Recently FreddieMac and FannieMae have released the guidelines on how to determine self-employed income now that most Stay-at-Home Orders have been lifted, or at least life is beginning to return to "normal".  How do the new guidelines affect those that are self-employed, but have had their income affected during Covid-19? Cigar Lounge Review:  David's Fine Tobaccos, 9759 University Ave, Clive IA 50325 (515-278-8701)

As part of the stimulus package to deal with Covid-19, the CARES Act was passed, which in part, allows for mortgage forbearance.  The media has not really properly addressed what this means to a homeowner.  So this episode of the podcast helps provide you a better understanding of what it means to use mortgage forbearance.  More information can be found at https://www.consumerfinance.gov/coronavirus/cares-act-mortgage-forbearance-what-you-need-know/.  This week cigar lounge review:  Rudy's Cigars 6240 E Riverside, Loves Park IL 61111 

In this episode of the podcast, we talk a little about what you need to ask before considering using the forbearance option on  your mortgage loan; the benefit of considering purchasing a home in this market; and, the need for all of us to be a bit more neighborly. Cigar Lounge Review:  Your Mortgage Guys Virtual Cigar Lounge

It has now been a few weeks that the Stay-at-Home Order has been placed in Illinois.  Across the country American's are either in an essential field, working from home, or unfortunately have been temporarily laid off.  This episode of our podcast addresses how there have been some temporary guidelines created for income verification and also addresses some questions on mortgage forbearance. Cigar Lounge Review:  Kenny the King Tobacco, 28975 IL Rte 120, Lakemoor, IL If you are interested in attending the FREE webinar "Learn about Credit w/Jim Droske" You can register on Facebook at Real Estate Professionals Smoking Cigars or click this link:  https://crosscountrymortgage.zoom.us/webinar/register/7215859247654/WN_YXLo1ZwvQkSi1KmcNtbcgg

As Covid-19 continues to cause most Americans to stay at home, our economy and the real estate/mortgage industry continues to adjust.  Exactly what the long-term effects will be are yet to be seen.  In addition, in an attempt to help those cigar smokers looking for camaraderie, a virtual cigar lounge has been created so we can practice social distancing while enjoying a good cigar. Cigar Lounge Review:  SoHo Cigar Bar, 32 Watts St, New York, NY 

The recording date of this episode of the podcast is March 12, 2020.  It would appear, at this time, we have just begun a world-wide pandemic and the media, the markets and governments are trying to get ahead of the curve on its affect.  So if you are a homebuyer, or if you own a home and thinking about refinancing, or of course if you are a real estate professional, how does all this affect you and mortgage rates? Cigar Lounge Review:  Jack's Smoke Shop, 10129 N Second St, Machesney Park, IL  If you are interested in attending an "after hours" cigar event, either in the Rockford, IL or Schaumburg, IL areas, leave us a comment on Facebook expressing your interest.

There has been a lot of press about the upcoming changes to your FICO score.  Potential homeowners are wondering if their score will go up?  Will their score go down?  On this episode we have Darlene Aragon of Credit Plus, Inc.  She is a life-long credit report professional who shares her knowledge about the upcoming changes to FICO (FICO 10) and how this will affect a potential homebuyers ability to purchase a home. Cigar Lounge Review:  Nice Ash, 323 W Main Street, Waukesha WI 

This week's podcast is a review of the book "The 12 Week Year" by Brian P Moran and Michael Lennington.  Although book reviews is not the general format of the podcast, being that we are in the beginning of the year when we do make our goals and the fact that the book has a powerful way of re-aligning our thinking of our visions, expectations and goals, I decided to try a book review this episode and certainly look forward to any listener comments. Cigar Lounge Reviewed:  Papa Cigar Shop & Lounge, 328 Greenbay Road, Highwood, IL 60040 (847-266-9999.   The sound effect of "ta da" was created by Mike Koenig.

Whether Baby Boomer, Gen X, Millennials or the up-and-coming Gen Z ("Zoomers") every generation has different traits when it comes to financial decisions and home buying.  In this episode we discuss the differences in the generations and how down payment assistance programs can be a big part of the home buying process. Cigar Lounge Review:  Davidoff of Geneva Cigar Bar, 3200 S Las Vegas Blvd #1245, Las Vegas NV The Zytglogge is the clock tower in Bern, Switzerland.  For more information about the medieval tower:  http://www.zeitglockenturm.ch/

In this episode we will discuss the new 2020 lending limits for both conventional and FHA loans.  We will also address the changes to the VA program outlined by the Blue Water Navy Vietnam Act of 2019. Cigar Lounge Review:  Stanza dei Sigari, 292 Hanover St, Boston MA

This week we are honored to have Darlene Aragon, Regional Account Executive of Credit Plus, Inc., a national provider of credit reports.  Darlene is a veteran of the credit reporting industry and shares her insight on some basics when it comes to credit.  Over the next few weeks, we will be going more in depth into many questions consumers have about credit.  This week, however, we take a general overview approach on how to understand  your credit history. Websites mentioned in the podcast: www.MyFICO.com www.AnnualCreditReport.com Cigar Lounge Reviewed: Rudy's Cigars, 6420 E Riverside Blvd, Loves Park, IL 61111 - 815-282-0506