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first time home buyers: Your Home Loan Application----Series 5----Assets and Liabilities - 02/15/09 04:30 PM
This review of the Residential Loan Application addresses your assets and liabilities. Quite simply what do you own and what do you owe.
Liabilities
For the most part this information will be populated with data gathered from your credit report. I find that many are very cautious about having their credit report pulled. This is primarily driven by a concern that credit inquiries will reduce your credit score.
I’m not going to go very deep, in this post, about the credit report, because this subject will be best addressed by separate postings in greater detail. However, let me … (4 comments)
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first time home buyers: FHA 203(K)----OK----Contingency Reserves - 02/07/09 12:46 PM
The FHA 203(k) program is the loan program to assist you with repairing/ rehabilitating your primary residence. In other posts we’ve discussed improvements that are required, eligible improvements and improvements that are ineligible for the loan program.
By now you have selected your property. You have determined you offer price for the property, as is. Or perhaps you are repairing/ rehabbing your existing home.
You have been working with your real estate professionals to determine your cost estimates for your project. You are meeting with your lender and she tells you we must include a contingency reserve.
… (9 comments)
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first time home buyers: FHA 203(K)----OK----What Improvements Are Not OK? - 01/24/09 12:33 PM
The last couple of posts regarding the FHA 203(k) program have dealt with what are the required improvements and the eligible improvements. Today we are going to review ineligible improvements under the 203(k) program.
While you are putting together repair/rehabilitation estimates it will be good to know the types of improvements you can not include for financing purposes.
Ineligible Improvements for both the traditional and streamline FHA 203(k) program:
Barbeque pit Bathhouse Dumbwaiter Exterior hot tub, sauna, spa and whirlpool bath Outdoor fireplace Photo mural Instillation of a new swimming pool Gazebo Television antenna Satellite Dish Tennis Court Tree … (12 comments)
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first time home buyers: FHA 203(k)----OK-----What Improvements Are Eligible? - 01/18/09 07:21 PM
This week we want to outline the types of repair/rehabilitation improvements that are eligible under the FHA 203(k) program.
Last week we discussed the types of improvements that are required under the program. For information concerning this, click here, for a review.
Let’s begin! First let me draw your attention to a distinction between the Streamline 203(k) and the Traditional 203(k) programs. The Streamline program is limited to repair/rehabilitation cost not exceeding $35,000. There are other restrictions which we will try and address in this post on eligible improvements.
Eligible Improvements Under Both Traditional And Streamline … (6 comments)
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first time home buyers: Your Home Loan Application----Series 4----Monthly Income and Combined Housing Expense Information - 01/17/09 10:22 AM
As I sit down to write about this section of the 1003 (huh?) it strikes me that several post can be written about income analysis. The primary purpose of this post is to discuss, in general terms, how lenders review income for mortgage applications.
Net Rental Income
Gross rental income is reduced by 75% to account for potential vacancies. Any mortgage principle, interest insurance and taxes is then subtracted from the vacancy discounted income.
As indicated in the opening paragraph this is a general overview of income considered for mortgage loan applications. Look for additional posts regarding … (2 comments)
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first time home buyers: FHA 203(K)….OK….What Improvements Are Required? - 01/10/09 07:55 AM
Your have located the fixer-upper that you want to buy or you are preparing to repair/rehabilitate your existing home. You are now preparing your feasibility analysis for the repairs and rehabilitation with your real estate professionals.
HUD has required improvements that must be included to be eligible for FHA 203(k) financing. What are these required improvements you ask? Here is a list:
FHA 203(k) required improvements:
Weather strip all doors and windows if existing weather-stripping is inadequate Caulk or seal all openings. Cracks, or joints in the building to reduce air infiltration Insulate all openings in exterior walls where … (7 comments)
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first time home buyers: You Want To Buy A Fixer-Upper…OK…203(k) - 01/03/09 11:08 AM
You are interested in a property that needs a little work. Well, maybe it needs a lot of work. What do you do?
Unless you have the wherewithal to purchase the property “as is” and pay for the “fix up” from your own money, you may want to consider the FHA 203(k) loan.
FHA offers two variations of the 203(k) program; the traditional and streamline. Both are designed to assist with the repair/rehabilitation of an owner occupied property. Both have a minimum repair limit of $5,000.00.
The FHA 203(k) Streamline provides for a maximum repair allowance of $35,000.00. … (5 comments)
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first time home buyers: Your Home Loan Application- Series 3- Employment Information - 12/27/08 11:48 AM
Employment Information Are You Stable?
This section of your home loan application addresses your employment information. Stability is considered by looking back over at least the past two years. Another of the two year look backs of a mortgage loan application.
Be prepared to provide your mortgage lender with the name and address of your employer(s). How long have your worked for this employer? Please be exact with your to and from dates. Many times I’ve asked mortgage loan applicants, “How long have your worked there? I will receive a reply “I’ve been there about two years”. Probing further I … (0 comments)
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first time home buyers: Your Home Loan Application- Series 2- Borrower Information - 12/17/08 05:10 PM
Part III of the Uniform Residential Loan Application compiles Borrower and Co-Borrower information.
Of course you will need to provide your full name, as it appears on your social security card. It is also useful to provide your loan officer with any other name you may use or any other name you may have used.
First, we like to call you by the name you prefer to be called. Second, if you have changed your name either by marriage or previous marriage or have used any other name, it's a good idea to share this with you home loan lender.
… (0 comments)
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first time home buyers: PITI—Should We Feel Sorry For You?—Maybe - 11/29/08 11:24 AM
Every industry has its own lingo and anachronism. None more than the government, but that is a discussion for another day. Let's discuss one for the mortgage industry.
PITI: Principal, Interest, Taxes and Insurance. Wouldn't payment be simpler? But you would be surprised how many, especially first time home buyers, don't include property taxes and homeowners insurance in their payment calculations. They go online plug into a mortgage loan calculator and viola; they go cruising around looking for real estate.
A real estate agent shows them property in the chosen price range without verifying they have actually engaged in a mortgage … (3 comments)
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Jay Williams, Mortgage Loan Officer Getting You The Right Loan
Greenville,
NC
More about me…
Greenville, NC
Address: 218 E. Arlington Blvd, Greenville, NC, 27858
Office Phone: (252) 493-4802
Cell Phone: (910) 527-1809
Email Me
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