Getting a Conventional Loan After a Short Sale

by Inlanta Madison on April 27, 2012 ·

Based on the struggling economy of the past 3 years many homeowners have been forced get rid of their property through a short sale. As people rebuild their credit and improve their incomes they are starting to get the itch to buy a home again. Here are the general guidelines for qualifying for a conventional mortgage following a short sale.

Be Patient
The first thing to understand is that time heals all wounds, even credit problems. Most lenders will require the people wait a minimum of two years up to a maximum of four years following the short sale of their home. Lenders require this passage of time to give people a chance to re-establish their credit and also improve their financial habits that will lead to better budgeting and better saving principles.

Get a Good Down Payment
For people that can save up a 20% down payment they will only have to wait the minimum two years. In addition, if these people faced extraordinary circumstances that forced them into the short sale, they may also be given a little leniency and only have to wait the two years.

For people who were simply victims of bad planning and wrong decisions, they will have to wait the longer period. Also, people that only have a 10% down payment will have to wait for the four years.

Take the Time to Reestablish
During the waiting period it is a good idea to really invest in your financial knowledge. Read up on how credit works and develop good spending habits. This is the time where the old adage “pay yourself first” will really come in handy. Putting away a little in savings each time you get paid will go a long ways towards building up your down payment as well as developing an emergency fund that can help you out when an emergency arises.

Contact us below or apply online to see if you qualify for a conventional mortgage!

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Five Os land in title of movie

OHS grad creates 'Oconomowoc (the film)' with friends

By DONNA FRAKE

Posted: April 25, 2012

Oconomowoc could go from being a name that is nearly unpronounceable to the name on everyone's lips, if the dreams of two moviemakers come true.

Joe Haas, a 1999 Oconomowoc High School grad, teamed up with a Los Angeles-based friend who wrote a screenplay called "Oconomowoc" - acomedy that looks at a young man's struggle to find himself.
The trailer for the movie was released publicly last week on Facebook under the page "Oconomowoc (the film)", and has received a lot of attention, garnering 4,650 views in just under its first 72 hours on YouTube.
A private screening of the film is on April 28 at the Oconomowoc Arts Center for the cast and crew.
"I have known Andy Gillies for years," Haas said.

"Four years ago we worked on Cookies and Lemonade," a short on which the feature film is based.
"We've done sketch comedy, short things. Andy approached me with this full screen play," he explained.
" 'Oconomowoc' is an absurd comedy that represents what a lot of 20-somethings go through as they try to figure out their lives," said Haas.

The film centers on a man who moves in with his mother and reluctantly joins his former best friend's mishandled T-shirt business, in hopes of finding direction for his life.
"It's the story of his return home. I am sure it parallels the uncertainty a lot of people feel. That weird transition period of your life," where you don't have experience or perhaps, a direction, he said.
"You move in with your parents to save money. I think a lot of people have been there. It really represents an entire generation, but we think it will hit home with audiences regardless of age.

"The main reason we called it Oconomowoc was the uniqueness of the word and as an homage to the town. At the same time, you put yourself in the position because you think it is about it (Oconomowoc). It's human nature to assume that, but all portrayals are completely fictional and any similarities are coincidental," he said.
Haas said several years ago they had a seedling of an idea that they worked on in a shorter format.
"This is kind of like the long version of 'Cookies and Lemonade,' " he said of the original production.
"For me that was more of an experiment. With six years of experience since then, it's hard to look back and like it," he says of the short.
"It's a whole beast in itself," he said of the full-length movie.
Haas served as the director of photography, editor and co-producer with Gillies.
"That basically means I shot the whole film," he explained.
He, Gillies and another friend also wrote all the music for the film.
"Some was composed beforehand with intent to use it for the movie," he explained.
Haas said he's played various instruments for years, mostly guitar.
Gillies, who served as the director, writer, producer and schedule coordinator, is familiar with Oconomowoc.
"He spent a lot of time here because his ex-girlfriend was from here," Haas explained.
"He was actually living at their house when he decided it (the movie) would be shot there," he said of the residence located on lower Nashotah Lake.
"The place where it was shot was kind of where I grew up in a way. I was good friends with her brothers. There is a scene (in the movie) on the roof; we use to hang out there a lot," he said.
Haas said the movie was shot in just 14 days.

"We took two days off for Thanksgiving and worked 12-14 hours a day. We ate together, laughed and cried together. It was a pretty cool bonding experience. It was a very tight crew," he said.
Haas said he was somewhat familiar with what he termed "run and gun" type of shooting, a method he employs in the commercial media company he owns that develops short films, commercials and educational media for clients throughout the Midwest.

"It was a fast-paced production. There were never more than two takes, max, unless something crazy happened," he added.

The 80-minute film will be released under Gillies' production company, What Productions.
The plan moving forward, is to submit the movie film festivals.

"We are thrilled to be sharing this film with friends and family," said Gillies. "The next step is to promote 'Oconomowoc' all over the country and enter it into film festivals such as Sundance and SXSW," he added.
The screening, which is by invitation only, cannot be open to the public in accordance with festival application rules.

Information will soon be posted on the film's Facebook site about an account that will be established that allows people to invest in the film to help defray the costs of film conversions, shipping, airfare, lodging and promotional materials.

Haas said it is special to him to be screening the film at his old high school, where he first honed his skills.
Video production classes and participation in Student Showcase at OHS served him well, he said.
The film will actually screen in the school's Little Theater.

"It's kind of cool that my first stage presence was there," he mused.
"This was a real labor of love," he said of the film. We put a lot of hard work into it and hope people will truly enjoy it," Haas added.

Mayor: Apartments will be affordable, not free

Misconceptions about WHEDA grants addressed

By Paige Brunclik

Posted: April 25, 2012

City of Oconomowoc - News of a developer earning state tax credits to rehab the former middle school into apartments had many in the community excited. The news was exciting enough to warrant a visit from Gov. Scott Walker, who announced the credits that will turn the vacant building into housing. But some people might be confused about what type of housing is in the works.

"I hope to god this fails as it will bring in the kind of people Oconomowoc doesn't need," wrote "slice3300" in a comment on the story on our website, LivingLakeCountry.com.
"Maybe we look into a petition for turning this into maybe an elderly care facility or daycare. This is not going to be good for the surrounding home owners and it will just be a matter of time before this is little Milwaukee/Waukesha in a smaller area," wrote otowngal.

The comments struck a nerve with Mayor Jim Daley, who met with a group of reporters Tuesday afternoon in hopes of using the media to help clarify the situation.
Keystone Development was awarded Wisconsin Housing Economic Development Authority (WHEDA) Affordable tax credits. The credits are not for welfare-type, low-income housing, Daley said. Rather, the tax credits were for a development that must provide "affordable" housing based on the county's median income. Based on information provided by Keystone, one-bedroom units that are at 50 percent of the county median income will rent for about $600-$700 a month. The target income range of a tenant is $20,000 to $45,000.
"This project is aimed at young professionals with salary limitations. They will get a slightly better rental rate - not a free rate," Daley said.

Director of Economic Development Bob Duffy gave examples of other recent similar and successful projects. Those include Appleton's 54 Riverfront affordable downtown apartments and Riverworks Lofts in Milwaukee, a $6.8 million project that received WHEDA help.

"As a developing community, there is a need for the entry-level person to have accommodations and an attractive place to live. This is the opportunity to attract higher-level residents to the community, who will hopefully remain here," said Daley.

The middle school apartment project was pitched before Keystone by developer Gorman & Company, which sought to do the same thing: reconstruct the school into affordable apartments. The WHEDA grants are very competitive, and Gorman did not land among the recipients. Keystone was successful among the 74 applicants seeking WHEDA grants for developments.

"This maintains the historic and architectural style of the building, and it's much better than bulldozing it," said the mayor.

He added that there will be no negative effect on neighboring homes. "It will be neutral to positive," he said.
Daley said the news last week should be considered a win all around. The School District is able to unload a vacant property and gain $1 million from the sale. And the city will soon realize increased tax revenues, which help taxpayers overall, Daley said.
"With state-imposed levy limits things, the only way we can continue to offer services in the city that offer a better quality of life is through growth," explained City Administrator Diane Gard.

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