Richard's Real Estate Thoughts - Chattanooga, TN Mortgage Lender

Mortgage and Lending - Sierra Pacific Mortgage - Loan Officer, NMLS 184479
Mortgages, Mortgage, Home loans, home finance, home refinance, home purchase, credit, credit scoring, credit repair, conventional, FHA, VA, Rural Development, investment, First Time Home Buyer, investment, FHA 203k, renovation loans, Chattanooga, Knoxville, Cleveland, Nashville, Memphis, North Georgia, Hamilton, Bradley, Sequatchie, Catoosa, Walker, Davidson, Tennessee, Georgia, Ooltewah, Soddy Daisy, Signal Mountain, MLO NMLS 184479, TN Lic 40161, Georgia Mortgage Licensee
Closing your home purchase on time is one of my goals as your lender. To accomplishing your on time closing, it is important that the loan application is reviewed by the lender underwriter a minimum number of times. Preferably only the initial review and the final review for closing.To minimize t...
For purchase or refinance renovations FHA offers two options:   full 203k and a streamline 203k renovation loans. The most significant difference between the two is that the full 203k renovation loan uses an approved renovation consultant to assist with the proposal and to monitor the actual reno...
Cosigners can help some buyers qualify for a home purchase. Typically what is intended with the word cosigner is more technically called a non-occupant co-borrower. This is a person who will sign as a borrower on a loan that is used to purchase a primary residence for the primary borrower.Non-occ...
Assets for closing are one of the most important requirements for your home mortgage approval. If a buyer does not have adequate funds, often a gift can help. Gifted funds are allowed with most programs, FHA, VA, USDA, and even conventional mortgage loans.If you are using gift funds for closing c...
Renovation loans, HomeStyle or 203k, can be the answer for many new home buyers and existing home owners. Funds can be provided to bring the property up to a condition that qualifies for financing or to suit the home owner needs. Conventional and FHA loan options are available for purchase loans ...
The Home Possible Advantage program offers benefits to new home buyers that in many cases are better for new home buyers than FHA loans. The primary benefit is that the down payment is actually lower for Home Possible Advantage compared to FHA loans. FHA minimum down 3.5% Home Possible Advantage ...
The credit scoring model is changing to incorporate an evaluation of 24 month account trends for credit card accounts. This is a significant change to the scoring model. FNMA has indicated they do not expect the percentages of approvals to change. It is possible that some individual borrowers wil...
The USDA 100% purchase program has always been an excellent option for eligible properties. Now USDA has lowered the loan fees significantly, effective for October 2016. The new upfront guarantee fee is 1%. Down from 2.75%. The monthly fee is reduced to 0.35%.These reductions are substantial. The...
Most buyers know now the importance of a good home loan preapproval before starting the home search. Many real estate agents expect a buyer to have a lender preapproval before they show the buyer many homes. And sellers have come to expect every offer to be backed by a loan approval letter.The qu...
 Homebuyers in Georgia who qualify can purchase a home with grant funds up to 5% of the purchase price. This will cover the FHA down payment and some of their closing costs.  This program is not affiliated with the Georgia Dream program. It is a grant that is offered in multiple states, including...

Richard Smith

FHA VA Rural Development in TN GA
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