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The Beverly Hills Real Estate blog Friday 10-14-11

The Beverly Hills Real Estate blog Friday 10-14-11www.patandmelody.com Please e-mail us at:  mrpk1@pacbell.net  should you need immediate assistance.Welcome to the written blog and check out our daily video joke and blog which is posted around noon time here or on Facebook.  http://www.youtube.com/watch?v=p-7nU5h6MDI
Friday - . Partly cloudy, cooler only 91!  Detroit climbs back into playoffs… a steep climb but win last night. In mortage news….Triggers for rejectionLast year, more than two million people were turned down for homes, according to federal data, often because the applicants didn’t meet certain lender requirements or because their applications were incomplete or otherwise problematic.  With lenders’ underwriting criteria becoming more rigorous in recent years, it’s important buyers know the most common triggers for mortgage-loan rejection.Making sense of the story
Insufficient income: Lenders want to be sure borrowers can afford to make the mortgage payments.  Lenders typically look for at least a two-year track record of income, which could hurt those who have changed jobs recently. Cloudy financial picture: Generally, total debt payments, including the mortgage, cannot exceed 45 to 50 percent of a borrower’s adjusted gross monthly income.  Overtime and bonuses are included only if the borrower has worked for the same employer at ... more

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