All posts by Doug Haldeman

How Much Down Payment Do I Need?

Down Payment

The standard down payment has always been to put 20% down, and while this is not a bad idea, it is not always the best idea. Saving for a down payment is arguably the hardest part of buying a home. But, what if you have the money saved? How much of that should you actually put down?

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The Medicare Man: Hospital Visits

Ryan Raphael: The Medicare Man

Ryan Raphael a.k.a. The Medicare Man  is here to discuss hospital visits and how they affect you when you are on Medicare. As we get older it becomes more likely we will visit the hospital. Here are a few things you should know before you go.

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Being Smart With Your Money as a College Graduate: 10 Tips

Being Smart With Your Money as a College Graduate: 10 Tips

college graduate

It’s the time of year where many people will graduating college and going into the “real” world. The party is winding down and reality will be setting in. College is not the easiest place to learn about finances. You’re taking on debt while not bringing in much, if any, income; all with the hope of a return in the future. I wanted to outline 10 tips for new college graduate stepping out on their own.

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Property Investment Partnership

house invest scaleMessage to Investors 

We are always looking to work with like-minded people who are looking to network and grow long term wealth. We specialize in all types of transactions and would be more than happy to work with you in regards to accomplishing your investment needs.

For instance, if you like the idea of being a property investor but are not sure where that fits into your current schedule we have developed a great team of people to help achieve your goals.

Investor Requirements:

-Equity to stay in the property for a minimum of 7 years

-Return from loan payoff and increased value in the property rather than return on equity

-Personally guarantee loan along with other partners

-Investors will be passively involved in the management of the property

-Initial equity to equal 20-25% of the property purchase price

If you would like to give us a better understanding of what you may be looking to accomplish in your investment goals please fill out our risk-free contact form located below or feel free to call our team.  We can be reached directly at (314-472-3684).  We look forward to hearing from you and creating a positive, prosperous, working relationship with you.

Sincerely,
Doug Haldeman

314-472-3684

John Muller

314-568-5296

 

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Buying Existing Home vs New Construction

existing home vs constructionBuying a House

Buying a pre-existing home is an attractive option for many people because — in most cases — you can move into the home soon after closing.

Benefits of Buying a House

Some additional benefits of buying a home that already exists include:

  • Upgrade costs can be delayed: Making upgrades on the home as you live there can help cut down on up-front costs.
  • Ability to move quickly: In most cases, the buyer can move in immediately after closing. There is no wait time or temporary housing to worry about.
  • You know the neighborhood: You already know your neighborhood and you don’t have to worry what type of home the person next to you might build.
  • Easy to visualize: You can see the floor plan and the layout of a pre-existing home. When you build a home, it can be difficult to visualize the layout and ensure you’ll like the final product.

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The Waiting Period After Foreclosure, Bankruptcy, or Short Sale

waiting period chartIf you have lost your home through a foreclosure, short sale or bankruptcy and want to get another mortgage loan, you may be wondering how long you’ll have to wait. Your credit will take a hit after all of these situations, although possibly not as much as you think or for as long as you may think. Nevertheless, it will likely prevent you from getting another mortgage right away. The amount of time you must wait before applying for a new mortgage loan depends on the type of lender and your financial circumstances.

2017 FHA GUIDELINES

  • Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.  You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
  • Foreclosure – You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date.
  • Short Sale / Deed in Lieu – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now.
  • Credit must be re-established no late payments in past 12-24 months, depending on hardship

Application Date must be after the above waiting period to be eligible for FHA financing after hardship.

2017 VA GUIDELINES

  • Bankruptcy Ch 7 – You may apply for a VA guaranteed loan TWO (2) years after a chapter 7 Bankruptcy
  • Bankruptcy Ch 13 – If you have finished making all payments satisfactorily, the lender may conclude that you have reestablished satisfactory credit.
    • If you have satisfactorily made at least 12 months worth of the payments and the Trustee or the Bankruptcy Judge approves of the new credit, the lender may give favorable consideration.
  • Foreclosure – You may apply for a VA guaranteed loan TWO (2) years after a foreclosure
  • Short Sale / Deed in Lieu – You may apply for a VA guaranteed loan TWO (2) years after a short sale, unless it was a VA loan then restrictions apply
  • Credit must be re-established with a minimum 620 credit score

Application Date must be after the above waiting period to be eligible for VA financing after hardship.

2017 USDA GUIDELINES

  • Bankruptcy – You may apply for a USDA rural loan THREE (3) years after the discharge of a Chapter 7 or 13 Bankruptcy –
  • Foreclosure – You may apply for a USDA rural loan THREE (3) years after a Foreclosure –
  • Short Sale / Deed in Lieu of Foreclosure – If you had big issues the deed in lieu of foreclosure will be viewed as a foreclosure and you would want to wait no less than 3 years if the score is under 640.  Over 640 your UW will make the call but typically not less than one year.
  • UPDATED 12/2014 – Mortgage debt included in Bankruptcy will go by BK discharge date, and subsequent foreclosure, short sale, or deed in lieu of foreclosure will not count as an additional waiting period, as long as you are off title for any defaulted mortgages.
  • Link to 12/1/2014 USDA Guideline – HB-1-3555  Attachment 10-B  See Page 4 of 6

Date of Credit Approval must be after the above waiting period to be eligible for USDA financing after hardship.

2017 CONVENTIONAL (FANNIE MAE) GUIDELINES

  • Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, TWO (2) years from the discharge of a Chapter 13
  • Foreclosure – You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure.  Additional qualifying requirements may apply,
  • Short Sale / Deed in Lieu of Foreclosure –
    • UPDATED – Effective 7/29/2014:  Waiting period for subsequent foreclosure that was included in Bankruptcy is waived.  If mortgage is included in Bankruptcy, waiting period defaults to FOUR (4) from the discharge date.
    • UPDATED – Effective 8/16/2014:  Short Sale or Deed in Lieu of Foreclosure not included in a Bankruptcy has a new Waiting Period of FOUR (4) years from date your name is removed from title.  This replaces the ability to buy in 24 months with 20% down payment and minimum 680 credit score.
    • SEVEN (7) Years above 90% Loan to Value | with less than 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

Credit must be re-established with a minimum 620 credit score.

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Fannie Mae has reduced waiting periods in cases of extenuating circumstances – The death of a primary wage earner seems to be the only one I have been able to identify up to this point.

Date of Credit Report must be after the above waiting period to be eligible for Conventional financing after hardship.

2017 JUMBO MORTGAGE GUIDELINES

  • Bankruptcy – You may apply for a Jumbo mortgage loan once any chapter of bankruptcy has been discharged for FOUR (4) years, FIVE (5) years if multiple bankruptcy occurs on credit profile.
  • Foreclosure – You may apply for a Jumbo mortgage loan SEVEN (7) years after the sale date of your foreclosure.  Additional qualifying requirements may apply,
  • Short Sale / Deed in Lieu of Foreclosure – You may apply for a Jumbo mortgage loan:
    • SEVEN (7) Years from Short Sale or Deed in Lieu of Foreclosure with Maximum 80% Loan to Value
    • NOTE: There are investors out there that will allow you to buy again in FOUR (4) years after a short sale, but expect higher rates, higher fees, and possibly larger down payment requirement.  Jumbo lenders have not yet loosened up the qualifying guidelines for buying after a hardship.
    • It may make financial sense to consider a portfolio Jumbo lender that offer high rates, so that you can take advantage of today’s market.  Once your short sale is seasoned, refinance into a more favorable, longer term loan.

NOTE:  If hardship is the result of an extenuating circumstance, waiting periods may be reduced.  Contact lender for details.

PREPARING TO BUY AGAIN

You should begin looking at your credit at least six (6) months before you are ready to buy again.

Quite often there are things left over on your credit report that can delay your ability to qualify.

With a little head start and good advice, you can get your credit in line, qualify for financing and buy again in the lowest priced real estate market that California has seen in years and years!

We specialize in these situations so feel free to drop me an email, call or leave a question below.

The Waiting Period Chart

Doug Show Card

Be On A Budget And Still Go Out With Your Friends

20sYou and your friends may have shared a similar economic situation when you were kids or while you were in college, but now that you are adults, your incomes might diverge widely.  Differences in spending habits can destroy a friendship when they result in wildly different lifestyles or feelings of resentment, but if you approach the money situation with care and you have good friends, you can avoid blowing your paychecks on fancy dinners out or expensive clothes.

  1. Don’t Assume You Can Afford It Too

Just because all your friends recently purchased new luxury cars doesn’t mean you should follow suit. If you’ve always been on similar spending levels in the past, your inclination might be to think that nothing has changed. However, your friend might be earning a bigger paycheck, or be willing to make sacrifices in areas that you aren’t, like living in an inexpensive apartment or giving up vacations, in order to afford his or her new wheels. Of course, for all you know, your friend can’t afford it, either. Most people don’t volunteer information about how much they make. Stick to purchasing decisions you know you can comfortably afford, regardless of what the other people in your life are doing.

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St. Louis Transplants: Anthony Bartlett

St. Louis Transplants

 

 

 

 

 

 

 

For outsiders, St. Louis is often referred to as the friendliest city where they have no friends. St. Louis is a tight-knit community that can be difficult for newcomers to break into. That’s why Anthony Bartlett founded St. Louis Transplants in 2010. The business is designed to help companies acquire and retain talent in the area. But, really it is a vehicle for new people to get a feel for the city that they may call home.

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Cashing Your 401k Early: What You Need to Know

Cashing Out Your 401k

If you’ve ever thought about cashing out your 401k, whether it is for down payment on a house or some other expense, there are a few things to consider. When it comes to your 401(k), different rules apply at different ages. Here’s an overview of what you can do at 55, 59 1/2, and 70 1/2.

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Make Your Kid A Money Genius

How to Make Your Kid a Money Genius

money genius

 

Did you know that parents are the number-one influencer on their kids’ financial behavior? If you’re reading this and are a bit worried because you’re not the greatest with your money—or you’re not exactly sure how to approach the subject of teaching kids about money—don’t panic! There are many ways to make your kid a money genius, even if you’re not. That’s exactly what journalist and commentator Beth Kobliner’s latest book, Make Your Kid a Money Genius (Even If You’re Not), is all about.

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