Important New Credit Guideline - 12/15/10 11:01 AM
There is a new underwriting regulation for Fannie Mae (non-government) loans that is important to know. 
If a borrower pays off a revolving debt (like a credit card) to qualify for a loan, the borrower must close that account before closing or at closing.  If they don't close the account, the debt must be counted against them when calculating the debt-to-income ratio, even if the balance is zero.  
If the account is paid off but not closed, the balance that showed on the first credit report that was pulled by the lender must be used.  Pulling a new credit report to … (1 comments)

2011 Loan Limits for FHA and Conventional Loans - 12/06/10 05:00 PM
The loan limits for Fannie Mae, Freddie Mac, and FHA have been announced for 2011 for the Denver Metro area.  Here they are: 
The Fannie Mae and Freddie Mac limit is $417,000 for the Denver Metro counties, and $460,000 for Boulder County.  Anything over those amounts is considered a jumbo loan.  Fannie Mae and Freddie Mac loans are conventional loans, which means they are non-government (FHA or VA) loans. 
FHA loan limits also vary depending on the county in which the property is located.  For the Denver Metro counties, the limit is $406,250.  For Boulder County, the limit is $460,000. 
Need to … (0 comments)

Mortgage Booklet Gets Business for Realtors - 12/06/10 04:56 PM
When we get a referral from a real estate agent, one of our main goals is to do everything we possibly can to make sure the home buyer refers the agent to other home buyers.  The easiest way to do that is by demonstrating to the client that their real estate agent has referred them to the most knowledgable lender in the Metro Denver area.   
We have an 11-page booklet entitled "Mortgage Essentials" that is regarded by everyone who reads it as being the most comprehensive handout on mortgages they have ever seen.   
 Here is the Table of Contents:
How Do I … (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.