HomeHomehttp://www.elpasolending.com/home/2010-03-08T21:18:54ZSquarespaceDebt-to-Income Ratio . . . Is that a bad word?http://www.elpasolending.com/home/2010/3/8/debt-to-income-ratio-is-that-a-bad-word.htmlPamela Crim2010-03-08T20:38:57Z2010-03-08T20:38:57ZThe lending world used to consist of strict guidelines.  It was all black and white, no gray area on qualifying.  The past few years lenders have lived in the gray area and we’ve all been spoiled to the “new way” of qualifying.  You don’t have a job, don’t worry about it . . . you didn’t pay your last mortgage, ah, that’s ok . . . you don’t have any money now while paying only $500 rent and you would like to buy a $300,000 house, sure, we can make that happen. 

Those were the days, right?!!!  In the past 12 months EVERYTHING has changed and it continues to change on a daily basis.  Our beloved, lenient “all qualifying” FHA loans are now undergoing major changes as well.  Effective tomorrow (3/9/10), the maximum debt to income ratios for FHA financing through Premier Lending is 50%.  There are no exceptions or compensating factors taken into consideration.  In the past it was not uncommon for a buyer to be approved for FHA financing with debt to income ratios as high at 62%.

So, what is a debt-to-income ratio?  Well, if you’re in the market to buy a house anytime soon, you need to know!

]]>Geraldine Kriegbaum ~ Coldwell Bankerhttp://www.elpasolending.com/home/2010/3/7/geraldine-kriegbaum-coldwell-banker.htmlPamela Crim2010-03-08T00:27:47Z2010-03-08T00:27:47Z"I have known Pamela Crim for over 5 years, and must say is a shining example of what a great mortgage lender should be.  I can always count on her immediate response to clients, follow through and preparedness.  If there is ever an issue to be dealt with, she's right on it. She's always been able to meet our closing dates and most of the time closes them early! She's constantly keeping me, and all parties involved in the loop.  I have always had very smooth dealings with her, and she has made each sale very pleasant at a time when most people are at their highest stress.  I would refer her to any of my closest friends, family and clients without thinking twice."

]]>FHA Deadlines Announced (Increased Funding Fees!)http://www.elpasolending.com/home/2010/3/5/fha-deadlines-announced-increased-funding-fees.htmlPamela Crim2010-03-05T19:33:21Z2010-03-05T19:33:21ZFHA loans are the most popular financing option for homebuyers for many reasons.  The low down payment of 3.5%, minimum credit score of 620, and flexible debt-to-income ratios makes FHA the financing of choice for over 70% of my clients. 

There are many proposed changes for FHA and while they haven’t all been set into motion yet, we have certainty of one change which will negatively affect potential home buyers.   Currently FHA charges a 1.75% funding fee for using their loan product.  This funding fee is rolled into the total loan amount.  As of April 5, 2010, FHA will increase their funding fee to 2.25% (that’s an increase of .5%). 

Now, let’s put that into numbers for you.  On a loan of $200,000 this increased funding fee will now cost a borrower $4500, rolled into their mortgage to be financed for the life of the loan.

So, what’s a person to do?  If you have found the home of your dreams, write a purchase contract and get with your mortgage lender before April 5, 2010!  The lender must have an FHA case number assigned to the file prior to the deadline to secure the current 1.75% funding fee.

As always, I’m here to care for your family and save you some CA$H . . . it’s a pleasure serving you!



]]>The Art of Correcting/Disputing Your Credit Reporthttp://www.elpasolending.com/home/2010/2/26/the-art-of-correctingdisputing-your-credit-report.htmlPamela Crim2010-02-26T18:40:28Z2010-02-26T18:40:28ZWith new lending guidelines and stringent credit score requirements, it is now more important than ever to care for your credit repor.  However, correcting items on your credit is literally an art and need I say a real pain in the rear! 

However, if there are mistakes on your credit report or you pay off collections and want those changes to be reflected, you must take action . . . I'm here to help you!  First, you need the contact information for all 3 credit bureaus:

]]>Joe Avila - Clienthttp://www.elpasolending.com/home/2010/1/12/joe-avila-client.htmlPamela Crim2010-01-12T23:55:08Z2010-01-12T23:55:08ZI closed on my house yesterday with no problems or hitches.  I just wanted to thank you for helping me along the way.  I know that it's your job, but you do it in a way that personalizes it and I don't think I would have survived all my obstacles without your guidance and assistance.  Beyond your business expertise, you are a beautiful person in appearance and character.  I think you went far beyond what you had to do to help and work with me and I really do appreciate it.  It was as if you held my hand when it seemed the world was trying to keep me from getting this house.  I will recommend you to anyone I come across.  I will remember you and will always be grateful.

Joe Avila



]]>10 Secrets to Increasing Your Credit Scores . . . FAST!http://www.elpasolending.com/home/2010/1/7/10-secrets-to-increasing-your-credit-scores-fast.htmlPamela Crim2010-01-07T18:08:10Z2010-01-07T18:08:10ZDon't have a whole lot of time to bring up your score?

Here are some quick ways (in less than 30 days!):

  1. Pay down your credit cards. Paying off your installment loans (personal loans, car loans, etc with set monthly installments) may  help your score, but not as dramatically as paying down -- or paying off -- revolving accounts like credit cards. Each individual credit card should hold a balance of 25% or below of your maximum credit allowance.
  2. Don't use your whole credit line every month, even if you pay your balance in full. Your available credit is averaged over your billing cycle, which is sometimes less than 30 days. If your limit is say, $5000 and you charge $5000, even if you pay it off each month, your credit balance is still going to show $2500 (a 50% usage limit), which is going to make your score plunge.
  3. Is your credit report correctly reporting your credit limits for your cards? If not, you can call your credit card issuer and ask them to update the list (only if they are reporting the limit lower than your actual limit set by the creditor).
  4. Don't use credit card issuers who don't report your credit limit. Usually this is a problem you only run into with secured credit cards, but were you aware that American Express cards and Capital One do not report credit limits? In this case the bureaus typically use your highest balance as a proxy for your credit limit, which is going to make you look like you are maxed out.
  5. Ask a trusted friend or family member to add you to
]]>Mortgage Rates on the Risehttp://www.elpasolending.com/home/2010/1/4/mortgage-rates-on-the-rise.htmlPamela Crim2010-01-04T16:55:33Z2010-01-04T16:55:33ZMortgage interest rates have been on a steady rise since November 25th, all due to a suffering Bond Market.  Mortgage Bonds have started the New Year to the upside; however, prices still need to break out of the downtrend they have been in for the past 2 weeks.  It appears that Bonds are attempting to stabilize and come out of this downtrend.  However, don’t expect Bonds to recapture all of their losses.  With the Fed buying fewer Mortgage Bonds and wrapping the program up entirely at the end of March, any improvement in rates may be modest at best. 



]]>The Perfect '10http://www.elpasolending.com/home/2010/1/2/the-perfect-10.htmlPamela Crim2010-01-03T03:12:21Z2010-01-03T03:12:21ZThe New Year is here and I hope you have big plans for 2010, the Perfect '10!  If you would like a bit of extra encouragement and boost to meet your goals, check out the newest thing in accountability partners and cheerleaders for your personal achievement.  www.smokinhotmamaclub.com

A Smokin’ Hot Mama is a mother who recognizes she must care for herself in order to truly care for her family.  She is not perfect, but she’s getting better with each new day.  She’s rekindling her hopes and dreams and finding true happiness within.  The SHM Club is a place to be encouraged along your journey to becoming your very best.  So, if you’re ready to become the best YOU, to live in happiness and purpose, we are here to support and encourage you.  Let’s find the Mama you have always wanted to be . . . together!

Log on to the our new website today for encouragment, goal setting tips and resources.  May you have your Perfect '10!

]]>Merry Christmas from my family to yours!http://www.elpasolending.com/home/2009/12/26/merry-christmas-from-my-family-to-yours.htmlPamela Crim2009-12-27T00:14:37Z2009-12-27T00:14:37Z

]]>Texas Veterans VA Loan @ 4.55% Fixed Ratehttp://www.elpasolending.com/home/2009/12/15/texas-veterans-va-loan-455-fixed-rate.htmlPamela Crim2009-12-15T17:55:13Z2009-12-15T17:55:13Z