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downpayment: Basic Mortgage Loan Underwriting Concerns in 2010 - 10/25/10 11:29 AM
It's true that Underwriting Guidelines for Mortgage Loans are tougher right now than they have been in decades. But people are STILL able to purchase homes and get a mortgage loan! 8o) The most important thing for folks to remember is that they need to talk to a mortgage loan officer EARLY in the process... and speak with one that is familiar with YOUR STATE.
North Carolina was the first state to adopt Predatory Lending Guidelines. This means that we have our own, NC State "Applied" Mortgage Loan Guidelines. Because of that, you need to speak with a loan officer … (2 comments)
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downpayment: The $7500 Downpayment Gift - 11/07/08 12:16 PM
Maybe you heard that Uncle Sam, who has been giving money out to just about EVERYBODY lately, has a check waiting for you... if you buy a house before next summer!
What is it? How does it work?
This is a tax credit and not tax deduction. It is a true dollar for dollar reduction on taxes owed.
The credit can result in a true tax refund! If, for example, you were to get back zero on your 2008 taxes and you qualify for the full $7,500 credit, you would then receive a tax refund for $7,500.
The tax credit is … (9 comments)
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downpayment: Latest And Greatest Underwriting Changes for October, 2008 - 10/03/08 12:37 PM
We could think of this as the latest effort to make Main Street feel more comfortable about the "assets" we are holding in Fannie and Freddie (and I guess that extra 700 Billion too)... but anyway you look at it, mortgage lending rules are getting tighter. See that guy balancing on one foot, on a tightrope while playing the fiddle at night? He's got it E-A-S-Y!
Effective October 10, 2008 Mortgage Insurance on Investment Property is no longer available. Period, End of Story - better have 25% to put down.
MI Companies are also tightening the Debt to Income (DTI)requirements - meaning that … (6 comments)
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downpayment: Newest Trend in $$ - Peer to Peer - 09/11/08 10:35 AM
Perhaps you've heard of Sir. Richard Branson's most recent venture, Virgin Money. It's a concept my grandfather employed in the 1960' and 1970's when he owner financed homes that he owned for employees. Virgin says:
"A Family Mortgage is a private loan from someone you know that is typically used toward the purchase of a home, or to refinance an existing bank mortgage. Imagine: Aunt Sarah as your mortgage lender!"
There's another Social Lending Company that might offer help for folks who are trying to scrape up the cash for a purchase, or need help getting on with life via a … (7 comments)
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downpayment: $7500 To Pay Mom Back - 08/25/08 04:13 PM
Many first time homebuyers are looking at past generations for help coming up with a downpayment. FHA now requires a 3.5% downpayment (effective October 1, 2008) and the downpayment assistance programs (as of today) will disappear. Fortunately, FHA allows for gift money! The gift needs to come with a letter from the person "gifting" and we will need to verify that they actually have the ability to give the money.
At the same time, Uncle Sam is paying First Time Homebuyers with a $7500 Tax Credit (for more info click here). Of course, the gift has to be just that - a gift … (10 comments)
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downpayment: When FHA Requires Cash Reserves - 08/25/08 03:41 PM
We all know that FHA is going to require 3.5% downpayment in a few weeks (January 1) - but did you know that in some circumstances they also require the borrower to have two months of cash reserves?
If a borrower is applying for FHA financing and is relying on a NTMCR, (nontraditional credit), FHA Commissioner Brian D. Montgomery writes:
"Borrowers should have two months of cash reserves following mortgage loan settlement from their own funds (no cash gifts from any source should be counted in the cash reserves for borrowers in this catagory)."
As a general rule, if you're applying for … (2 comments)
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downpayment: Compensating Factors and FHA - 06/10/08 07:25 PM
I was at a seminar today that reminded me of one of my favorite things about FHA...
the 5th C of Credit! We've all heard about the other 4 C's.
Cash: How much can you put into the property, how much have you saved? Credit: Do you have a credit history? If not, FHA will accept some non-traditional credit. Do you have a spotless credit history? If not, FHA might still be willing to insure your loan! Collateral: Do you have a property FHA wants to insure? Character: Have you moved 8 times in the last 3 years? Do you have … (3 comments)
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans
Cary,
NC
More about me…
Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
Office Phone: (919) 649-5058
Cell Phone: (919) 649-5057
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