Rescuing the American Dream- Last Training Class This Year, Investment Properies go to 20% down, Reference Guide for Loans Now Available, Early Votin

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 1:00-2:30 PM (snacks will be served). 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. Just a reminder that Investment Property financing goes to 20% down through Fannie/Freddie as of 11/01/08 as the PMI companies have discontinued the issuance of Private Mortgage Insurance on those loans. In light of that, I have given you below the types of financing currently available and "Things to Remember" about each one. You may want to print this out and keep it for future reference. Check out our blog for a great article from the Barron’s Report- Are We There Yet? which talks about have we reached bottom and ready to go up in our market. lindadavidsonmortgage.blogspot.com Also just a reminder that we post all our weekly emails here in the event that you miss one. You will find below the Financing that is available in the mainstream market (as of today :). You may want to print this out for future reference. When we can be of assistance to you and your buyers on these, please don’t hesitate to contact us. Owner Occupied-Also known as Primary Residence-Eligible for homestead exemption-This is the home where the borrower lives-Co-borrower can be non owner occupant on FHA but program restrictions apply. -Financing Available is FHA, VA, USDA, Conventional (Freddie and Fannie). Note that there are still some "niche" type loans available, but very limited and costly. -Zero Down Loans- VA, USDA and limited "Special Programs" for Conventional. -Three Percent Down Loans- FHA and Conventional (Freddie and Fannie) Seller Contribution Allowed for Owner Occupied: FHA- 6% provided that buyer has in 3% contribution (see our 22 ways that buyers can obtain their funds to close). VA- All reasonable and customary charges. USDA- All reasonable and customary charges. Can also be rolled into the note without increasing the sales price provided the appraised value supports the new loan amount. Conventional (Freddie/Fannie)- 3% if buyer puts down 3.00-9.99 down; 6% if buyer puts down 10% or more; 9% if buyer puts down 20% or more. Non Owner Occupied-Borrower does not live in this home-Property can be rented-also known as investment property-Is not eligible for the homestead exemption-Must do a Conventional loan with at least 20 down*-Must have strong cash reserves remaining after loan closes-Must count full payment and cannot offset with a new lease (exceptions apply)-Rate is higher than owner occupied-Seller contribution is maximum of 2% of sales price *Cut off for obtaining PMI on Investment Property is 11/01/08. Second liens are almost impossible to obtain.Second Home-Typically in a vacation area-Property cannot be rented-Can be purchased if borrower stays in the home on a part time basis -Rate and downpayment may be higher than the Primary home-Not eligible for the homestead exemption -Conventional (Freddie/Fannie) loan only -Seller contribution- 3% if buyer puts down 5.00-9.99 down; 6% if buyer puts down 10% or more; 9% if buyer puts down 20% or more. 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! Let's all get out there and vote!!! Early voting starts Monday, October 20, 2008 thru Friday, October 31, 2008for the November 4, 2008 election. Listed below are links to Dallas,Collin, Rockwall, Tarrant & Denton county early voting location sites.Dallas County Early Voting Locationshttp://www.dalcoelections.org/nov42008/EVLocations.htmCollin County Early Voting Locationshttp://www.co.collin.tx.us/elections/election_information/2008/110408/EV110408.htmlRockwall County Early Voting Locationshttp://www.rockwallcountytexas.com/elecadm/2008/nov4th/GENERAL-Early%20Voting%20Locations-November%20%204%202008-FATE.pdfTarrant County Early Voting Locationshttp://www.tarrantcounty.com/evote/lib/evote/2008/11042008/ev/SCHD_Nov08.pdfDenton County Early Voting Locationshttp://elections.dentoncounty.com/go.asp?Dept=82&Link=1013 Have a blessed weekend. We are here for you and your clients…. 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!!