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Jeff Schraeder (Southwest Funding)
Dallas Reverse Mortgage Tip 1/30/12: A reverse mortgage is not credit driven or income driven, so even if you have low income or bad credit it doesn't change the approval process. As people get older, some of their bills (home repair, medical…
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Jeff Schraeder (Southwest Funding)
A Good Faith Estimate is the ONLY binding document a company can give a borrower. Many companies are giving borrowers worksheets or other documents in place of the GFE. Any document given to a borrower other than the 4 page GFE is invalid and simply…
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Jeff Schraeder (Southwest Funding)
Fannie Mae is increasing their costs to lenders so more than likely lock extensions will increase in price. It is very, very important to make sure you get ALL of your documentation to your loan officer before you ask them to lock your loan! It is…
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Jeff Schraeder (Southwest Funding)
We Now offer 100% VA mortgage refinances. This applies to both a conventional to VA or an FHA to VA refinance. We still (and have always) offered a 100% VA streamline product AND THE VALUE IS ONLY BASED UPON AN APPRAISAL DRIVE-BY, NO NEED FOR A FULL…
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Jeff Schraeder (Southwest Funding)
Tip of the Day: Why are FDIC insured banks so much more expensive than Southwest Funding? 1. They have to pay for FDIC insurance. 2. They have to pay for all of the support staff (tellers, csrs, operations staff, etc. ) 3. They have to pay for…
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Jeff Schraeder (Southwest Funding)
Agency Properties Owned Free & Clear (no existing liens, always considered cash out) If the property was purchased 6-12 months prior to application, the LTV/CLTV must be based on the lesser of the purchase price plus documented…
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Jeff Schraeder (Southwest Funding)
Tip of the Day - Over the weekend, Fannie Mae updated the DU credit risk assessment for VA loans. Per the agency announcement, improved credit characteristics will be required to receive a DU Approval. This will likely result in a reduced…
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Jeff Schraeder (Southwest Funding)
Tip of the Day For 2012 the following areas are have higher than normal FHA loan limits: San Antonio and the surrounding areas can go all the way up to $332, 500 for a single family residence. Austin and the surrounding areas can go to $288…
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Jeff Schraeder (Southwest Funding)
Next week is moderately busy with a handful of economic reports scheduled for release. None of them are due Monday, so expect the same of today's activity (bonds and rates driven by stock trading). The first data comes Tuesday morning, but it is…
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