mortgage tips: Mortgage Tip - 11/10/08 02:56 PM
If you have any listings or buyers in places outside of the urban areas of Colorado, the USDA Rural Development (or Guaranteed Rural Housing) loan program allows borrowers to purchase a home with no money down. Here are some of the highlights:
-- 100% financing
-- Not limited to first-time homebuyers
-- No monthly … (0 comments)
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mortgage tips: Mortgage Tip - 11/10/08 02:40 PM
VA loans have a borrower fee known as the VA Funding Fee, which ranges from 1.25% to 3.3% of the loan amount on purchase transactions. The exact amount depends on whether the borrower is/was in the regular military, or the Reserves/National Guard; the amount of the downpayment, if any (VA loans … (0 comments)
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mortgage tips: Mortgage Tip - 10/23/08 01:23 PM
We've had a few deals recently where the buyer did not qualify at first. We ran the buyers' credit through credit analyzing software that we have, and in each case, if the buyer paid down the balance a bit on just one credit account, their scores would rise enough to get … (3 comments)
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mortgage tips: Mortgage Tip - 09/08/08 12:43 PM
We are often asked how the annual percentage rate (APR) that appears on the Truth-in-Lending disclosure is calculated. Here's how it's done:
1) In order to calculate the APR, we need to know the principal amount of the loan (the amount the buyer borrows from the lender), the interest rate, the term … (0 comments)
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mortgage tips: More Mortgage Tips - 08/15/08 02:19 PM
Fannie Mae announced last Friday that as of the end of the year, they will no longer purchase Alt-A loans. Alt-A loans are loans that fall in between prime loans and sub-prime loans. There are two main categories within Alt-A. The first is loans with reduced documentation requirements, for which the borrower states … (0 comments)
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mortgage tips: Mortgage Tip - 08/15/08 01:54 PM
Here's a web site that will save you lots of time.
http://publicrecords.netronline.com
It provides access to the public records sites for every county in the nation. If the county does not have a public records web site, it still provides the phone numbers for the county offices you need: assessor, treasurer, recorder, … (0 comments)
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mortgage tips: Mortgage Tip - 07/05/08 12:41 PM
We get asked many questions about loan conditions. Here's a brief overview of the different types of conditions and a few examples of each:
-- Prior to docs conditions. These are things that must be reviewed by the underwriter before a final approval (clear-to-close) is issued. Examples: pay stubs, bank statements, … (0 comments)
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mortgage tips: Mortgage Tip - 07/05/08 12:35 PM
Fannie Mae underwriting guidelines are changing for people who own a primary residence and are buying a new primary residence while retaining their current primary residence as an investment property. Current guidelines allow the buyer to count 75% of the rental income from their current house to qualify, as long as they … (3 comments)
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mortgage tips: Mortgage Tip - 06/12/08 05:20 PM
FHA is making some changes that take effect on July 14. Currently, every FHA borrower pays the same up-front mortgage insurance premium (UFMIP) and the same monthly mortgage insurance premium (MIP). The current premiums are 1.5% of the loan amount for the UFMIP and 0.5% annually for the monthly MIP (loan … (2 comments)
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mortgage tips: Mortgage Tip - 05/29/08 10:50 AM
Many lenders are rolling out new credit guidelines that require borrowers to have a minimum of 3 accounts showing on their credit report. The rules are different for every lender (some allow an account to be closed, some want them all to be open for 12 months, some want at least … (0 comments)
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mortgage tips: Good News From Lenders - 05/23/08 10:36 AM
An article from RealtyTimes.com, reports that the best news in real estate the first few months of 2008 has concerned mortgages. Interest levels have continued to hover near 6% for 30-year fixed-rate loans, people who want to buy or refinance at this time will find interest rates not terribly far-removed from the historic lows seen in 2003. … (1 comments)
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