Real Estate Zealot

How to Obtain a Reverse Mortgage

In this video by IPTVBoyz, we find out what a reverse mortgage is and how to get one to turn your home equity into cash.

Interviewer: Today we are talking with Doni Dolfinger, a reverse mortgage specialist with Universal Lending. Doni welcome to the show.

Doni Dolfinger: Thank you.

Interviewer: So, reverse mortgages, I mean some people have heard about them in the last few years and they know what they are, but just for the audience, refresh us.

Doni Dolfinger: It's a loan against a person's home that does not have to be paid back as long as they live there. It's not any more magical than that, people tend to make them a little more difficult.

Interviewer: So, do I have to own the house free and clear before I can get a loan against it?

Doni Dolfinger: No you don't, in fact many of our customers over the last couple of years have been using the reverse mortgage to come in and payoff what they owe currently on the loan, to eliminate that mortgage payment, so they have a reverse mortgage instead of a traditional loan, but there is no mortgage payment involved.

Interviewer: But there does have to be some equity involved, right?

Doni Dolfinger: Absolutely, absolutely.

Interviewer: Is there are percentage of that; you know, what's kind of a standard rule?

Doni Dolfinger: Oh! Good question, you know, it's not a flat percentage like on a traditional loan. On a traditional loan you might go in and qualify for 80% of your value, on a reverse mortgage, it's tied to the value of the home, the age of the youngest borrower, and the interest rate at the time they do the loan. So, it's different for every individual.

Interviewer: Okay, because I think one of the questions that consumer would say is well, how much money is going to be available to me.

Doni Dolfinger: Exactly, I think a good real sum would be about close to 60% right now based on our interest rates. The older the client, the more they qualify for.

Interviewer: Got it, alright, so is qualifying difficult?

Doni Dolfinger: It isn't, you know you can qualify for a reverse mortgage if you are 62 years of age or older, you live in your home as your primary residence, it has to be free and clear, or we need to able to make it free and clear with a reverse mortgage. Now, qualifying also does not entail the same criteria as a forward mortgage, so we are not looking to our customers to pay this back monthly, the equity of the home is what's going to pay us back.

Interviewer: Are there different types of reverse mortgages, or they are one standard kind of model?

Doni Dolfinger: In years past, we've had primarily reverses as a refinance product. Now we have a purchase program, which is wonderful, it allows people to come in and actually purchase the home with a reverse mortgage, and still have no mortgage payment.

Interviewer: I could see a consumer asking this question, is it possible I could get more than one reverse mortgage?

Doni Dolfinger: Only one at a time. So you might be able to refinance it at some point in time, and obtain another reverse mortgage, pulling out more equity in the future, but you can only have one at a time. That doesn't mean that you can't have multiple reverse mortgages over your life time.

Interviewer: What if you had separate properties?

Doni Dolfinger: If you have separate properties, you start to do the reverse mortgage on your primary residence.

Interviewer: Okay, so you've got to say that this is my primary and....that's the only one you can probably do it on.

Doni Dolfinger: Yes, and you have to be able to prove that, that's your primary residence. The burden of proof is on the homeowner.

Interviewer: Alright, last but not least, is it possible for the loan to become larger than the value of the home?

Doni Dolfinger: It is, that can happen, it doesn't happen on a regular basis, but we do see it, especially in the last couple of years, but if that were to happen, let's say my customer is moving out, they owe hundred thousand more than their home itself right now, FHA would have to pay that loss, this is a non-recourse loan, we cannot come after the kids, or their homeowner, FHA would pay out with a mortgage insurance that is factored into the loan.

Interviewer: Interesting, sounds like a good option, thanks great information. I appreciate it.

See more videos on reverse mortgages and real estate at BrokerIPTV.com

Is a Reverse Mortgage Right For You?

A reverse mortgage is a type of loan that allows homeowners, age 62 and older, to turn their home equity into cash, while still living in and owning their home.

Interviewer: Today, we're talking with Doni Dolfinger, a reverse mortgage specialist, with Universal Lending, and Doni welcome to the show.

Doni Dolfinger: Well, thank you so much, glad to be here.

Interviewer: In our previous segment, we have been talking a little bit about reverse mortgages and we were continuing that, but again for those not familiar with the term or what it is can you explain it?

Doni Dolfinger: Certainly, a reverse mortgage is simply a loan against a borrower's home that does not have to be repaid as long they live there. It's a loan without a mortgage payment.

Interviewer: Okay. Could they repay it, if they wanted?

Doni Dolfinger: Absolutely, and many people will use a reverse mortgaging with the intention of paying it back, and they can certainly make payments at anytime without any penalty.

Interviewer: Someone might be saying to themselves that sounds expensive, like it's going to cost me a high interest rate or something to that affect, if there is a lot of points upfront or, is that true.

Doni Dolfinger: You know, they are lot less expensive than they once were, yes in the years past, they were quite expensive, but we have done a lot to change that. In fact there is a new program called Home Equity Conversion Saver, or HECM Saver, and it's for people who would like to take less money upfront, but have less fees involved in the transaction, so it really helps people who are trying to preserve more equity for the estate.

Interviewer: Alright, walk me through this. Let's say my mom did a reverse mortgage and she passed away.

Doni Dolfinger: Right.

Interviewer: And at the time she passed, she owed a hundred thousand dollars on the house and maybe the house is worth one twenty, what happens?

Doni Dolfinger: You know, usually if my customer passes away the same thing happens that would happen on a normal transaction, even if they have just a traditional loan on the property. Usually they will sell the house by calling a realtor, listing the home with the realtor; the realtor will contact the title company. The title company orders the payoffs and at the settlement table, the check is then issued to the seller for what ever remaining equity is available.

Interviewer: Okay. If they were underwater, what would happen?

Doni Dolfinger: FHA would pay the loss, so FHA is who is on the hook for the balance to the mortgage insurance, it's not the tax payers paying that loss, if there is one its covered with the mortgage insurance

Interviewer: Alright, so now mom's getting some income in, and she is worried that it might affect her social security or it might affect her Medicare benefits.

Doni Dolfinger: Right.

Interviewer: She's worried about, is she is going to get taxed on it, what happens there?

Doni Dolfinger: You know, reverse mortgage is not considered an income by the government. So they are not taxed on it. We have customers who are on SSI, old aged pension, even Medicaid that could qualify for this program. But, if your mom is on Medicare and Social Security, they definitely don't have to worry about the funds from the reverse mortgage.

Interviewer: Alright, so is there anything that mom's got to watch out for?

Doni Dolfinger: You know, I think this is such a regulated program; we have regulations not only on what we charge but they have to go talk to a counselor to get it, to even obtain this type of a program or loan. So, I think the primary thing I would watch out for is if there's someone who is trying to sell them a reverse mortgage, and help them "Invest the money", that might be a red flag.

Interviewer: Yeah! Last but not least so somebody is saying okay, this sounds good this might be an option for me. How do they know if it's right for them?

Doni Dolfinger: First thing we are going to do is we are going to send them to a FHA counselor, we give them a list of counselors and they can choose which one they prefer to go to. The counseling is just designed to help the consumer with the questions to educate them with the pro and cons of the program, so that they can make an educated decision.

Interviewer: Great information. Thanks so much for being here.

See more videos on reverse mortgages and real estate at BrokerIPTV.com

FHA 203 (k) Renovation Loans for Fix-Up Properties

In this video from BrokerIPTV.com, renovation loan specialist Tom Yoswa from MyProspectMortgage.com discusses FHA 203 (k) loans, which can assist buyers with fix-up properties.

Interviewer: Today we are talking with Tom Yoswa. He is a renovation loan specialist. How are you?

Tom Yoswa: Hi Dan. I am doing well.

Interviewer: Well we talked in a segment about what a residential loan or renovation loan specialist does, can you explain it again?

Tom Yoswa: Well, basically, I loan people money to purchase and renovate a house. You know, what I find in the market that we are in right now, there is a lot of bank foreclosures, there is a lot of HUD properties, those properties in particular, you know, a lot of them, if you show me one that doesn't need work I will show you 10 of them that probably do. So basically it enables you to take those homes, buy them and fix them all with one loan and one close.

Interviewer: And most realtors and consumers would probably know this is an FHA 203(k) loan, is that right?

Tom Yoswa: Yes.

Interviewer: Okay, yeah.

Tom Yoswa: It's basically nothing more than a regular FHA loan with the same FHA guidelines. However, there is a construction element to it and we put the money into Escrow afterwards for the repairs.

Interviewer: And traditionally what type of buyers are using this loan and what's that price point?

Tom Yoswa: Well I mean in this market right now there is a lot of first time home buyers. You know I think there are some statistics out there say you know almost 50% of all home buyers right now are first timers, which makes sense because of the market and the interest rates, etcetera. So you know, when I look at first time home buyers most of them are not buying you know $300,000 houses, they are buying $150,000 houses and you know, the large majority of those homes need some sort of work.

Interviewer: Right.

Tom Yoswa: Carpet, kitchens, bathrooms, new roofs, etcetera.

Interviewer: So a $100,000 will say what 220, 225 is pretty much the pool you are swimming in?

Tom Yoswa: I would say for the most part I mean there are other, you know, it can go higher, it can go lower, it just really depends on who the buyer is and what they are looking at.

Interviewer: And what type of repairs can they make under this program?

Tom Yoswa: Dan, you can do just about anything, you know carpet, paint, kitchens, bathrooms are usually the typical ones. People don't know you can put appliances into the loans, if it has a furnace or any of the HVAC stuff that isn't functioning, you can do that.

Interviewer: Hot water heating?

Tom Yoswa: All that stuff,...

Interviewer: Roofs?

Tom Yoswa: Roofs, you can do it, obviously anything exterior, landscaping in some situations, etcetera.

Interviewer: All right, a couple the obstacles that prevent people from buying a house. One is usually down payment, how much money do they have to put down with this loan?

Tom Yoswa: Well I mean, there is again, options there, too. I do conventional as well as FHA, it's the same guidelines as FHA and conventional. So with the 203(k) loan, it's, you know, as little as three and a half percent down.

Interviewer: Okay.

Tom Yoswa: So you know whatever the purchase plus the renovation is combined, it's three and a half per cent off of that, but there are other programs, HUD has a $100 down program if it still exists, I think it does.

Interviewer: Yeah.

Tom Yoswa: And you can use that in certain situations, so it really depends but it's as little as three and a half percent down.

Interviewer: So one of the questions I know I have been asked by buyers is can you combine the programs? I want to do the $100 down HUD program, but I need the construction financing. Can you do it?

Tom Yoswa: I have done it, just so long as it's a full-price offer.

Interviewer: Oh, it's got to be full-price offer?

Tom Yoswa: It's got to be a full-price offer. So if HUD's asking 160, you bid 156, no-go. If you bid, if it's 160, you bid 160, then yes, and then again, I am not 100% sure. I believe the program is still there.

Interviewer: It sounds good. Tom, thanks I appreciate it.

Tom Yoswa: Thank you very much, Dan.

You can reach Tom Yoswa at 303-668-4499 and at MyProspectMortgage.com online.

Renovation Loan Specialist Tom Yoswa

Tom Yoswa is a renovation loan specialist at My Prospect Mortgage. He talks about how to obtain these loans in this BrokerIPTV.com video.

Interviewer: Today we are talking with Tom Yoswa. He is a renovation loan specialist. Tell me about how do you get a renovation loan and what is it exactly?

Tom Yoswa: Well basically it's like any other loan that you are going to qualify for, the difference being is that we are going to loan you the money to purchase and renovate a house and we are going to do it all with one loan and one close.

Interviewer: Okay, so there is not a loan to buy the house and then another loan to go get some money to improve it?

Tom Yoswa: No.

Interviewer: It's all lumped in one?

Tom Yoswa: It's all put into one loan.

Interviewer: And who is it offered by?

Tom Yoswa: Well there is, there is probably several lenders that do it, but there are very few that really specialize in it.

Interviewer: And it's primarily done through FHA, correct?

Tom Yoswa: FHA... there is a conventional product but right now probably 80% of my loans are FHA.

Interviewer: And it's called the 203(k) loan through FHA, right?

Tom Yoswa: 203(k) loan, yep.

Interviewer: And explain how that works?

Tom Yoswa: Well basically you know, you have someone that wants to buy a house, maybe it's a bank foreclosure or something like that, where they might need a new kitchen new flooring, new roof, new windows, it can be just about anything, and what we are going to do is basically loan them the money to purchase, you know, they get it under contract and then there is an Escrow that we set up post-close from which they draw from to do the fix-ups in the house.

Interviewer: And how do you determine how much they get to use to fix it up?

Tom Yoswa: Well a lot of times it just depends on, you know, what the issues are with the house lot of things we have an inspection that's done. The Home Inspector might go in and have a whole laundry list of things that need to be done, other times they might just have two or three things and it's a simple one, so really it just kind of depends on the house.

Interviewer: So do you know, going in ahead of time before you give the loan, how much work of repair needs to be done?

Tom Yoswa: Yes, yes, that's the key is there before we close the loan we have a work with Escrow or a bid from a contractor and then we close the loan based on that bid and my appraisal is done with that bid in mind, subject to the repairs that are being made.

Interviewer: And then after they close, do they have to use that contractor?

Tom Yoswa: Pretty much. I mean, many times we have already got somebody in line, but you know there are people who want to change after the fact but typically they use the same contractor.

Interviewer: Right now after the close deals you just hand the customer a check, how do they get the money?

Tom Yoswa: No and that's not necessarily how it works I mean to kind of protect the customer against their contractor we put their money into an Escrow account.

Interviewer: Right.

Tom Yoswa: And then they draw money out of the Escrow account for the repair. So, that lot of times there is an Inspector involved and things like that.

Interviewer: So if I am reading you correctly, let's say some repairs were done, the contractor submits the bill to the bank, who is holding the Escrow account.

Tom Yoswa: Yeah.

Interviewer: The bank then cuts the check to the contractor for the repairs you did?

Tom Yoswa: More or less, yeah there is a draw process and there is photos that have to be taken, you know things have changed a little bit over the last few years so...

Interviewer: More work?

Tom Yoswa: Yeah, so you know it's a little bit more intensive than just that but you know there are forms, they fill it in, they get their money within 72 hours.

Interviewer: What benefit is this to realtors?

Tom Yoswa: Well I mean the realtors you know, it's a whole different animal for them because it's another notch in their belt I would like to say. It's a product that lot of them don't know about. So if you are a realtor and you have got a listing that is in need of repair and you know it's in need of repair, maybe it was a house and it hasn't been, you know, it's cosmetically challenged, hasn't been touched in 30 years.

Interviewer: Yeah.

Tom Yoswa: It's a way to maybe you know put it into their listing or into the MLS. In other ways it's beneficial because the customers that they are working with, they know about this loan and if they find a house that needs repair then they have, they know about the loan and you know we go from there.

Interviewer: So instead of a buyer walking in and walking out after they see the place, they go, whoa, wait there is money that can be set aside to fix this in your loan?

Tom Yoswa: That's exactly what I do and it's exactly the way that I present it to realtors.

Interviewer: Tom, thanks, great information. I appreciate it.

Tom Yoswa: Thanks, Dan.

You can reach Tom at 303-668-4499 and at MyProspectMortgage.com online.

Moving Ahead without the Tax Credit Incentives

Alison Brennan talks to us about how the tax credit effects home buying, as well as how the extensions affect sellers and buyers alike.  She also discusses opportunity that still exist and how to be creative without the government’s help.

 

 

Ty Dokken of Metro Brokers and the advantages of low interest rates

Ty Dokken discusses the advantages of low interest rates vs the end of the tax incentives.

Interviewer: Hi I am Kathy Soltero with metrobrokerstv.com. Today joining me in the studio is Ty Dokken he is with our Tech Center, Metro Brokers office. Ty welcome thank you very much for joining us today.

Ty Dokken: Hi, thanks for having me.

Interviewer: Tell me a little bit about your office. We have a couple of offices in the Tech Center, where are you located?

Ty Dokken: We are at Marina Square which 8101 East Belleview Ave., Suite F, it kind of shares the parking lot with 24 Hour Fitness.

Interviewer: Okay and how long have you been there?

Ty Dokken: Ive been there approaching ten years now.

Interviewer: So, you kind of like the Metro Brokers idea?

Ty Dokken: Love it! Great office, great people and I think we are recruiting more people than any other office out there, I believe.

Interviewer: Thats awesome, thats great. Tell me a little bit about your business, what are you specializing in right now?

Ty Dokken: I am right now Residential Sales; mainly I am about 80% buyer business, 20% listing business. Got to take care of those buyers these days.

Interviewer: Absolutely, now, how have you seen the market change since the tax credit is gone and the interest rates are so phenomenally low right now its unbelievable?

Ty Dokken: It has, this spring was pretty crazy for us and it definitely has slowed, overall market has slowed, but buyers would be crazy not to buy these days with the low-low interest rates.

Interviewer: And where are you seeing that going? I mean do you feel like we are going to see buyers pick up here may be after the elections or after the first of the year?

Ty Dokken: I am hoping soon, spring time definitely, seasonal change comes into play and we get a little more business then, but with an explanation of what kind of buying power you get with low interest rates I think more people will come off the fence.

Interviewer: Explain that, I mean because you know back then they thought $8000, well thats a great deal, Im going to get that and even after I close my house and take that and fix it up and do whatever and right now I mean the interest rates back then were may be a percentage higher even?

Ty Dokken: Right, so for instance I had a client, and friend, close on a house $400,000 last year, they got a 5.5% interest rate and they just refinanced at 4.5%.

Interviewer: In a year?

Ty Dokken: Yep, so before their mortgage payment was about $2,250 and now its around $2,000, saving them $250 bucks a month.

Interviewer: Unbelievable.

Ty Dokken: This makes a great opportunity to roll in other debts and I think its a perfect time if you are in a house to refi or if you havent bought yet to go out and buy.

Interviewer: What are you seeing the challenges so as far as buyers getting loans?

Ty Dokken: Its difficult these days. Theres always options, you got to go to the right people, but it is a little more difficult there, its a longer process and a little more tedious, they are asking for a lot of stuff so you need to have all your documentation, all your ducks in a row and even then you know I feel lucky when we get someone a loan.

Interviewer: I know, its kind of frustrating but yet it is so well worth it.

Ty Dokken: Sure is.

Interviewer: Alright. Ty thank you so much. Before you go, why dont you go ahead and let everybody know where they can get a hold of you?

Ty Dokken: Okay. Ty Dokken, Broker/Owner of Dokken Real Estate out of the Tech Center, Metro Brokers and you can reach me at (303) 246-4857.

Interviewer: Alright, Ty thank you very much for joining us today.

Ty Dokken: Great, thank you.

Interviewer: And for more real estate related videos, be sure to tune into www.metrobrokerstv.com.

First Time Buyers Trust Mary Hannen of Metro Brokers to Find The Right Home

Mary Hannen talks about helping first time buyers find the right home.

Interviewer: Hi, I am Kathy Soltero with Metro Brokers TV. Today joining me in the studio is Mary Hannen. She is with our Metro Brokers, Lafayette office. Mary welcome.

Mary Hannen: Thank you. Very nice to be here.

Interviewer: Tell me a little bit about your office, where are you located?

Mary Hannen: I am located at the Lafayette office on Public Road across the street from a great Mexican restaurant. I have been there for about 11 years. We have about 12-15 agents, it's a hard working group.

Interviewer: Tell me what brought you into the Metro Brokers family?

Mary Hannen: I like the flexibility that I have with Metro Brokers. I can be my own person, my own business, allows me freedom and yet you have the cohesiveness, cohesiveness of a wonderful group of people around me.

Interviewer: Tell me the name of your office on...?

Mary Hannen: Hannen Real Estate.

Interviewer: Okay and how long have you been with Metro Brokers?

Mary Hannen: Ive been with Brokers; Ive been with Metro Brokers since 1999.

Interviewer: Sure okay and do you find it to be a pretty good market right now up in Lafayette?

Mary Hannen: Things have slowed down a bit specifically after the tax incentive ended April 30th. We still are a relatively healthy market, Lafayette is a beautiful town, we find that many people are attracted to our quality of life. Yes, we do have interest although it has been a little slower than we like it to be.

Interviewer: Sure, but we know this is the time of the year when it starts to fall off a little bit...

Mary Hannen: Absolutely.

Interviewer: ...it picks up again after the, may be even after elections, who knows.

Mary Hannen: We hope so, we hope so.

Interviewer: What do you think has been very challenging this year up in Lafayette?

Mary Hannen: Buyers are having lender issues. Regulations are toughening up for buyers and sellers, both. That seems to be the main stopping block right now.

Interviewer: Now do you specialize in any specific area, do you do bank downs, do you do first time buyers, you do all of it?

Mary Hannen: I do all of it, I seem to gravitate towards first time buyers. I have children of my own and I seem to get much satisfaction out of finding just the right home for a young couple.

Interviewer: It is fun. First time home buyers, they seem like just people who just dont really have a clue what they are doing, you're taking them through every step right?

Mary Hannen: Yes, its very rewarding and when we find that perfect spot, it just warms my heart.

Interviewer: And do you have any certifications?

Mary Hannen: I have my GRI. I got that about three years ago.

Interviewer: And, thats a pretty intensive course, there are a lot of things that you learn and what inspired you to do something like that?

Mary Hannen: I wanted to have more well rounded knowledge; I wanted to be, to have more information available for buyers and sellers.

Interviewer: Right. Mary why dont you go ahead and tell our viewers now how they can get a hold of you?

Mary Hannen: My direct line is (303) 910-4204, my web site is www.hannenrealestate.com

Interviewer: And Hannen is spelled?

Mary Hannen: H-A-N-N-E-N.

Interviewer: Alright. Mary, thank you so much for coming in and talking with us today.

Mary Hannen: Thank you so much.

Interviewer: And thank you very much for watching Metro Brokers TV. For more real estate related videos, be sure to tune into www.metrobrokerstv.com.

Matt Tolooee of Metro Brokers discusses distressed properties and short sales

Matt Tolooee of the Colorado Springs Metro Brokers office specializes in distressed properties and short sale issues.

Interviewer: Hi I am Kathy Soltero with Metro Brokers TV. Today in the studio we have Matt Tolooee; he is with our Metro Brokers office and tell us a little bit about where you are located Matt?

Matt Tolooee: I am downtown Colorado Springs off the infamous Tejon Street, 325 North Tejon. We got a lot of businesses around us so its exciting to be downtown Colorado Springs.

Interviewer: And how long have you been with Metro Brokers?

Matt Tolooee: Two weeks.

Interviewer: Two weeks? So tell me now what brought you over to our family?

Matt Tolooee: Two weeks, I was thinking about how I am going to answer that question. The number one thing that sticks in my head is entrepreneurship. I think the structure under Metro Brokers is more suited for promoting entrepreneurship and as you know we are all entrepreneurs whether we are broker/owners or whether independent agents, but it allows for someone like me who wants to have more of a stake in the game and more involvement with the community which I am trying to do more in distressed properties. It allows somebody like me to come in without having to have a huge cash outlay to open up an office.

Interviewer: Right.

Matt Tolooee: I came from RE/MAX Organization, six years with RE/MAX. A great organization, phenomenal leadership so there are a lot of good things to say about RE/MAX, however the structure under RE/MAX doesnt quite support that you open up an office and you are the employing broker, broker/owner of that office, you can have lots of independent agents, but you cannot have multiple employee broker/owners under the same roof. With Metro Brokers you have that and I am hoping to open up a branch office in Denver soon and expand the business so I can cover the Front Range.

Interviewer: Very nice. So do you do real estate then all up and down the Front Range or just primarily in the Colorado Springs area?

Matt Tolooee: Primarily in Colorado Springs area I am doing more, as I am doing more distressed properties, I am finding I have to travel to Denver, and my son also lives in Denver so I come out here quite a bit and so I am interested in the Denver market so, but primarily right now I am in Springs with the idea to expand to Denver Metro.

Interviewer: Now you say that you focus a lot on distressed properties, tell me a little bit about that?

Matt Tolooee: Yeah, this as you know we are living in a really tough times, a lot of families are having difficulties, some of them really through no choice of their own. I've got a family that I am helping out, they have been in their home for twenty years. You know... illness, getting laid off from their jobs and just a lot of health issues, finally divorce has brought them to a point where they have to sell their home, and you know she says to me she says, 'Matt, I dont want foreclosure on my record, and they are in their late sixties and so its sad, my heart goes out to families like that. Ive got numerous examples of folks that have been caught in this situation, where their home is not worth what they paid for, its difficult to sell it and so they have to either go on a short sale or a bank owned. So yeah, I am helping quite a few families over there. My skill set is that Ive been trained in distressed properties, I am a graduate of a five star institute for REOs Bank Owned Properties and short sales. I am also certified with CDPE, Certified Distressed Properties Expert.

Interviewer: Well Matt before we go, why dont you tell everybody how to get a hold of you, because you sound like a very important realtor to know?

Matt Tolooee: I never take myself too seriously; I take my business very seriously.

Interviewer: Good.

Matt Tolooee: My name is Matt Tolooee and my phone number is 719-310-5185 and I dont have, I had a website but as I moved its under construction, so hopefully we can have that up soon. (Note: Matt's new website is now working!)

Interviewer: Alright. Matt its been a pleasure talking with you.

Matt Tolooee: Thank you so much, I appreciate it. Interviewer: Thank you so much for joining us today. And for more real estate related videos be sure to tune into www.metrobrokerstv.com.

Bill Gaetano of Metro Brokers will help you find a great home

Bill Gaetano of Metro Brokers specializes in the Lafayette area and can help buyers find a great home at a good price

Interviewer: I am Kathy Soltero with Metro Brokers TV. Today we are joined in the studio by Bill Gaetano, and Bill thank you very much for joining us today. Tell us a little bit about your office. Where are you from?

Bill Gaetano: Nice to meet with you today Kathy. My office is located in Lafayette, Colorado. We have been there for over 30 years now in the downtown area.

Interviewer: How big is your office? Tell me about the people and that sort of thing.

Bill Gaetano: Currently weve got about 12 to 15 full time brokers and everyone has been in the business for a considerable amount of time. Weve got some very seasoned agents in our office.

Interviewer: And do you have a specific name for your company that our viewers can tune into.

Bill Gaetano: Absolutely. My company is Homestead Brokers, LLC and I have been in business since approximately 1988 and with the Metro Brokers office since 1997.

Interviewer: That kind of answered my next question, MetroBrokers. What brought you to Metro Brokers?

Bill Gaetano: I had been with other franchises and then was an independent broker for a number of years. Metro Brokers offered the vehicle to let me keep my independence, my autonomy, and still come under a well recognized name for marketing.

Interviewer: Do you have any specific areas that you work in?

Bill Gaetano: Absolutely, Lafayette of course is our primary market. Louisville, Broomfield, Erie are also close by markets that we do a lot of business in.

Interviewer: How are you finding the market up there?

Bill Gaetano: The market is moving, its challenging at times, but homes are getting sold and we are getting the prices close to the listing prices for the most part.

Interviewer: Tell me a little bit about yourself. Do you have any certifications or anything to tell us about?

Bill Gaetano: I do, I have my GRI Certification which I got early on when I started in the business and I am proud to have that.

Interviewer: Absolutely, thats great. Tell me about your business in a way, I mean how has it been so far this year up in Lafayette?

Bill Gaetano: This year has been great. The first half of the year we were extremely busy, probably no secret that its tapered off a little bit since the tax credit expired, but again homes are still coming on the market, buyers are out there, and we are working with them and getting these deals closed.

Interviewer: What are you finding to be the biggest challenges right now, lenders or...?

Bill Gaetano: Probably the lenders and the financing, that seems to be changing daily. We actually talked about that on the way over today and that seems to be our biggest obstacle.

Interviewer: Absolutely. Well tell us now how can any of the viewers out here get a hold of you?

Bill Gaetano: Again I am in the Lafayette office and my direct number is (303) 665-6929.

Interviewer: Alright. Bill Gaetano and he is with our Lafayette office in Metro Brokers. Thank you so much for coming in and talking with us today.

Bill Gaetano: Thank you very much Kathy, nice to be here.

Interviewer: Yes, and for more related real estate videos, be sure to tune into www.metrobrokerstv.com.

Universal Lending's Pete Lansing says sub prime is out and FHA is in

BrokerIPTV: Today we are talking with Pete Lansing, President of Universal Lending. Pete thanks for being with us.

Universal Lending's Pete Lansing says sub prime is out and FHA is in

Pete Lansing: You bet.

BrokerIPTV: I appreciate you be in here. The topic is FHA. They seemed to be very popular and in vogue again, why is that?

Pete Lansing: Well, I think mainly because the subprime market has gone away. The reason the subprime market took FHA away form us in the first place is that there wasn't a down program. It was easier to qualify, we were utilizing tools in the industry that really FHA became second to, compared to what it is now that the subprime has gone away. So, with the fact that there is a down payment program and that there is the ability to be able to do such a low down payment, easier to qualify FHA, certainly around nation has come back to be probably the number one lending program.

BrokerIPTV: Is FHA I mean whats so great about it and what is not so great?

Pete Lansing: Well, this is a government insured program. One of the best parts about the fact that it is a government insured program is that gives liquidity to the investor base keeping interest rates low. If there is a down side to FHA, it has do affect that you have to qualify, you do have to follow the insuring program and guidelines of the FHA. I don't think that specifically bad, but there are some people that have been in the real estate industry that really don't even have or have never done that before and now they are following those guidelines, only negative is that there is some limitation to how much you can barrow.

BrokerIPTV: In some limitation and whether or not the property even qualifies for an FHA loan?

Pete Lansing: That's true. FHA would look at the ability to have a good property. They will ask the lender and appraisers do a review and make sure that it meets up FHA guidelines as a qualified property. 

BrokerIPTV: Right, who should be looking at FHA, who should not?

Pete Lansing: No question about it, first time home buyers should be looking in to the FHA program.

BrokerIPTV: Finally, a rumor circling around may be reducing the down payment minimum from 3% to 1½%, is that do you think coming down the pike again for the government trying to stimulate the buying and the using of FHA?

Pete Lansing: Very possible and it is in the FHA bill that right now congress is talking about, both in the senate and in the house are discussing it. they are negotiating and we never know it that negotiation is going to allow us to have lesser of a down payment or not, but it certainly has been a discussion in congress and that would be a sure possibility disseminating even more FHA, if the normal down payment would drop from 3%, so the lower number of 1 and 1½% that we have been told of that

BrokerIPTV: Pete thanks, great information and I appreciate it.

Pete Lansing: Glad to be here.