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underwriting guidelines: Before You Advise Your Clients Rent Their Current Home And Buy Another One, You Need To Know This! - 12/11/09 07:41 PM
When someone buys a home before selling their current home, they may have a problem: if they have a mortgage on the old home, that debt is included in their debt-to-income ratio.
In the old days (pre-2008), home buyers who did not sell their home first had at least a couple of ways to offset their mortgage debt.
Some lenders would accept the income reported on a rent survey prepared by a licensed appraiser. Other lenders would accept a rental agreement.
The lender would subtract 25% of the income obtained by either of these methods off the top to account for … (46 comments)

underwriting guidelines: I can't believe we got a decline because of this! - 12/02/09 08:19 PM
Here's something mortgage brokers and real estate agents should be aware of - it sure caught me by surprise! 
My client applied for a refinance of his first and second mortgage. We sent out two files.
We sent the file for the first mortgage to Provident Funding. We sent the file for the second mortgage to US Bank. He applied for an equity line to replace his current equity line (his current equity line lender will not subordinate).
Both loans were initially approved. Provident Funding asked for the loan approval of the equity line. 
We supplied the approval. Provident said they … (18 comments)

 
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Phil Caulfield NMLS# 386911 Jumbo and FHA Mortgage Loans California

Burlingame, CA

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Address: Burlingame, Hillsborough, San Mateo, Foster City, Redwood City, San Francisco, San Carlos, Atherton, Woodside, Portola Valley, Half Moon Bay, Burlingame, CA, 94010

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