First Time Home Buyer, first time mortgage.#First #time #mortgage


First-Time Home Buyers

Loans insured by the Federal Housing Authority (FHA) are designed to help everyone realize the dream of owning a home. And they’re ideal for first-time home buyers! Because the FHA insures these mortgages, FHA lenders can work with borrowers who’ve had credit problems, collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.

Applying for an FHA loan

Getting in touch with a specialist through MyFHA is simple. We’ve combined the speed and ease of the Internet with the hands-on help our customers expect. Once you click online, we enter your information into our database and begin a preliminary review. Then, we match you with the right specialist for where you are right now.

During the phone interview, your specialist will discuss with you where you are right now and help you determine your best way forward. If you don’t pre-qualify right away, your specialist will suggest ways to improve your profile, so you may become eligible in the future. Within 10 minutes, you’ll usually know if you’re ready for a mortgage. The interview is also a great chance to get acquainted with your specialist, who will play an important role in your becoming a homeowner. Good communication with your will increase your chances of a successful and speedy process!

Processing a mortgage involves gathering documents to verify information. Forbes has an excellent article on assembling all of the documentation that you may need which may include (but is not limited to) W-2 forms, two-weeks of pay stubs, credit reports, and bank statements. After your approval, you’ll receive a pre-qualification that includes a checklist specific to your file. This checklist will itemize all of the things you must submit before receiving a commitment.

The closing is the “end of the line” in obtaining a mortgage. At the closing, you will sign all of the required mortgage documents. If it’s a new mortgage, you’ll collect your new keys and then take possession of your new home. If it’s a refinance, you’ll immediately start to enjoy the benefits of a new interest rate, cash out, or both!


Home, Member First Mortgage, first time mortgage.#First #time #mortgage


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    9 First-Time Homebuyer Grants And Programs, first time mortgage.#First #time #mortgage


    9 grants and programs to help you buy your first home

    Buying your very first home can be overwhelming. There’s all the financial jargon and the mountainous mortgage paperwork, not to mention the dollar amounts that can make you dizzy.

    Money issues often stand in the way of homeownership. A survey by rental service Apartment List found that 80 percent of millennial renters want to buy a home, but most say they can’t afford to.

    What you may not realize is that many first-time homebuyer programs and grants offer financial help, and you may be eligible for various types of assistance.

    Here are nine first-time homebuyer programs and grants designed to help you land a great mortgage and get a place of your own.

    1. FHA loan

    In an FHA loan, the Federal Housing Administration insures the mortgage. The FHA is an agency within the U.S. Department of Housing and Urban Development (HUD).

    The FHA’s backing offers lenders a layer of protection, meaning that your lender won’t experience a loss if you default on the mortgage.

    FHA loans typically come with competitive interest rates, smaller down payments and lower closing costs than conventional loans.

    If you have a credit score of 580 or higher, you could be eligible for a mortgage with a down payment as low as 3.5 percent of the purchase price. If your credit score is lower than 580, you still might qualify for an FHA mortgage, but the down payment would be at least 10 percent of the purchase amount.

    2. USDA loan

    While not well known, the U.S. Department of Agriculture (USDA) has a homebuyer assistance program.

    While the program focuses on homes in certain rural areas, you don’t need to buy or run a farm to be eligible.

    The USDA guarantees the home loan. There may be no down payment required, and the loan payments are fixed.

    Applicants with a credit score of 640 or higher typically get streamlined processing. With a credit score below 640, you still can qualify for a USDA loan, but the lender will ask for extra documentation about your payment history.

    Keep in mind that there are income limitations, which can vary by region.

    3. VA loan

    The U.S. Department of Veterans Affairs (VA) helps active-duty military members, veterans and surviving spouses buy homes.

    The VA guarantees part of the loan, making it possible for lenders to offer some special features. VA loans come with competitive interest rates and require no down payment. You aren’t required to pay for private mortgage insurance (PMI), and a minimum credit score isn’t needed for eligibility.

    If it becomes difficult to make payments on the mortgage, the VA can negotiate with the lender on your behalf.

    4. Good Neighbor Next Door

    The Good Neighbor Next Door program, sponsored by HUD, provides housing aid for law enforcement officers, firefighters, emergency medical technicians and pre-kindergarten through 12th-grade teachers.

    Through this program, you can receive a discount of 50 percent on a home’s listed price in regions known as “revitalization areas.”

    Using the program’s website, you can search for properties available in your state. You must commit to living in the home for at least 36 months.

    5. Fannie Mae or Freddie Mac

    Fannie Mae and Freddie Mac are government-sponsored entities. They work with local lenders to offer mortgage options that benefit low- and moderate-income families.

    With the backing of Fannie Mae and Freddie Mac, lenders can offer competitive interest rates and accept down payments as low as 3 percent of the purchase price.

    Fannie Mae also provides homeownership education for first-time homebuyers through its “HomePath Ready Buyer” program.

    6. Energy-efficient mortgage (EEM)

    An energy-efficient, or “green,” mortgage is designed to help you add improvements to your home to make it more environmentally friendly. The federal government supports EEM loans by insuring them through the FHA or VA programs.

    The key advantage of this mortgage is that it lets you create an energy-efficient home without having to make a larger down payment. The extra cost is rolled into your primary loan.

    Some improvements you can make include installing double-paned windows, new insulation or a modern heating-and-cooling system.

    7. FHA Section 203(k)

    If you’ve run the numbers to see how much house you can afford and have determined a fixer-upper is best for your budget, the Section 203(k) rehabilitation program may be a good fit.

    This type of loan, backed by the FHA, takes into consideration the value of the residence after improvements have been made. It then lets you borrow the funds you’ll need to carry out the project and includes them in your main mortgage.

    The down payment for a 203(k) loan can be as low as 3 percent.

    8. Native American Direct Loan

    Since 1992, the Native American Veteran Direct Loan program has helped Native American veterans and their spouses buy homes on federal trust lands. The VA serves as the lender.

    If you’re eligible, you won’t be required to make a down payment or pay for private mortgage insurance (PMI).

    This first-time homebuyer loan also offers low closing costs and a 30-year fixed-rate mortgage.

    9. Local grants and programs

    In addition to the various programs provided by the federal government, many states and cities offer help to first-time homebuyers.

    Before buying a home, check your state’s or community’s website for information on housing grants and programs available in your area.

    You also might consider contacting a real estate agent or local HUD-approved housing counseling agency to learn more about programs in your area that might apply to your situation.


    First Time Home Buyers – Mortgage & New Homeowner Guide, first time mortgage.#First #time #mortgage


    Homeowner’s Guide: First Time Buyers

    Purchasing a home is a big decision, especially if you are a first time buyer. The process is intimidating and lengthy. However, it can also be exciting if you feel comfortable with your decisions along the way. Preparing yourself for all of the steps involved in purchasing a home can help ease any anxiety you may have. To learn more about buying your first home, consult the tips below.

    How Much Can You Afford?

    When determining how much you can afford to pay for your home, you must consider your down payment amount, monthly expenses, credit rating, and income. Using this information, you can determine a comfortable price range. Until you know how much you can pay toward a mortgage each month, you can’t effectively search for a home. You must also calculate your debt-to-income ratio to ensure that you are within acceptable limits.

    Consult the following links to find some helpful tools for determining affordability.

    • Annual Credit Report: Obtain a copy of your credit report.
    • The Debt Ratio: An article that explains debt-to-income ratios.
    • Mortgage Calculator: A site with multiple financial calculators to determine mortgage payments and affordability.
    • Home Buying Tips: An article to help you determine what you can afford to spend on a home.

    Loan Shopping

    When shopping for a loan, you must consider the interest rate and loan term. The higher the interest rate, the more money you will pay each month. Interest rates may be fixed or adjustable. Adjustable interest rates can change, while fixed interest rates remain the same. Most mortgages are either 15 years or 30 years long. A 30-year mortgage involves a lower monthly payment than a 15-year mortgage for the same amount, but the total amount paid in interest will be greater.

    • Looking for the Best Mortgage: An article about shopping for a good loan.
    • Shopping for a Loan: A page with relevant definitions and tips for loan shopping.
    • What to Know When Shopping for a Mortgage: An article that explains the steps involved in obtaining a loan.
    • Mortgage Shopping Tips: A page that explains mortgage shopping terminology and offers advice.

    Home Shopping

    After you know your price range, you can begin shopping for a home. To find the right home, you must consider location, appraised value, and amenities. Pay attention to the number of bedrooms and bathrooms each home has. In addition, make sure that you view several homes before making a decision. Finally, don’t forget to calculate relevant distances, such as the distance to work or the nearest store.

    • Find Your Home: Questions you should ask yourself before choosing a home.
    • Choose a Home: An article that explains the process of choosing the right home.

    Making an Offer

    When you make an offer on a home, you won’t typically offer the seller’s asking price. However, it’s important to make sure that your offer isn’t so low that the seller will be insulted. In many cases, the seller will issue a counter-offer that falls somewhere between your initial offer and the selling price, so keep this in mind when you make your first offer. Some sellers may be willing to include appliances if you will agree to pay a slightly higher price for the home.

    • How to Make an Offer: A page detailing the process of making an offer to purchase.
    • Tips for Homebuyers Making Lowball Offers: (PDF) An article about offering less than the selling price.

    Home Inspection

    A home inspection is an evaluation of a home’s systems and physical structure. Most home inspections involve an inspection of the foundation, doors, windows, ceilings, floors, walls, electrical systems, plumbing, air conditioning, and heating. Home inspection fees are often part of the closing costs when you buy a home. Some lenders won’t approve your loan until the home passes inspection.

    • Home Inspection Checklist: A checklist of items that must be examined during an inspection.
    • Home Inspections: A list of frequently asked questions about home inspection.
    • Get A Home Inspection: An article that explains why you need a home inspection.
    • Questions and Answers on Home Inspections: A page that answers common questions about home inspections.

    Home Insurance

    Most lenders require you to purchase home insurance, which compensates you if your home sustains certain types of damage. The cost of your insurance will depend on the age of your home, its price, and its location. Before choosing an insurance policy, obtain several different quotes and compare them. In most cases, you will make your insurance payments directly to your lender using an escrow account, so make sure that you provide the lender with your insurance information.

    • Homeowners Insurance: An in-depth explanation of home insurance.
    • Ten Things You Should Know: A list of important facts about purchasing home insurance.
    • Mortgage Escrow (PDF): An article that explains escrow accounts.

    Signing the Papers

    The last step in buying a home involves signing the papers. The process of signing all of the final mortgage documents is known as “closing.” At closing, you will finalize all of the details on your purchase. Both you and the seller must sign documents, and the closing costs must be paid at this time. Depending on your arrangements, you may take possession of the house immediately after closing or on a predetermined date in the future.

    • Closing Costs Explained: An article that describes closing costs.
    • Loan Closing: An article that explains the closing process.

    First Time Home Buyer, first time mortgage.#First #time #mortgage


    First-Time Home Buyers

    Loans insured by the Federal Housing Authority (FHA) are designed to help everyone realize the dream of owning a home. And they’re ideal for first-time home buyers! Because the FHA insures these mortgages, FHA lenders can work with borrowers who’ve had credit problems, collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.

    Applying for an FHA loan

    Getting in touch with a specialist through MyFHA is simple. We’ve combined the speed and ease of the Internet with the hands-on help our customers expect. Once you click online, we enter your information into our database and begin a preliminary review. Then, we match you with the right specialist for where you are right now.

    During the phone interview, your specialist will discuss with you where you are right now and help you determine your best way forward. If you don’t pre-qualify right away, your specialist will suggest ways to improve your profile, so you may become eligible in the future. Within 10 minutes, you’ll usually know if you’re ready for a mortgage. The interview is also a great chance to get acquainted with your specialist, who will play an important role in your becoming a homeowner. Good communication with your will increase your chances of a successful and speedy process!

    Processing a mortgage involves gathering documents to verify information. Forbes has an excellent article on assembling all of the documentation that you may need which may include (but is not limited to) W-2 forms, two-weeks of pay stubs, credit reports, and bank statements. After your approval, you’ll receive a pre-qualification that includes a checklist specific to your file. This checklist will itemize all of the things you must submit before receiving a commitment.

    The closing is the “end of the line” in obtaining a mortgage. At the closing, you will sign all of the required mortgage documents. If it’s a new mortgage, you’ll collect your new keys and then take possession of your new home. If it’s a refinance, you’ll immediately start to enjoy the benefits of a new interest rate, cash out, or both!


    First Time Home Buyers – Mortgage & New Homeowner Guide, first time mortgage.#First #time #mortgage


    Homeowner’s Guide: First Time Buyers

    Purchasing a home is a big decision, especially if you are a first time buyer. The process is intimidating and lengthy. However, it can also be exciting if you feel comfortable with your decisions along the way. Preparing yourself for all of the steps involved in purchasing a home can help ease any anxiety you may have. To learn more about buying your first home, consult the tips below.

    How Much Can You Afford?

    When determining how much you can afford to pay for your home, you must consider your down payment amount, monthly expenses, credit rating, and income. Using this information, you can determine a comfortable price range. Until you know how much you can pay toward a mortgage each month, you can’t effectively search for a home. You must also calculate your debt-to-income ratio to ensure that you are within acceptable limits.

    Consult the following links to find some helpful tools for determining affordability.

    • Annual Credit Report: Obtain a copy of your credit report.
    • The Debt Ratio: An article that explains debt-to-income ratios.
    • Mortgage Calculator: A site with multiple financial calculators to determine mortgage payments and affordability.
    • Home Buying Tips: An article to help you determine what you can afford to spend on a home.

    Loan Shopping

    When shopping for a loan, you must consider the interest rate and loan term. The higher the interest rate, the more money you will pay each month. Interest rates may be fixed or adjustable. Adjustable interest rates can change, while fixed interest rates remain the same. Most mortgages are either 15 years or 30 years long. A 30-year mortgage involves a lower monthly payment than a 15-year mortgage for the same amount, but the total amount paid in interest will be greater.

    • Looking for the Best Mortgage: An article about shopping for a good loan.
    • Shopping for a Loan: A page with relevant definitions and tips for loan shopping.
    • What to Know When Shopping for a Mortgage: An article that explains the steps involved in obtaining a loan.
    • Mortgage Shopping Tips: A page that explains mortgage shopping terminology and offers advice.

    Home Shopping

    After you know your price range, you can begin shopping for a home. To find the right home, you must consider location, appraised value, and amenities. Pay attention to the number of bedrooms and bathrooms each home has. In addition, make sure that you view several homes before making a decision. Finally, don’t forget to calculate relevant distances, such as the distance to work or the nearest store.

    • Find Your Home: Questions you should ask yourself before choosing a home.
    • Choose a Home: An article that explains the process of choosing the right home.

    Making an Offer

    When you make an offer on a home, you won’t typically offer the seller’s asking price. However, it’s important to make sure that your offer isn’t so low that the seller will be insulted. In many cases, the seller will issue a counter-offer that falls somewhere between your initial offer and the selling price, so keep this in mind when you make your first offer. Some sellers may be willing to include appliances if you will agree to pay a slightly higher price for the home.

    • How to Make an Offer: A page detailing the process of making an offer to purchase.
    • Tips for Homebuyers Making Lowball Offers: (PDF) An article about offering less than the selling price.

    Home Inspection

    A home inspection is an evaluation of a home’s systems and physical structure. Most home inspections involve an inspection of the foundation, doors, windows, ceilings, floors, walls, electrical systems, plumbing, air conditioning, and heating. Home inspection fees are often part of the closing costs when you buy a home. Some lenders won’t approve your loan until the home passes inspection.

    • Home Inspection Checklist: A checklist of items that must be examined during an inspection.
    • Home Inspections: A list of frequently asked questions about home inspection.
    • Get A Home Inspection: An article that explains why you need a home inspection.
    • Questions and Answers on Home Inspections: A page that answers common questions about home inspections.

    Home Insurance

    Most lenders require you to purchase home insurance, which compensates you if your home sustains certain types of damage. The cost of your insurance will depend on the age of your home, its price, and its location. Before choosing an insurance policy, obtain several different quotes and compare them. In most cases, you will make your insurance payments directly to your lender using an escrow account, so make sure that you provide the lender with your insurance information.

    • Homeowners Insurance: An in-depth explanation of home insurance.
    • Ten Things You Should Know: A list of important facts about purchasing home insurance.
    • Mortgage Escrow (PDF): An article that explains escrow accounts.

    Signing the Papers

    The last step in buying a home involves signing the papers. The process of signing all of the final mortgage documents is known as “closing.” At closing, you will finalize all of the details on your purchase. Both you and the seller must sign documents, and the closing costs must be paid at this time. Depending on your arrangements, you may take possession of the house immediately after closing or on a predetermined date in the future.

    • Closing Costs Explained: An article that describes closing costs.
    • Loan Closing: An article that explains the closing process.

    Vinson Mortgage sued again, this time by KTVI #best #home #mortgage #rates


    #vinson mortgage

    #

    Vinson Mortgage sued again, this time by KTVI

    For Ray Vinson, March looked a bit like February as another company claimed his Vinson Mortgage Services owes it money.

    On March 20, KTVI (Channel 2) filed suit in St. Louis County Circuit Court, stating the company owes $27,157 for advertising in March and April 2013.

    In February, three other companies sued Vinson’s firm for a total of almost $285,000.

    The KTVI suit states Vinson was kept informed of the debt through invoices and “agreed to the balance,” and includes a letter dated Aug. 23 from Ray Shawn Vinson III.

    The letter states the mortgage company … “is repositioning itself in the midst of shifting market conditions within the mortgage industry. In the meantime, we appreciate your patience in the handling of our account.”

    In an interview Thursday, Shawn Vinson said he does not agree that his company owes KTVI money. He countered that the station “did not perform.”

    As for the letter asking for “patience in the handling of our account,” Vinson said, “It says what it says.”

    Vinson Mortgage was sued by:

    • Lender Transaction of Camdenton, Mo. for $164,665 for appraising and other real estate services.

    • KMOV (Channel 4) for $68,175 for advertising Vinson Mortgage bought in the first half of 2013.

    • Entercom Broadcasting, owner of three Kansas City radio stations, for $52,059 for advertising.

    Vinson became a local celebrity with his nasally “99-99” sales spiel in commercials for American Equity Mortgage, which he owned with Deanna Daughhetee until they divorced in 2006.

    Vinson then formed Vinson Mortgage Services Inc.

    Corporate filings list Ray Vinson as chief executive officer and Shawn Vinson as president.

    “Joe’s St. Louis” appears online Monday-Friday and in print on Saturday. Holleman’s “Life Sherpa” column appears in the Everyday section of the Sunday newspaper. On Fridays, he is a guest at 11:10 a.m. on KTRS-AM “The Big 550 .” You also can follow him on Facebook and Twitter.


    Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #home #equity #loans


    #first time mortgage

    #

    First time buyer mortgages

    5. Your interview with a mortgage adviser

    Average time: 2 hours

    If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

    • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
    • Bring details of the property you want to buy

    At the interview your Mortgage Adviser will:

    • Complete background checks with a Credit Reference Agency
    • Talk to you about valuation schemes
    • Review your income and commitments
    • Review your needs and circumstances and recommend our most suitable mortgage for you
    • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

    In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

    When all this is done and if everything is ok, we ll write to make you a mortgage offer.

    6. You ll need a Solicitor or Licensed Conveyancer

    Average time: 2-3 months

    The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

    You ll need to:

    • Get an estimate from them of costs, including any legal fees and tax
    • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
    • Ask your conveyancer to confirm any Stamp Duty charge payable
    • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
    • Make sure you read any documents your conveyancer sends you very carefully.
    • You and the seller, known as the vendor
    • Seller s estate agent
    • Your conveyancer and the seller s conveyancer
    • Your lender.

    You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

    The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

    All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

    Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

    7. You’re about to exchange contracts

    Average time: Usually takes place in one day.

    When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

    You ll need to:

    • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
    • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
    • Give your conveyancer a date on which you wish to complete the process
    • Make sure you have buildings insurance.
    • Your conveyancer and the seller s conveyancer
    • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

    8. Pick up the keys to your new home!

    After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

    Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

    Congratulations! You now own your first home.


    PNC HOME HQ – Decide If the Time Is Right #mortgage #finance #calculator


    #first time mortgage

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    Decide If the Time Is Right

    How do you know if you’re ready? Making the leap from renter to homeowner is a big decision. For some, renting may be the right choice. Because the “down payment” is most often limited to first and last month deposit, renting can be viewed as cheaper and more flexible in the short-term. Monthly rent payments are also generally “all in” and usually cover all property taxes, homeowners’ association fees and maintenance costs. Plus, renting can offer flexibility should circumstances unexpectedly change.

    For others, however, buying is the right move to make. They’ve reached the point where they feel confident about staying in one place for a while and are established in their jobs with a dependable income. Their debt obligations – such as car loans, student loans and credit card payments – are manageable, and they’re interested in exploring how the traditional benefits of homeownership, like favorable tax treatment* and equity appreciation, can enhance their long term financial prospects. If that sounds like you, this guide will help you assess your current situation and better prepare you for the home-buying process.

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  • Ray Vinson faces another lawsuit, this time for $165, 000 #today #mortgage #rates


    #vinson mortgage

    #

    Ray Vinson faces another lawsuit, this time for $165,000

    Just one day after a local TV station claimed in court that Ray Vinson’s mortgage company owes it about $68,000, a Missouri appraisal company said Vinson owes it about $165,000.

    On Thursday, Lender Transaction of Camdenton, Mo. filed suit in St. Louis County Circuit Court, alleging that Vinson Mortgage Services Inc. owes the firm $164,665.

    Brian McElyea. who owns Lender Transaction, said the $165,000 were charges for appraising and other real estate services his company provided Vinson from January 2012 to October 2013 — when McElyea said he quit doing business with Vinson.

    Vinson countered that he was overbilled for appraisal work that his company didn’t order.

    “I went through that with an accountant for hours on end,” Vinson said. “He owes us money.”

    Vinson, who became a local celebrity delivering his “99-99” sales spiel with a nasal twang on television and radio stations, has found himself in the middle of court proceedings before.

    In the mid-2000s, Vinson and his then-wife, Deanna Daughhetee. battled for two years in a well-publicized divorce trial. During the split, the two owned American Equity Mortgage. The divorce settlement in 2006 included payments of $16 million that Daughhetee had to make to Vinson over four years.

    After the split, Vinson formed Vinson Mortgage Services Inc. The company’s corporate filings list Vinson as the chief executive officer and only officer. His son, Ray Shawn Vinson III. who has become a prominent on-air personality in company ads, is listed as president.

    “Joe’s St. Louis” appears online Monday-Friday and in print on Saturday. Holleman’s “Life Sherpa” column appears in the Everyday section of the Sunday newspaper. On Fridays, he is a guest at 11:10 a.m. on KTRS-AM “The Big 550 .” You also can follow him on Facebook and Twitter.