Want some great news regarding mortgage insurance for conventional loans? How about this?

• The maximum allowable debt-to-income ratio (DTI) for mortgage insurance is being increased from 41% to 45%, regardless of the borrower's credit scores.

• Mortgage insurance monthly premiums are going down by a little more than 10% for borrowers with credit scores above 760.

These changes are for conventional (non-government) loans only. The mortgage insurance guidelines for FHA loans remain the same, meaning anyone who qualifies for an FHA loan automatically qualifies for FHA mortgage insurance. No additional underwriting is required.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

And make sure you check out all our great tips on our blog:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

CHFA (Colorado Housing and Finance Authority) offers down payment and closing cost assistance for Colorado home buyers and they only require the buyer to contribute $1,000 of their own money to the transaction.

However, if a buyer pays more than $1,000 in earnest money, they are NOT allowed to get the amount that is in excess of $1,000 back at the closing. So make sure that when your buyer is getting a CHFA loan, they only pay $1,000 in earnest money.

Have a buyer who needs a CHFA loan? Send them to us and we'll take care of everything for you.


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

And make sure you check out all our great tips on our blog:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

After a bankruptcy, a foreclosure, or a short sale, a potential home buyer must wait a certain period of time before they are eligible to get a mortgage.

In addition, the underwriting guidelines state that they must "re-establish" their credit. Many buyers are unaware of this additional requirement, and it prevents them from getting a loan.

Here's what re-establishing credit means: for the 12 months preceding the loan application date, the borrower must have a perfect payment record on all of their existing credit accounts. In other words, they can't have any late payments for one full year before applying for the mortgage.

If you have any prospects who have had a bankruptcy, foreclosure, or short sale, do them a favor and tell them to make sure they are paying all of their bills. Even one late payment will prevent them from getting a loan.

This "no late payments" rule ONLY applies to people who have had a bankruptcy, foreclosure, or short sale. Everyone else is allowed to have late payments on their credit report and they can still get a mortgage.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

And make sure you check out all our tips on our blog:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

It's almost tax refund time. Many people ask us if tax refunds can be used to pay for a mortgage down payment or closing costs.

The answer is YES! All a borrower needs to do to document the tax refund is to provide a copy of the refund check and a bank statement showing that the refund has been deposited into their account. If the refund was automatically deposited into their account, they won't have a copy of the check, but the notation on their bank statement will show that it is a tax refund. In the case of automatic deposits, the only documentation necessary is the bank statement.

The money does NOT have to be "seasoned", meaning it has been in their account for 60 days. As soon as the refund has been deposited, it can be used to pay the down payment or closing costs.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

And make sure you check out our blog at:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

By popular demand, one of the greatest ways to expand your sphere of influence is BACK!

If you're a Denver area real estate agent and you have a question about mortgages or credit reports, send us the question. If we choose your question, we'll answer it in our next email newsletter, AND we'll deliver a $25 Starbucks card to you as a way of saying "Thank You" for helping to expand the knowledge base of our local real estate industry.

We'll also include your name and contact information in our newsletter, which goes to more than 6,000 local people. We'll also post your question and contact information on our blogs, giving you outrageous exposure to thousands of people interested in real estate - buyers, sellers, and people who work in the industry.

Here's what you get, just for asking a question about mortgages:

• $25 Starbucks card - delivered to you personally.
• Your name and contact information sent directly to 6,000 Colorado Front Range people.
• Your question and contact information on our mortgage blog. We had 20,446 people visit our blog in 2011 - that's an average of 56 visits per day!
• Your question and contact information on our blog at Active Rain, a real estate blog with more than 210,000 members.The correct answer!
• A chance to help expand the local real estate knowledge base.

All you have to do is email us your question. We take care of everything else.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

And make sure you check out all our tips on our blog:

http://TheMortgageExperts.blogspot.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

The debt-to-income ratio (DTI) is the ratio of your debts divided by your income, and is one of the main things that determines how large a mortgage you can qualify for. But do all of your debts count against you?

The answer is no, not all debts count against you when determining the size of the mortgage you can get. Here is a list of some of the things that do NOT count against you when a lender calculates your DTI:

• car insurance
• electricity
• water
• gas
• sewer
• phone - land line
• phone - cell
• Internet 
• cablecollection accounts
• health insurance 

In basic terms, every debt that appears on a credit report (except collection accounts) needs to be included in the DTI, and everything that does not appear on the credit report does not need to be included.

Call us with any questions.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

www.mtgsupportservices.com

And check out our blog to see all out tips:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

We get many calls this time of year from borrowers who are worried that they can't get a mortgage because their lender told them that they need their W-2 for 2011 and they haven't received it yet from their employer.

Employers have until the end of January to give W-2s to their employees and underwriters know that, so instead of a W-2, underwriters will accept the final pay stub for 2011, provided it shows the year-to-date income. The year-to-date income on the final pay stub will be the total income for the year, which is the same number that the underwriter takes from the W-2.

So don't worry if you have not received your W-2 yet. You can still get a mortgage without it.

Call us with any questions.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
http://www.mtgsupportservices.com/

And check out all of our great tips on our blog at:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

It's important to remember that credit needs to be pulled twice for most mortgage transactions these days: once when the loan is pre-approved, and again right before the closing. If any new credit inquiries show up on the second credit report, then they have to be explained before the loan can close.

Many people apply for new credit cards at this time of year because of all the holiday shopping. Those credit inquiries will show up on a credit report.

If you have a question regarding new credit accounts and how that will affect your ability to close a loan, make sure you consult with your lender before opening any new accounts.


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

And check out our blog at:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

FHA loan limits have gone back up! Here are the new limits:

For the Denver-Metro counties, the new loan limit is $406,250.

For Boulder County, the new loan limit is $460,000.

These limits are for 1-unit properties. The amounts are higher for 2, 3, and 4 unit properties.

These new amounts are in effect until the end of 2012.

As always, there is no income limitation on FHA loans and you do NOT have to be a first-time home buyer to get an FHA loan.

Call us with any questions.


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

And make sure you check out all our great tips on our blog at:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Fannie Mae and Freddie Mac have announced that the loan limits for Colorado will remain the same in 2012. Here are the limits for the Metro Denver counties:

• One unit = $417,000
• Two units = $533,850
• Three units = $645,300
• Four units = $801,950

If the loan amount is at or below the limits listed above, then the loan amount conforms to the Fannie Mae and Freddie Mac guidelines, and the interest rate will be cheaper than it would be for a jumbo loan (a loan amount greater than the limits listed above).

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


And check out our blog at:

http://TheMortgageExperts.blogspot.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.