However, are any of these REALLY bad ideas??Only one I SEE, is that NOW, and I am getting clarification, we will have to disclose TWICE?? Arghh... Oh and NICE APR suggestion! People still dont even know what the APR is?? Now, we can really call the Truth in Lending disclosure, the Truth & Confusion form! For all … (14 comments)
guidelines: 100% & The Basic Steps on getting approved for a Guaranteed USDA loan!....A great loan for Wisconsin!
- 05/26/09 02:38 PM
No doubt, USDA loans are a great product! Jason Sardi has blogged about them, I have blogged about them, and many others as well! However, what you MAY NOT KNOW, is the BASIC steps involved when getting approved that will save consumers, Realtors, and even OTHER LENDERS who dont understand this process very well...ALOT of time!
1. Take a COMPLETE application. 2. Pull your OWN credit! 3. IF credit score is above 620 you are golden! (what that means is express documentation, Ill explain that further later) 4. Fill out the Express Rural Development Approval Form 5. Gather as … (22 comments)
Today, as a LENDER, our crystal ball has no idea what it is doing! We rely on automated approvals to tell us exactly WHAT WE NEED from a customer, and even this isnt good enough, as an underwriter has complete discretion at ADDING ITEMS at any time! This stinks, but is a direct result of bad lending practices in the past!! However, there are quite a few basic items that you can tell your customer that they will need, in order to get pre-qualified, pre-approved or APPROVED … (18 comments)
I received an update yesterday from Wells Fargo, and as usual, they are getting in front of the change! YEAH for them! Here is what I received...PAY ATTENTION LOAN OFFICERS!;)
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