extending a helping hand (to first time homebuyers) - 08/27/12 05:35 AM
First of all let's get this out there. Mortgage lenders have their own terms and guidelines. We hear all the whinning about those that many feel are too restrictive, but not too much about those that may be helpful. Try this one on for size.
a first time homebuyer is someone who has not owned a home for the last 3 years
so by definition someone who had previously owned a home, but not in the last 3 years may qualify for some first time homebuyer programs.
I receive many calls from potential new homeowners professing to be first time homebuyers … (7 comments)

But, you said I'd qualify - 08/24/12 06:41 AM
But you said I needed a score higher than 640 for FHA. Mine's 651, but now you tell me my credit isn't good enough.
What's up with that?
Okay, lenders/investors establish credit score minimums for the programs they offer, and essentially if you don't pass the scoring test than you don't pass GO!
Just as a reference, for clarity's sack. We're talking about
middle score, for one applicant, or lower middle score for two
What this means is that the lender throws out your highest and your lowest scores, and when there are two applicants then uses the lower of the … (2 comments)

LOOK OUT FLORIDA...here comes Isaac - 08/22/12 04:52 AM

 
Well that sure doesn't look good!
From the business side of Real Estate, you won't be closing your transaction, in all liklihood if you do not already have your insurance bound. Once a storm is named
All bets are off
On the positive side (you mean there's a positive side?). Despite the weather gurus claims of accuracy these early models are often off a bit so
Hey Isaac, break...hard right
the Atlantic would be a good place for you.
many of these storms when crossing Cuba tend to go towards the panhandle, but personally I don't think it's right to … (2 comments)

"AS IS," ahuh, sure - 08/20/12 04:31 AM
So I'm not a listing agent, and I'm not sure what the motivation is to say
AS IS
when listing a property, but if I was a selling agent, or a buyer, I don't think I'd pay much attention to that, unless there are major issues.
I'd really like to see some data on how many properties listed "AS IS" actually had work completed on them, in order to close. I don't imagine that it exists, but it might be interesting.
Here's two issues I see that are problematic to completing an AS IS sale without doing any repairs.
the Home Inspection;
… (8 comments)

the real problems with prepapprovals are? - 08/01/12 03:43 AM
As I am the master of the obvious let's start by clarifying the obvious;
I am a lender, have been one for over 30 years, my perspective and viewpoints are those of a lender.
now the answer to the question, the real problems with preapprovals are...
too numerous to mention
but I'll try anyway. Let's start with what it is or may be, once again from a lenders perspective.
pre; meaning before...therefore a prapproval is before an approval.
it does not guarantee anything.
problem: a preapproval letter is not clearly defined in that there is no (national) standard as to what … (2 comments)

 


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