This listing was a totally remodeled cottage home located at 533 Corley Street in DeQuincy, Louisiana that I listed in May. I knew it was going to take just the right buyer to come along and a little extra effort on my part to market it.

DeQuincy, Louisiana is a small town as a matter of fact, DeQuincy, LA reminds me of Mayberry, where I keep expecting to see Sheriff Taylor or Aunt Bee pop up see my post Small Town With A Big Heart. and the highlight of driving to DeQuincy is being able to visit to the Dairy Queen for a dipped cone or go shopping at Nichols which is always a unique shopping expereince!

No matter how large or small my listings are,  or where they are located I always post listings on my Facebook page and I put up Facebook sign riders. The more exposure you can provide marketing your listings  is beneficial to your Seller.  You just never know where the Buyer will come from and sometimes in order to market a unique property you must think outside the box!  the Buyer discovered this house  via Facebook!

Last month I got a call about this house from and interested buyer who  said she had seen it on Facebook and wanted to buy it.  So of course I asked her when she wanted me to show it to her, however she said that would not be necessary, she had viewed all the pictures on Facebook and just wanted to write a contract…..CASH! The rest is history and I never showed her the house, no inspection … she knew everything was updated, all she wanted was a termite and sewer inspection which of course my seller agreed to.

Don’t tell me that social media doesn’t work anything is possible!

Do youself a favor, If you are planning on selling your home, call me MARILYN BOUDREAUX 337-499-9592. I utilitze the latest cutting edge marketing technology to get your home SOLD–even on Facebook!

Relocation is my Specialty

As  a Lake Charles Louisiana Century 21 Realtor, my job is to convey as much information as possible to my clients during their home purchase and relocation.  Sometimes that requires going the extra mile in which I am  called upon to wear many hats!

Experience is not just an educational accomplishment.  There is something to be said for being an expert in the community in which you live.  Living in a community and being active and aware of what your City has to offer becomes very important.  I don’t take my residency for granted, I stay involved, explore and stay in the know so I can be the TO-GO person for my clients!

Earlier in May I was contacted by a buyer in Pompano Beach, FL who was moving here to Lake Charles and told me she found me on the Internet. The buyer had already been to my website and knew alot of about me already.

The relocating buyers scheduled a trip to Lake Charles and  I met them at their hotel.  I was their guide and local expert as we  spent two days together of intense house hunting.  We wrote a contract before they left to fly back to Florida.  Handling the transaction from a distance required going the extra mile on my part for my buyers including  attending the inspection for them , meeting with a structural engineer and giving them referral sources for insurance and lenders.  After a few hurdles during inspection and appraisal, we finally closed this week, just in time for the arrival of the moving truck with all their furniture!

We sometimes take for granted the little things we assume everyone else knows.  Real estate is more than just a transaction, as agents we are also guides and referral sources. My buyers were interested in club memberships, boat docking and recreation.  I was able to provide them with this information as a community expert including referring the wife to a nail and beauty salon!

When selecting your Realtor, go to the community expert in Lake Charles, Louisiana, MARILYN BOUDREAUX 337 499 9592

"The financial-regulatory overhaul promises some big changes concerning how Americans go about getting a mortgage.

The bill will offer more protections for consumers against risky or complex mortgages, but bankers say that with fewer choices and more safeguards, loans could be slightly more expensive. The upshot, says Howard Glaser, an industry consultant and Clinton administration housing official, is that consumers will have “safer” loans, but fewer of borrowers will qualify.

Some of the provisions of the bill will take effect immediately, but many of the effects won’t be noticed right away. That’s partly because many of the exotic mortgages that fueled the subprime bubble were swept away when the market melted down three years ago.

Mortgage bankers say that lending standards are tighter today than at any time in the past two decades, and most loans being made today are conventional fixed-rate loans that are backed in some way by the federal government.

Here’s a look at some of the main changes for mortgages:

The bill requires lenders to have “skin in the game” on certain loans that are bundled and sold to investors as securities. The provision requires lenders to retain at least 5% of the loans that are securitized. The bill exempts certain “safe” classes of mortgages, such as fixed-rate loans that require borrowers to fully document their incomes.
The bill sets stricter limits on prepayment penalties, or fees charged when borrowers pay a loan off early.
Lenders will have to take greater steps to ensure that borrowers have the ability to repay the loan they’re receiving. That means consumers will be required to show lots of paperwork—pay stubs, bank account statements, tax forms—to prove that they can afford the loan. (That could cause
problems for some self-employed borrowers).
One key provision tries to improve transparency of compensation for loan officers and mortgage brokers. Brokers and loan officers can’t be paid based on steering the customer to a particular type of loan or rate.
Other changes will modify new appraisal regulations that have been put in place in the aftermath of the mortgage crisis. Lenders will have to compensate appraisers at a “customary and reasonable” rate, and new appraisal management companies that facilitate the ordering of appraisals will have to be registered with state agencies.

The upshot of these rules, says Mr. Glaser, is a smaller mortgage market that exercises far greater caution:

The new law places significant hurdles to offering any mortgage products  outside the “plain vanilla” category. Regulators must define what is inside or  outside the plain-vanilla box. Clearly, firm regulation of mortgage products  is necessary in light of the subprime meltdown.  But exactly where regulators  draw the line will have a substantial impact on what kind of mortgages are  available and which borrowers will qualify for a mortgage.

The bill, he argues, also will favor the big banks over smaller lenders:

Thus risk retention requirements, compensation rules and licensing standards  are all tilted toward large banks. The result is that the big will get bigger—and the level of mortgage risk will concentrate further—though the  administration argues that more competent regulators and safer mortgage products  alleviate the concern about “too big to fail.”

But the biggest “winner” could be the government, which during the first quarter backed or bought more than nine in 10 new loans:

Private securitizations will be helped by new rules that  create transparency and requirements that rating agencies do their homework  before rating a mortgage security. But other parts of the bill impose new  liability on securitizers for the underlying mortgages originated by third  parties, and requirements to retain capital when transferring risk. The full  contours of these rules won’t be issued by regulators for 2-3 years—extending  a period of uncertainty that has dissuaded private investors from restarting the  flow of mortgage capital. Meanwhile, the federal footprint in mortgages will  become deeper and deeper in order to keep the housing market from the dreaded  double dip—and making the unwinding of federal intervention that much more  difficult.

An Obama administration official yesterday called the mortgage provisions of the bill an important “first step” but said that additional measures were needed to ensure better oversight of areas that had been at the root of the foreclosure crisis, such as nonbank lenders.

And of course, the bill is largely silent on how to remake the broader mortgage market, including what to do with Fannie Mae and Freddie Mac. Stay tuned—the bill requires the administration to outline its plan by early next year."

Source Wall Street Journal: Nick Timiraos

You don't have to spend thousands of dollars remodeling your home to add value, says Annalisa Burgos, senior editor of HGTV's FrontDoor.com and a real estate agent in New York. To add value:

Declutter. Whether it's in the living room or the master bath, organization adds tremendous value. Keep kitchen and bathroom countertops clear. Clean and organize storage areas such as the attic and garage.

Change fixtures and hardware. If a full kitchen or bathroom remodel isn't in your budget, upgrade sinks, showerheads and faucets to new water-conserving models in sleek finishes. Replace outdated hardware on cabinets, windows and doors.

Replace appliances. From the refrigerator to the washer and dryer, upgrade appliances to new energy-efficient models to add instant value, comfort and convenience.

Spiff up landscaping. An ugly front yard can torpedo your home's value. Use flowers to add color. Add path lighting for style and safety.

Dust off the exterior. Gutters, siding and windows are often overlooked. Clean, properly sealed and in good shape, they look good and help conserve energy.

http://www.usaweekend.com/article/20100702/HOME/7040307

7 fixes to boost your home's value

By Investopedia

It's time to tackle home-improvement tasks you put off during the cold winter weather. There are lots of relatively simple and affordable things you can do to give your home a face lift. Your house will look better and your family will feel happier in it. As a bonus, you will also boost your home's value.

1.  Add the perfect touch with paint

"A fresh coat of light paint on the interior walls can work wonders," says Kelly O'Ryan of Coldwell Banker in Lexington, Mass. "Paint will always clean up dirty walls and give a room a better image."

Although dark colors can be stylish, O'Ryan advises going for lighter shades to brighten things up in warmer seasons. Karol Nickell, editor-in-chief of Fresh Home magazine, offers this advice: "Smart color selections can make a small or cramped room appear dramatically larger. In the foyer, make a good first impression with similar tones mixed at different strengths. In the living room, a bold color paired with a white ceiling makes the room seem taller than it really is."

2. Focus on the flooring

Good, well-maintained flooring can set a positive tone for the entire interior of your home.

"Like paint, flooring can help create an impression of spaciousness and airiness," Nickell says. "Whether it's a floating laminate floor, tile or a natural 'green' alternative, lighter-tone flooring can make formerly drab areas appear modern and streamlined."

3. Lighten up the accents

"Spring (or summer) is a great time to change your window treatments and area rugs," O'Ryan says. "Once again, dark colors are associated with winter months; a lighter, airy curtain will give any room a brighter and more pleasant appearance. If your floors are in great shape, you may want to remove the area rugs and leave the floors bare. Eliminating the rugs will open up the room and make it appear larger."

4. Update the windows

Old windows aren't just ugly — they can also let your heat and air conditioning escape, costing you big bucks.

"While window treatments are typically a focus in many home makeovers, the actual windows themselves are often overlooked," says Victor Gonzales Maertens, an energy efficiency expert with Lennox Industries. "However, upgrading old single-pane windows with new Energy Star-qualified windows can save an average of between $126 and $465 per year on energy bills, and some new windows qualify for the federal tax credit."

5. Weed out bad landscaping

Neglected bushes and overgrown lawns can kill a home's curb appeal. Don't worry – you don't need a green thumb to spruce up your yard.

"Clean up the site by removing any dead or dying plants, branches and flowers," suggests Jennifer Hoxsie, landscape designer with Greenhaven Landscapes in Lake Bluff, Ill. "Prune overgrown shrubs along the home's foundation so they are below the windowsills and off walkways and driveways. Fill empty holes with site-appropriate plants. Have all the planting beds weeded, edged and mulched for a clean, crisp look. Finally, weed and fertilize the lawn and provide supplemental watering if necessary to maintain a lush green carpet."

6. Add decorative touches to the yard

We're not talking about plastic pink flamingos or creepy garden gnomes. Taylor Graves of CertainTeed building products says, "Adding benches, steppingstones, fountains or other garden accents could go a long way in making your outdoors a visually appealing and welcoming environment."

7. A few final exterior touches

While you're outside, a few other quick moves can make a big difference.

"Add color with paint to outdoor features such as window frames, decorative beams and porches," says Kurt Gleeson, national vice president of sales for RealEstate.com. Stick with calm colors that complement the home's exterior color scheme, avoiding shocking shades and drastic contrasts.

"Clean external brickwork or concrete slabs with a liquid masonry cleaner to make them look new and neat. Power washing can give external stonework, walkways and front stoops a quick makeover."

Source: MSN Real Estate

What To Do When Your Home Isn't Selling

When you sell your home, the process is almost like going to a job interview.  Selling a home involves presentation, which is one of the key factors that determine the outcome.  Although this may sound a bit weird, presentation is a way of life in the world of real estate.  Buyers in today’s market look for good presentation – many basing their final decisions on it.

If the property you are selling comes with a garage, you’ll need to go through your garage before you sell your home.  Chances are that you store things in your garage, which can easily pile up over time before you realize it.  If your garage is in a messy condition, you’ll obviously want to clean it up.  Buyers look for homes that are in perfect condition, and anything less than perfect will look bad in the eyes of the buyer.

Most homes have some truly outstanding features inside of them.  You should always do your best to highlight the best features of your home, instead of just hoping that the buyer understands what they are.  The ideal way to bring out the best features of your home is to use the proper lighting.  If your home is clean, you can use lighting to bring out the best features in your home, and ensure that they stand out to the buyer.

When a potential buyer first pulls up to your home; the first thing he will see is your lawn.  If your lawn is trimmed and well taken care of, he will get a good impression right off the bat. If your lawn is a wreck, he may immediately pull away.  To give the best impression to the buyer, you should put some thought into how things look.  You can always plant flowers around the walkway and throughout the yard, which will look great to a potential buyer.

You should also make sure that the entrance into your home is a positive as well.  The front door should be in great shape, as well as the entry area into the home.  You can add some plants, paintings, and rugs to ensure that your buyer gets a good impression.  When the buyer walks through the entry way into your home, you should make sure that the view he or she takes in is a good on.  Your biggest goal when showing your home is to ensure that the buyer is pleased.

Keep in mind that it may take some time to sell your home.  These days, homes can sit on the market for months at a time before they actually sell.  If you are having trouble selling your home, you can always reduce the price or simply go back to the basics.  Eventually you will sell your home – although it may take more time than you think.

Moving is stressful for the entire family, but these few tips will help young children understand the move and be involved rather than being confused, upset or left out.

1)  Talk to your child about the move. If your home is the only home they have ever known then the concept of moving is a new experience for them. Explain how the process is going to work for your family and why you're moving. Talk about moving often, so they become familiar with the idea and can ask questions. Talk up your new home, giving them something to look forward too.

2)  Packing your child's belongings can be a fearful and uncertain experience for them.  Involve them in the packing process. Let them help decide what items can be packed away, while your home is on the market. Make sure they understand that you are NOT getting rid of their items. Unless of course you have decided to throw away or give away items.

3)  Mark their boxes with their name, "Andy's Toys" or "Andy Open First". Allow them to decorate their boxes with stickers or markers. They will want to continue packing boxes because you've made a game out of the packing process.

4)  Let them help pack a few boxes from your bedroom, so they will see that this is a process for the entire family. They may even want to help you decorate your boxes.

WARNING you may need to buy a large supply of stickers and may end up having all your moving boxes decorated. But it will keep the young ones busy and involved!

ASHI Sets the Record Straight for Homeowners and Buyers

• A home inspection is not the same as an appraisal
  
  
• What's covered in a home inspection report  
  
  
• Inspections can save time and money whether moving or staying 

Des Plaines, Ill. (May 18, 2010) - According to the National Association of Realtors (NAR), existing-home sales jumped 6.8 percent in March after three straight months of declines, with first-time homebuyers accounting for 44 percent of existing-home purchases. In preparing to finalize their purchase, these new homeowners will be forced to learn what might seem like a confusing language. The American Society of Home Inspectors (ASHI) educates homeowners and buyers alike that while both an appraisal and an inspection are vital, they are different and neither should serve as a substitution for the other.

An appraisal assesses the market value of a home. Typically, a bank requires an appraisal when approving a loan for either the purchase of a home or the refinancing of an existing loan.  This process is often mistaken by the homeowner as a home inspection. While an appraisal confirms the home's market value to ensure the lender is not over-insuring the property, it is not intended to provide a thorough assessment of the overall condition and safety of the home.

According to The Federal Housing Administration (FHA), the lender conducts an appraisal to estimate the value of a house, to make certain the house meets FHA minimum property standards and is marketable. However, during a home inspection a qualified inspector takes a detailed look at the physical structure and systems of a house, from the roof to the foundation. The average time taken to conduct an appraisal is merely a fraction of the time it takes a certified home inspector to perform an inspection of the same house.

Unlike an appraisal, an ASHI home inspector's report will examine the condition of the home's:

• Heating system
• Central air conditioning system (temperature permitting)
• Interior plumbing and electrical systems
• Roof, attic and visible insulation
• Walls, ceilings, floors, windows and doors
• Foundation, basement and structural components

ASHI reminds homeowners that a home purchase is not the only time to consider scheduling a home inspection. Even if you plan to remain in your home for several years, the benefits of a home inspection are invaluable.  Homeowners should schedule a maintenance inspection every three to five years to identify problems before they become costly repairs. A home inspection can also help homeowners identify potential issues as part of a major remodeling or renovation project.

"Even as the economy begins to bounce back, it is still so important for homeowners to plan ahead and protect their investment," said David Tamny, ASHI president." A basic maintenance home inspection can save the consumer the cost and inconvenience of an expensive repair down the road. An ASHI certified home inspector can often spot potential problems before the damage happens."

Homeowners and homebuyers can find a local ASHI certified home inspector to schedule an inspection on the association's website. ASHI's "Find an Inspector" tool allows homeowners to locate an inspector in their area by language or services provided.

www.ashi.org

Real Estate Attorneys in Lake Charles, Louisiana

Welcome to Lundy, Lundy, Soileau & South, LLP

Lundy Lundy, Soileau & South is located in the old historic 1900's courthouse/post office at 501 Broad Street in Lake Charles, Louisiana. The firm of Lundy, Lundy, Soileau & South has invested in restoring this beautiful building to its 1900 grandeur.

I am here often for my  Lake Charles real estate closings and the attorneys and closing agents always make my clients feel special.  The closing process is a pleasure and the staff keeps an open line of communication during the transaction keeping everyone informed.  Its a great feeling to have confidence and security knowing that all documents will be recorded in a timely manner and handled with professionalism.

I recently had a real estate closing at Lundy, Lundy, Soileau & South where it became necessary to have a real estate attorney step in and review contractual obligations with the seller and the seller's agent (I represented the buyer).  My buyer's were very impressed with the attorney's prompt response and the way the problem was handled.  Needless to say, the attorney pointed out contractual law to all parties involved and we did in fact close!

What are you searching for? Begin your real estate search with MARILYN BOUDREAUX 337-499-9592, Century 21 Mike D. Bono & Co.'s

Prien Lake Mall in Lake Charles, Louisiana

The first thing out of town buyers ask me when the visit Lake Charles is "what is there to do here" After I have answered that question, the next major concern is "how is the shopping?"

When I moved to Lake Charles in 1981 I had the same concern about shopping.  So ladies and gentlemen without further anticipation I present to you the Prien Lake Mall!

Located on Prien Lake Road in Lake Charles, the mall is appropriately named Prien Lake Mall.  The Prien Lake Mall has undergone several renovations over the last 20 years.  The last expansion added a Food Court, Cinemark Theatre and more stores. There are four major anchor stores that make up the exterior of the mall, JC Penney, Sears, Kohls, and Dillards.

Other namebrand stores found inside the mall are The Gap, The Children's Place, American Eagle, Victoria's Secret, Kirklands as well as other stores and vendors.

I saved mentioning  my favorite store last which is Talbots.  Recognize the Red Door Ladies?

Shopping in Lake Charles, Louisiana

The question I am asked most frequently by those relocating to Lake Charles is what does Lake Charles have to offer for those who like to shop?  Ask anyone who knows me and they will tell you I am an experienced shopper.  Having lived in Lake Charles for 27 years, I am up  to the task when it comes to giving shopping recommendations!

I am starting a  series around town that will highlight many different shopping opportunities for Lake Charles residents. In addition to having major name brand stores, Lake Charles also has many locally owned shops.

This is segment #1 where we will will begin in Downtown Lake Charles and through the next series of Blogs, we will make our way to South Lake Charles.

DOWNTOWN LAKE CHARLES SHOPPING

Amid the Historic Section of Downtown Ryan Street, you will find many options.  Sweets and Treats and Sha Sha's of Creole are to the North, heading South on Ryan on the Corner you will find Gigi's Fitness which healthy downtown active residents love!  Further South in this block is a favorite restaurant, LUNA's

Across Ryan Street from Gigi's you will find Social Denim, a hip young casual denim shop with the top designer jeans, cool sundresses, tops, and accessories.  Just around the corner is the Cedar Chest, an antique store filled with lots of unique items.

As Downtown Lake Charles grows with the vision of City improvements and the Lakefront project adding a Boardwalk and merchant shops in the future, we can look forward to more retail shops making their way to the downtown section of Lake Charles.

Re-Visiting The Historic Charleston Hotel in Lake Charles, Louisiana

Downtown Lake Charles, Louisiana is experiencing a re-birth of revitalization and renovation!

There are many beautiful historic buildings in and around the downtown Ryan Street vicinity that could tell a story.  One of these grand buildings which has been renovated and is on the U.S. National Register of Historic Places, is The Charleston Hotel which opened back in 1929.  The Charleston Hotel was the first "skyscraper" in Lake Charles with 10 floors!  Throughout the decades there have been many social events held at The Charleston Hotel located on the corner of Pujo Street and Ryan in Lake Charles, Louisiana.

The beautiful exterior architecture of the building has been maintained and the interior features artisan blue tiles, high beamed ceilings, ironwork and archways. The second story has an event/meeting room space and the foyer around the balcony provides extra room for socializing near the bar.

There is also an outside balcony on the back of the building where guests can relax in a comfortable hip style as well.

I have my own special memories of The Charleston because 14 years ago, this is where my own wedding reception was held!

Over the weekend, my husband and I stepped back into time when we attended another special  wedding/reception held at The Charleston!

This was a beautiful wedding to celebrate especially since the bride, Elizabeth, is my very dear friend's daughter! I watched this little blonde bride grow up along with my own daughter, Melinda.  I still remember them both as two little ballerinas--WOW those little girls are all grown up now!

Time continues to pass, little girls grow up and old buildings improve with renovation. This  beautiful historical building is once again a hot spot for memorable events.

If you are relocating to Lake Charles, and you love historic buildings and a walkable downtown Boardwalk, Downtown Lake Charles is revitalizing and full of activity.  Many residents are moving to our Garden District, Charpentier and Margaret Place communities.  Connect with me MARILYN BOUDREAUX 337 499 9592 to give you scoop on downtown real estate and the hot spots in Lake Charles!

Housing prices may have dropped in your neighborhood but there are still some smart ways to invest in your home to help hold the value whether you are buying or selling now or in the future.

1. Create Space

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Remember those old kitchens with the serve pass through or bar?  Create more space by knocking out a non load bearing wall or removing an island.  Anything that opens space and creates an flow in the house gets good response from buyers.  Buyers like the open floor plans with the kitchen flowing into the living room.

2.  Pay Attention to Landscaping

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Overgrown trees and unkept bushes can obscure views and darken the interior of a home.  Create a good curb appeal.  If a buyer can't see the house they may just move right on.  Neglected landscaping can pose the opinion of poorly maintained property.  If the house is neglected on the outside whats on the inside?

Today's buyers don't want to spend money in landscaping after moving in.

3.  Don't put off Care and Maintenance

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Before any fancy upgrades address what is already in place.  Repair any plumbing leaks, insulate your attic, replace broken gutters, septic systems etc.  These things are usually exposed during the inspection anyway so you might as well go ahead and fix what needs to be done.  Homes that get the attention of buyers are the ones in tip top shape.  Homes that sell are in pristine condition and priced well.

4.  What is Under Your Feet?

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We have all seen those homes with the 1970's shag carpeting and the pink and aqua tiled bathrooms.  If you are not going to replace flooring, consider offering Buyers a Flooring Allowance.  If everything else in the house is updated and the floorplan is great, buyers may not be ablet o see past the distracting flooring.  If you do replace flooring, there are several engineered hardwood floors that will hold value and be appealing to buyers.

5. Easy Upgrades

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You have heard that bathrooms and kitchen upgrades are a sure bet to adding value.  Some upgrades are in-expensive easy and fast.  For instance, you can replace frosted glass for clear glass, clean grout, remove rust stains, apply fresh caulking, update doorknobs and cabinet pulls, replace faucets and even change out an old toilet.  Even buying a new toilet seat makes a difference!

6.  Paint walls neutral colors

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Touch up existing paint and if you do re-paint rooms choose a neutral color.  Buyers want to be able to have their own ideas and visualize the space, if your room is painted with your personal taste, buyers have a hard seeing themselves in the space.

7.  Remove any Questions

You don't want buyers to ask "What's that?"  Either fix items or remove them.  The more questions, the more the buyer detaches themselves from the house.  So if its replacing a threshold or stripping 1950's wallpaper, just go ahead and do it now!

8.  Be Patient

Sellers have to listen to the Realtor who has the heartbeat of the market. Be prepared for the right buyer to come along.

May Market Averages for Homes SOLD in Calcasieu Parish

Lake Charles, Louisiana

As we conclude the month of May I averaged the weekly real estate trends from the SWLA MLS within Lake Charles including North, South, East, West, Southwest and Southeast Lake Charles as follows:

Average Acitve Homes on the Market  486

Average Home Sales Per Week 9

Average Days on Market of Homes SOLD 56

Average Price of SOLD Homes $148,905

Average High Price of SOLD Homes $262,750

Average Low Price of SOLD Homes $53,535

Comparing figures to April, the Average Days on the market is lower and the Average Sold Price of Homes is lower. As we move into peak real estate season homes are not sitting on the market as long and the average price has dropped $30,000 from the previous month.  Homes below $200,000 seem to be the inventory that is moving at present.

Beginning with applications dated June 1^st, Fannie Mae is implementing the “Loan Quality Initiative” (LQI) guidelines.  All Fannie Mae lenders must adhere to these guidelines.  In a nutshell, the LQI guideline changes are:

1. Credit re-verification the day of funding: Fannie Mae will require the borrower’s credit to be repulled the day of funding.  If the credit obligations change by more than 2%, the loan is required to go back to underwriting for approval.  Peoples Mortgage will reverify credit obligations on the borrower’s credit report (this will not be a hard pull of credit and will not affect their credit score; it is simply a verification of all current obligations).  Buyers should be made aware of  this rule so they know they should not purchase any large ticket items or have their credit pulled during the escrow process.  This could end up disqualifying them from buying their home at the very last minute.  This has always been true, but some lenders were not in the practice of pulling credit toward the end of escrow.  Now it will be mandated
2. Excluded Party Lists: Fannie Mae will require all parties to the transaction be checked against the “excluded party” lists, which are managed by HUD and by the General Services Administration.  These federal lists cover a broad array of risk categories, including fraud, gross negligence, and lack of business integrity.  Individuals have been placed on these lists for both mortgage-specific and non-mortgage-specific activities.  Government loans have always used the GSA list to exclude anyone included.  This will not impact most borrowers. Those borrowers who are on the list are aware they are on the GSA list;
3. Social Security Number Validation: The borrower’s social security number must be validated.  Depending on the findings of the credit report pull and “Desktop Underwriting”, the borrower may be requested to show their valid social security card or additional documentation; in some cases the underwriting lender may be requested to contact the Social Security Administration to verify a SSN.
4. Validation of Intent to Occupy: Fannie Mae is requiring all investors to verify the borrower’s intent to occupy the property.  This may include employing 3^rd-party services that specialize in investigating occupancy information, reviewing the hazard insurance policy or utility bills to confirm occupancy of the property following funding of the loan.  This has been an issue for years with buyers claiming they intend to occupy the premises in order to obtain a lower interest rate, with the full intention of using the property as a rental.
   

Please speak with your Lender for more information and details or visit Fannie Mae Loan Quality Initiatives Frequently Asked Questions.

Reblogged via Amy Jones

This weekend is Memorial Day Weekend which means that it is  time again for the 27th Avenue of Flags.  This grand display is a reminder that Freedom is not Free.

The event began as a project by the Sons of the American Revolution. Each year on Memorial Day many volunteers along with troops of Boy Scouts work tirelessly to disply large casket flags in what has become known as The Avenue of Flags. The flags line the entrance to the cemetery drive and continue throughout on display from 8-5 Memorial Day weekend in the historic Orange Grove/Graceland Cemetary in Lake Charles, Louisiana

The event was started in 1983  by the  Sons of the American Revolution.  As a member of the Daughters of the American Revolution I am quite familiar with this event and have attended many times.

The flags  donated  are casket flags (which are large) and given by many families of deceased soldiers.  The Avenue of Flags displays a collection of almost 700 flags!

Visitors can walk through the cemetery and view the large collection of flags and attend a Memorial Ceremony which attracts many of our City's veterans.

The Avenue of Flags in Lake Charles, Louisiana is one of the largest flag displays in our nation! If you are near the City of Lake Charles this weekend it is worth a stop by Orange Grove Cemetery to see this magnificent display.

Realtors wear alot of Hats

As  Realtor, my job is to convey as much information as possible to my clients during the home purchase transition.  Sometimes that requires going the extra mile in which I am  called upon to wear many hats!

• Restaurant critic
• Travel Agent
• Tour Guide
• Professional Shopper
• Research Analyst

Experience is not just an educational accomplishment.  There is something to be said for being an expert in the community in which you live.  Living in a community and being active and aware of what your City has to offer becomes very important.  I don't take my residency for granted, I stay involved, explore and stay in the know so I can be the TO-GO person for my clients!

When selecting your Realtor, go to the community expert in Lake Charles, Louisiana, MARILYN BOUDREAUX 337 499 9592

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Here's a handy list of 10 things you can do to kill your chances of getting a loan today.

1. The house just needs too much work.
This applies to REO's, foreclosures, and short sales... sure they're good deal, but the financing can be rough.  Any broken windows, bad appliances, leaking roof, water damage, obvious mold, health or safety issues, structural problems and of course any liens.

2. Low Appraisal
Appraisal used to be a "rubber stamp"... those days are long gone and best forgotten.  Today, appraisers are trying hard to "prove up" your purchase price... and standards have become tougher (good!).  If the appraiser can't, in good faith, shore up your purchase price... they're just not gonna.  Re-negotiations (post appraisal) are becoming much more common.

3. Borrower has too much debt.
Back in the day, large debt/income ratios were given a "blind eye"... no more.  35-40% debt ratios are the top end... the guidelines have become very tight... and if your buyer does qualify... make sure they don't make any large purchases just prior to closing, as many lenders are pulling credit just before closing... and if something has changed.... weee doggies, lookout!

4. Buyer is self-employed.
Lenders today are looking for 2 years of tax returns for those who are self employed.  And they look at you cross-eyed if your income is declining.  Real income will not be used (such as a Waiter who doesn't report all his tips)... they're going to be based on the income shown on your tax return.

5. Borrower has just started being paid by commission only.
In an effort to save money, some companies have switched their long term employees to commission.  Lenders will not count commissions unless they can show a history of at least 2 years.

6.