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first time homebuyers: 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)

first time homebuyers: FHA Guideline Changes—Effective January 1, 2009—Are You Ready? - 01/01/09 05:12 PM
Home loan guidelines changed in rapid fire fashion in 2008. FHA is continuing this trend with the following guideline changes going into effect January 1, 2009.
 
Down Payment
The minimum down payment requirement increases from 2.25% to 3.5%. For a more detailed explanation of this change with descriptive examples, click here.
 
 
Rate and Term Refinances
Quick explanation of “rate and term refinance” , new loan amount only includes existing mortgage balances being refinanced plus closing costs, prepaid expenses and any discount points.
Maximum loan to value is 97.75% of the appraised value of the property If an existing … (12 comments)

first time homebuyers: 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)

first time homebuyers: 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)

first time homebuyers: Reserves---Not the National Guard - 11/30/08 09:44 AM
Before I begin with the content of this post let me express my gratitude for those that serve in the reserves. Many have been or are to be called to active duty. Thank you for your service to our country.
 Reserves as it pertains to a mortgage loan is quite simply how much money do you have left after you satisfy the down payment and closing cost. Reserves are generally measured by a number of months.
 If you had to make your payments from your liquid assets how many months could you do this? Many conventional loans have reserve requirements varying … (0 comments)

 

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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