Broken Arrow Company Provides Geothermal Product

“With rising energy costs, more and more businesses and homeowners are considering alternative heating and cooling options.  Geothermal is one of those options which has become an enticing option because it uses the earth’s constant temperature to heat and cool your home or business,” says Stephen Taylor, representative for Broken Arrow, OK’s Air Assurance (www.airassurance.com).  The company offers installation and service for all heating and cooling systems, both residential and commercial.

 

Geothermal systems are more expensive to install but much less costly to operate or maintain.  The greatest expense is installing the ground loop systems.  For more information about home heating and cooling repair, maintenance, or installing a brand new furnace or air-conditioning system in your home or business, visit www.airassurance.com and ask for Stephen Taylor.  Stephen can be contacted through his listing on the home repair site www.tulsahomecare.com where reliable home repair companies in the greater Tulsa, OK  area can be found.

Six Lots for Sale in Coal Creek Landing, Jenks

SIX LOTS TO CHOOSE FROM in Coal Creek Landing: Prices range from $42,000 - $48,900. New Private Neighborhood with beautifully styled homes. No two homes alike in this subdivision. Build your own custom or bring your own builder. Superb location. Builders welcome!! Some lots can accomodate swimming pools. 2 corner lots.

More information about this and more real estate for sale in Tulsa, OK can be found at www.darrylbaskin.com/tulsa

Court Appointed Special Advocates

CASA is an advocacy organization for children.  It was something I became involved with after we became Foster parents.  They assign a CASA rep to certain children’s cases.  Www.tulsacasa.org.  If you would ever be willing to volunteer to take a case, it would be incredibly rewarding.  They provide training for you to speak for a child in court.  There is no volunteer position, in my opinion, that can ever have as great of an impact as speaking up in court for a helpless child who is the victim of abuse or neglect.

Darryl Baskin
McGraw Realtors
Tulsa, OK

Lights on at Historic Whittier Square, Tulsa, OK

Community comes together at historic Whittier Square in Tulsa, OK December 6th 2008.  The celebration began only a few years ago and has become the most popular event of the year for area resident.  Volunteers from McGraw Realtors sponsor and serve food and entertainment is provided by local students and organizations.  Whittier Square has experienced an economic resurrection from economic blight.  Circle Cinema is one of the best known landmarks in the area and now attracts crowds of independent film fans. Www.circlecinema.com

Whittier Square Neighborhoods www.tulsacountyneighborhoods.com

Full Price Home Sale

I just sold another home for full price this week.   It happens in any market and will happen if pricing, staging, and planning are accurate.  Don’t believe the market is bad.  It is changing and change brings opportunity. Find home seller advice at www/darrylbaskin.com/sellers.

Mortgage Announcement

This just came to me today from local mortgage company who offered one of the few 103% loans available in the Tulsa area. Www/darrylbaskin.com/lenders

Friends,

Unfortunately, I have some disappointing news to share:

The 103% financing (both Conventional and FHA) are going away, effective today.  We just received the news and I wanted to be able to share with each of you just as quickly as possible.

If you have ANY clients sitting on the fence thinking they may need maximum financing, please encourage them to register their loan TODAY, as close of business today will be our cut off date.

I look forward to the opportunity and privilege to assist each of you ~ I look forward to new and better product announcements in our future.

Respectfully,

 
Julie Van Boening
Professional Mortgage Planner
First Mortgage Company
824 N Sycamore
Broken Arrow, OK  74012
(918) 251-9297  Office

(918) 520-4515  Cell

Time to check your CO Alarms

It only takes a minute to check your carbon monoxide alarms.  Buy them at your local hardware store if you don’t have them.  It is the cheapest insurance you can buy.  Carbon monoxide is known as the silent killer and can building up in your hoe for various reasons.  The most common is a cracked heat exchanger in your furnace.  CO gases leak into the circulating air and can put you in a permanent sleep – dead tired if you’re hearing me.

If you suspect carbon monoxide poisoning, you can call you gas utility provider and ask them to check your furnaces for free.  They don’t want the liability any more than you want to danger for your family.

Luxury Home Loans are Better than Ever

This may be one of the best times in recent history for home buyers looking for luxury homes in the Tulsa, Oklahoma area. The slowdown in higher price ranges of the market means home sellers who have to sell their large executive homes are often more motivated. Now, Karen Heston at BOK Mortgage sends me a note yesterday the jumbo home mortgages are being offered with rates of 5.310% up to $4 million. That’s great financing for a great market for home buyers. For more information about luxury homes in Tulsa, OK, Bixby, Owasso, and Broken Arrow, visit www.darrylbaskin.com/luxury or call 918-258-2600

Tulsa makes news again

Washington newspaper article reposts:
... The strongest price increase in the South was in the Tulsa, Okla., area, at $139,800, up 5.1 percent from a year ago.

Once again the Tulsa real estate market has shown its strength.  There are changes taking place that create opportunities for home buyers.  Use caution before you just jump in and assume risk but don’t use the national headlines to measure Tulsa’s real estate market. More local real estate iformattion at www.darrylbaskin.com <http://www.darrylbaskin.com>

New Spin

Something to remember is the press has spun the news of economic cycles in the most negative way possible.  Very soon, with the new administration, they will want to spin the news in the most positive manner.  Hang on.  It will all be OK in the end so if it’s not OK, it’s not the end.

Market status

The facts are good for Oklahoma:
Unemployment in Oklahoma is only 4.1%
Oklahoma’s Foreclosure rate is only .71% (national average 1.3%)
Over 80%of the national population has a FICO (Credit) score over 670.  This is high!  These people can all borrow money without any special consideration.  Nothing has changed for them.

Money is available for buying a home and this is a great time to grab what you are looking for.  Call Darryl Baskin at 918-258-2600 for more information.  www.darrylbaskin.com

Turkeys for Tulsans

Cornerstone Assistance Network has a new blog http://tulsacan.blogspot.com/.  Cornerstone assists families in transition with furniture and other household needs in the Tulsa OK area.

Jenks, Oklahoma New Houses for Sale

New data on real estate for sale Jenks OK <www.darrylbaskin.com/jenks> shows the available number of homes in the $200,000-$250,000 price range for homes less than two years old is encouraging. Of twelve available houses, there were three homes that were pending.  This means the ratio of available houses to pending is very low.   No overbuilding in this category at this time.

New Financing Options Emerge

Financing options have emerged (actually the ones from the mid 1990’s have just come back) and it is helping buyers get better financing and home sellers get their desired price.  Wells/Fargo is rolling out its Flex/Fixed home financing option.  Call my office for more information about how this can help you sell or buy a home at the best price and payment possible.
Darryl Baskin
The Baskin Real Estate Specialists
918-258-2600 office
918-740-0077 cell

www.darrylbaskin.com <http://www.darrylbaskin.com>

Szeszulski Entertains

Jerry Szsezulski of American National Insurance www.tulsahomeauto.com Entertains Wyatt and Ethan with his hair at Oral Roberts University Golden Eagle Club pregame dinner tonight.

Alert to Home Owners

                                   
                                                Alert To Greater Tulsa Area Citizens
 
Have you had your roof replaced this year and if so, have you had a Heating and Air professional (www.tulsahomecare.com <http://www.tulsahomecare.com> ) check your system to make sure the air vents haven’t been damaged, loosened or covered over.  There have been some isolated instances where roofers have covered over exhaust vents and families have been poisoned by carbon monoxide gas.  While reviewing your vent system it would also be a good time to check your furnace and to change filters to insure everything is in proper working order.   You and your family’s safety depend on it!
 
 It is also recommended that you buy a Carbon Monoxide Detector but, do research wisely and do not use it as a replacement for proper use and maintenance of you fuel burning appliances. According the EPA, it is important for you to know that the technology of CO detectors is still developing, that there are several types on the market, and that they are not generally considered to be as reliable as the smoke detectors found in homes today. Some CO detectors have been laboratory-tested, and their performance varied. Some performed well, others failed to alarm even at very high CO levels, and still others alarmed even at very low levels that don’t pose any immediate health risk.  Unlike a smoke detector, where you can easily confirm the cause of the alarm, CO is invisible and odorless, so it’s harder to tell if an alarm is false or a real emergency.
 
       Dave Berry
       Listing Partner
       The Baskin Real Estate Specialists
       At McGraw Realtors www.darrylbaskin.com

ORU Basketball Season Opens

Oral Roberts University in Tulsa, OK starts basketball season with an exhibition game against Southwest Oklahoma State University at the Mabee Center. Coach Scott Sutton will target this season for his fourth NCAA tournament since accepting head coach position at ORU. Season tickets are still available at www.orugoldeneagles.com.

The Proper Way to Fill a Driveway Crack

I stopped by this house for sale today at 6817 E 55th Street in Sungate addition, Tulsa, OK and the crack in the driveway, although not a sales feature, was filled properly. Anytime you have concrete cracks to fill, make sure you fill it correctly so you don't make it look worse and use a flexible product that won't crack. This homeowner did a great job.

For homes for sale in Tulsa, OK from Realtor, Darryl Baskin visit www.darrylbaskin.com/tulsa and find Tulsa home repair contractors at www.tulsahomecare.com

Landscaping Behind the Scenes

If you have ever wondered what a retaining wall looks like behind the sceneses, here you go. This railroad tie wall will be filled in to the left and the protruding "dead men" will keep the wall from falling over. Making sure installation is correct is essential to a retaining wall doing its job. Find a Tulsa, Oklahoma retaining wall contractor at www.tulsahomecare.com - Residential Repairs, inc.

Politics Start Young

My son Ethan greets radio personality Chris Medlock www.1170kfaq.com At the Republican watch Party at the Crowne Plaza hotel in Tulsa. Chris Medlock is the husband of Cheryl Medlock, my commercial real estate specialist at McGraw Realtors www.darrylbaskin.com/commercial

Rich Franklin Former UFC World Champ in Bixby, OK

Rich Franklin, former UFC World Champion was at the Elite Combat League MMA competition at the Spirit Bank Center tonight in Bixby. Ice House Fitness Center owner and Tulsa Realtor, Darryl Baskin, was in attendance www.icehousefitness.com with Markwayme Mullin, owner of Mullin Plumbing and local MMA training facility in Broken Arrow had an entry on the card schedule. LA Boxing held a VIP reception promoting the opening of their first TulsaLocation at Regal Plaza at 106th and Memorial.

Trick or Treat

Junior Achievement Executives in the Classroom

Tulsa Executives to Participate in “Excellence and Ethics…an Executive Speaks” Day at three Tulsa area High Schools

TULSA, OKLAHOMA
October 21, 2008

Local business leaders will deliver the message that ethics is necessary to succeed in business and in life through the use of Junior Achievement of Eastern Oklahoma’s “Excellence and Ethics…an Executive Speaks” program. Executives throughout Eastern Oklahoma will convey the message to young people that responsible, ethical behavior is the cornerstone of the American free enterprise system.
 
With the seemingly endless reports of accounting irregularities and business improprieties, it is no wonder that trust in CEOs and "Big Business" is on the decline. To remind students of the proper way to conduct business and that in order to succeed in business you must make ethical decisions. Recent national polls show that fewer than one out of four Americans trust CEOs of large corporations, and those who see “Big Business” as an actual threat to our nation’s future has doubled, to 38%. USA Today/CNN Gallup poll revealed that nine out of ten teenagers would not work for companies they deem unethical.
 
Executives will visit approximately 785 tenth grade students on the following dates, Will Rogers on October 24, East Central on October 28 and Webster High School on November 14. Participating executives include:  
 
Tory Baker, Nordam Group
Bruce Binkley, T.D. Williamson, Inc.
Jason Butler, Grant Thornton LLP
Brent Carroll, RCB Financial Services
William Clary, Miratech Corporation
David Cleveland, Communication Graphics
Jay Condry, CFR, Inc.
William Coody
Marc Delameter, QuikTrip Corporation
John Hamill
Lowell Heck, The Flintco Companies, Inc.
Jennifer Jezek, York Electronic Systems, Inc.
Kevin Kirk, Community Care College
James Lane, Nordam Group
Willene Leffall, City of Tulsa
Lamar Miller, ONEOK
Larry Mocha, Apsco
Jeff Reasor, Reasor’s
Doug Townsdin, Grant Thornton LLP
Brian Urich, AEP/PSO
Bill Whitescarver, Chinoweth & Cohen Realtor
Sonja Wilson, Mazzio’s
 
These business leaders will share basic values and beliefs as well as engage students in discussion on the role of ethics in their school life and in their own personal and business dealings.  JA’s goal is to have these students take part in JA programs throughout their high school education.  If you are an executive and would like to participate we have a few classes available.  Call 918.663.2150 to participate.

Kevin Kennemer of www.thepeoplegroupllc.com Speaks to ORU Alumni.

Darryl Baskin
The Baskin Real Estate Specialists
at McGraw Realtors
918.258.2600 ofc
918.740.0077 cel
603.307.8271 fax

www.darrylbaskin.com

ORU Alumni Luncheon Meets Monthly

Alumni from Oral Roberts University meet monthly at TiAmo restaurant at 71st and Sheridan in Tulsa, OK at 11:45am. This month's speaker is Kevin Kennemer of The People Group, a human resources resource. www.oru.edu

Bixby Luxury Homes with Acreage

This home has over an acre in Bixby Schools. There are few in this price range between Jenks and Bixby School districts – much less at this caliber. The house has an attractive waterfall, hand finished walls and cabinets, an entertainment system throughout the house, two wet bars, hardwood flooring and a two story entry hall. This home is also featured on luxuryrealestate.com. See all the real estate listings for sale in Bixby, Oklahoma with all Realtors at www.darrylbaskin.com/bixby.

Skiatook Lake Home Sites

Two new building lots are available for sale at Cross Timbers at Skiatook Lake.  The lots are priced in the low 100’s and have lake views.  Cross Timbers has a private marina, restaurant, and these lots offer gated privacy.  Skiatook, OK is just minutes from downtown Tulsa and is a common choice for a home for those who prefer seclusion with convenience. See more photos of these lots at my gallery page http://gallery.me.com/darrylbaskin/100142 or shop real estate for sale in Skiatook, OK at www.darrylbaskin.com

Bixby Ranch Estates New Listing

I just listed this home in Bixby Ranch Estates off Champ Johnson Road at 20202 S 131 E Ave.  It has nearly 2.5 acres, four bedrooms, two and a half bathrooms, and formal living and dining areas.  Priced at only $239,000.  Photos and more houses for sale in Bixby, OK are at www.darrylbaskin.com/bixby

Lauren's First Inbox

My daughter started working for me to earn some weekend money.  She has an official Inbox... A milestone she may regret later in life :)

Forest Trails House for Sale

This is a new listing of mine in Forest Trails, Jenks Schools, Tulsa, OK.
Price: $450,000 USD
4 Bedrooms
Three car garage
New Roof, Granite Counters, New Carpet, Pool, Pool House, Office, Formal Dining Room, Gameroom, Family Room, Dry Sauna, Half Acre Lot.
More information about this Tulsa, OK Real Estate is at http://darrylbaskin.com/baskin_listings.  Select the house on 108th St.

Lauren's First Rally

My oldest daughter took part in a political rally with me today prior to the Inhofe Rice debate on KJRH. It was a great experience to teach her how to become involved in supporting responsible government. The best part was challenging her to answer WHY she would support a particular candidate - the unfortunate answer most voters are unable to provide a substantial answer for. Encourage a young person you know to participate in political leadership.

A YouTube Post Worth Watching

This guy has created on of the best montages I have ever seen in the mortgage crisis and who is responsible.
http://www.youtube.com/profile?user=themouthpeace&feature=iv&annotation_id=event_994846

Charter Oak One-of-kind Home

7531 South Granite Court is one of the best homes I have seen in a long time. The house has an exit sign from the historic Mayo hotel in Tulsa and a tile from the house where JFK and Marilyn Monroe had their fling. This a piece of real estate worth viewing! Offered for sale for $549,000 USD. Call 740-0077 for an appointment.

Junior Achievement Biz Town Opens

Junior Achievement opens Biz Town with rave reviews from parents and students. Students learn in an incredibly real environment how economics work in our community. Photos of Mills Elementary students from Owasso, OK can be seen here http://gallery.me.com/darrylbaskin#100132. McGraw Realtors, State Farm Insurance, QuikTrip, and the Schusterman Foundation are among sponsors of BizTown.

To volunteer to be a classroom instructor or become involved in Junior Achievement, visit www.ja.org. I have been a classroom teacher for many years and find it one of the most rewarding volunteer efforts I am involved in.

Running Into an Old Friend

I was attending the groundbreaking ceremony for the new TTCU (Tulsa Teacher’s Credit Union) at 136th and South Memorial in Bixby and I looked across the crowd and saw a familiar face. I just wasn’t sure who the personal was – one of those moments. I later stepped over and asked. It was Georgia, a former employee of Continental Federal Savings and Loan (a victim of the Savings and Loan crisis once located in at 71st and Memorial where Mid First Bank is now located) who used to handle my father’s banking in the 1980’s and who now works for TTCU. Twenty five years later I see a friendly face I hadn’t seen in long time. We both remembered!

Absent Home Sellers

More and more home sale closings are held without the home seller present. In many cases, I have not even met my clients face to face. I snapped this photo to send to my home seller to let them see what their home buyer looked like and send them confirmation closing had occurred.

Home sellers are more often out of town due to the economic circumstances of late. Also, technology has sped up the process of getting documents signed. This has become a preferred method of closing the sale for many home sellers.

Flood Control Improves Neighborhoods

Fred Creek, which winds behind Oral Roberts University and Walnut Creek subdivision, is getting a new face and being transformed from a ditch to a manicured and attractive waterway. This view is from the back of Esplanade at 74th and South Lewis which is approximately one-half mile north of ORU.

Claremore Chili Festival

Preparing for a taste test: Tonya Raper prepares to taste Chili
Master, Domino Ireland's entry into the 2008 Claremore Chili Festival
and Competition.

Charter Oak Interior View

7531 South Granite Court in Charter Oak subdivision in Tulsa, OKlahoma is one of the most unique and inspiring homes in Southern Tulsa. It is custom designed and often studied by architectural students. The home is for sale by McGraw Realtors, Brad Popejoy. The curreent price is $535,000 USD

Home Prices Increase - Home Sales Drop

While the average sales price of residential real estate has increased in Tulsa, OK, the number of houses selling has declined sharply this year. According to data from the NORES, the Tulsa real estate MLS, the number of closed transactions through the month of August 2008 was 7,436. This is a drop of over 1,200 home sales and 17% of the total activity from the previous year. This is not the end of the world for home sellers but it has change how the game is played. For more information about the Tulsa OK area real estate market and real estate for sale in Tulsa, OK, visit www.darrylbaskin.com.

If you are planning to sell your home soon, browse the articles and knowledge database at www.darrylbaskin.com/sellers or listen to The Future of Real Estate on News/Talk 750 KRMG Saturday afternoons at 12:30.

Government Bails US Out - Good News or Bad

Hooray!! The government is bailing out Fannie Mae and Freddie Mac from financial disaster.  While the news is being spun as a positive move, the government is fundamentally bailing us out from our own greed and lack of self control.  This isn’t going to have a happy ending.   CNN doesn’t acknowledge this in their “happy day” report but they don’t seem to readily acknowledge the full truth on anything else either.  Here’s the real problem:  We, as tax payers, are the government’s funding and this creates government control (which is terribly inefficient) of one more facet of the lives of American citizens.  To be fair, government has a crucial role for many things AND this bail-out is likely an unavoidable option.  But let me go on the record to say that unless this bail out has a sunset date to return Fannie Mae and Freddie Mac back to the private sector with revised regulation to prevent future occurrences, our children will have the right to blame us for the government control and bureaucracy we have created for them.  Oh well, I guess it’s time to adopt the philosophy of our many irresponsible politicians; Someone else will have to deal with it and I won’t be here to take the blame... So let’s make hay!

Read the CNN report here: http://money.cnn.com/2008/09/07/news/economy/fannie_homeowners/index.htm?postversion=2008090716

German Business Group Visits Tulsa

Fifteen German business men and women visited Tulsa to better understand American business systems, customs,  and practices. Of their stops, one included McGraw Realtors where Darryl Baskin explained the current market trends for real estate.  The German visitors questioned American’s highly leveraged home ownership which is less common in Germany.  This has, of course, played a major role in the nation’s real estate crisis.  Interestingly, not all American cities are in this position.  New York, for example, has a higher cash requirement for most of its real estate sales due to condominium and common ownership arrangements.  New York City has suffered less impact from the national real estate crisis for this very reason.  Darryl was pleased to explain to the group that Tulsa was also weathering the storm much better than most areas due to the controlled appreciation since Tulsa was not a participant in the real estate “Bubble.”


Darryl Baskin
The Baskin Real Estate Specialists
of McGraw Realtors
308 N. Aspen Ave.
Broken Arrow, OK 74012

918-258-2600 office
918-398-5110 fax
918-740-0077 cell

www.darrylbaskin.com <http://www.darrylbaskin.com>
Radio Shows <http://www.darrylbaskin.com/radio_shows>
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Search Commercial Property <http://www.darrylbaskin.com/commercial>
We are always eager to assist your friends in buying and selling real estate.

Bixby Drops Title of "Flood Land"

City State and Federal government leaders dedicated a completed flood management project which has already proven effective handling runoff water and keeping once flood-prone areas of Bixby above water.  Senator Jim Inhofe was present for the dedication and was instrumental in obtaining funds to make the project possible.  The ceremony was held at Charley Young Park in downtown Bixby.  In attendance were Tom Daniels, Jim Coffey, City Manager Mickey Webb, Mayor Ray Bowen, and business leaders.

Jenks Schools Open House Week

Jenks Public Schools kindergarten teacher, Mrs. Davis, shows parents a day in the life of their kindergartener. Jenks Southeast is one of the most popular school districts in the Tulsa metro area. Homes for sale in the Jenks Southeast district can be found at www.darrylbaskin.com/Jenks.

Electrical Changes Could Affect Tulsa, OK Housing Costs

Next Tuesday (August 26, 2008) the City of Tulsa Electrical Review Board is meeting to consider the adoption of the 2008 National Electric Code (NEC).  The NEC incorporates two provisions which we believe will unnecessarily increase housing costs considerably.  The first requires arc-fault protection on all receps which are not already GFI receps.  The second requires tamper resistant protection on ALL receps.  The NAHB estimates that this will add $1,000.00 to a 2,000 square foot house.  One can only imagine the cost increase this would cause on the larger homes built these days.  Many have estimated that the increase would be several thousand dollars per house.  In today’s economic environment, the last thing we need are unnecessary regulations which will increasing housing costs!
 
The Electrical Review Board is meeting August 26, 2008 at 3:30 in the First Floor Conference Room of the Permit Center Building (on Greenwood between 1st and 2nd Streets in Tulsa).  We are trying to get as many people there as possible to show opposition to adopting the 2008 version of the NEC.  There are other issues on the agenda.  So if you are able to come, be prepared to spend the remainder of the work day there.

Now is an important time for our voices to be heard.  I hope to see you there.

New Houses For Sale in Tulsa, OK : http://www.darrylbaskin.com/new_construction

Junior Achievement Announces 2008-09 Executive Committee and New Incoming Board Members

TULSA, Okla.—Junior Achievement of Eastern Oklahoma would like to announce JA’s 2008-09     Executive Committee as well as welcome newly elected board members for the 2008-09 fiscal year.
 

2008-09 Executive Committee
Chair – Dave Cleveland, Communications Graphics
Chair Elect – Alan Armstrong, The Williams Companies
Secretary – Scott Filstrup, The Consultants, Ltd.
Treasurer – Sonja Wilson, Mazzio’s Corporation
Rick Bennett, T.D. Williamson
Carrie Coles, Arvest Asset Management
Mike Nation, Bank of Oklahoma
Dr. Clarence Oliver, Oral Roberts University
Lori Pumphrey, United States Beef Corporation
Brian Urich, AEP Service Corporation
David Wagner, Oral Roberts University
Dr. Gene Callahan, Past Chairman of the Board
Lowell Heck, Flintco, Inc.
Allen Roberts, Cox Communications

2008-09 Newly Elected Board Members
Dr. Frederick Artis, Tulsa Community College
Tory Baker, The Nordam Group
Darryl Baskin, McGraw Realtors
Jody Black, Linde Process Plants, Inc.
Bill Bomprezzi, Renaissance Tulsa Hotel & Convention Center
Kevin Cooper, Bank of America
Robert Firth, Atlas Pipeline Mid-Continent
Caleb Haydock, Bishop Kelley High School
Stephanie Horton, Eagleton, Eagleton, & Harrison, Inc.
Bill Murray, American Airlines Inc.
Dr. Kara Gae Neal, Tulsa Technology Center
Genevieve Neff, Hall, Estill, Hardwick, Gable, Golden & Nelson
Marcus Oden, Hilti, Inc.
Oliver Prizzi, Webster High School
Francisco Trevino, The Greater Tulsa Hispanic Chamber of Commerce
Mike Walker, Wal-Mart

End

Junior Achievement serves students K-12 of Eastern Oklahoma by introducing the business world into the classroom and empowering the students through exciting hands on learning experiences.  Established locally in 1966, JA serves 19 counties in the Eastern Oklahoma area, reaching more than 34,000 students in 52 school districts and 208 schools.  JA utilizes over 1,000 members of the community to implement their programs. Globally JA Worldwide is the leader in economic education programs serving over 8 million students. To learn more about the organization, go to http://tulsa.ja.org <http://tulsa.ja.org/> , or to make a donation, please call our office at 918-663-2150.

Eminent Domain Update from John Sullivan

Congressman John Sullivan updated the Broken Arrow Chamber this morning at a legislative update breakfast. The Congressman 's bill on eminent Domain would define and limit use of eminent Domain to prevent the profilferating abuse of the legal tactic and protect private property rights. Sullivan's ecpectation is the bill will be heard on the floor in February. The present goal is to continue gathering support from both Democrat and Republicans Representatives for passage of the bill.

Kaden, Sheridan, Maddison

David McDermott, owner of GO JUNK sent me this photo of his kids…

The kids at first said no, then, one by one I put them on top of that van.   We waived, we got a call in the first five minutes.   Then we traveled to 61st and Memorial.   A huge semi was in the intersection.  We pulled the air down in motion for the semi.  The semi worked for us all the way through the intersection,  BLOWING HIS HORN.  

 

Tax Credit Details

There is a considerable amount of confusion about the First Time Home Buyer Tax Credit.  Go here for some answers to questions and details which will help you decide how you should utilize the credit.  As I talk with other top-selling agents and experts in real estate, we all seem to agree the best approach is to take the credit and don’t spend it!  Put it directly on your mortgage to pay it down.  Then, as you pay the money back, you have essentially obtained an interest-free loan. http://www.federalhousingtaxcredit.com/index.html

CASA Playhouse Project Wraps Up a Success

Participants and supporters gathered at Woodland Hills Mall to announce winners of the playhouses from the Playhouse Project fundraiser. CASA trains volunteers to speak to for abused and neglected children in court. For more information, please visit www.tulsacasa.org.

CASA Firehouse the Hottest of the Playhouse Project

The Court Appointed Special Advocate Playhouse Project is auctioning the fabulous playhouses donated by area builders.  The most popular this year seems to be the Firehouse with real brick and DryVit exterior.  Bid on the playhouses or buy raffle tickets at Woodland Hill Mall through this Sunday.  The winners will be drawn and announced at 6pm Sunday, August 10th.  Bid online at www.operationplayhouse.com

Inhofe Election Team Lights up the Phones

Jarred Brejcha organized the calling group for the election campaign of Oklahoma's Senator Jim Inhofe reelection campaign from the Inhofe and Republican Party building near 58th and Memorial. For more information visit www.jiminhofe.com

Top Agents Meet in Orlando, Florida

Orlando Florida has attracted the top 1% of the real estate agents for the Star Power annual conference. Photo from left to right:
Darryl Baskin, McGraw Realtors Tulsa OK, www.darrylbaskin.com
Leslie Edwards
Howard Brinton, www.gostarpower.com
Sven Andersen, Winchester MA www.theandersenteam.com

Tulsa Represented at Florida Real Estate Conference

Having dinner with Margaret Rome at Colombia Restaraunt in Celebration Florida was a blast. Margaret is a fellow member of CyberStars, a group of the nation's leading high-tech Realtors. Visit Margaret's web site for Baltimore homes for Sale http://www.homerome.com

Green Hill Home for Sale

Outdoor living spaces are capturing the eye of home buyers in Tulsa as this luxury home in Green Hill at 44th and Lewis offered at $959,000 through McGraw Realtors.

Vinyl Siding- My opinion

Larry:

Concerning our conversation this week regarding vinyl siding and property values, I would reply that the value of a property is not negatively affected by vinyl siding.  In fact, there are many instances where vinyl siding improves the value of a property through maintaining a consistent condition on the exterior.  In many areas, such Kansas City, vinyl siding is an upgrade.

As long as the siding is an appropriate color, is installed properly and in manner consistent with the architecture of the building, you will be making an improvement to your property and it should have no negative repercussions upon the sale.

Darryl Baskin,
Managing Broker
McGraw Realtors

New FHA Changes you don't want to get caught by surprise!

I knwothis is really long but it will be valuable to any of my readers who are in the process of obtaining a home loan.   I included the prelude as sent to me by Julie at First Mortgage:

I've been in a quandry as to what to do about FHA's Risk-Based Premiums as discussed in Mortgagee Letter 2008-16 (attached).  On the one hand FHA's new regulations go into effect on Monday, July 14.  On the other hand it is likely that the FHA Modernization bill will put a moratorium on risk-based premiums.  I've been on hold waiting to see if the FHA Modernization bill would pass before the 14th.  
 
I'm still not sure what to do overall but one thing I am certain of is that we need to protect all customers who have loans in process.  According to ML 2008-16 risk-based premiums will be effective with new case numbers assigned on or after July 14, 2008.  This being said, BY THE END OF THE DAY FRIDAY, YOU NEED TO HAVE FHA CASE NUMBERS FOR ALL FHA LOANS IN PROCESS.  If we don't do this, and legislation isn't passed, most customers would end up with a .55% monthly MIP and some could have a UFMIP as high as 2.25%.
 
I also think it is important that you share this letter with  your clients that might be sitting on the fence and let them know that we're not sure what is going to happen, but we need to be prepared for the worst.

Please call me if you have any questions.

Respectfully,  


Julie Van Boening
Professional Mortgage Planner   
First Mortgage Company
824 N Sycamore    
Broken Arrow, OK  74012
(918) 251-9297 Office
(918) 520-4515 Cell


June 11, 2008

MORTGAGEE LETTER 2008-16

 

TO:                        ALL APPROVED MORTGAGEES

 
 
SUBJECT:            Risk-Based Premiums for FHA Mortgage Insurance

Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages.  The premium matrix is shown below, replacing the premium matrix in Mortgagee Letter 00-38, which identifies the current mortgage insurance premiums for FHA’s single family programs.
 
 
  FHA Single Family Mortgage Insurance Upfront and Annual Mortgage Insurance Premiums (Loan Terms > 15 years) Effective as of July 14, 2008   
  All premiums are specified in basis points (0.01%)     
  Decision Credit Score  (FICO)                
  LTV    850-680    679-640    639-600    599-560    559-500    499-300   NON-TRADITIONAL   
   ≤ 90.00    125/50      125/50    125/50    150/50    175/50    175/50    150/50   
   90.01-95.00    125/50      125/50    150/50    175/50    200/50    n/a    175/50   
   > 95    125/55      150/55    175/55    200/55    225a/55    n/a    200/55   
  

1. A first-time homebuyer, with HUD-approved counseling, will pay only 200 basis points for the upfront mortgage insurance premiums.
   

   
 
The premium grid is based solely on the prospective borrower’s credit bureau score and the loan-to-value ratio; both are defined below.  
 
Future Changes to the Risk-based Premium Schedule

It is FHA’s intent to make any subsequent changes to the risk-based premium schedule only on an annual basis and make them effective at the beginning of the fiscal year.  FHA’s fiscal year begins October 1 and ends September 30.


Highlights Regarding FHA’s Risk-Based Premiums

·     UFMIP will range from 1.25 percent of the loan amount for lower-risk borrowers to 2.25 percent for riskier borrowers.
·     No borrower who qualifies for a FHA-insured mortgage will pay more than 2.25 percent on the upfront mortgage insurance premium (UFMIP) and 55 basis points for the annual premium.
·     Borrowers with credit bureau scores must be risk-classified by FHA’s TOTAL Mortgage Scorecard.
·     Those in risk categories without a premium shown are not eligible for FHA-insured mortgage financing.
·     Borrowers without credit bureau scores will need to be manually underwritten and deemed as eligible based on criteria described in Mortgagee Letter 2008-11; the mortgage insurance premium will be determined by the loan-to-value ratio for the non-traditional column in the premium schedule.
 
Loan-to-Value

For risk-based premium purposes, the loan-to-value ratio, computed to two decimals (e.g., 95.65), is calculated by dividing the mortgage amount prior to adding on any upfront mortgage insurance premium by the sales price or appraised value, whichever is less.  Please note that for purchase transactions, the loan-to-value will be the percentage of the sales price (or appraised value) that is borrowed, e.g., 97.75 percent, as prescribed by law.  While borrowers must have at least a three percent cash investment into the property, a portion of their closing costs may be used to meet that amount.
 
For refinance transactions, which often include closing costs in the loan amount, the LTV is determined by dividing the loan amount prior to adding on any upfront mortgage insurance premium by the appraiser’s estimate of value.

“Decision Credit Score” Defined  

If a credit score is available, it must be used to determine the decision credit score for the application and the premium to be charged.  A “decision credit score” is determined for each applicant according to the following rule: when three scores are available (one from each repository), the median (middle) value is used; when only two are available, the lesser of the two is chosen; when only one is available that score is used.
 
Multiple Borrowers.  If more than one individual is applying for the same mortgage, the lender must determine the decision credit score for each individual borrower and then select the lower (or lowest if more than two borrowers). That "decision" credit score is then used to determine the appropriate insurance premium in conjunction with the LTV ratio.  


 
Multiple Borrowers/One Without Credit Score(s).  The borrower representing the greatest risk to the Department will determine the premium charged.  For example, if the decision credit score for one borrower is between 559-500 and the other borrower is in the non-traditional credit category, the decision credit score between 559-500 is used to determine the premium.  However, if the decision credit score for one borrower is between 639-600, and the other borrower is in the non-traditional credit category, the non-traditional credit category is used to determine the premium.
 
Multiple Borrowers/Ineligible Score. Borrowers who fall into a cell with no premium price shown are not eligible for FHA-insured financing. Lenders may consider reducing the loan-to-value ratio to 90 percent or removing the borrower from the loan to proceed with the application.
 
Borrower Disputes Credit Score.  If the mortgage applicant(s) disputes the accuracy of the credit report and, thus, the credit scores:
 

• The borrower may delay the transaction and work to repair his/her credit, or
• The borrower may pay the mortgage insurance premium based on the credit score generated (and LTV)
  

           
Non-Traditional Credit

For premium purposes, the borrower representing the greatest risk to the Department will determine the premium to be charged (see Multiple Borrowers/One Without Credit Score(s)).  For underwriting purposes, borrowers with non-traditional credit (or insufficient credit) must qualify based on the underwriting guidance described in Mortgagee Letter 2008-11.
 
To clarify the guidance in Mortgagee Letter 2008-11 regarding ‘thin-file’ credit reports, the intention was to give lenders the option to also use non-traditional credit sources should they have a minimum trade line requirement to use a credit bureau score.  While the premium charged is based on the borrower representing the greatest risk to the Department, for underwriting purposes lenders may use non-traditional credit methodology to make their determination on the borrower’s willingness to repay the new FHA-insured mortgage.
 
Refinancing Delinquent Loans into FHASecure

For borrowers refinancing delinquent non-FHA ARMs the Upfront mortgage insurance premiums (UFMIP) is set at 2.25 percent of the base loan amount (loan amount excluding UFMIP) regardless of the loan-to-value (LTV) ratio.  
 
Automated underwriting systems will provide lenders with a feedback message that will inform them of the premium to be charged without recognizing that the loan being refinanced is delinquent. Therefore, the feedback message providing the premium message will caution lenders that if the loan being refinanced is delinquent, then the premium is 2.25 percent for the UFMIP and .55 percent for annual premium when LTV ratio greater than 95 percent; if the LTV ratio is equal to or less than 95 percent, the annual premium is .50 percent.


 
Borrowers who refinance their delinquent non-FHA ARM loan into FHASecure and subsequently wish to refinance to another FHA-insured mortgage must use a refinance product that requires full qualifying, e.g., a rate and term refinance.  Once the FHA-to-FHA full qualifying refinance is insured, these borrowers will be able to take advantage of FHA’s Streamline Refinance program.

Underwriting Rules When Using FHA’s TOTAL Mortgage Scorecard

If TOTAL renders a refer risk classification or triggers a review rule, the mortgagee’s Direct Endorsement underwriter must determine whether the borrower qualifies for the mortgage using the basic underwriting and eligibility requirements outlined in Mortgagee Letter 2004-47 (TOTAL Mortgage Scorecard User Guide) and handbook HUD-4155.1 REV-5.  However, once determined as eligible for a FHA-insured mortgage, the insurance premium charged is as shown in the matrix above.    
 
Review Rules for FHA’s TOTAL Mortgage Scorecard include excessive payment-to-income ratios and debt-to-income ratios; and from the credit files, a previous mortgage foreclosure within 3 years, a bankruptcy discharged within 2 years and late mortgage payments.  TOTAL will refer the application for underwriting analysis if any mortgage trade line, including mortgage line-of-credit payments, during the most recent 12 months shows:
 
·   3 or more late payments of greater than 30 days; or
·   1 or more late payments of 60 days plus one or more 30-day late payments; or
·   1 payment greater than 90 days late
 
Although FHA will be charging a slightly higher mortgage insurance premium for certain categories of riskier transactions (e.g., borrowers with low credit bureau scores and high LTVs), those transactions referred by TOTAL are to be fully and properly underwritten.  The increased premiums compensate FHA somewhat for the risk represented by the combination of LTV and credit bureau score, but are not themselves grounds for underwriter approval of a mortgage. The Refer decision from TOTAL suggests that, absent additional factors that can be documented by the underwriter, the credit risk of the loan may be too great FHA to insure. Such mortgages, which may exhibit other risk-layering characteristics beyond credit bureau score and LTV, are to be approved solely on the underwriter’s judgment of the likelihood of successful and sustained homeownership, not on the insurance premium collected.  
 
If the underwriter approves a loan for which non-credit review rules are triggered, i.e., excessive payment-to-income ratios and debt-to-income ratios, the borrower will pay the mortgage insurance premium based on the decision credit score and LTV ratio.  
 
First-Time Homebuyer with HUD-Approved Pre-Purchase Counseling

First-time homebuyers (as defined below) who will be obtaining a mortgage with an LTV greater than 95 percent and whose decision credit score is in the 559-500 range are entitled to a reduction of their upfront mortgage insurance premium from 2.25 percent to 2.00 percent provided the homebuyer completes HUD-approved pre-purchase counseling.  


A first-time homebuyer is an individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase (closing date) of the property.  A first-time homebuyer includes any individual that has only owned with a former spouse while married and also includes an individual who has only owned a principal residence not permanently affixed to a permanent foundation, or a property that was not in compliance with State, local, or model building codes and cannot be brought into compliance for less than the cost of constructing a permanent structure.  If any of the occupant-owners on the mortgage meet this definition, then the mortgage is considered as having been made to a first-time homebuyer.

 
Pre-purchase counseling must be obtained from a HUD-approved housing counseling agency, a participating agency of a HUD-approved housing counseling intermediary or a state Housing Finance Agency receiving HUD housing counseling grant funds, and the counseling must occur prior to execution of the sales agreement.  With this requirement, it is FHA’s intent to encourage borrowers to participate in meaningful counseling prior to the decision to purchase a home, not to create an incentive or burden for lenders to have borrowers re-execute the sales contract in order to receive a reduced premium.
 
The counseling may be completed up to one year before the homebuyer signs a purchase agreement (executes a sales contract) for the subject property. It must be one-on-one, face-to-face counseling unless a hardship can be demonstrated, and then the counseling may be conducted one-on-one over the telephone.  The counseling must consist of, but is not limited to:  
 
·   Budgeting and credit, including an analysis of the household’s unique financial/credit situation;
·   Assessing homeownership readiness, including an evaluation of home and monthly payment affordability;
·   Development of a written action plan outlining the steps the household and the counselor will take to help the household meet their goals;
·   Financing a home, including a discussion of alternative types of mortgage loans/features and special financing products, common lending documents, and steps in the loan application, approval, and closing processes;
·   Shopping for a home, including understanding the professionals involved in the process; and
·   Maintaining a home, including preventive maintenance, taxes, and insurance;    
 
Even if group sessions or homebuyer education classes cover the topics above, they do not meet the level of one-on-one counseling needed to receive the reduced mortgage insurance premium.  To find a list of housing counseling agencies, please visit the Department’s website at http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm.
 
Programs Covered by Risk-Based Premiums

Risk-based premiums and the requirements described in this mortgagee letter apply to those forward mortgages insured under FHA’s Mutual Mortgage Insurance (MMI) fund, the Section 203(k) rehabilitation mortgage insurance program, and individual condominium units insured under Section 234(c). Risk-based premiums do not apply to mortgages insured under Title I of the National Housing Act, nor to reverse mortgages under FHA’s Home Equity Conversion Mortgage (HECM). Risk-based premiums also do not apply to Section 223(e)(declining neighborhoods), Section 238(c)(Military Impact areas in Georgia and New York), Section 247 (Hawaiian Homelands), and Section 248 (Indian Reservations).


Refinance Transactions

The mortgage insurance premium for refinance transactions will depend on several variables.  These include whether the refinance is of a FHA-insured mortgage to another FHA-insured mortgage, as under FHA’s streamlined refinance options, is a rate-and-term refinance or is a refinance under the FHASecure initiative. Except for streamlined refinances and mortgage refinancing under the FHASecure initiative, the new LTV and new decision credit score determine the mortgage insurance premiums. Additional information is provided below:

Full Qualifying Refinances (e.g., rate-and-term; FHASecure refinance of a conventional mortgage not presently delinquent; cash-out refinances; any that require complete underwriting).  These refinances are subject to the mortgage insurance premiums based on the LTV and decision credit score for the refinance application.
 
Streamline Refinances.  The mortgage insurance premiums charged are subject to whether the existing FHA-insured loan being streamline refinanced was charged premiums based on A) the pre-July 14, 2008 premium structure of 150/50 basis points or B) the post July 14, 2008  LTV/decision credit score premium schedule.  The following examples illustrate the appropriate premiums that will be charged for streamline refinances.
 
A.  FHA-insured loans pre-July 14, 2008/Borrower paid 150/50 basis points

·    Borrowers with an existing FHA-insured loan where the case number for the streamline refinance transaction was assigned before July 14, 2008, will be charged 150 basis points upfront and 50 basis points annually.  On subsequent streamline refinances where the case number is assigned on or after July 14, 2008 borrowers will be charged 100 basis points upfront and 50 basis points annually.  
 
·    Borrowers with an existing FHA-insured mortgage where the case number for the streamline refinance transaction was assigned on or after July 14, 2008, will be charged 100 basis points upfront and 50 basis points annually.  On subsequent streamline refinances borrowers will be charged 100 basis points upfront and 50 basis points annually.
 
B.  FHA-insured loans On or After July 14, 2008/Borrower paid Risk-based Premium
 
·    Borrowers with an existing FHA-insured mortgage (purchase or full qualifying refinance transaction) where the case number for that existing mortgage was assigned on or after July 14, 2008, will be charged premiums on the subsequent streamline refinance transaction using the decision credit score and LTV for the existing mortgage being refinanced.  
 
·    If the streamline refinance transaction is “credit qualifying” (with or without an appraisal) premiums are based on the new decision credit score and the LTV from the existing mortgage being refinanced.
 
Borrowers who refinanced their delinquent non-FHA ARM into an FHASecure mortgage are not eligible to streamline refinance their FHASecure mortgage.  The refinance transaction subsequent to the FHASecure mortgage must be a full qualifying refinance.
 
 
Previous Case Number.  To determine the case number of the loan being refinanced, lenders may use the Case Query screen in FHA Connection using the borrower’s name, address and/or social security number.  
 
Premium Feedback.  The Case Number Assignment screen in FHA Connection will provide a feedback message with the appropriate premium to be charged for refinance transactions.
 
Refund of Upfront Premiums.  Refunds of upfront premiums are available to borrowers refinancing to another FHA-insured mortgage within a three-year time period, as shown below.  
 

           Upfront Mortgage Insurance Premium Refund Percentages   
      Month of Year   
  Year   1   2   3   4   5   6   7   8   9   10   11   12   
  1   80   78   76   74   72   70   68   66   64   62   60   58   
  2   56   54   52   50   48   46   44   42   40   38   36   34   
  3   32   30   28   26   24   22   20   18   16   14   12   10  

On any refinance where the MIP refund exceeds the Upfront MIP required on the new loan, the overage will be refunded directly to the borrower from HUD.  The lesser of the MIP refund or the new upfront MIP should be subtracted from the unpaid principal balance before calculating the new mortgage amount.
 
 
  Type of Refinance   Risk-Based Premium Information   
  Cash-Out Refinances   Premiums based on new LTV and credit bureau score/see premium matrix   
  Rate-and-Term Refinance (no cash out)   Premiums based on new LTV and credit bureau score/see premium matrix   
  FHA Secure/Not Delinquent   Premiums based on new LTV and credit bureau score/see premium matrix   
  FHA Secure/Delinquent   Premium is 2.25% upfront.  Annual premium is 55 basis points if LTV > 95%; otherwise, 50 basis points   
  Streamlined Refinance of RBP Loan   Premiums based on previous LTV and previous credit bureau score/FHA will provide feedback with initial values/Any refund to be applied to new upfront premium   
  “Credit qualifying” Streamlined Refinance   Premiums based on new credit bureau score and previous LTV/FHA will provide feedback with initial values/ Any refund to be applied to new upfront premium   
  Streamline Refinance with new case number assigned prior to July 14, 2008   Premium is 1.50 percent upfront and .50 percent annually/ Any refund to be applied to new upfront premium   
  Streamline Refinance with new case number assigned on or after July 14, 2008   Premium is 1.00 percent upfront and .50 percent annually/ Any refund to be applied to new upfront premium  
 
 
15 Year and Shorter-Term Mortgages
 
Mortgages with terms of 15 years or fewer have a slightly different upfront and annual premium structure due to the risk shorter-term mortgages represent.  The mortgage insurance premium matrix is shown below:
 
 
 
 
  FHA Single Family Mortgage Insurance Upfront Mortgage and Annual Mortgage Insurance Premiums Loan Terms of 15 Years or Fewer Effective as of July 14, 2008   
  All premiums are specified in basis points (0.01%)     
  Decision Credit Score (FICO)     
   LTV   850-680   679-640   639-600   599-560   559-500   499-300   NON-TRADITIONAL   
   ≤ 90.00    100/0      100/0    125/0    150/0    175/0    175/0    150/0   
   90.01-95.00    100/25      125/25    150/25    175/25    200/25    n/a    175/25   
   > 95    125/25      150/25    175/25    200/25    200/25    n/a    200/25  

Systems

Lenders are reminded of the importance of data integrity to ensure that the appropriate premium is charged and that the data submitted to TOTAL and FHA Connection is accurate.  Also, system edits will prevent lenders from Streamline Refinancing FHASecure loans that were previously delinquent non-FHA ARM loans.

Additional Information about FHA’s Risk-Based Premiums
 

• Except for streamline refinances, premiums are the same for purchase and refinance transactions, i.e., based solely on the decision credit bureau score and the loan-to-value ratio
• There are no “add-ons” to the premiums or other adjustments to the mortgage insurance premiums for property type, e.g., multiple unit properties and mortgages on manufactured housing
• The source of the downpayment is not a factor in determining the mortgage insurance premium
  

If you should have any questions concerning this Mortgagee Letter, call 1-800-CALLFHA.
 
                                               Sincerely,
 
 
 
                                                Brian D. Montgomery
                                                Assistant Secretary for Housing-
                                                     Federal Housing Commissioner