Delavan Real Estate & Mortgage Blog

Many people are aware that the recent downturn in real estate has made many vacation condominiums difficult to sell.  The Abbey Resort is a wonderful vacation spot on Lake Geneva and is no exception to his rule. 

I encourage you read the article written by Shirley Coulman about Lake Geneva Real Estate.

Travis Egan Asst Vice President Walworth State Bank 1221 South Shore Dr Delavan, Wisconsin, 53115 US	Work: 262-728-4203 Mobile: 262-745-5055 tegan@walworthbank.com www.TravisEgan.com
Lender, Lake Geneva Real Estate, Delavan Real Estate

I saw an article today on washingtonpost.com website that a person with some knowledge in the Treasury Department is suggesting that banks will lend mortgages at 4.5% for new home purchases.

It got me thinking.  Are interest rates really what’s keeping people from buying real estate in Lake Geneva, Delavan, Elkhorn, Williams Bay or anywhere in Wisconsin for that matter?  I mean rates have already fallen to the mid 5’s on many Wisconsin FHA mortgages. 

I believe the answer may simpler than the experts think.  Read about it here.

I find it alarming that so many so-called mortgage professionals and journalists have consistently and loudly proclaiming this as fact.  In reality, nothing could be further from the truth.  Those of us who have toiled for years advising, counseling, and preparing our clients for homeownership have known this program to be one of the finest loan programs available for first time homebuyers in this or any market.  We extol the virtues of this program because it is NOT  a means to avoid showing underwriters the truth, the whole truth, and nothing but the truth, but the opposite.  The reason FHA will NEVER become the “new” subprime is because everything is verified.

All aspects of FHA mortgages are meticulously verified.

• The borrower’s income is verified.
• The borrower’s assets are verified.
• The borrower’s credit is verified.
• The appraisal is verified and underwritten.
• Social Security numbers are verified.
• Dates of birth are verified.
• Borrower’s are checked against a list to ensure they have not defrauded the government or failed to live up to prior agreements with the government.

It is true that opportunities in the underwriting standards allow the consumer to explain blemishes or situations that do not fit into the norm.  These explanations must be reasonable and documented.  This is the first and most direct opposition to a comparison with “subprime” mortgages.  Most of those programs did not require such scrutiny of the borrower or their finances.  Many of the homeowner’s, who lost their homes, were not properly advised when they were placed into mortgages they could not reasonably afford.  FHA has checks and balances to avoid these indiscretions.

The broad blanket that many cast as a means of comparing FHA and “subprime” do the FHA loan program a horrible injustice.  FHA mortgages have helped many homeowners realize the dream of homeownership.  Will there be foreclosures that come from people who have FHA mortgages?  Unfortunately, yes.  There will always be circumstances that lenders, underwriters, and appraisers cannot anticipate.  Life has a nasty way of reminding this from time to time.  Many Americans will benefit from and because of FHA mortgages.  I am proud to serve those wish to take the next step on getting their piece of the American dream.  Wisconsin homebuyers, more specifically buyers in Walworth County, in places like Delavan, Lake Geneva, Elkhorn, Williams Bay, and Walworth should know there are many qualified lenders who can and will assist you both honestly and ethically.

I know its Halloween, but have some of you lost your minds?  Are you intentionally scaring your children about the doom of our economy? 

I read an article by Liz Pulliam Weston where she makes it clear some of us are doing just that.  It made me pause and ask myself if I’m in the same boat.  I know this; I will pay a lot better attention to it now. 

Take a look and tell me what you think.  Are you doing this? 

Wisconsin Rapids, Wisconsin — Sure, gas prices have come down lately.  But to 34.9 cents a gallon?

That’s what Kelly Joosten and dozens of other motorists paid at a Citgo station Monday.  The sign advertised $3.43 for a gallon of premium fuel, but the pump cost read $0.349 a gallon.

“That was amazing,” said Joosten, who normally spends about $100 to fill up her 1998 Ford Expedition.

Joosten proudly showed off her receipt for 25.36 gallons at $8.85.  She said she saw other motorists filling gas cans, too, at the discounted price.

Station owner JP Raval says the attendant on duty couldn’t figure out why the station was suddenly so busy.

Raval estimated 30 to 40 customers fueled up at the incorrect price — between 200 and 300 gallons worth — for about 90 minutes.

“People kept coming, so fast,” Raval said. “Everything was crowded; it was like a fairground.”