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mortgage loans: Mortgage loans for NC teachers - 05/13/08 09:25 AM
North Carolina Teachers deserve Special Treatment
Announcing special mortgage loan financing program for North Carolina Teachers.
My wife is a teacher, so I know first hand the stresses and under-appreciation NC teachers get. They do not get the support or credit they deserve. I may not be able to do a lot to correct that, but I will do my part.
All summer long, I will be offering special mortgage options for North Carolina teachers. With great low mortgage rates and discounted closing costs, I want to help encourage NC teachers to buy a home or refinance their higher rate … (4 comments)
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mortgage loans: S L O O O O W W W FHA? - 04/29/08 03:10 PM
One of the biggest complaints from Realtors today is that it seems to be taking forever to close a loan, especially the FHA mortgage loans. The average turn time to get a loan submission through underwriting is roughly 21 business days... only counting business days means that's a month!
One of the main reasons for the slower processing of FHA mortgage loan submissions is that too many mortgage brokers that only did subprime mortgages are trying to convert these loans to an FHA mortgage. FHA is not subprime, and while too many past buyers that could have gone FHA were sent to … (3 comments)
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mortgage loans: Wachovia Changes - 04/12/08 10:17 PM
Wachovia has announced that they will now imposed minimum credit scores on products they did not have one in place. They did not disclose the specific products or what the scores are, but this does mean that Wachovia is getting tighter on offering mortgage loans.
For those going directly to a bank, please consider that a bank has its limitations. If they do not have the mortgage loan you need (or are having trouble approving it) they are limited to just the select few mortgage products they have. A mortgage lender / broker will have several more options to work with … (1 comments)
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mortgage loans: FHA gets Relaxed - 03/31/08 04:37 PM
FHA Underwriting Relaxes a bit....
To help ensure that only the best credit risks were able to buy these homes in declining markets using DPA's, many FHA mortgage lenders have imposed high credit score requirements. One major lender placed a credit score requirement of 680 for this type of FHA mortgage loan using down payment assistance.
Well, today they announced a relaxation of this requirement....
Read more about: FHA Mortgage Loans
… (0 comments)
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mortgage loans: Poor Man's Loan? I don't think so! - 03/24/08 11:53 AM
I don't know about everywhere else in the country, but in my area it seems that the FHA mortgage is seen as a "poor man's loan." However, this is not the case.
FHA mortgage loans in Charlotte North Carolina now have limits up to $303,750. That is pretty substancial. But to think of the FHA mortgage as something specifially for the "poor" is misleading.
Some of the reasons for this misconception may have to do with the industry itself. So many lenders have touted the FHA mortgage as the perfect loan for first time home buyers. And while this is true, the … (2 comments)
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mortgage loans: What's taking so long??? - 03/21/08 09:22 AM
FHA Underwriting Taking Longer
Traditionally, you could put 30 days on a sales contract and have plenty of time. But be aware of a growing trend... extended underwriting turn times.
On average, most lenders are experiencing 7-10 business day turn times on FHA mortgage submissions. This means that it can take up to 2 weeks from the date of file submission for an underwriter to actually get to and review the file. This is due to the overwhelming demand on the FHA mortgage process.
With the economic stimulus package's increasing of the FHA loan limits, many people are taking advantage of the great FHA … (9 comments)
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mortgage loans: FHA Loan Limits Increase for Charlotte! - 03/06/08 01:05 PM
Finally, weeks after the Economic Stimulus package is signed, HUD has finally posted the FHA loan limits.
The new FHA Mortgage Loan Limit in Charlotte is $303,750!
This is great news for Charlotte home buyers!
... more information on the Charlotte FHA mortgage limit increase
... more information on lender limitations with new Charlotte FHA limits
________________________________________________________
This HUD Charlotte FHA Mortgage Limit update brought to you by
The Ed Nailor Mortgage Team - Charlotte FHA Mortgage Loans
… (3 comments)
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mortgage loans: FHA Min Credit Scores!!!!! - 02/19/08 08:59 PM
FHA lenders are now implementing minimum credit scores for FHA mortgage loans. Although FHA does not require any minimum credit scores, most FHA mortgage lenders are beginning to require certain credit score levels before they will underwrite the loan.
Why?
Blame the subprime meltdown and the trend that many loan officers are following. So many loan officers have begun sending the traditional subprime business in as an FHA mortgage application. As a recent article points out, this is becoming cost prohibitive for many lenders as they are having to hire more people to keep up with the mass increase of submissions. However, they … (6 comments)
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mortgage loans: Wachovia Rewards Risk - 01/27/08 08:21 PM
Have you read all the news? It seems Wachovia is giving incentives to their employees to sell "Risky Loans." According to the Associated Press Wachovia is "pushing" risky negative amortization loans. And in today's negative mortgage press, this really comes off as if Wachovia is out to screw people over.
The problem here is how the press is presenting the facts... or in this case, the lack of it. To set the record straight, I have written an article that tells you what the media would never take the time to tell you...
Incentives for Selling Risky Negative Amortization Loans
Take a moment and read the article. … (3 comments)
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The articles, reviews and stories written and published on this website are simply the opinions of Ed Nailor. While Ed Nailor has professional experience as a mortgage loan officer, the information posted on this website should not be taken as personal counsel or an endorsement of anything. For mortgage related counsel or advice to be meaningful and effective, one must sit down one on one with a professional to discuss the particulars of their situation. Ed Nailor can not be held liable for any decisions you make as a result of what you might read or infer on this website. Proud supporter of the Right to Free Speech.
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