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guidelines: Financing Investment Property - 07/03/08 11:15 PM
I have recently run into a string of borrowers who have been turned down by lender after lender for the purchase of investment property. These borrowers are generally investors who have accumulated multiple properties (many within the last couple of years). So what is the common problem these borrowers are running into that is stopping them from getting approval? Simply put, their lenders inexperience. Did I just say that out loud?All of these borrowers are borrowers with credit scores in excess of 720, documentable income as well as verified cash for their down payments. So why wouldn't a lender want to … (0 comments)
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guidelines: FHA and Credit Scores - 07/03/08 10:41 PM
In the past, credit scores really didn't have much of an impact on an FHA loan. For the most part, there was no minimum credit score and pricing for FHA loans for the most part was one size fits all. Those days are about to change with FHA. Beginning the middle of July, FHA has new requirements for FHA loans in regards to credit scores and Mortgage Insurance Premium (MIP) cost.
FHA will now begin to tier MIP cost based on the borrowers credit score. The higher the score, the lower the cost, the lower the score the higher the cost. For … (0 comments)
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guidelines: Decling Markets - The end of the World? pt 2. - 01/19/08 01:16 PM
As I shared in my first post, I definitely do not think that declining markets are the end of the world. In all honesty, I believe it can actually open the market to new potential buyers who may not have been able to buy previously. Low interest rates, coupled with low sales prices create a great opportunity for entry level buyers. This will hopefully help to create some resales and feed on up the chain.
I wanted to answer some of the questions I mentioned at the bottom of my last post. So here goes:Where are the declining markets?The answer to … (0 comments)
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guidelines: Declining Markets - The end of the World? - 01/19/08 08:48 AM
Absolutely not! Even though my catchy headline (I should stop thinking so highly of my writing ability) would have you think that the sky is falling and the world is ending, the truth is it is not. There are still many ways for a buyer to purchase with a limited down payment and still get a great deal on a mortgage. It is more important then ever to understand what a declining market is and how to work around them to continue to serve your clients.Declining markets may pose an additional hurdle for some homebuyers who have little to nothing for … (5 comments)
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Dan Moralez
Grand Rapids,
MI
More about me…
First Place Bank
Address: 4175 Parkway Place, Grandville, MI, 49418
Office Phone: (616) 931-4629
Cell Phone: (616) 931-4629
Email Me
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