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steve thorne: NC Counties That Qualify for USDA Home Loans - 08/22/10 03:10 PM
My daddy always says that we "Get Rural Fast" in North Carolina... one minute you can be neighborhood after neighborhood, and 25 minutes later you are in the country! This works well for those who are looking for a home with no down payment requirements!
Every square mile of 73 North Carolina counties qualify for USDA Home Loan financing! Look at the map below - if there's no star in the county - the whole county qualifies for this financing!
BUT, as an update to this post, the newest 2010 Census Numbers could be changing where you can get a USDA … (2 comments)

steve thorne: Don't Ask Me To Do That - 07/12/10 05:32 PM
We had some clients over the weekend call and tell us that even though they are under contract to purchase a home... they found a different home they want to now purchase!
"We talked to our agent... "Can't You Just Turn Me Down?"  Ugh, No.  Positively no.  Will not issue a turndown letter when I don't have ANY basis for denying your loan.
WHY?  Well, because I was involved in a LAW SUIT when one of our loan officers did this!  The loan officer didn't have DOCUMENTED evidence that a plant was scheduled to close.  She talked to the Human Resource … (79 comments)

steve thorne: New Fannie Policy Could Mean Last Minute Problems - 05/26/10 10:42 AM
For the last 18 months most lenders have added additional "Quality Control" in the mortgage process between Underwriting and Funding.  Many of those same Investors require the tax transcripts pulled prior to the loan being submitted for Underwriting, and they perform additional Automated Appraisal Valuations on each file - again as a Quality Control measure... trying to get rid of Fraud.
In an Announcement earlier this month, Fannie Mae made it clear to Lenders that they need to do more to determine "Undisclosed Liabilities."  In particular, Fannie suggests the following:
Refreshing a credit report just prior to closing may uncover additional … (10 comments)

 
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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

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