Archive for tag The kuchta's
July 02, 2010 at 07:17 AM · Posted under Colleen Kuchta
In response to the foreclosure surge since 2007, Fannie Mae has begun a ‘Loan Quality Initiative’. The new requirements are intended to reduce the number of bad loans. The new program shifts the responsibility of mortgage guideline compliance back to the individual banks responsible for making the loans.
The basic steps for obtaining a mortgage are:
1) Apply for the mortgage
2) Bank runs a credit check
3) The application goes through the underwriting and approval process (this is the step where an appraisal of the property takes place)
4) Credit is checked again (this is a new step in the process)
5) The loan is funded
With the new Loan Quality Initiative lenders are required to verify that the applicants credit profile has not changed since the original credit check was run. Some things to avoid while waiting for your loan to be approved and funded are: Applying for a new credit card (this includes department store cards or buying new furniture on credit), running up the balance on existing credit cards and/or financing an automobile or other major purchase.
Here are the 3 things the underwriter is checking during this 2nd credit check:
1) Recalculate your debt-to-income ratios using your minimum payment figures. If the debt-to-income ratios exceed Fannie Mae’s threshold, your loan will be denied! * don’t run up credit cards prior to closing
2) Re-check your credit score. The score will be used to asses loan-level pricing adjustments. It can also lead to a denial if your score falls below Fannie Mae’s minimum requirements! * pay your bills on time - including utility bills
3) View the Credit Inquiry section of your credit report to find ‘non-disclosed’ debts. If items are found you will need to provide documentation regarding the debt & this will be used to re-underwrite your mortgage. Many times changing your interest rate & monthly payment. * DO NOT apply for new credit until AFTER your loan is funded!
This may seem like consumers are being targeted, and it will be nearly impossible to get a loan. In the end, these are things that should have been monitored all along. If these new standards had been upheld from the beginning, we would not find ourselves in the mess we are in right now. Property values would not be declining because of an surge in foreclosures. So remember, 
don’t use your existing credit cards, don’t apply for new credit and pay all of your bills on time! If you would like more help understanding the mortgage approval process, or are looking for help in finding a home or financing a loan, please give us a call, visit http://www.thekuchtas.shorewest.com or send us an email! The Kuchta’s, Kelly & Colleen
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February 04, 2010 at 03:57 PM
Luxury can be defined as very rich, pleasant and comfortable surroundings. Luxury can also be defined as The Glen at Blackstone Creek in Germantown. This magnificent community offers a private clubhouse, outdoor pool, a fitness room, open air amphitheater, a putting green and walking trails among tranquil ponds.
The Glen at Blackstone Creek condominium development features ranch homes situated on the Blackstone Creek Golf Course. These luxury ranch homes can be free standing or side by side units with private patios. Home features include open floor plans with dramatic ceiling heights, hardwood floors, granite counters, 6 panel doors and custom millwork throughout.
There are currently 9 homes available for immediate move-in. All available homes feature 2 bedrooms and a minimum of 2 full bathrooms.
These luxury homes range in square footage from 1,570 - 2,623 and offer full basements, all plumbed for a full bath, some with full size windows and walk-outs.
Future homes will also feature open floor plans with dramatic ceiling heights, hardwood floors, granite counters, 6 panel doors and custom millwork throughout. These upcoming luxury homes will range in square footage from 1,594 - 2,008 and offer full basements, all plumbed for a full bath, some with full size windows and walk-outs or can be built as slab on grade.
The Glen at Blackstone Creek is an Epcon Community, featuring quality built homes that are distinguished by visually exciting interior and exterior design elements and superior construction materials. There are choice lot and home packages available for you to customize. Call The Kuchta’s - Kelly & Colleen (262-894-6512) for more information, or check out our website: thekuchtas.shorewest.com today! More information is just a ‘click’ away.
Isn’t it time to stop shoveling and cutting the grass and start living your life? Make the move to a luxury condo at The Glen at Blackstone Creek - your new life awaits!
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December 16, 2009 at 10:12 AM · Posted under Colleen Kuchta
As you may well know, the First Time Home Buyer Tax Credit has been extended and expanded. The IRS has also issued a few guidelines for you to follow. Number one on the list: if you have purchased a new home since November 6, 2009 and you qualify for the tax rebate, you will need to wait until a revised Form 5405 is issued by the IRS later this month. The IRS has made changes to the old form and added instructions on claiming your Tax Rebate check. If you purchased after November 6th, and sent in your request for the Tax Rebate, it will be in vain. The IRS issued a bulletin before Thanksgiving that clearly states all rebate request must be made on the NEW Form 5405 - which will be coming out later this month.
Not sure if you qualify for the credit? Here it is in a nutshell:
You must be a first time home buyer (haven’t owned a home in the past 5 years) OR if you have owned a home for 5 of the past 8 years, and are buying a new home, the new home must be used as your principal residence.
The tax credit is equal to 10% of the purchase price with first time buyers receiving a credit up to $8,000, and current home owners receiving up to $6,500.
The new home must be under contract by April 30, 2011 and the transaction must be closed by June 30, 2011.
Members of the Armed Forces and diplomatic personnel serving in foreign countries will get an extra year to purchase a home. They will be given until April 30, 2011 to have a home under contract and until June 30, 2011 to close the transaction.
The new home cannot cost more than $800,000.
Single family homes, multi-family homes and condominiums are included in the credit, provided the purchaser occupies the property.
No one under 18 can qualify for the credit.
If you are able to be claimed as a dependent on someone else’s taxes, you will not qualify for the credit.
There are income restrictions, $125,000 for a single person and $225,000 for persons filing jointly. A single person making between $125,000-$145,000 and joint filers making between $225,000-$245,000 may qualify for phased down credit amounts.
Finally, if you are thinking of co-signing, but are unsure if this will effect the eligibility of a first time buyer. The IRS states that the ineligible co-purchaser does not effect the tax credit for the first time buyer, as long as none of the credit goes to that person.
Questions or concerns about the credit OR just want some help and guidance with your new home purchase? Contact The Kuchta’s - Kelly & Colleen at 262-894-6512 or send us an email to ckuchta@shorewest.com. We are both Accredited Buyer’s Agents and are happy to go the extra mile to help you find the home that is right for you. Visit us online at thekuchtas.shorewest.com
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November 16, 2009 at 04:35 PM · Posted under Colleen Kuchta
As we go about our holiday shopping, all too often we forget that there are people right here where we live that don’t have enough food to eat, let alone buy a bunch of presents. This year has been very tough financially for many families. While you are out shopping for your weekly groceries, remember those in need. Grab a few items to donate to your local food pantry. Many grocery stores have a large barrel at the entrance for you to drop your donation. The items you donate don’t necessarily need to be food, either. Many food pantries are in need of toiletries and paper products, as well.
In Menomonee Falls, the Community Chamber Office is collecting food during the annual Christmas Parade on Sunday, November 29th, at 4:30 pm.
They will have people walking along the parade route collecting food items. The Greater Menomonee Falls Foundation has provided a Challenge Grant for this Food Drive. They will donate $1 to the food pantry for every 1 food item donated by the Chamber up to $1,000!
So let’s get out there and help a neighbor in need! Need more ideas on ways you can help? Contact The Kuchta’s - Kelly & Colleen at 262-894-6512 or drop us an email at ckuchta@shorewest.com
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October 12, 2009 at 11:40 PM · Posted under Colleen Kuchta
As the winter weather approaches, it is very tempting to turn up the thermostat to stay warm. Although this may be a quick fix, it is not always good for your pocket book. Here are a few tips to help save you some money this winter:
- Wash your clothes in cold water. You can save money with every load. There are detergents available that will help you get the same results as washing in higher temperatures.
- Set the thermostat on your hot water heater 120 degrees. It doesn’t make sense to heat the water to a temperature hotter than your skin can tolerate.
- Check for leaks around windows and doors. Eliminate the gaps by applying caulk, weather stripping and/or insulation.
- Check your attic and crawl spaces for the correct level of insulation. R-30 is the minimum recommendation for Wisconsin winters.
- Replace your light bulbs with ENERGY STAR qualified compact fluorescent bulbs. They are better & brighter than when they first became available.
- Have your furnace cleaned & tuned by a HVAC technician. Remember to change the filter - a dirty filter costs you money!
- Turn down the thermostat by just one degree. This will help reduce home heating costs by as much as 4%.
Looking for more practical tips? Send us an email to ckuchta@shorewest.com OR give us a call; 262-894-6512. We will direct you where to go for more money saving advice. Try to stay warm & remember, spring is coming soon! The Kuchta’s - Kelly & Colleen thekuchtas.shorewest.com
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June 01, 2009 at 04:14 PM · Posted under Colleen Kuchta
As I am sure you are aware, first time home buyers qualify for an $8,000 tax credit if they purchase a new home between January 1, 2009 and December 1, 2009. The credit can be applied to their 2008 return, by filing a simple amendment. What you may not know is this: First time buyers can now use that $8,000 tax credit as their down payment!
The National Association of Realtors has been urging the Federal Housing Administration to allow the down payment option. On Tuesday, May 12, 2009 it was decided that the down 
payment option would be allowed. Many buyers have taken advantage of the $8,000 tax credit, but still others have put off buying a new home because they didn’t have enough money for a down payment. This is great news for buyers using FHA financing, which only requires a 3.5% down payment!
Qualified home buyers will need to use a lender approved by the Federal Housing Association to take advantage of the down payment option. Using an approved lender will allow buyers to have the funds available on the day of closing. Need help finding a qualified lender? We are happy to connect you. The Kuchta’s - Kelly & Colleen 262-894-6512 or ckuchta@shorewest.com 
Final approval for the down payment option was given May 29, 2009. There are 2 ways to use the tax credit as your down payment. The first way is called Secondary Financing; you would secure a loan and a 2nd lien in order to get the money, and use it as your down payment. The second way to use the tax credit as your down payment is called Purchase of Tax Credit. Your lender ‘purchases the tax credit’, and it is used towards your down payment. There are several conditions to be met for each of these options. FHA will also be tracking the monetization activities.
For all the rules or help finding a qualified lender, contact The Kuchta’s - Kelly & Colleen 262-894-6512 or ckuchta@shorewest.com.
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June 01, 2009 at 10:05 AM · Posted under Colleen Kuchta, Fair Housing
As if the state of our economy and the rising number of foreclosures is not enough, homeowners now need to be aware of scam artists looking for new ways to cheat you. Here are the 5 most common scams homeowners are facing:
- The Obama Rescue Plan Scam
Some rescue companies are charging distressed home owners thousands of dollars to modify their mortgage under the new Obama housing relief plan. There is no need to pay for this help. You can find out all that you need to know, and if you are eligible at MakingHomeAffordable.gov or by calling 888-995-HOPE.
- Bait and Switch Scam
Con artists pose as legitimate housing counselors ready to help you refinance. They present you with what appears to be an application for re-financing. What it ends up to be is a transfer of title, and you lose your home.
- Rent-to-Buy Scheme
You are approached by someone stating that they know you are having difficulties making your mortgage payment. They offer to help you out by purchasing the home from you, and allowing you to rent it from them. They tell you that once your finances are in order, you can buy it back from them. Once they purchase the home from you, your equity is gone. The lease terms they give you are less than fair, and you are quickly evicted.
- The Middleman Scam
A self-proclaimed rescuer promises to negotiate with your bank, on your behalf. They ask for the fee up front; some even charge thousands of dollars. They tell you that you don’t need to contact your lender, lawyer or credit counselor. You make your payments to this middleman while he negotiates with your lender, eventually he disappears with your money.
- The Bankruptcy Scam
A con-artist promises to negotiate with your lender, or work out re-financing on your behalf - again there is an up front fee. They never contact your lender, instead they file for your bankruptcy and pocket the money. You don’t know anything until the expensive bankruptcy goes through and ruins your credit for the next 10 years.
Remember - if it sounds to good to be true, it probably is! The Kuchta’s - Kelly & Colleen 262-894-6512 or ckuchta@shorewest.com
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April 17, 2009 at 02:48 PM · Posted under Colleen Kuchta
Negotiating skills are key to achieving successful outcomes for clients.
That’s why The Kuchta’s - Kelly & Colleen, took the time to become Certified Real Estate Negotiators (CREN). The CREN certification gives us the professional negotiation techniques and skills we need to gain a competitive advantage for our clients. The right negotiation strategies and tactics help us make deals happen for you. thekuchtas.shorewest.com
Key steps to successful negotiation include:
1) contact the other party right away
2) keep the door of communication open at all times
3) supply comparable properties to support your price
4) always remain professional & ethical
Whether you’re looking to buy or sell, we would welcome the opportunity to represent you. Call The Kuchta’s - Kelly & Colleen at 262-894-6512, to learn the advantages of using a CREN professional, if you prefer email - ckuchta@shorewest.com.
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April 17, 2009 at 11:56 AM · Posted under Colleen Kuchta
Looking for a great place to build your new home? Look no further! The Kuchta’s - Kelly & Colleen, know the perfect place. Lot 8, Indian Head Drive, in the town of Lisbon, WI. The level lot measures 0.957 acres, and has a soil test on file stating it can serve a 3-4 bedroom home. Building restrictions are non-strict in the Mountain Shadows Subdivision, they use the guidelines set forth by the Town of Lisbon. Contact Colleen Kuchta at ckuchta@shorewest.com or 262-894-6512 for more details on building restrictions.
Lot 8, Indian Head Drive, within the Mountain Shadows Subdivision is served by the Arrowhead School District. It is right around the corner from Richmond Elementary School, which serves grades K4 through grade 8. Just North of the Mountain Shadows Subdivision, you will find Ironwood Golf Course. This outstanding golf course offers 27 holes, and breathtaking views along the way.
Lot 8 is minutes from shopping, restaurants, parks and more! The Kuchta’s- Kelly & Colleen are happy to gather more information for you and answer any questions you may have. Call 262-894-6512 or visit thekuchtas.shorewest.com.
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April 16, 2009 at 03:29 PM · Posted under Colleen Kuchta
A short sale in Real Estate happens when the owner of the property owes more on the property than what it sells for. This can happen when a home owner sells after property values have dropped drastically, or when an owner has taken out equity loans on top of the mortgage loans and the loans equal more than the value of the home.
Generally speaking, it will depend on your lender. Before you proceed with a short sale, you would be well advised to call them to find out how they structure and release the short sale.
As well as, how are they going to report the payoff? A short sale can reduce your credit score between 60-100 points, but there have been times when the short sale does not affect your credit score negatively at all. (A foreclosure would be a minimum of a 150 point deduction) This of course will depend on your specific situation. For example, a seller that has missed recent payments and is doing the short sale to avoid a foreclosure would take a bigger hit than the seller that is current on their mortgage, but property values have decreased so they are unable to sell the property for what they owe.
If you decide to sell, and are facing a short sale/foreclosure situation, be sure that the agent you select to list your home has experience in dealing with short sales. Each bank has their own requirements. The Kuchta’s - Kelly & Colleen are very familiar with the short sale process/foreclosure process and have helped many sellers, as well as buyers with their transaction. Feel free to contact us for a no obligation, consultation 262-894-6512, or ckuchta@shorewest.com. We are here to help.
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April 16, 2009 at 11:38 AM · Posted under Colleen Kuchta
Although the news is full of gloom and doom stories about the Real Estate market, I am here to tell you that it does not need to take months of waiting to sell your home. The Kuchta’s, Kelly & Colleen, recently listed a 3 bedroom, split ranch home, in the Spaeth Farms subdivision, of Hartford. We received an offer within 13 days of being listed. Sellers were thrilled! They didn’t even need to counter. How is this possible?
Simple, when we researched the area, we looked at recent solds AND current active properties. We carefully looked into the history of each property to see where they started with their pricing, as well as, any price reductions that were done along the way. We put all of that information into our market analysis and our sellers were able to fully understand the way sales were trending in their local market. They chose a price that would let the buyers know they were marketing their home realistically - 13 days later, they had an offer.
Want results like this? Contact The Kuchta’s - Kelly & Colleen at
262-894-6512 or at ckuchta@shorewest.com.
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April 13, 2009 at 11:25 AM · Posted under Colleen Kuchta
Owning your own home is a very large investment. No matter where you chose to live; Waukesha, Washington, Milwaukee County - or anywhere in Wisconsin. So, don’t trust your home inspection to just anyone. Many times, the agent you are working with, has a team of professionals that he/she works with on a fairly regular basis. Family and friends mean well when they give you the name and number of an inspector that they have used in the past, but they are usually only able to base their recommendation on a single experience with an inspector. As agents, The Kuchta’s - Kelly & Colleen, want you to know that there are different levels of service when it comes to an inspector. Contact us, at
262-894-6512 or at ckuchta@shorewest.com, if you have questions or concerns.
A few things that every good inspector does on a regular basis might include: open and close windows and doors to check for shifting of the foundation, run the water in sinks & tubs to check for leaks, make sure all toilets are secure, check the grade around the house & look for signs of water in the basement, climb on the roof (weather permitting)- check for soft spots - snow is heavy, you want to make sure your roof has the strength to hold it. The list continues…
The Kuchta’s - Kelly & Colleen have seen all levels of service, and prices that range from $250-$585 for a single family home. Trust me when I say: “You don’t always get what you pay for.” We have seen great inspections at a low price & not so great inspections at a higher price. Ask your inspector what you get for that money. How does the inspector log what is seen during the course of the inspection? Will the roof be inspected with binoculars, or by climbing up there (weather permitting)? Are you welcome to follow along, or will it make him/her more comfortable to have you wait until the summary to see what has been inspected?
In the end, you are the only person that can choose your home inspector. If you get a few recommendations, and ask the right questions prior to the inspection; you will make a far better decision than running a Google search. Remember, your agent has your best interest in mind.
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