mortgage tip: Mortgage Tip - 06/23/08 12:55 PM
Most deals these days involve some amount of seller concessions. For FHA loans (which are increasing dramatically in volume because of the low interest rates and relaxed underwriting guidelines), the seller has two choices - they can either pay for the closing costs, or they can pay for the buyer's 3% down … (1 comments)
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mortgage tip: Mortgage Tip - 05/23/08 11:14 AM
Whenever a buyer is purchasing a condo, it's important to point out that there will be buyer closing fees on the final HUD-1 that are not on the Good Faith Estimate (GFE), namely HOA transfer fees, HOA dues, HOA working capital, etc. These fees do not get listed on the GFE because they … (0 comments)
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mortgage tip: Mortgage Tip - 05/23/08 10:56 AM
As the use of FHA financing increases dramatically, the use of seller-funded down payment gifts is also increasing. We're getting many questions regarding the verbiage that is required in a sales contract if the seller is contributing the mandatory 3% FHA down payment. Here it is:
"Seller agrees to contribute 3% … (1 comments)
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mortgage tip: Mortgage Tip - 05/13/08 02:31 PM
We've got another good example of why all loans should be run through an automated underwriting system, rather than just manually submitting them to an underwriter. The general underwriting guideline for commission income is that the borrower must show a 24 month history of that income from the same employer. However, when we … (2 comments)
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mortgage tip: Mortgage Tip #2 - 05/07/08 04:27 PM
Now that the Economic Stimulus checks are in the mail, we're getting some questions about how that money will be treated for mortgage qualification purposes. Here's how it works. The government checks cannot be counted as income to qualify. However, the money is able to be counted towards any reserve requirements, and … (0 comments)
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mortgage tip: Mortgage Tip - 05/07/08 04:22 PM
Unmarried surviving spouses of veterans are eligible for VA loans, provided the deceased veteran was eligible. VA loans provide 100% financing, with no mortgage insurance, at low interest rates. These are particularly good loans at the moment because VA loans are not subject to any restrictions in declining markets.
http://www.judesandvall.com/
… (0 comments)
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mortgage tip: Mortgage Tip - 04/23/08 03:36 PM
Today's tip is just a quick review of how to get 100% financing with FHA loans. FHA loans require a 3% mandatory cash investment. On any other type of loan, the seller is not allowed to pay the down payment for the buyer because doing so would effectively lower the sales price by … (2 comments)
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mortgage tip: Mortgage Tip - 04/15/08 11:33 PM
Some loan programs have minimum amounts that the borrower must contribute towards the transaction. For example, CHFA loans require the borrower to contribute $500. If the buyer is going to have an inspection done, the money that was paid to the inspector can be counted as part of this $500. All … (0 comments)
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mortgage tip: Mortgage Tip - 04/11/08 01:40 PM
Many people have bankruptcies on their credit report. In many instances, the accounts that were included in the bankruptcy are not reported correctly on the credit report, and appear as if they are still open (and very delinquent) accounts. This lowers the credit score tremendously. If you have buyers who say … (0 comments)
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mortgage tip: Mortgage Tip - 04/08/08 05:14 PM
Now that tax time is here, we are getting a lot of inquiries about whether tax refunds can be counted as assets when applying for a mortgage. The answer is yes. However, the underwriter will need to see a copy of the tax return to verify the amount, and a bank … (0 comments)
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mortgage tip: Mortgage Tip - 03/31/08 03:38 PM
Most mortgage insurance companies have placed restrictions on the maximum loan-to-value ratio (LTV) for condominiums in declining markets. At the moment, it is 90%, meaning a buyer needs 10% down if they are purchasing a condo. However, as long as the property is in an FHA-approved condominium project, 100% financing can still … (2 comments)
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