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credit: Your Rights Under the Federal Fair Credit Reporting Act - 05/25/11 02:16 AM
When you review your credit report, or just begin to investigate your credit status, keep in mind that federal law provides you with a set of rights to aid in your task of gauging your credit rating. Here is a brief summary of your rights under the law.
Notification of any occurrence in which your credit report has been used to deny the granting of credit, insurance, or a job. You have the right to know which credit agency provided the data. A free copy of your credit file each year, as well as whenever you are denied a loan, insurance, … (4 comments)
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credit: Changes to FHA - 05/29/08 01:30 PM
Big changes at are coming...
Currently, the FHA has a 'one size fits all' premium structure that charges borrowers 1.50 percent of the loan balance upfront and .50 percent annually regardless of their credit standing.
But the FHA felt this approach did not treat borrowers equitably and could put their insurance fund at risk.
That's why under their new guidelines scheduled to begin July 14, 2008, the FHA's upfront mortgage insurance premium will range from 1.25 percent to 2.25 percent with borrowers still needing to adhere to the FHA's strict underwriting criteria.
By charging different premiums, the FHA will be able … (0 comments)
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credit: Getting Prepared to Invest in Real Estate - 07/09/07 07:08 AM
Buy your primary residence first:
This is more than "walk before you run" advice. A primary residence gives you all the benefits
of an investor property, but it can be purchased easier and with better loan terms. You still get
the great tax advantage of deducting the mortgage interest, but when you sell a primary residence
and purchase another, you can roll your gains into the next primary residence you buy. Also,
you will help build your credit history and improve your credit scores. Best of all, as the property
appreciates, you can borrow the equity to put down on an investment property. So if you were … (3 comments)
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credit: 95% FHA Cash-out Loans for Borrowers with Less Than Perfect Credit - 07/07/07 01:00 PM
We are now offering 95% FHA Cash-out loans for borrowers with less than perfect credit. These loans have been updated with new higher loan limits up to $544,000 depending on the county; however, most metropolitan counties have a limit between $200,000 and $300,000.
It is no secret that over the last 4 months there has been a real credit crunch in the weaker credit markets. Many of our clients who have credit issues in the past are now turning to FHA loans for home financing. FHA is a great alternative to sub-prime, since instead of using credit scores, there is an actual examination … (2 comments)
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credit: Loan Q & A: How do mortgages on rental houses differ from a mortgage for your primary residence? - 07/04/07 10:54 PM
Stephen, My husband and I want to buy some rental houses as investments. How do mortgages on these properties differ from the mortgages available for primary residences? Judy L. in Dunwoody, GA writes: Judy, more and more of my past customers are investing in rental houses. With rates still very low, and the real estate market fairly strong, I think your timing is excellent. The first thing to know about real estate investor loans is that lenders will generally take a more conservative approach and be more restrictive with their program offerings. Even so, there are still a wide variety of … (1 comments)
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credit: Loan Q & A: Is there a problem qualifying since I now receive a 1099 instead of a W-2? - 07/03/07 02:23 PM
Stephen, I just put a house under contract and I have some questions about qualifying for a mortgage. For the past 10 years I worked for a large software company as a programmer. Three months ago I left the company to become a consultant. I am actually doing work for my old company and making even more money. Is there a problem qualifying since I now receive a 1099 instead of a W-2? Can I cut through the red tape by applying for a No-income Verification (NIV) loan?- Robert in Atlanta Robert, In the mortgage industry, people who receive a 1099 … (0 comments)
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credit: Loan Q & A: My son just graduated from UGA and wants to buy his first house, but his credit is less than perfect. - 06/25/07 11:10 PM
Stephen, My son just graduated from UGA and wants to buy his first house. The problem is that I just became aware he has credit cards in his name and, until recently, has not been paying his bills on time. Since I've heard on the news about all the high-risk mortgage lenders going out of business, can you make any suggestions about his options, given his now less-than-perfect credit?Chuck, you are correct that in the last few months our industry has seen a bit of a credit crunch, resulting in credit restrictions becoming tighter. The best program for your son may … (2 comments)
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Stephen Katz
Atlanta,
GA
More about me…
Katz Mortgage Team, a branch of VanDyk Mortgage Corporation
Address: 800 Johnson Ferry Road, Atlanta, GA, 30342
Office Phone: (866) 742-8400
Cell Phone: (770) 552-1000
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