mortgage tip: For Your Clients: 4 Tips to Getting a Loan - 01/28/09 11:23 AM
For Your Clients: 4 Tips to Getting a Loan, an article from Realtor Magazine Online, examines four tips to help a buyer get a loan. First, consider what the government has to offer. The Federal Housing Administration (FHA) and the Veterans Administration (VA) are the biggest source of loans these days. … (0 comments)
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mortgage tip: Mortgage Tip - 10/23/08 01:16 PM
When a mortgage broker chooses an appraiser, one of the things that must be checked is the "approved appraisers" list for the lender that is financing the loan. Many lenders have a list of appraisers whom they have already approved, and they will not consider appraisals that have been completed by anyone who … (0 comments)
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mortgage tip: Mortgage Tip - 09/08/08 12:53 PM
There is some inaccurate information being sent out by a number of lender reps regarding FHA loans. They are saying that as of October 1, alternative credit will no longer be allowed for FHA borrowers. That is NOT true. If a borrower does not have a credit score because they do not have any … (0 comments)
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mortgage tip: Mortgage Tip - 08/26/08 05:01 PM
Fannie Mae has issued guidance regarding the amount of time that must elapse before someone can get a new loan when they have had a preforeclosure or a short sale. There is a difference between the two, even though most of us use the terms interchangeably.
A preforeclosure sale occurs when a … (0 comments)
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mortgage tip: Mortgage Tip - 08/07/08 11:29 AM
Just a quick reminder about the down payment assistance funds that are available to first-time homebuyers (anyone who has not been on title in the past 3 years) from the Colorado Housing Assistance Corporation (CHAC).
CHAC offers up to $5,000 statewide for closing costs and down payment assistance. The interest rate … (0 comments)
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mortgage tip: Mortgage Tip - 08/07/08 11:01 AM
Last week, we sent out details of the new $7500 tax credit for first-time home buyers. Following are some other important changes that are included in the new Housing and Economic Recovery Act that was signed into law last week.
Additional standard tax deduction for property taxes for people … (0 comments)
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mortgage tip: Mortgage Tip - 08/01/08 01:31 PM
We are often asked if borrowers have to include all of their income on a loan application. Except in the case of a loan where there are maximum income limits (such as CHFA, CHAC, Affordable Housing, etc.), the answer is no. It is always best to submit a loan to underwriting … (0 comments)
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mortgage tip: Mortgage Tip - 08/01/08 12:29 PM
The housing bill was signed into law on Wednesday and we've got the details. It's 694 pages long and most of it will not affect us directly, but there are a number of things in the act that will have a direct affect on you and your buyers.
The biggest immediate impact will … (1 comments)
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mortgage tip: Morgage Tip - 07/22/08 10:29 AM
Many buyers need to raise their credit score to qualify for a loan these days. Every credit report is different, but one of the main things that most people can do to raise their score is to pay down the balances on their revolving accounts (credit cards). If you owe more … (0 comments)
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mortgage tip: Mortgage Tip - 07/22/08 10:17 AM
If your buyer is purchasing a house that has been fixed and is being flipped for a higher price than the seller's original purchase price, the seller should be prepared to document why the value of the property has increased so much in such a short period of time.
Typically, the … (1 comments)
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mortgage tip: Mortgage Tip - 07/18/08 04:22 PM
Many buyers need to raise their credit score to qualify for a loan these days. Every credit report is different, but one of the main things that most people can do to raise their score is to pay down the balances on their revolving accounts (credit cards). If you owe more … (0 comments)
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mortgage tip: FHA's MI Policy Changes Today - 07/14/08 11:52 AM
Just a quick reminder that effective today, July 14, FHA is changing its mortgage insurance (MI) policy. In the past, every borrower paid the same up-front MI and the same monthly MI. Starting today, the MI rates vary depending on the borrower's credit score and the loan-to-value ratio. Make sure your mortgage … (2 comments)
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mortgage tip: Mortgage Tip - 07/10/08 02:45 PM
If one of your buyers doesn't qualify for a loan because their debt-to-income ratio is too high, they are allowed to pay off debt in order to qualify for the loan. This applies to both installment debt (car loans, furniture loans, etc.) and revolving debt (credit cards).
For a conventional … (0 comments)
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mortgage tip: Mortgage Tip - 07/09/08 05:49 PM
Effective August 1, 2008, Fannie Mae is instituting a 2-year waiting period before someone who sells their house in a short sale can qualify for a loan that will be sold to Fannie Mae. Currently, there are no guidelines regarding how long a buyer must wait after a short sale. There will be no exceptions … (0 comments)
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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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