Missouri Housing Commission approves $1.7 million for disaster recovery

Missouri Housing Development Commission (MHDC) has dedicated $1.7 million to provide housing for residents in disaster areas.

MHDC Chairman Jeffrey S. Bay convened a special meeting on Thursday, May 26, at which the Board of Commissioners approved a proposal to provide housing to Missouri residents who were displaced as a result of recent disasters. The Board unanimously agreed to provide immediate shelter for people who are homeless and to provide assistance to those in imminent danger of becoming homeless. See shelter for homeless.

“We are committed to keeping a roof over the head of every child in Missouri,” says Executive Director Margaret Lineberry. “MHDC is dedicated to ensuring that safe, affordable housing is available to all Missouri citizens.” 

The Board also approved the creation of Mo-AID, a program that will help displaced Missourians purchase a replacement home. Mo-AID will be offered to first-time and repeat homebuyers and will provide cash assistance of up to five percent of their first mortgage amount to assist with down payment and closing costs. 

To take advantage of the program, Missouri residents who lost homes due to severe weather in Butler, Cape Girardeau, Howell, Jasper, McDonald, Mississippi, New Madrid, Newton, Pulaski, St. Louis County, Scott, Stoddard, Stone, Ripley, or Taney counties who are interested in purchasing a home anywhere in Missouri are encouraged to contact one of MHDC’s certified lenders. More information on Mo-AID here.

Is it possible to buy a home after foreclosure?

If you have faced foreclosure, it is not that you stop dreaming about a house in future. There are many who have faced foreclosure but with proper credit repair techniques were able to take out a mortgage after foreclosure.

Be regular with your bill payments

Once you have faced foreclosure, avoid committing the same mistakes that has landed you in such a situation. Try and be regular with your bill payments. Falling behind on payments is something you should avoid by all means.

Apply for a credit card

You can apply for a fresh credit card and strive hard to remain current with your payments this time. It will have a positive impact on your credit rating and you will stand a better chance to get a mortgage after foreclosure.

Budget your finances

Work out a budget. Make note of all your expenses and how much you are earning each month. Assign your cash to expenses according to priority and make sure you make your payments on time, every time.

Save enough for down payment

Try to put aside enough cash so that you can build a fund for making a hefty down payment. The more money you have for a down payment, the size of the mortgage you take out can be of a smaller size. This will ensure that you have lower mortgage amount to repay.

Check your affordability from time to time

Make use of mortgage calculators so that you are able to find out whether you are eligible to take out a mortgage after foreclosure. The time should be ripe for you to take out a mortgage after foreclosure in terms of affordability, repayment capacity etc. You can plan out your finances accordingly.

Find out a good lender willing to offer favorable rates

Once your credit has looked up to some extent, try to work out with a lender who is willing to give you favorable rates.

5 Gas Saving Tips

With fuel prices skyrocketing, here are 5 easy tips to help you conserve gas and ultimately money:

1) Lighten up!

Aerodynamics can become quite significant at highway speeds. Carrying luggage on the roof of your car or towing equipment can be costly.  Any time you do something like that, your fuel economy is going to tank.

When ski season ends, take the rack off your car.  Racks produce a lot more aerodynamic drag, so your car has to work harder to slip through the air.

Weight is the biggest pitfall when it comes to maximizing a car’s fuel efficiency.  The more weight the car has to move, the harder the engine has to work. If you are carrying around stacks of National Geographic magazines in your trunk, take them to the recycling center.  All that extra weight is costing you miles per gallon.

2) There is no magic bullet

When gas prices spike, products claiming to boost fuel efficiency pop up. Avoid them, experts say.

Companies come out of the woodwork and try to sell you gizmos to add to your car to add fuel economy.  If there was a magic bullet, then the car companies would use them. When gas prices go up, people prey on greed and fear. Don’t fall prey.

3) Plan your trips

To save on gas, try to run all of your errands in one trip and avoid backtracking.  If you take four trips with a cold engine, that takes more gas than when you try to do it all at once with a warm engine.

Drivers can also plan to use gas stations with cheaper prices. There are some great Smart Phone Apps that can help you find cheap gas in your neighborhood such as www.GasBuddy.com

4) Turn on the air conditioning

Drivers with modern cars that recirculate cooled air shouldn’t be afraid to run the air conditioning.  When you roll down the windows, you start messing with the aerodynamics of the vehicle, you are not going to get maximum fuel efficiency because it creates new drag.

5) Keep your vehicle maintained

Popular gas-saving advice calls for drivers to mind the speed limit, use cruise control and avoid too much idling.  Careful drivers should also make sure to get their engine tuned, check their air filters and use the right motor oil.

Properly inflated tires will somewhat improve fuel economy, and this maintenance is easily accomplished. Check your tires once per month.  Underinflated tires compromise your car’s handling and braking, and they also wear faster.  If your tires are underinflated, there’s a lot more rolling resistance and the car will have to work harder to roll down the road.

Where's my tax refund?

Did you know that 75% of U.S. taxpayers are expecting a refund this year?  If you're wondering when you'll get your money, you have several ways to check.


Call the IRS
Call 1-800-829-1040.  Before you call, you'll need to provide your Social Security number, your filing status -- single, married filing either jointly or separately, head of household, or qualifying widow or widower -- and the amount of your expected refund, as shown on your tax return, rounded to the nearest whole dollar.
Also, consider how long it has been since you filed. You may not have given the IRS enough time to process your return.
If you e-filed, you should give the IRS at least 72 hours before calling about your refund status. If you instead sent in your return through the mail, you should wait at least three weeks before checking your federal tax refund status. If you call sooner, they probably won’t have anything to report.


The IRS Website
Go to www.irs.gov and choose the "Where's My Refund" tool. Just like when you call the IRS, you will need to provide your Social Security number, your filing status -- single, married filing either jointly or separately, head of household, or qualifying widow or widower -- and the amount of your expected refund, as shown on your tax return, rounded to the nearest whole dollar. The tool is updated every Wednesday.


IRS2Go  - Smart Phone App
For iPhone and Android phone users. You can download the free app at the Apple App store or Android Marketplace. Input the same three pieces of information -- Social Security number, filing status and expected refund -- to find out when you'll get your money. (Next year, be sure to choose direct deposit if you're filing your return electronically; you may receive your refund in as little as ten days.)

Should I refinance my home mortgage?

This question can be hard to answer depending on your individual situation.  There is a lot of information on the Internet on this topic – good and bad.

Before you make your move to refinance your home loan ask yourself several questions:

1)      Will the refinance lower my monthly repayment and interest rate?

2)      Can I shorten the length of my mortgage when refinancing?

3)      What will my costs be to refinance my existing mortgage?

4)      Will I be able to get some cash-out?

   

You can use a Mortgage Calculator to get a general idea of what your approximate new monthly payment will be.

Ask your Mortgage Planner if shortening the length of your loan will benefit you and your situation.

There will always be costs involved in getting a new loan or refinancing your existing loan.  Make sure you understand all of the one time and ongoing fees before you refinance.

If you have equity in your home, you may also be able to take out money when you refinance your loan.

You should definitely contact a Certified Mortgage Planner who can run your credit and answer any refinance questions you may have.

Don't start home shopping until you are Pre-Approved first!

So, you’ve been thinking of purchasing a home.  You’ve picked up all of the real estate books from the grocery store stand and you are now ready to call a Realtor®.

Stop!

In this market, buyers need to get pre-approved for a loan before even consulting with a Realtor® for a variety of reasons.

Here are a few:

• Most Realtors® these days won’t even waste their time driving clients around to look at homes without a pre-approval.

• You won’t have the disappointment and heartache of finding a house you fall in love with only to find out you don’t qualify for a loan.

• Sellers want buyers to be pre-approved.

• With tighter underwriting requirements, you may not qualify for a loan you may have qualified for a year or two ago.

• Many properties are “under-priced” to provoke multiple offers.  If you are not already pre-approved, you may miss out on being able to submit a competitve offer.

Consulting with a Mortgage Lender prior to shopping for a home will help you understand the best loan option available to you and possibly save you money & heartache!

If you are ready to apply for pre-approval, click HERE.

5 Smart Ways To Increase Your Savings (without even trying!)

You might think that in these times of rising gas prices and that ugly phrase "down economy" it is next to impossible to save money.

I've come up with 5 simple and smart ways to save a little bit of cash and hardly feel it.  Over a year's time these savings can really add up!

1) Garage Sales - Look, everyone loves a good bargain these days.  Garage and yard sales are more popular than ever!  You can easily make $100 or more in just one day.  Plus you will be getting rid of all the clutter you've collected in the basement and/or garage.  Don't forget to advertise your sale on sites like Craigslist and Gee Sale-er (which has it's own Smart Phone App by the way).

2)  Pack a lunch - How often do you go out to lunch?  Did you know that the average person spends $7 per day on lunch?  Brown bagging it can cost as little as $2 per day. Try this handy Lunch Savings Calculator to see the tremendous savings impact of packing a lunch everyday!

3) Use the Library - Stop purchasing books, DVD's and even Video Games!  The library is free so go get a library card and start taking advantage of all the Public Library has to offer.  Many libraries also offer quiet spaces with free Wi-Fi to actually get things done away from the home or office.

4) Ask for Discounts - From buying airline tickets to paying a medical bill, always ask if there's a discount to be had. The worst that can happen is you'll be told no.

5) Watch Those Utilities - Changing over to energy saving light bulbs and low flow showerheads is a great start. Also, most utility companies offer a home audit you can complete online.

There are several other ways you can put a little money aside each week.  Add it up over a year’s time and the money you save can perhaps be used during the holidays for gifts or that family vacation you thought you never could afford.

The trick is to take the money you save, put it in the bank and don't touch it until you need it.

Debt to Income Ratios

You need to review your personal finances prior to applying for a home loan. If you have a good handle on how much your earn vs. how much you owe, you will have a better understanding of how much a lender will allow you to borrow.

Income:

What is your gross monthly income? 

Figure your average income for the past 2 years. Locate your tax returns for the past 2 years. In addition to your earned sources of income, you may use unearned sources of income such as alimony or lottery payoffs. And if you own income-producing assets such as real estate or stocks, the income from those can be estimated and used in this calculation. If you have questions about your specific situation, any good loan officer can review your documents.

Debt:

Include all of your monthly debt obligations; credit cards, installment loans, car loans, personal debts or any other ongoing monthly obligation like alimony or child support.  

Mortgage Lenders do not want you to take out a loan that will overload your ability to repay everybody you owe. 

Formulation: 

A common average guideline for debt-to-income ratios is 33/38. A borrower's housing costs take up 33% of their monthly income. Once you add your monthly consumer debt, it should take no more than 38% of their monthly income to meet those obligations.

A lender takes into account many factors that reflect the financial condition of a home buyer. many lenders have different debt to income requirements.  Being prepared by knowing where your income and expenses stand will simplify the application process for you and your lender.

What are the basic eligibility requirements for FHA financing?

FHA insures mortgages made by approved lenders to individuals and non-profit and government agencies that are approved to participate in HUD's programs; HUD does not loan money to homebuyers. 

Generally, to be eligible for an FHA loan, you must have a valid social security number and have lawful residency in the United States and be of a legal age to sign on a mortgage in your state. Lenders will verify income, assets, liabilities, and credit history for all parties on the loan. 

FHA's mortgage programs do not typically have maximum income limits for qualifying, although you must have sufficient income to qualify for the mortgage payment and other debts. 

Income limits may be present when qualifying for down payment assistance or other secondary financing programs (including those funded by HUD) that may be used in conjunction with an FHA loan. 

Using FHA guidelines, lenders will make a credit determination based on the merits of each case. To find out if you qualify, and how much you can borrow based on your income and debts, you should contact a FHA approved lender.

(source: U.S. Dept of Housing and Urban Development)

Can I apply for a loan before I find a property to purchase?

Yes!  Applying for a mortgage loan before you find a home may be the best thing you could do! 
If you apply for your mortgage now, we'll issue a pre-approval subject to you finding the perfect home. You can use the pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-approval for a mortgage may give more weight to any offer to purchase that you make.
When you find the perfect home, you'll simply call your Loan Officer to complete your application. You'll have an opportunity to lock in our great rates and fees then and we'll complete the processing of your request.

How is Pulaski Bank different from other lenders?

There are hundreds of mortgage providers in the St. Louis and Kansas City regions, but Pulaski Bank continues to be ranked among the top. 

Why? 

 First and foremost, SERVICE. Providing the best customer service gives us an edge on the competition. Our repeat customer referrals show that we excel in every aspect of customer service. Pulaski Loan Officers are the best mortgage banking professionals in their market, and they have the tools necessary to help you make decisions. There's no corporate red tape to prevent you from getting an answer when you need it, TODAY!

 Pulaski offers financing options to fit a wide variety of needs. We work hard to find the option that best fits your circumstances. Our loans are processed and approved locally, not out-of-town. We are able to lend our own funds, so we do not rely on others to control your transaction. We do not depend on out-of-town firms or offices to prepare documents or wire money to the closing. If there is a last minute change in your closing figures, for example, we merely reprint the documents. 

Many lenders must delay the closing for hours, or even days. Ask your Real Estate Professional how many other lenders make all decisions and draw documents locally, and then personally bring the funds to closing. Your real estate professional can probably share with you the importance of these service differences at Pulaski Bank. 

Other lenders try hard, but never seem to achieve the quick, efficient service that we offer. 

Choosing a mortgage lender

Buying a new home or refinancing the mortgage on an existing home is a big step.  You can take some of the stress out of getting a mortgage by choosing the right mortgage lender for your specific situation. 


While who has the best interest rate is certainly a consideration, there are many other factors to look at when you choose a mortgage broker. 


If you have friends that have recently bought a home or refinanced, ask them if they were happy with their mortgage lender, and for a recommendation. If you're selling your home, your real estate agent may have a recommendation for a lender they have worked with before. 


Chances are, you'll get several recommendations.  Check them all out before you make a decision.