$10,000 First Time Home Buyer Monies Now Available in Dallas, Rescuing the American Dream Training, Halloween Fun+ Flu Shots, Market Report for the W

So this week was a little bit quieter (or is it that we are getting too use to the volatility?). Rates came down between .125-.25 so that helped a little bit. For more market news, see below. We are still hearing from buyers that still believe that they need perfect credit and 20% down to purchase, so keep getting the word out that there is still $0 down and 3% down loans with out perfect credit (if you need our marketing material for this let me know and we will be glad to forward it to you). This Friday, we are rolling out a Conventional loan that is No Down AND The Buyer can roll into the loan 3% for closing cost AND the seller can pay 3% additional for closing cost AND possibly NO monthly PMI (depending on credit score and sales price). Stay tune for the details on this loan. We are only one of three companies in the area asked to roll out this Conventional loan because of our expertise in the market and I am excited about offering this to your clients. Be sure to read the Friday market updates for more details! And speaking of monies to close, The City of Dallas have just released their funds up to $10,000(!) towards buyer’s down payment, closing costs and prepaids. See Below for information. Reminder also that The City of Garland also has funds for First Time Home Buyers…. If you need any information on that give us a call at 972-278-3400. Food for thought- Did you know that this week is Food Bank Week (so don’t forget your local charity) and National Businesswomen Week. So to all my fellow businesswomen who keep excellence at work and at home and are superwomen (are at least expected to be :))….. I salute you! Reminder that we post all our past emails and updates on our blog at lindadavidsonmortgage.blogspot.com for your convenience. Also check out our blog this week which includes a Ken Harvey articles titled: Surrounded by Ruins, Mortgage Market Remains Intact. This article is a great perspective of the Market Industry right now and a good one to share with your clients. The City of Dallas have released funds to assist First Time Home Buyers in purchasing a home! $10,000 maximum subsidy for qualified first time homebuyers House must be located in the City of Dallas Cannot earn over 80% of Dallas median family income based on family size (see below) Homeowner education required Must not have owned a home in 3 years (unless it was a mobile home) All existing homes must pass an inspection by an approved MAP inspector All repairs must be completed and inspected prior to MAP approval MAP will reimburse seller up to 1500.00 for MAP required repairs 8 year recapture provision (the second lien is forgiven at a rate of 1/8 per year) 1 2 3 4 5 6+ 37240 42560 47880 53200 57456 61712 Family Size Household Income Reminder: Halloween Breakfast and Flu Shots- It is fitting that we will hold our annual flu shot clinic here at the office (3200 Broadway Blvd in Garland) on Halloween morning- I think that they are pretty scary- don’t you :) although I do get one every year myself. We will have a nurse at our office from 8-9 AM for flu shots on October 31 if you would like one. I do need an RSVP for the flu shots by 10/29 so that the nurse knows how many shots to bring. The cost is $25 per person. So, to make it fun (and we are always looking for a reason to throw a party), we will be serving breakfast at the same time (Friday morning, October 31 from 8:00-9:00 AM). We will have scrambled "brains" :) (eggs) with tortillas with all the trimmings and homemade pico made by Chef David (my husband) who most of you know is an excellent cook. So whether or not you are getting a shot, come on by for food, fun and prizes. We look forward to seeing you here! Training Class in November- "Rescuing the American Dream" Due to a lot of calls, we are going to teach one last class in November which is "Rescuing the American Dream". This will be a 90 minute class with quick overviews of what type of financing can be done now, how to market the changes to your clients, as well as a quick overview of short sales and foreclosures and the new housing bill HR 3221. It will be fast, fun and will equip you with knowledge that you can use to market this knowledge to your clients. The class will be held in my office (3200 Broadway Blvd, Suite 120, Garland) on Tuesday, November 4 from 1 PM- 2:30 PM. This will be be the last class of the year that we will hold here at the office. Note, however, that I am available for classes in individual offices/ meetings. To RSVP for the 11/4 class, simply call 972-278-3400 or email us at ldavidson@servicefirstmtg.com. Market Report Last Week in Review "I'm always making a comeback but nobody ever tells me where I've been." Billie Holiday. Making a comeback was exactly what Bonds and home loan rates attempted last week, after approaching some of their worst levels this year. While the Bond market was closed last Monday in Observance of Columbus Day, the early part of the week wasn't short of market-impacting news. On Tuesday, the Bush Administration, including Treasury Secretary Henry Paulson, Federal Chairman Ben Bernanke, and FDIC Chairman Sheila Bair announced a plan to use $250 billion of the $700 billion financial rescue bill recently passed by Congress to buy directly into American banks. The government will begin by buying stock in nine of the largest banks including Bank of America, JPMorgan Chase, and Citigroup. Why did the government do this? Because the financial crisis is due to over-leverage...that means the ratio of outstanding loans to capital is too high. If left unchecked, this can lead to the failure of institutions. And it has already taken a great toll. The only way to repair this is by reducing the leverage ratio, or "de-leveraging". That means sell off loans or increase capital. The Fed's plan helps this on both sides as they can be a buyer of some loans as well as an investor in some banks. Another result of the current financial crisis is that economic reports are taking a back seat to market dynamics in ways that have never been seen before. In the past, fund managers or institutional traders would typically contemplate which direction would best favor the market, and position their portfolio in Stocks if the outlook was favorable, or Bonds if the outlook was cloudy. So we have come to expect Bond prices to move in the opposite direction from Stock prices much of the time, as money flows out of one and into the other. But the pressure to "de-leverage" has all but removed the thought process, and forced selling of all types of securities to raise capital. And while this situation should stabilize and return to normal (which we saw some evidence of on Friday as Stocks and Bonds alternated going up and down), it is one I will continue to monitor as the weeks and months progress. And after all the ups and downs of the week, Bonds and home loan rates did manage a comeback, ending the week a bit better than where they began. HAVING A MEDICARE CLAIM DENIED IN WHOLE OR IN PART DOESN'T MEAN YOU CAN'T COMEBACK AND ACHIEVE A DIFFERENT OUTCOME! CHECK OUT THIS WEEK'S MARKET VIEW FOR SOME GREAT SUGGESTIONS FOR APPEALING A DENIAL. Forecast for the Week Fighting Medicare Claim Denials When an insurance company denies a claim in whole or in part, it is possible to appeal their decision. The same is true with Medicare claims...and in fact more than half of Medicare appeals are successful. If you, a family member, or a friend have had a Medicare claim denied, the following information can help you successfully appeal the decision: Time Frame: If your Medicare claim is denied for less than the full amount, you can ask for a "redetermination" but you must do so within 120 days. Download the Medicare Redetermination Request form at http://www.cms.hhs.gov/cmsforms/downloads/cms20027.pdf, or call 800-633-4227 to receive a copy. Common Denials: The denial you received will include an explanation, which you will need to contest in your appeal. Ask your doctor to write a letter addressing the reasons in the denial and include this letter with your appeals form. Common denials include: The treatment, prescription, or medical service is unlikely to cause your health condition to improve: Fight this by having your doctor write a letter explaining why the care is necessary. Medicare is required to look at your total condition, not just your chance for a full or partial recovery. You are likely to require care for a very long time: Medicare coverage is not limited to treatments that work quickly, so ask your doctor to write a letter explaining that the treatment is making some positive difference or is expected to. The prescription dosage level is greater than what is normally prescribed, or the drug prescribed is not normally prescribed for your health problem: Have your doctor write a letter explaining why the unusual drug or dosage is medically necessary. For instance, you may be allergic to the medicine normally prescribed. You do not qualify for Medicare-covered home care because you are not homebound: Under Medicare rules, homebound does not mean that you are completely unable to leave your home or that you are confined to a bed. It does mean that you require assistance and that it takes considerable effort for you to leave your home. Ask your doctor to write a letter describing in detail how difficult it is for you to leave your home. Be Persistent: If your first appeal is denied, you can file as many as four more appeals. And the more appeals you file, the greater your odds of success. While your first appeal is made to the same group that denied your initial claim, subsequent appeals are made to independent arbiters. For more information, visit www.medicareadvocacy.org. The Week's Economic Indicator Calendar Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise. Economic Calendar for the Week of October 20 – October 24 Date ET Economic Report For Estimate Actual Prior Impact Mon. October 20 10:00 Index of Leading Econ Ind (LEI) Sept -0.3% -0.5% Low Wed. October 22 10:30 Crude Inventories 10/18 NA 5611K Moderate Thu. October 23 08:30 Jobless Claims (Initial) 10/18 NA 461K Moderate Fri. October 24 10:00 Existing Home Sales Sept 4.93M 4.91M Moderate Have a blessed week. When we can be of assistance to you and your buyers, simply call us at 972-278-3400. Linda Linda Davidson, Senior Loan Officer, DE Underwriter Service First Mortgage 972-278-3400 office 972-497-6452 fax 1-866-963-3777 Toll Free www.davidsongroup.net Check out our blog: http://lindadavidsonmortgage.blogspot.com The Davidson Mortgage Group Ranking 6th Nationally in FHA/VA Purchase Units Closed! Ranking 33rd Team in the Nation in Total Purchase Units Closed! Ranking #69th Team in the Industry for Total Units! Voted #1 Area Mortgage Team For The Past 10 Years We ARE The Mortgage Experts! Your Lender for Purchase, Refinances, Reverse Mortgages and Commercial Lending!!