FHA Quick Reference Guide - 02/24/09 08:13 AM
FHA loans are rapidly becoming the most popular loans. One reason is that mortgage insurance for FHA loans is provided by the US government, rather than a private mortgage insurance company. This means the loan does not have to be underwritten twice, as it does for conventional financing (once by the lender and again by the mortgage insurance company). The second big reason for FHA's popularity is that the down payment is only 3.5%. Everyone should know about FHA financing.We have a link to an FHA Loan Quick Reference Guide on the bottom of the home page of our web site. … (1 comments)

Here's How the New $8,000 Tax Credit Can Help Sell Houses - 02/21/09 09:53 AM
The American Recovery and Reinvestment Tax Act of 2009, which is the part of the stimulus law that deals with the first-time homebuyer tax credit, changes the tax credit that is currently in place. Here are the details:
The credit is for 10% of the purchase price, up to $8,000. (The old law was also for 10% of the purchase price, but only up to $7,500.) The new law extends the period during which you can buy a house and get the credit until December 1, 2009. (It used to be July 1, 2009.) The new credit does not have to … (3 comments)

How Many Properties Can I Finance? - 02/16/09 07:54 PM
Fannie Mae just announced that they are no longer limiting the number of properties that can be financed to 4. Effective immediately, the new limit is 10 financed properties. Of course, there are a number of restrictions. Following are the main changes:
You can now finance up to 10 properties. For second home or 1-unit investment property purchases, the minimum down payment is 25% and the minimum credit score is 720.  For second home or 1-unit investment property refinances, the owner must have 30% equity in the property and a 720 credit score.  For 2-4 unit investment property purchases, the minimum … (2 comments)

New Class for Real Estate Agents - Automated Underwriting Systems - 02/14/09 06:23 PM
We've just been approved by the Division of Real Estate to teach another class to Colorado real estate agents. This one is called "Automated Underwriting Systems" and is approved for 2 hours of continuing education credit toward license renewal.
Automated underwriting systems are online tools that every real estate agent should be familiar with. In order to provide you with an accurate pre-approval, which is your only guarantee that the loan will actually close, a mortgage broker needs to use these systems. Not everyone does and that's the major reason loans fall apart. Learn for yourself what happens (or should happen) … (0 comments)

VA Loan Quick Reference Guide - 02/08/09 12:31 PM
We get many calls for information about VA loans.  Are they good?  Are they a rip-off?  VA loans are usually the best loans available for active and retired members of the military and their spouses. We have a link to a VA Loan Quick Reference Guide on the bottom of the home page of our web site. Click here for the link to our web site.
… (0 comments)

When Can Mortgage Insurance Be Cancelled? - 02/03/09 03:03 PM
We are often asked when a borrower is no longer required to pay mortgage insurance.  For a conventional (non-government) loan, a borrower can request that the mortgage insurance (MI) premiums be cancelled when they have 20% equity in the property. 
If a borrower requests the cancellation, then they have to prove that they actually do have 20% equity.  That means they will need to pay for an appraisal.  They also need to have a good payment history (no 30-day lates in the past 12 months, and no 60-day lates in the past 24 months).  
The lender is required to cancel … (1 comments)

 
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Chris Thomas

Denver, CO

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The Mortgage Experts at America's Mortgage

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