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Blue Ink vs Red Tape a.k.a. FHA vs Subprime - 03/29/08 11:29 AM
I've seen so many mixed opinions over the recurring strength that FHA Lending Programs are having and gaining in the current market and oddly to me as a veteran of HUD's programs the majority of those opinions are negative!
It has always been my experience in the business that mortgage professionals are intimidated and annoyed by government lending programs and practices. With easy money lying around in the sub-prime market why would they have extra disclosures signed and deal with specific appraisals and appraisers when they could just take the file elsewhere? Well the idea that they could have made more … (38 comments)
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Conforming Credit Score Adjustments (LLPAs) Killing your Bottom Line??? - 03/28/08 02:23 PM
Conforming Credit Score Adjustments (LLPAs) killing your bottom line??
Can FHA work for your Conforming Customers? With new conforming Loan Level Price Adjustments (LLPAs) which are determined based on representative credit scores it certainly can...and it could be a better choice! Let's take a look.
The chart below is Fannie Mae's LLPA Matrix (Updated March 14, 2008) Click Here for web version.
Let's start a scenario for demonstration purposes (Grab your rate sheets)
Applicant has a 675 middle score. Is purchasing a $265,000.00 home in Georgia with a 5% down payment, has 2 months reserves, and ratios of 33/45 at the Loan Amount of … (0 comments)
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Conforming Credit Score Adjustments (LLPAs) Killing your Bottom Line??? - 03/28/08 02:22 PM
Conforming Credit Score Adjustments (LLPAs) killing your bottom line??
Can FHA work for your Conforming Customers? With new conforming Loan Level Price Adjustments (LLPAs) which are determined based on representative credit scores it certainly can...and it could be a better choice! Let's take a look.
The chart below is Fannie Mae's LLPA Matrix (Updated March 14, 2008) Click Here for web version.
Let's start a scenario for demonstration purposes (Grab your rate sheets)
Applicant has a 675 middle score. Is purchasing a $265,000.00 home in Georgia with a 5% down payment, has 2 months reserves, and ratios of 33/45 at the Loan Amount of … (3 comments)
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Blue Ink vs Red Tape a.k.a. FHA vs Subprime - 03/28/08 11:07 AM
I've seen so many mixed opinions over the recurring strength that FHA Lending Programs are having and gaining in the current market and oddly to me as a veteran of HUD's programs the majority of those opinions are negative!
It has always been my experience in the business that mortgage professionals are intimidated and annoyed by government lending programs and practices. With easy money lying around in the sub-prime market why would they have extra disclosures signed and deal with specific appraisals and appraisers when they could just take the file elsewhere? Well the idea that they could have made more … (0 comments)
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Consumer Question About FHA Minimum Credit Score Requirements - 03/26/08 10:09 AM
Question from Consumer:
"I am looking for some outside advice that will help me prepare and make suggestions to insure that my FHA mortgage gets approved at closing. I just went under contract and I am set to close on 4/25. I was given a good faith estimate and a pre-qualification, my middle score was 620. On Sat. I checked my scores and they all dropped 50 points or so, now 569 middle. I have no new credit, my debt ratio has shrunk; the only thing was 5 inquires the last 3 weeks for mortgages. (two should not be on, can get … (4 comments)
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Consumer Question About FHA Minimum Credit Score Requirements - 03/26/08 10:06 AM
Question from Consumer:
"I am looking for some outside advice that will help me prepare and make suggestions to insure that my FHA mortgage gets approved at closing. I just went under contract and I am set to close on 4/25. I was given a good faith estimate and a pre-qualification, my middle score was 620. On Sat. I checked my scores and they all dropped 50 points or so, now 569 middle. I have no new credit, my debt ratio has shrunk; the only thing was 5 inquires the last 3 weeks for mortgages. (two should not be on, can get … (1 comments)
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Points and The Tax Effective Payment - 03/25/08 12:45 PM
I know what you're thinking, "Chaz, what in the world is the Tax Effective Payment??? I've never heard of that before!"
Well, the Tax Effective Payment is a critical tool used in helping your borrowers determine how many points to pay, a decision which is just as critical to you and your customer. So how do you help the borrower determine how many points is appropriate for their situation. There is a system and it's something you may not know to help them determine the best course of action.
Here's a scenario:
Applicant applies and is approved for a conforming product. The days … (1 comments)
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FHA's Mortgage Credit Analysis and what it means to You! - 03/24/08 11:46 AM
In the current market with FHA taking a new well deserved stronghold in the number of 1st mortgage applications it's important for those of us both novice and experienced to reflect on how to properly submit a "file" to a DE Underwriter for review and approval.
Here's our scenario:
You've completed your 1003 and pulled a credit report for your applicants. Upon review of the credit you notice the following:
Scores: 551, 560, 563 Inquiries: 2 Inquires in the last 12 months. 1 Auto, 1 credit card - both now reporting as active accounts Trade-lines: 4 accounts: 1 Open Auto Loan for $12,000 with … (3 comments)
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FHA's Mortgage Credit Analysis and what it means to You! - 03/24/08 11:43 AM
In the current market with FHA taking a new well deserved stronghold in the number of 1st mortgage applications it's important for those of us both novice and experienced to reflect on how to properly submit a "file" to a DE Underwriter for review and approval.
Here's our scenario:
You've completed your 1003 and pulled a credit report for your applicants. Upon review of the credit you notice the following:
Scores: 551, 560, 563Inquiries: 2 Inquires in the last 12 months. 1 Auto, 1 credit card - both now reporting as active accountsTrade-lines: 4 accounts: 1 Open Auto Loan for $12,000 with a balance … (2 comments)
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Chaz Ramirez
Atlanta,
GA
More about me…
DE Underwriter, Trainer, HUD Title II Approval Consultant
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