New Loan Requirements for Getting a Mortgage

It seems that many people would rather visit a dentist than talk to a loan officer to qualify for a mortgage.   And while there is more physical pain from the dentist chair, there is something extremely uncomfortable about having your entire financial history scrutinized and analyzed while your future hangs in the balance.  I get it.  My credit score is in excess of 800 and I still feel weak in the knees when I need to get pre-approved.

Effective January 10, 2014 there are new lending rules that make it essential for potential home buyers to get qualified for a home purchase as soon as possible.  It is not that the criteria to qualify has changed drastically, it that there is now no fudge room.  There is a strict maximum debt-to-income ratio if the lender wants to sell the loan through one of the agencies, such as FNMA, GNMA, VA, etc.  and many banks just are not interested in giving loans that don't qualify to be sold. 

Getting approved for financing is not just about credit scores.  It's about verifying income and assets.  Employment is also verified, which is not as simple as it seems, since today many more people are contract employees or independent contractors.   In addition, all debts and liabilities are looked at, including child support and alimony.  And then there is the credit history.  Mortgage qualifying is also about determining a monthly payment that includes taxes and insurance that works for the buyer as well as determining how much cash will be required at closing. 

There is a lot that can go wrong in this complex formula of mortgage qualification and the sooner that the borrower knows, the sooner it can be corrected.  Whether it is saving more money for the down payment, paying down debts or improving a credit score, time and sound financial advice from a seasoned mortgage professional are key to success.  A loan officer can advise on what bills to pay off first for the most rapid improvement in score and whether or not it makes sense to close accounts or consolidate debts. 

I don't send my clients to a loan officer to torture them.  I do it because I want them to succeed in their goal of purchasing a new home.  And I want them to succeed as painlessly as possible.   There is a lot of information on the internet about mortgage qualification and some of it is good, some of it is totally wrong and all of it is very general.   It does not replace the specific advice that you will get from a loan officer. 

So go ahead and make the call.  Hopefully all your news will be good news.  And save all your fretting for the dentist chair.  Just don't forget to brush twice a day and be sure to floss.  :-)

Five Biggest Mistakes When Getting a Mortgage

Once upon a time you didn't need money or a job to get a mortgage. In fact, you didn't even have to have a personal history of paying your bills and you could still get a mortgage. There are even rumors of deceased individuals getting mortgages as owner-occupants but I don't know if that was true or not. But since the mortgage melt-down of 2007-2009 there are much stricter guidelines to get funding for a personal residence. Here is my list of the top five things you DON'T want to do when applying for a mortgage.

 1. Don't keep secrets from your loan officer. The loan officer doesn't approve your loan. He or she prepares your file so that you have the greatest likelihood of getting the loan. He or she can't do that if they don't know about things like a past bankruptcy or foreclosure, or that you are legally separated or divorced with or without child support obligations or that your job is classified as temporary. Spill the beans so that the loan officer can do their job.

 2. Don't take it personally when the bank wants documentation. I agree. It feel like it would be easier to get a top secret clearance than to get a 30-year note on a house valued at $180,000. And it feels like no matter what you say, they don't believe you. But keep in mind they treat everyone the same way. If you were late on a car payment nine years ago, expect to explain why. If your father gave you a check for $500 for your birthday, expect to have to get him to write a letter verifying the fact. That is normal operating procedures for getting a mortgage in 2013.

 3. Do not make cash deposits into any of your accounts. If you've been collecting coins for 30 years and this is what you plan to use for your down payment, well, you might as well be up 'that' creek without a paddle. Banks want a paper-trail. If money has been deposited into your account, they want to know who from and how come and they want proof. Why? They simply want to make sure you didn't borrow funds that you will need to payback after the loan closes.

 4. Avoid job changes. Sometimes simply changing departments can through off a scheduled closing by several weeks. And unbelievably, even if the job pays lots more than the previous position, banks will hold up closing until you have at least one paycheck from the new employer. If you are contemplating a job change, see rule number one. Your loan officer can help you understand the consequences.

 5. Don't buy anything! In fact, don't shop for anything. Now is not the time to shop for a new car for your garage. Nor to you want to purchase furniture or appliances (unless, of course you have that coin collection - see rule number 3.) Every time your credit is pulled it is noted and if the bank learns you are buying appliances or furniture or anything on credit, they very well might shut down your loan application.

 So there you have it, 5 major rules. I've been told that it feels like you've been investigated by the CIA, the FBI as well as the Secret Service when you apply for a mortgage. That is just life in real estate in this day and age.

2.785% For 30 YR FHA Fixed Loan! Unbelievable!

I saw a couple of posts on Facebook today saying that interest rates for a fixed 30 year FHA mortgage hit 2.785%.  This is so unbelievable that I didn't believe it until I made a few phone calls to confirm it.

For months, I've been bragging about my 3.25% mortgage and I needed to do a 10 year mortgage to get this rate.  Today's deal blows that out of the water.

So my friends, if you're on the fence about buying, now is a great time.  If you're on the fence about selling, these low, low rates will make it a great time to sell.  And if you're on the fence about staying put, consider refinancing.

I'm taking new clients now, so don't hesitate to call.  756-7457 is my office number.

Mary Shelsby
ReMax Realty Group

Saving $20,000 on the Cost of a Home!

Whew! That feels good. Talk about the deal of a lifetime! We just cut more than $20,000 off the price of our home! Great negotiation skills? Nope! Foreclosure? Nada! Fire sale? No way.




We just refinanced. And no, it wasn’t a 10 point drop in interest rates, either. The secret to our savings is reducing the term of the mortgage. We went from a 15 year mortgage to a ten year mortgage. Our original mortgage would have cost us more than $46,000 is interest over the 15 year term. Our new mortgage will cost us less than $17,000. And the most amazing part of it is our payment will only go up about $150.



When I work with buyers, I am always amazed that they will fight till the bitter end and sometimes walk away from a purchase in which we are maybe two or three thousand dollars apart in price. But then they will get a 30 year mortgage with minimum down payment and end up paying the bank almost as much in interest as they pay the seller for the house.

I don’t dislike banks. If the only house I could buy was one I could afford to pay cash for, well, I would not be a happy camper. And if I could only sell real estate to individuals that can afford to pay cash, I doubt I would sell very many houses. Banks are good and mortgages are great but we should only finance what is necessary. After all, I’d much rather see that $20,000 go towards my vacation than the vacation of some banker!

By the way, interest rates are extremely low, making it a very attractive time to either buy real estate or refinance. Don’t hesitate to give me a call for more information. My office number is 756-7457.

A Few Thoughts About Seller Concessions

It seems like the topic of seller concessions keep coming up during the negotiation processes. Often, we will be receiving a counter offer from the seller when my buyer calls me up. “My dad says the seller should be paying my closing costs!”




FHA and VA mortgages allow for a seller to pay the buyer’s closing costs up to an amount equal to six percent of the purchase price. For most conventional mortgages, three percent seller concessions are allowed. The seller paying the buyer’s closing cost sounds like a gift, doesn’t it? Something we should negotiate for, correct? I don’t necessarily agree.

I contend that most sellers know what they need or want to net from the sale of their property. And if there are going to be seller concessions thrown in, the seller is going to demand a higher price. So, in effect, seller concessions is another name for a buyer financing their closing costs.

Now, if a buyer is short on cash and needs seller concessions, they are a great and wonderful thing. But if a buyer has adequate funds to close, I believe they will be better served by getting a lower price for the property and lower monthly payment.

I am not anti- seller concessions. I am anti “buyers thinking this is a gift from sellers and not understanding they will be paying interest on those closing costs for as long as they hold that mortgage.

We are finally enjoying summer-like weather in Rochester.  I hope you are enjoying it.

Cash for Buying a House

For the past two weeks or so, there have been rumors galore that first time home buyers will be able to borrow their federal tax credit in order to use that money for closing costs and down payment towards the purchase of a home. The details have not yet been worked out but I think this is going to happen. There are some technicalities that have to be worked out because basically you are not suppose to borrow money in order to have the funds necessary to qualify for a mortgage. Hopefully this will be worked out soon because there is not a lot of time left in order to qualify for the tax credit. The purchase must be closed before December 1, 2009.


I have also heard rumors of homebuyers amending their 2008 tax returns to claim the credit before they close on a home in order to get the money early and use it at closing. I’m not a lawyer and this is not legal advice BUT I don’t recommend you doing this. Lying to the federal government so that they will send you thousands of dollars doesn't seem like a prudent advice for individuals that enjoy the simple things in life, like freedom.

Anyway, I’m working with plenty of first time home buyers right now and questions keep coming up about the disbursement of money, i.e., when and how much. Here are some general guidelines.

When you write a purchase offer for a property, you need to be willing and able to make a good faith deposit within 48 hours of when your offer is accepted. Deposits are a minimum of $1000 and are made payable to the listing broker. That money is held in escrow (not given to the seller), is refundable if the contract is canceled due to contingences, and is used towards the closing costs or down payment of the property.

Generally, the buyer has up to one week to conduct inspections of the property and these are done at the buyer’s expense. Inspections include a home inspection ($300 to $500), radon test ($150 to $200), mold inspection ($200 - $500), chimney inspection ($125 0 $200) ect. In addition, if the house is on septic system and/or has a well, they will need to be inspected. It is not unusual for the seller to pay for these inspections but occasionally the buyer will prefer to pay for these themselves just so that the inspector works strictly for the buyer. Well inspections and water testing can run from $35 to $250 and septic pumping and inspection is $200 to $400.

The next outlay of cash is usually to the mortgage lender. Some lenders will collect an application fee at the time the mortgage application is made ($200 - $300). Nearly all lenders will require that the appraisal be paid up front ($250 - $400).

Things get quiet after mortgage application and the next big expense is homeowner’s insurance. Mortgage companies require that you pay for the first year of insurance up front and that the insurance binder is faxed to your attorney before closing. Insurance premiums are based on the replacement cost of the property plus there is consideration of personal possessions, so I won't dare to quote a range for homeowner’s insurance, but do encourage you to shop around.

The day before closing, you will receive a call for your attorney’s office telling you how much money to bring to closing. Hopefully, any surprises with this phone call are good ones, as you will have received and signed a “Good Faith Estimate” at the time of mortgage application. Some of the language on the GFE is confusing to the layman. The GFE will give a total of closing costs, prepaid items which includes interest and mortgage insurance and the down payment. The GFE should include “Total Estimated Funds Needed to Close” and this should be fairly close to what you are asked to bring to the attorney’s office.


I hope this helps clarify how much money is needed when in the home buying process. If you’d like more information or a consolation, don’t hesitate to give me a call.

Getting a Mortgage in 2009

I am running into buyers that cannot be convinced to sit down with a mortgage loan officer to be pre-approved for financing early in the home searching process. Perhaps if I share a true life story about getting a mortgage in 2009, they will be more receptive to my nagging!

A client that I've worked with for several years was pre-approved for financing with a score approaching 800. During the time that he was shopping around for investment property, he made a major purchase on a deferred payment plan. The payment plan was a new line of credit and adversely effected his credit score by 70 points! He no longer qualified for the mortgage because his credit score was 7 points too low and he was stunned. He assumed that because he paid all his bills on time his credit was excellent. To make this even harder to understand, this buyer has enough cash in the bank to make a cash purchase but the lenders absolutely will not give him a mortgage.

In another situation, I had a client who's credit card company simply reduced the line of credit because of the credit crunch. Initially, my client was not the least bit concerned because she doesn't carry high balances but when she applied for a mortgage, she didn't qualify for as good of a rate as she had three months earlier. Her credit scores increased significantly because the reduction in the line of credit meant suddenly she had a higher debt ratio to credit available. It was the same effect as if she had made a major purchase on credit but this was totally not a result of her actions!!!!

There are many things that effect the FICO score that is used to qualify an individual for financing. Payment history is very important but so is the amount of debt owed as well as the number of new credit accounts opened and the length of the credit history. And from time to time, I still run into buyers that do not have any credit history which makes it just as difficult to get a mortgage as bad credit.

If you are thinking about buying real estate and have not recently won the lottery, please, please, pretty please start the process with a meeting with a mortgage loan officer. Not only will you avoid waisting a lot of time, you will be much less likely to have surprises and disappointments when you find a property that you want to purchase.

When Things Don't Work Out

One of the very best things about being a real estate agent, is turning over the keys to excited buyers at closing. There is always such optimism about the new beginning.

But sometimes things don't work out to be happy ever after, especially in today's economic climate. I just noticed a listing for a house I just sold a couple of years ago. It sold for $127,500 but is now being offered at $114,000 subject to short sale (the bank agreeing to a shortage.) This is sad for those buyers but could be a good opportunity for the new buyer. If you are interested in a large split level on a very quiet cul de sac in West Irondequoit, check this out and give me a call Rochesters Best Homes.com.

Hopefully the new lending guidelines will keep history from repeating itself.

Speaking of lending, big news today is that rates have dropped significantly. There are many good programs out there, especially for first time homebuyers including the $7,500 tax credit. If you know anyone on the fence about buying, have them call me today. 585-414-5513

Yes, There Still Are Mortgages Available in Rochester!!!!

I know that this mornings headlines scream that the credit crunch hits local, but after surveying several banks and mortgage brokers, I've learned there are still mortgages available in Rochester! In fact, you don't need perfect credit either. FHA insured mortgages are still available for individuals with a credit score as low as 580 with 2.25% down payment!!! Minimum down payments will increase January 1, 2009 but for the time being you only need two and a quarter percent down.

Conventional financing is still available with a 5% down payment. Rates are based on credit scores with buyers having a score of 740 or better earning the best rates.

Please, please, please if you know someone thinking about purchasing real estate, encourage them to call a bank or mortgage broker and not believe everything they hear at the gym or golf course. There is a ton of bad information out there!

Fannie and Freddie Under Control

What does the news about the Federal Government takeover of Fannie Mae and Freddie Mac mean to Rochester area home buyers and sellers? The biggest immediate news is a significant drop in mortgage rates.

Home buyers Kerry Ryan and Joel Jensen have an accepted purchase offer on a property with a scheduled closing of October 15. Their inspections are done and mortgage commitment received two weeks ago. Today, they negotiated a new mortgage a .50 point drop in interest rate! That equates to a savings of approximately $30 a month off the monthly payment!

If you are currently under contract for the purchase of a property, call your lender tomorrow morning to see if you qualify for a rate reduction. These better deals are reserved for buyers with the best credit scores, generally 700 or better. And if you are in the process of shopping for property, consider getting re-qualified as a lower interest rate may qualify you for a larger loan amount.

Is this the end of the downturn of the local real estate market?  I doubt it, but it sure can't hurt!

A Hedge Against the Economy

Several weeks back CNN Money Magazine predicted Rochester's housing prices to increase 2.7%, ranking it second in the country for fastest growing markets. And while that is very good news for the Rochester real estate market, there are a few things to keep in mind. First off, this is only a prediction. Second, this is a cool off of the 4 to 6% appreciation we've been seeing in recent years.

As I work with buyers, especially first time buyers, I urge them to consider shorter term financing, even if it means purchasing a less expensive property. In my opinion, that is the greatest hedge against today's uncertain economy.

Case in point, consider 137 Boardman St (www.RochestersBestHomes.com/811190 ) listed at $96,500 with property taxes of $2,285 per year. Let's suppose we come to terms with a purchase price of $93,000 and we plan to put 5% down ($4,650) which means we are financing $88,350. Let's say our interest rate is 6.125%.

For a 30 year mortgage, consider the following:

Monthly principle & interest is $536.82 (Of course, that does not include taxes of $190.42 which would make the payment $727.85) After five years, the balance of your loan will be approximately $81,500. That means, of the nearly $35,000 you send to the mortgage company over the period of 5 years, only $6,850 is used to pay down your loan.

Now, let's look at a 15 year mortgage. Sometimes you can get a better interest rate on a shorter term loan but for the sake of comparison, let's stick with the 6.125% Monthly principle & interest is $751.52 and at the end of five years, you will have paid down your loan to nearly $65,000. Instead of having $7000 in equity, you will have approximately $23,000!

Most banks also offer 20 and 10 year mortgages. Often buyers will not even inquire about a shorter term mortgage because they assume they can't afford it. In my opinion, they can't afford not to! When shopping for a mortgage, ask your lender to also provide a good faith estimate for a 20 year and 15 year mortgage and go with the shortest term mortgage you can possibly afford.

Spring Market Has Hit!

The interesting thing about a real estate blog is that when the market is slow, it is difficult to find things to blog about but when it's hot, it is difficult to find time to write.

Since returning from my mini-Easter vacation, my phone has been ringing off the hook and I've had appointments, usually more than one, each and every day. I've had three listing presentations, worked with 4 new buyers, showed property to 2 long time buyers and participated in four inspections. Throw in City Living Sunday and a couple of committee meetings and whew! No wonder I'm tired.

Property is selling in Rochester. But there are some unusual circumstances going on with mortgage lenders. Mortgage rates are fluctuating almost as much as the spring temperatures! For example, Monday 30 year conventional mortgages were going for 5.62 percent interest but on Tuesday, they were up to 6.125. So for a mortgage of $130,000 that is a swing of approximately $42.00 a month or more than $15,000 over the life of the loan. It is very difficult for a buyer to know how much of a house they qualify for when interest rates swing from day to day.

The other big news is that mortgages are taking much more time to close. Just last year, it was not unheard of for a house to close in four weeks. It is now taking that long in some cases just to get mortgage commitment. Some banks will give quicker turnaround but it seems they are charging premium prices. Several brokers are suggesting that we write contracts with 60 days till closing to avoid blown deadlines.

Why Start With Pre-Qualifying!

When I start working with new buyers I always encourage them to start the home search by calling the bank and get prequalified. The usual response is grumbling about how they know they have good credit. For some reason, most people just hate to start their search with a call to the bank.

Today, I had my credit pulled to do a refinance of our home and boy did I have a big surprise. The loan officer asked me about my American Express bill. Well, I don't have an American Express Card. But according to my credit report, I have an outstanding balance of $57,025 along with a perfect history of making my payments on time. Thus started one of the most frustrating hours of my life.

I called American Express and when I gave them the account number on the credit report, they said they needed the number on my credit card. Well, I don't have a credit card. Finally, by giving them my social security number, they could find the account but for privacy reasons, I had to give them the name of the primary card holder. Good question. After a few guessing games, we finally figured out it was my ex-husband. She promptly removed my name from the account, and while she was not authorized to give me anything in writing to document me coming off the account, she encouraged me to call the American Express Credit Department to have this removed from my credit report.

Here is where the story gets interesting. The credit department could find no record of me ever being on the account much less being removed. They refused to verify whose name was on the account or the balance. And until I insisted that they search for me by my social security number did they even take my call serious. It seems that this account is in my ex-husbands name but my social security number and the only way they will do anything about it is if I bring formal fraud charges against him. And since this account has been open since 1981, I'm willing to bet that it's an American Express clerical error and not a case of fraud. Hopefully, together, we can get this resolved.

The moral of the story is that when I suggest you start your search for a new home with a call to a mortgage loan officer, it has nothing to do with whether or not I think you pay your bills on time. It has to do with the current mortgage lending policies and wanting to avoid the heartbreak of finding the perfect home and then learning there is a horible mistake on your credit report.

Practical Money Skills

There is a lot of talk in the Rochester and national media about the subprime mortgage mess. And it is very real. It has affected my business. I had three deals die this month that would have had no problem closing six or eight months ago.

The good news is that if you've got decent credit and some money for a down payment, there is financing available and the interest rates are very, very good. Paul Pastore, a big time ReMax agent in Arizona put it very clever words. He said, "The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone." But for the rest of us, it's a great time to purchase real estate.

Of course, not everyone has perfect credit, or even decent credit. I found a pretty cool web site for those that are willing to admit they need some help with money skills. Entitled "Practical Money Skills for Life," http://practicalmoneyskills.com/english/index.php it has some really great resources, including a podcast center for those that don't like doing a lot of reading, fun games to pound in the message and a selection of calculators that help with budgeting or deciding how much mortgage you can afford. Interestingly, the site is owned and operated by Visa, yes the credit card people, that do tons of commercials that encourage us to go spend, spend spend by swiping our plastic cards. Nevertheless, I think the site is well done and would be interested in hearing what you think.

Closing Costs Take 1!

Hi everyone! Today I'd like to take a moment to talk about a topic that can be confusing for first time home buyers. Many times home buyers will mistake the term "closing costs" with the "Total Money Required to Close". When in fact "Closing Costs" are just one of two or three components of whats required at closing. I say "two or three" because sometimes home buyers are not coming up with a "Down Payment", which would eliminate your first component. Some mortgage products offer 100% financing, but most often, home buyers are putting down a certain percentage of the purchase price. In summary, component 1 is the down payment.

The 2nd component is the "Closing Costs" or the actual cost to get the mortgage. This includes the banks junk fees, such as the; application fee, underwriting fee, tax related service fee, flood certification, and so on. Lender fees are not dependent on the actual loan size, compared to title insurance and mortgage tax. Those two fees are state specific and based on the loan size. Mortgage tax can differ from county to county. When shopping different lenders this is the area or component to keep your eye when comparing, as well as the rate of course.

The final component is the "Prepaid Items". This is the property taxes, home owners insurance, and interest on the loan for the closing month. In NY, when escrowing your taxes, you must come to closing with at least 1 full year of the property taxes. Some of that will reimburse the seller, and the rest will go towards setting up your escrow account for future tax bills. Home owners insurance must always be paid in full before closing whether you escrow or not.

Well hopefully that clears up some confusion about "Closing Costs". Stayed tuned for "Closing Costs Take 2" when I go into detail about the cost to get a mortgage, and what an average amount you should pay per fee.

Hey Future Home Buyers, Easy on the Holiday Shopping!

I can't count the number of times I pre-approved people before the Holidays, only to see their credit scores have dropped by the time they find a home during the Spring market. The culprit you ask, why its excessive Holiday spending of course. Lets face it, we as red blooded Americans spend to much money, a lot of which is credit debt. This just in, revolving trade lines (i.e. credit cards) that have a balance of more than 50% of the limit WILL LOWER our credit scores. Credit cards that are maxed out with consistent minimum payments is a sure fire way to have the old credit scores in the low 600s. I won't bother to insult your intelligence by telling you the impact of late payments on our precious ficos.

I know what your thinking, "but Steve, I'm doing a conventional loan with 10% down and the rate is the same whether my credit score is a 600 or an 800." Well not any longer! New guidelines from Fannie Mae and Freddie Mac for most conventional mortgage products state that rates will be based on credit scores. If your credit score is under a 680, your rate will be higher. If your credit is below 680 and you desire to have a rate dictated by a 680+ score, it will require an additional fee in the way of "Discount Points". That fee will represent exactly where your score is.

I want wish everyone a "Happy and Safe Holiday Season"!

Financing Investment Property

Happy Thanksgiving everyone! My wife Lori and I are very thankful for Chase. Chase is our first child, born 07/08/07. We just missed that all "07" thing. We certainly won't complain, seeing as though Chase was in a major hurry to enter the world by coming 5 weeks early. He is a happy and healthy baby, and is very social.

Another thing I think we can be Thankful for this holiday season, is the fact that Rochester is a great place to own Investment Property. Let me take a moment to give you an update on the mortgage industry, as it relates to investment properties. Gone are the days of 100% financing for 4-unit rentals. Gone are the days of putting very little down and getting a reasonable rate. There are still some lenders that will allow as little as 5-10% down on multi-unit rentals, but the rates are VERY high. High rates plus minimum down payment will equal a bad net cash flow almost every time. The old cliche "You have to have money to make money" certainly rings true these days with regards to financing investment properties. Putting 20-25% down will yield your lowest interest rates, and will certainly have you on your way to an early retirement.

Drum Roll Please!

Big blogging news here. As you may have noticed, I'm not real good about consistently posting three times a week, which is what the blogging experts say you need to do to have a consistent following. (What's the world coming to when we have blogging experts?) So I've decided I need help.

Drum Roll Please. I pleased to announce Steve D'Amico of First Rochester Mortgage will be joining the blog to share his expertise about mortgages and finances.

I don't envy his job. I get to write about beautiful homes or ridiculously ugly abodes. I have very nice clients but we do get into interesting predicaments that they allow me to write about. Steve, on the other hand, works with points and percentages and other things that are not fascinating reading. But he has promised to do his best to keep you informed and educated about the mortgage world and to do it as interestingly as possible.

Welcome Steve! We look forward to hearing from you.

First Time Homeowner Assistance

Last week the local real estate board hosted a real estate agent fair. Imagine this! Hundreds of licensed agents all under the same roof at the same time. Generally, I enjoy the fair because it's an opportunity to learn what is new in the market place. This year's event seemed rather bland. Most of the exhibitors were banks and mortgages companies and their message, loud and clear, was we're still in business.

I did pick up some updated information about the Monroe County Homeownership Program. It is a program created by Catholic Charities and includes education and financial assistance for individual and families with limited income. The organization provides credit repair and budgeting counseling as well as a match savings program. For more information, give me a call at 585-756-7457 or an e-mail.

The Sky is Falling! The Sky is Falling!

Every time I catch a news report I get this sinking feeling in my gut. This bank has closed its doors. That mortgage company is failing. Doom and Gloom! Lions, Tigers and Bears, Oh My!

Is it really that bad? I talked to my favorite loan officer today and he assured me that the only thing shaky is non-conforming loans. Bottom line is that if you have decent credit and some money to put down, you are golden! I sure wish someone would explain that to the press.

I'm headed out of town for a few day's vacation. It's been a busy summer and I can count my days off on one hand.