# 1 Reason Loans Don't Close - 11/18/10 01:48 PM
Most real estate agents have experienced the frustration of a loan falling apart at the last minute.  Here's the # 1 reason that happens.  
When a conventional (non-government) loan is underwritten, it must comply with three sets of underwriting guidelines: Fannie Mae or Freddie Mac guidelines, the individual lender guidelines, and the mortgage insurance company guidelines.  When a deal falls apart, it's probably because the loan originator (the person who is selling the loan) didn't check all three sets of guidelines.   
Here's an example of how the additional guidelines might affect a loan:  
First set of guidelines is … (0 comments)

THIS is How Bad Lenders Are! Disgusting! - 11/11/10 10:11 AM
Following is a comment I received to a post I made on AR a while ago.  It is typical of how bad some lenders are.  It disgusts me.
Hi Chris,
I recently purchased home. I signed loan doc. last night. I got my Closing cost estimate. Origination Charge to my loan agent company is $5120. Loan angent told us since we are applying for VOE loan we need to buy points not to lower interest rate but to get loan. He gave us option for 1pt or 1.75pt. He suggested to buy 1.75pt but it is more than what is expect … (3 comments)

FHA Streamline Refi's for Investment Properties - 11/09/10 11:54 AM
Here's a great deal for anyone who has an FHA loan on an investment property.  
FHA will allow you to refinance the loan into another FHA loan, even though it's an investment property.  And you do not need an appraisal!  The only requirement is that you reduce your total monthly mortgage payment by 5%.  Considering how low interest rates are now, that should not be too hard to do.
Not many people know about these loans, but we sure do. 
Want one of these great refi's?  Call the Mortgage Experts at 303-345-3683. 
Check out our web site at www.mtgsupportservices.com 
Check out our … (1 comments)

Second Home Guidelines - 11/05/10 10:34 AM
When someone buys a property, there are three possible types of occupancy: primary residence, second home, and investment property.  
All three types of occupancy have different underwriting guidelines, and interest rates for primary residences and second homes are lower than they are for investment properties.  Here are the Fannie Mae guidelines that determine whether a property is a second home:
The property must be located a reasonable distance away from the borrower's principal residence.  Most lenders interpret this to mean 50 miles.  If the second home is in an obvious vacation area (beach, ski resort, etc.) then the 50-mile limit does … (0 comments)

 
Chris_-_20 Rainmaker_large

Chris Thomas

Denver, CO

More about me…

The Mortgage Experts at America's Mortgage

Office Phone: (303) 345-3683

Email Me

Widely recognized as the leading source of accurate mortgage and credit information in the Metro-Denver area, and the people to call when you need a great mortgage.


Listings

Links

Archives

RSS 2.0 Feed for this blog

Find CO real estate agents and Denver real estate on ActiveRain.