to pay an EXTRA $1,193 in fees to get the best interest rate; The rate you have been sitting on the fence waiting for! Consider yourself lucky, as if your score (while still above average) were 699, the cost would DOUBLE to $2,386 . . . Not to add insult to injury, but the additional fee is over and above closing costs!

WHAT IN THE WORLD IS GOING ON! Well our friends Fannie Mae and Freddie Mac - the enormous quasi-government bodies we have all become to know, have been buying up mortgages from banks and wholesale lenders in mass quantities. I am sure that we are all aware of the HUGH risks and payouts we tax payers have absorbed over the past quarter; But perhaps you have not been brought up to speed on the direct effect consumes will have as the result. Fannie and Freddie have increased their fees DRAMATICALLY!

As the result of the increased fees placed on the Lenders by Fannie and Freddie, the lenders are charging more based upon RISK! The basis for the increased charges are credit scores, equity or loan to value, occupancy and whether or not a borrower is consolidating, purchasing or just refinancing their existing home loan. Furthermore, it is assumed that the better the borrowers credit score (above 720), and the more equity, the least likely they are to let their homes go into foreclosure. A lower score (719 and below) and less equity would suggest the latter.

Here is the bottom line; Unless your credit score is 720+  and have a least 25% equity, expect to pay more for your mortgage; Either in settlement fees, or interest rate. The lower the score, the more one will pay . . . In some cases, up to 3% more, in the event that their credit score falls below 660.

While you cannot do much to improve your equity position (without an outlay of cash), you can improve your credit scores DRASTICALLY within a few short months.

Please feel free to reference:

Is Credit Standing In Your Way Of A Home? Tips From The Experts - And Credit Repair Questions Answered - part 1 -

and

Is Credit Standing In Your Way Of A Home? Getting Negative Items Deleted From A Credit Report - Fact or Fiction? Tips From The Experts - And Credit Repair Questions Answered - part 2  

Your credit score has NEVER been more important. In this day and age, it affects everything; the interest rate we pay on our credit cards, our car insurance, our homeowners insurance, and in some cases our ability to land a new job, a promotion, and when it comes to our beloved military, that long sought after ranking.

Did you know that something as small as a $12.00 medical collection that you were unaware of could cost you 75 - 100 points and THOUSANDS of Dollars. Do you know where you stand?

We have seen these changes coming for months now. As the result, we have associated ourselves with a law firm who are EXPERTS in credit repair.  They are Honest, Integral, and Fair - More importantly, the fees will require a second job!                                                 

Get into the NO-FEE ZONE and look into credit restoration. It will save you literally thousands of dollars and bring your piece of mind.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping.

http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

I am re-blogging this important information - A special Thank You to Larry for providing this information -

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

This is a re-blog from Jason Crouch - You may also be interested in the Top 21 Questions Answered on the $8,000 First Time Home Buyers Credit

For information and a private consultation for first-time home buyers in Wisconsin, please feel free to contact Gwenn Tanvas -

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

When the temperature breaks the freezing mark, Wisconsinites tend to get a little silly. You know it is spring in the Greater Fox Valley and specifically New LondonDublin when mid March rolls around and the city transforms into a Sea of Green!

New London Dublin, Wisconsin is gearing up for the 25th Anniversary of Irish Fest and the largest St. Patty's Day Parade in Wisconsin -

The Festivities begin on March 16th when the Leprechauns change the name of the town to New Dublin for the week, entertain kids, visit the elderly, and appear at various businesses.

For a complete list of the week-long festivities, schedules and formation, please visit the OFFICIAL WebSite of NEW DUBLIN

The official website reports that the Parade has well over 100 entries. Many entries include multiple musicians, entertainers, vehicles, etc. This celebration is ranked #9 in the nation for 2009 by AOL/Digital City.

Week-long festivities include Irish Caroling, a good old fashioned Irish Wake, an Irish Ceili, and ending the week with the Grand Parade and Irish Fest.

 Round up the kids, family and friends and join in on the fun.

Photos are the property of newdublin.com and the Shamrock Club of New Dublin - all rights reserved.

This is posted in support of the great people of New Dublin and my buddy PUP!

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

How much money are you leaving on the table?????Part 2 "Getting Negative Items Deleted From A Credit Report - Fact or Fiction? Tips From The Experts - And Credit Repair Questions Answered" explains specifically WHY negative items are successfully DELETED from a credit file enabling the credit score to jump by leaps and bounds.

The Fifth Amendment of the U.S. Constitution reads, in part, "No person shall be ... deprived of life, liberty, or property without due process of law ..." We often hear that the United States Constitution guarantees that an accused is "..innocent until proved guilty.."

It is evident that the credit industry is drumming to their own beat!

Fact or Fiction????? - If a negative item is successfully deleted from my credit report, it will just come right back on my report.

The credit bureaus have cleverly spread this myth through the news media and government agencies. In truth, the credit bureaus will often temporarily delete a negative listing if they have not heard from the credit grantor for 30 days since an item has been disputed. Should the credit grantor submit verification a week or two later, it will be re-inserted. (This is called a soft delete.) Most of the time the creditor simply fails to respond and the negative item is permanently deleted. If the creditor verifies the item the account may still be deleted later in the process as the challenging process is intensified.

There are items such as bankruptcies, foreclosures, and tax liens that are impossible to remove from the credit report. Not True -

According to the Experts. there is no type of negative listing that has not been removed from a credit report thousands of times.

Before I continue; It is very important to point out that the purpose of this information is not intended to defend those who habitually do not pay their bills.  My intent is to educate and provide solutions to a growing problem that is keeping many good people from getting ahead in life.

Please review other articles in this series:

Will Paying Off Old Debt Increase My Credit Score? part 1

What if it wasn't your fault? What if you had to make the simple choice between eating and making a car payment? What if a job lay-off, medical emergency, or some other personal crises prevented you from making a timely payment? Should you be forced to pay for this for the next 7 to 10 years serving a credit prison sentence? I don't think so! Yes, there needs to be accountability,but not a decade or life sentence!

Think about it; How is a system like this allowed to operate in our democracy? The credit bureaus have placed themselves in the position of both judge and jury in relation to the consumers credit file. Do not forget one very important difference... A judge will give you a chance to defend yourself before ruling. We are supposed to have the opportunity in America to face our accusers before judgment is passed. This is entirely untrue when it comes to your credit records.

The truth is creditors and credit bureaus have been swapping information about behind the backs of comsumers and may I add, without permission, for a long, long time. In effect, it is hearsay and can cause severe economic hardship. Just look around. I see it every day.

The current system does not give one the opportunity to defend themselves before inscribing the credit file with negative and damaging information (even if it is not verified). Their perspective is that you must prove to them that the negative information on your credit report is incorrect, invalid, erroneous, or otherwise non-verifiable before they will remove it. In other words, in the eyes of the credit bureaus... you are guilty until proven innocent.

We are brought up to believe that one is innocent until proven guilty. Why we are not extended the same courtesy by the credit bureaus? Why do they not give us a chance to defend before placing  negative information on a credit report? The simple fact is, consumer rights cost them money.

The sole focus of credit bureau companies is profit.

Your credit file is their product. Did you know that contrary to popular belief, the credit bureaus have no government affiliation, with the exception of spending millions on lobbying efforts. These private corporations sell your personal financial information to anyone that will pay for it...and the recipient generally accepts the information as gospel, and then reciprocate by giving back to the bureaus any information that they may have on you. . . and the cycle continues.

I hope this information has been useful and please look for the next article in this series titled :

"Is Disputing a credit report is easy --- And, Can any consumer can do it themselves? part 3

Please review other articles in this series:

Will Paying Off Old Debt Increase My Credit Score? part 1

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

Credit has become a huge issue over the past year. Week in and week out, I meet with customers who have a compromised credit file and as the result . . . a lower credit score. Guidelines continue to change requiring a higher score in order to get a preferred interest rate. People with 700 credit scores are being looked as a RISK - WHAT! With the opportunities for first-time home-buyers, the historically low interest rates, and abundant inventory of homes on the market, I wanted to begin a series on the importance of credit and provide valuable information on the mis-conceptions about credit and what can be done to restore a credit file.

It is likely that either you or someone you know has found a mistake on their credit report and more than likely assumed that it was an isolated incident and really cannot be that big of a deal! You may be surpised to learn that up to 79% of all credit reports have an errors.

Let's look at some statistics -

• Twenty-nine percent (29%) of credit reports contain serious errors, false delinquencies, or accounts that did not belong to the consumer.
• Forty-one percent (41%) of credit reports contain demographic information that was misspelled, outdated or incorrect.
• Twenty percent (20%) of credit reports were missing major credit, loan, mortgage or other information to demonstrate the credit worthiness of the consumer.
• Twenty-six percent (26%) of credit reports contain accounts that were closed by the consumer but incorrectly listed as open (or) "closed by credit grantor".
• Altogether, over seventy percent and as many as 79% of credit reports contain errors or mistakes.

Many wonder if it's unethical to attempt to remove valid bad credit issues from a credit report.  I say, "Yes, it is," and here's why.

The credit reporting and ranking system has been and continues to be unfair to American consumers. We are forced to participate in something we did not volunteer for and are punished for mistakes whether they are ours or not.  We cannot opt out of this system and no consideration is made for circumstances that are beyond our control.  However, "credit repair" is a term that has gained a negative reputation, and has been connected with credit fraud and credit schemes. As a result, I'm often put in the position of having to defend my efforts to help others repair their credit.

Over the course of the next few weeks, I will reviel Tips, Mis-Conceptions and Information on Credit and How To Restore Your Credit File. 

Here is Credit Repair Myth #1:

When I pay off a past-due account, such as a charge off or a collection account, it will show "paid" and no longer be negative.

It is difficult to fully restore your credit without paying your outstanding debts. However, paying off a debt can actually hurt your credit. Negative items on your credit report are allowed to stay on your credit report for a maximum of seven (7) years, except for bankruptcy that can stay for up to ten (10) years. This 7 or 10 year clock begins ticking at the date of last activity. When paying an outstanding debt, you will change the account status to paid collection, paid charge-off, satisfied judgment, or paid ‘was xxx days late". This is still considered very negative and appears as though you had to be strong-armed by the credit bureau to pay the account. It is almost always prudent to have a professional help so as to not further damage your credit by trying to do the right thing.

Stay Tuned for Part 2 - Getting Negative Items Deleted From A Credit Report - Fact or Fiction?

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net