Real World Mortgage Solutions

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Mortgage and Lending - Team Move OVM Financial - NMLS # 78989
The goal of my blog is to give you real world mortgage solutions to actual mortgage scenarios I see everyday.
Credit Mistakes to Avoid Prior to ClosingTips Everyone hears the credit advice flying in the mortgage process.  Examples may include “You need to pay off all your debts!”.  “Close your unnecessary credit cards!”.  Too often we see clients do things like these that hurt their purchase or refinance...
USDA Commitment Done Right!We love USDA loans!  Not only are buyers able to purchase with no money down, but it is flexible on credit.  On top of this, USDA just made homeownership more affordable effective 10/1/16!  This was accomplished by USDA drastically lowering the guarantee fee and the mon...
The Labor Department reported that U.S. employers added 156,000 new workers in September, below the 176,000 expected. Within the numbers it showed that the Unemployment Rate edged up to 5 percent from 4.9 percent, while average hourly earnings rose 0.2 percent, in line with estimates. For the pas...
VA Home Loan Occupancy Requirements VA home loans are for primary residences, but there are exceptions to this rule! We have actually used the little known VA Home Loan Occupancy Requirements several times lately. There are times where the Veteran is not able to physically occupy the residence wi...
July new single-family home sales surged to a nine-year high due to a strengthening job market and low home loan rates. New Home Sales rose 12.4 percent to an annual rate of 654,000, above the 580,000 expected, while June was revised lower to 582,000 from 592,000. The Northeast led the charge wit...
Housing Market is Still a Bright Spot in the EconomyJune Housing Starts rose 4.89 percent from May to an annual rate of 1.189 million units versus the 1.165 million expected, while May was revised lower to 1.135 million from 1.164 million. Single-family starts, the largest segment of housing star...
June 2016 Jobs Report The Bureau of Labor Statistics reported on Friday that 287,000 jobs were created in June, above the 175,000 expected. The better-than-expected number was somewhat offset by May's revision lower to just 11,000 jobs from 38,000. From April to June, job growth averaged 147,000 ...
The S&P/Case Shiller 20-city Home Price Index showed a solid 5.4 percent gain year-over-year in April. That was near in line with expectations and just below the 5.5 percent recorded in March. From March to April, a 0.5 percent increase was seen. Home prices have grown at a rate of around 5 perce...
The Commerce Department reported on Thursday that May New Home Sales fell from an eight-month high due to weakness in the South, Northeast and West. New Home Sales fell 6 percent from April to an annual rate of 551,000 units, below the 560,000 expected. April was revised lower to 586,000, still t...
Trended Data Credit Reports ExplainedAs we like to say “Everyone is a number, so you might as well have a good one”.  Lenders have based decisions to approve or deny on your credit score number.  Even employment and insurance rates can be based on your credit score!  Now with Trended Data, a pers...

Russell Smith

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