Lutheran Church Extension Fund, LCEF’s Post

Common Misconceptions about Reverse Loans and HUD Counseling. There are several misconceptions associated with reverse loans and HUD counseling. Let’s address a few of these to ensure a clear understanding. HUD counseling is unnecessary: While HUD counseling is not mandatory, it is highly recommended. The guidance and expertise provided by HUD counselors can help seniors make informed decisions and avoid potential pitfalls. However, if an older homeowner wishes to apply for a reverse loan, they must complete the counseling and receive a HUD Counseling Certificate. https://lnkd.in/eKsGb5D Reverse loans are scams: Reverse loans are legitimate financial products regulated by the Federal Housing Administration (FHA). However, as with any financial decision, it’s important to do due diligence, seek advice from trusted sources, and work with reputable lenders. Reverse loans mean losing ownership of a home: With a reverse loan, the senior retains ownership of their home. The loan is repaid when the senior sells the property, moves out, or passes away. It’s crucial to work with a HUD counselor to fully understand the terms and conditions of the loan. Securing financial freedom through a reverse loan is a significant decision, and HUD counseling plays a vital role in helping older homeowners navigate this complex landscape. By seeking HUD counseling, they gain access to unbiased advice, personalized guidance, and a deeper understanding of the implications of reverse loans Please contact me for a free list of HUD-approved Counselors for California. #financialadvisors #fiduciary #caregivingservices #elderlawattorney

Struggling to save for a home deposit as a single parent – we understand the financial challenges you may face, and we're here to help! 🏡💕 At Loankeeping, we specialise in assisting single parents and can explore low deposit finance such as: 1. Low Deposit Home Loans: These loans require a smaller upfront deposit, typically around 5% of the property's purchase price. We'll help you understand the eligibility criteria and guide you through the application process. 2. Guarantor Loans: If you have family members willing to act as guarantors, you may be able to secure a home loan with little to no deposit. We'll explain how guarantor loans work and help you assess whether this option is suitable for you. 3. First Home Loan Deposit Scheme (FHLDS): As a single parent and first home buyer, you may be eligible for the FHLDS, which allows you to purchase a home with a deposit as low as 5% without the need for Lenders Mortgage Insurance (LMI). We'll help you navigate the scheme's requirements and secure a participating lender. 4. Family Home Guarantee: This newly introduced government scheme specifically assists single parents with dependent children to purchase a home with a deposit as low as 2%, without the need for LMI. We'll guide you through the eligibility criteria and application process to take advantage of this valuable opportunity. Don't let financial barriers stand in the way of your dream home. Get in touch – I would love to help – or click the link in our bio to book an obligation free chat! #loankeepingtips #singleparentgrant #buyingahouse #perthfinance #perthhomebuyer #HomeownershipGoals #SingleParentSolutions #LoankeepingAssistance

Struggling to save for a home deposit as a single parent – we understand the financial challenges you may face, and we're here to help! 🏡💕 At Loankeeping, we specialise in assisting single parents and can explore low deposit finance such as: 1. Low Deposit Home Loans: These loans require a smaller upfront deposit, typically around 5% of the property's purchase price. We'll help you understand the eligibility criteria and guide you through the application process. 2. Guarantor Loans: If you have family members willing to act as guarantors, you may be able to secure a home loan with little to no deposit. We'll explain how guarantor loans work and help you assess whether this option is suitable for you. 3. First Home Loan Deposit Scheme (FHLDS): As a single parent and first home buyer, you may be eligible for the FHLDS, which allows you to purchase a home with a deposit as low as 5% without the need for Lenders Mortgage Insurance (LMI). We'll help you navigate the scheme's requirements and secure a participating lender. 4. Family Home Guarantee: This newly introduced government scheme specifically assists single parents with dependent children to purchase a home with a deposit as low as 2%, without the need for LMI. We'll guide you through the eligibility criteria and application process to take advantage of this valuable opportunity. Don't let financial barriers stand in the way of your dream home. Get in touch – I would love to help – or click the link in our bio to book an obligation free chat! #loankeepingtips #singleparentgrant #buyingahouse #perthfinance #perthhomebuyer #HomeownershipGoals #SingleParentSolutions #LoankeepingAssistance

🏡🇺🇸 Attention Service Members: Did you know a VA-backed loan can be a game-changer for your home-buying journey? When you choose a VA-backed loan, you're not just getting a mortgage. You're unlocking a door to benefits that regular loans don't offer. Here's why: Zero Down Payment, No PMI, Better Rates and fewer Closing Costs, and No Early Payoff Penalties. 🌟🏠 And here's a bonus tip: Already have a non-VA loan? With a cash-out refinance, you can convert it into a VA-backed loan, not only securing better rates but also tapping into your home's equity for debt consolidation or other expenses. #VAHomeLoan #ServiceMemberBenefits #homeownership https://lnkd.in/gw7P6h7C

More credit knowledge from Sean Oudeman!!

Open up a Business and/or Personal Account with us at Liberty Bank and Trust Co! Tell them Christine Walker Referred you! Better yet, come into the Kansas branch and open up an account in person with me. Our Fixed rates on Credit Cards are as low as 9.96% ~Transfer a credit card balance to your new Liberty Bank Visa® card and pay no balance transfer fee (this card has a $30 annual fee). Usable for purchases wherever Visa® is accepted www.libertybank.net Qualifying for a Mortgage? Here's What Lenders Look For Before applying for a mortgage, it’s essential to understand the criteria lenders use to determine if you qualify. What Lenders Consider: Debt-to-Income Ratios: This is the percentage of your income that goes toward debt payments, including the mortgage. For a healthy ratio, aim to keep your housing costs at 28% or less of your gross income. Credit Score: Most loans require a score of 620 or higher. Down Payment: Some programs offer options starting at 3% down! mortgages.libertybank.net Buying your dream home that exceeds the conventional loan limits? Our Jumbo Loans offer flexible financing options for high-value homes, with personalized service every step of the way. Up to 90% Loan-to-Value Innovative pricing Fast application process Why Refinance with Liberty Bank? Did you know refinancing your mortgage could save you thousands over time? Whether you’re looking to lower your monthly payments or tap into your home’s equity, Liberty Bank’s Refinance Options are here to help you take control of your mortgage. Cash-out, rate, and term refinance available Fast, easy application process Take the first step toward saving today: mortgages.libertybank.net 2024 is all about financial wellness! With more people focused on saving, managing debt, and building wealth, now’s the perfect time to assess your financial health. Whether you’re saving for a big goal or looking to boost your credit score, Liberty Bank has the tools to support your journey. Goalsetter We’re excited to announce our partnership with Goalsetter®, an award-winning family finance platform designed to help parents teach their kids about managing money. With easy-to-use tools, we’re making it simpler than ever to set your children up for financial success in a rapidly changing world. Ready to secure your child’s financial future? Sign up now to learn more about Goalsetter® and how Liberty Bank can help! SBA Loan services Turn your business dreams into reality with Liberty Bank's SBA Loan services! As an approved SBA Lender, we're here to offer you the support and financial solutions your business needs to thrive. With flexible terms and competitive rates, we’re committed to fueling growth and success for small businesses in our community. Let's build your future together.

Do Creditors HAVE to report my account? A simple “yes” on this one, correct? Not so fast, my friend. The correct answer is actually “no”, creditors do not HAVE to report your account to the Credit Bureaus. So, in this post, I will address: >What is a creditor’s reporting obligation? >Why would they NOT report an account? >When does this happen most often? >Why should everyone care about this? What is a creditor’s reporting obligation? Under the Fair Credit Reporting Act (FCRA), a creditor’s obligation is to accurately report any information provided to the Credit Bureaus. The FCRA does NOT require a creditor to report an account to the Credit Bureaus. But, if they choose to do so, they must be certain to report accurate data. Why would they NOT report an account? There are a few reasons that a creditor would not report an account to the Credit Bureaus. The number 1 reason, however, is because it costs them money to report. Creditors must pay the Credit Bureaus for each account they report to them. This is why some accounts only show on 1 or 2 of the 3 major credit reporting agencies, and not on all 3. This is especially important to know for clients that are attempting to build/rebuild their credit. As they acquire credit building tools (secured credit cards, authorized user accounts, etc.), they need to make sure that these accounts are reporting to all 3 Bureaus. When does this happen most often? I see this (and get the most questions about this) on mortgages for people in a bankruptcy. When a mortgagor is notified of a bankruptcy and the Automatic Stay takes place, they stop reporting the status of the mortgage to the Credit Bureaus. Even if the mortgage is subject to a reaffirmation agreement, mortgagors tend to cease their reporting. After a bankruptcy is dismissed or discharged, consumers expect that their mortgage will continue to report on their credit report. Often, this is not the case and they need to contact their mortgagor to see if they will continue to report their on-time payments.  If there is no reaffirmation of the mortgage, it will not report moving forward. Why should everyone care about this? I have posted before about how your credit score affects everything from interest rates on credit cards, lines of credit, and auto loans to what you pay for car insurance. Like it or not, your credit score affects your financial life in a number of ways. So, if you think you are helping your credit score with various accounts, but those accounts do not report to all 3 Credit Bureaus, you will not achieve your desired goal. Therefore, be sure to check your credit report from all 3 bureaus and make sure your accounts are reporting to all of them. If not, you may need to change things up!! 

🇺🇸 Applying for a VA Loan Made Easy! 🇺🇸 Hey, heroes! 🌟 Are you a veteran or active-duty service member dreaming of owning a home? Applying for a VA loan can be simpler than you think! Let’s break down the steps and get you on the path to your dream home. 🏡✨ Why Choose a VA Loan? $0 Down Payment 💸 Yes, you read that right! No down payment required. No PMI 🚫📉 Say goodbye to Private Mortgage Insurance! Competitive Rates 📉💼 Enjoy some of the lowest interest rates available. Flexible Credit Requirements 🏦 Your credit score doesn’t have to be perfect. How to Apply for a VA Loan: Check Your Eligibility 🏅 Verify your service record and get your Certificate of Eligibility (COE). Gather Your Documents 📑 Important docs: DD214, COE, proof of income, and credit history. Choose a Lender 🏦 Look for lenders who specialize in VA loans. Submit Your Application 📝 Complete the application with all necessary documents. Get Approved and Close ✅ Once approved, finalize your loan and get those keys! 🗝️ Why Choose Certainty Home Lending? Expert VA Loan Specialists 🏅: Over 35 years of experience guiding veterans. Streamlined Process 🚀: Quick and easy application with less hassle. Top-Notch Rates 💰: We offer some of the best rates available. Personalized Service 🤝: Tailored solutions to fit your needs and goals. Ready to take the next step? Let’s make your homeownership dream a reality! 🏡💪 Drop your questions below or send me a message. 📩 #VAHomeLoan #VeteranLoans #HomeBuying #ZeroDownPayment #NoPMI #LowRates #CertaintyHomeLending #MortgageExpert #VALoan #VeteranHomeownership #RealEstateTips #HomeBuyingMadeEasy

A More Inclusive Mortgage Market: FHFA Accelerates VantageScore 4.0 Implementation Last week, the Federal Housing Finance Agency announced updates to the implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac, including accelerating an implementation step for VantageScore 4.0. The FHFA’s decision represents a victory for millions more applicants who will gain access to the mortgage marketplace. VantageScore estimates that lenders could originate as many as 2.7 million mortgages with an annual loan volume as high as $1 trillion from this new pool of borrowers without lowering credit risk standards. For VantageScore, this also represents a key win and important recognition in the company’s journey to offering the most transparent credit scoring model available to consumers today. VantageScore models are more predictive, more innovative, and more inclusive, scoring 33 million more people than competitors’ models, in addition to being highly transparent and explainable. VantageScore’s suite of digital tools -- CreditGauge™, Inclusion360™, RiskRatio™, and MarketGain™ -- are further testament to the company’s dedication to creating the most transparent credit scoring models in the industry. Read more: https://lnkd.in/euEZp4J9 #VantageScore #FHFA #homeownership #mortgage #credit #financialinclusion

A recent study by The Pew Charitable Trusts highlighted the critical role of independent mortgage bankers in lending to low-to-moderate income borrowers and smaller balance loans. Despite the changing landscape of mortgage, these bankers have continued to play an outsized role in ensuring access to small mortgages. Check out this interesting summary of the study by Scotsman Guide #mortgage #independentmortgagebankers #lowtomoderateincomeborrowers #guaranteedrate