Club Chaos Agents - All Things Hollish, Wacked, and Jacked

 

 

USDA Loans – Rural Housing Loans

 

 

The Single Family Housing Guaranteed Loan Program (USDA Loans) will likely be exhausted by the end of April, 2010. This is a message that was delivered from the National Office in Washington D.C. as of today.

 

It was then stated that once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.”  This is because the agency is not certain when additional funding will be available. And this might not be known until October, when the new budget comes out.  This is important to know and to understand.

 

 

This is a good reminder for all borrowers, realtors, and loan officers that aren't aware of this.  If you are a buyer that has been pre-qualified for a USDA loan, you need to speak to your loan officer as soon as possible. If you are realtor that has a buyer or the listing agent that has received a pre-qualification letter stating that the buyer has been pre-qualified for the USDA loan, someone needs to contact that borrower so they can contact their lender.

 

On another note, please beware of those web sites that offer USDA Loans,yet these sites make you think that you are dealing directly with the USDA themselves. I have come across several out there that look and feel like it was directly from the USDA them self.  I wrote about it here : Misleading advertising when it comes to shopping for mortgages and USDA loans and FHA loans - Misleading advertising as government agency sites.

 

 

For more information on USDA loans, please read :

USDA Loans - The Rural Housing Loan - The Basics

 

 

UPDATE :  For anyone that wants to read more about this, please read this post by Gerry Suarez.  He goes into some detail about the seriousness of this. Please read :

USDA Rural Development loans expecting to run out of funds by late next month

 

 

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- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

 

Experience & Knowledge at its BEST !!!

 

 

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

 

 

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

 

An important question about ETHICS

 

 

Advertising and Statements :  We know that we like to sound the best in front of our client. Many like to market themselves as the best, the cheapest, the quickest, etc, etc. But many of us know that these are generally catchy headlines to attract more business.  Just another way for that person or company to get in front of their competition.

I am sure many of these misleading statements are true to a certain degree. But do they make you believe that it's 100% true 100% all of the time?  In my opinion, yes they do.  In my opinion, I think this is sneaky when one uses these tactics, knowing damn well that it is not clear adverting and for a reason.

Overall, I am sure many of you are thinking... "so what"... who am I hurting? It's true to a certain degree. I want to share some examples with you...

 

 

 

Ken Cook wrote this awesome post about ethics and integrity. It's a must read if missed.

Over promise and hope it happens - a question of ethics

 

 

 

Examples of misleading advertising

 

 

"I can sell your house the quickest" or "I can get the most money for your home"

"10 day closings - We guarantee your closings in 10 days"

"I will beat and or match your interest rate"

"I am the best"

"I can guarantee and or promise ____________"

 

 

Honestly, do you think these are misleading statements?

 

 

 

Summary :

 

Were has integrity gone? How do you hold yourself in the highest regard, that you have pride when advertising yourself and or your product?  Do you cross that imaginary line? Especially in regards to some of the things that I mentioned above. Are you not clear in what you state? Is it misleading? A few of my opinions in regards to what I mentioned above.

"I can beat any interest rate"  - common sense from an industry professional such as myself knows this is flat out advertising.

"Ten Day Closings - Closings guaranteed in ten days - Guaranteed 10 day closings" -  Again, as a mortgage professional, there are many holes to this statement.  This kind of statement is what I call a blind statement.  Yes, I can close a loan in days, but not all loans. I will get into more details about how this company advertises this in Part 2.

"I can get the best price for your house" - What is the best price? Are you just saying this to get my attention?

So how do you market yourself?  Do you just play the marketing game as so many others do?

 

 

Sure, guarantees are backed with verbiage and fine print. But that is my whole point. The main part of these kinds of advertisements are to get your attention. How many people read the fine print? Or in some cases, even understand it. And if that individual and or company tells you that you don't fall under that specific statement, guarantee, etc, etc...  do they still work you over for your business?  You bet your only dollar on that.  Many ads are attention getter's.. It comes down to their methods and their integrity. Question to you all... how come terms such as "service" and "level of service" is not mentioned in these ads and or guarantees?  Because the avergage person gravitates to such words as "I guarantee" and or "I promise".

Ken Cook said this best in his post ... "Sure, it's just semantics. That's the point. People are easily misled and the people who mislead them may or may not be displaying the highest integrity."

 

 

 

How does one advertise?  Is it misleading?   Important things to beware of !!!  Part 1 of 2

Misleading types of advertising - Illegal? Unethical?   Part 2 of 2

 

 

Shopping for mortgages - The Public Image of Advertising that is misleading !!!! - Part 1 of 2

 

 

________________________________________________________________________________________________

 

                    

                                                                                           FOLLOW ME ON FACEBOOK

 

 

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

 

Experience & Knowledge at its BEST !!!

 

 

________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

 

 

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc