fha: Can I get approved for an FHA Loan?
- 06/11/11 08:02 AM
Ask Mark Nehs the Mortgage Lender? Send me your Questions on my Facebook page MortgageWisconsin or email me at mark.nehs@pncmortgage.com The most common reoccuring question this week on Zillow was Can I get approved for an FHA Loan? I think the reason potential borrowers are so confused is because lenders have different rules. For example, FHA will allow down to a 580 credit score but most companies will refuse to approve a FHA loan with a 580 credit score. Lenders will have overlays to the FHA guidelines which is another way of saying we are going to be more stringent (or … (1 comments)
fha: Know your Credit and Credit Score Do Not ASSUME
- 06/08/11 05:15 AM
Over my 21 years of mortgage lending you get all kinds comments from borrowers such as I have great Credit My credit score is a 1,000 (impossible) I have horrible credit No way I will qualify to buy a house All of these statements were not true, some people exaggerate about how good their credit actually is and some people beat themselves up and it is really not that bad. The point I am trying to make is you need to KNOW your credit and credit score for sure. Common wrong assumptions about Credit Reporting Everything you pay is reported to … (1 comments)
fha: Can I buy a House if I don't have perfect Credit?
- 05/28/11 04:28 AM
YES, it is possible to buy a house without the best credit score. Credit is one of the most important things that mortgage lenders look at to determine if you are a good risk but that does not mean it needs to be an 800+ credit score. There have been many changes in qualifying for a mortgage loan the last few years but your credit history like in the past still needs to show you pay your bills on time. If you missed a bill here and there over the years more than likely you will still qualify but in general … (7 comments)
fha: 30 Year FHA Purchase 4.5% Today
- 05/02/11 01:53 PM
I usually don't like to talk about interest rates mostly because they can change at anytime and the fact that I don't have a crystal ball. However, I couldn't help it today. If you are in the market to buy a home interest rates are GREAT!!! How long will the stay this low?? I sure don't know. Click here for this month's Newsletter Included this month Competitive Tips for Buyers Choosing Your Dream Home AIA Offers Fresh Insight On Kitchen, Bathroom Design Pop Off Popcorn Ceilings Call me today, Mark Nehs 262.613.2730, to get pre approved and take advantage of … (1 comments)
fha: FHA Streamline 203k Limited Repair Program
- 04/23/11 05:49 AM
The FHA 203k loan allows you to get the money for the home improvements all in one loan as a purchase or a refinance. FHA 203k loans are unique and have many misunderstandings about them. I will be explaining the basics of the FHA streamline 203k limited repair program. To qualify for the loan itself it follows the same parameters to qualify for a regular FHA Loan with a credit score of 620 and at least a 3.5% down payment. The repairs must be non-structural thus no foundation or a relocation of a load-bearing wall. Repairs included in the loan can … (4 comments)
fha: Government shut down could affect FHA financing
- 04/07/11 02:04 PM
If the Federal Government shuts down over the budget this could force HUD and the FHA program to stop as well. This is not what would be needed for a housing recovery because FHA loans are a majority of the mortgage loans right now. The general consensus is that a few day shut down would probably not disrupt the mortgage world but a prolonged shut down would certainly be a major problem. This is worth paying attention for all with FHA financing on a property right now and for those looking to get FHA financing in the near future. Stay tuned... … (2 comments)
fha: Do you have to have 740 credit score or higher and a down payment to buy a house?
- 02/16/11 03:53 AM
No you don't. However, be prepared that you might need to pay more in fees or rate then the other guy if you don't. The lending environment continues to change but you can still buy a home with no money down as a VA loan or a Rural Development loan. Also, FHA is 3.5% down which can be all gift. The trend in financing is to larger down payments and a higher and higher credit scores. Thus, if you are looking to buy a home the higher your credit score is combined with down payment the more options you will have … (5 comments)
fha: You will close on your house on time or we will pay you $500
- 02/11/11 01:45 PM
We have rolled out the PNC Mortgage Advantage. If your loan does not close by the date on the purchase contract we will pay you $500. Restrictions do apply (contact me for details) with the biggest We need 30 days for FHA and Conventional loans or 45 days for VA and Rural Development loans The items we ask for our provided in a reasonable time frame This is great news because nothing is more frustrating then missing your closing date. The company has made the decision to guarantee the closing date which is good for everyone. As with all mortgage loans … (7 comments)
fha: I am not getting anywhere with my interest only loan?
- 01/31/11 01:51 PM
After a few years of being in an interest only loan you become frustrated because you are not getting anywhere. How can you start making some progress? The simple answer. Start paying more than just the interest or minimum payment. But Mark I don’t want my payment to go up. Huh, now what? Refinance is the best option but this might be a challenge as well because you maybe have not built up enough equity in your home. So contact me, Mark Nehs 262-347-2953, and let’s take a look at your personal situation and see if you can refinance but in … (7 comments)
Learn all about Mortgage lending from a 20 year veteran of the mortgage business in Wisconsin. FHA, VA, Rural development, conventional, 80/10, and more. All types of mortgage loans for Wisconsin consumers looking to purchase or refinance.
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Ask Mark Nehs the Mortgage Lender? Send me your Questions on my Facebook page MortgageWisconsin or email me at mark.nehs@pncmortgage.com
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