T Chumba's (rightmortgage) Blog

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RECENT BLOG POSTS
  An Identity-of-Interest transaction is where a sales transaction is made between parties with family/business relationships. To break it down very simply, and this is USUALLY always the case, when a family member sells to ANOTHER family member, FHA looks at that as an Identity-of-Interest Trans...
05/14/2009
Just the other week, I had an associate tell me that he felt like jumping off a bridge! “Why the leap of faith, ” I ask. After 10 minutes of rambling on how he spent 3+ months working on this couple that finally saved up enough money to buy their first home and at the VERY end, had the financing...
04/03/2009
When I first read about this program, it struck me as kind of odd and out of place. It actually reminded me of those Sub Prime email blasts that many loan officers used to get. Remember those? - 100% Financing - NO Credit Score- OK - NO Job- OK - NO Heartbeat - OK! The first sound I emitted was,...
03/16/2009
When trying to calculate OVERTIME and BONUS income, its a little confusing. Here’s how it works: 1. You must provide a minimum of at least 24 months of overtime in order for us to count it for income. 2. If on your current paystub it shows less than the previous 2 years of overtime, we can only ...
02/26/2009
On Friday, Citigroup and J.P. Morgan Chase said that they would temporarily hit the “Pause Button” on foreclosures. Out of the $350 billion that is left, $50 billion of the last year’s bailout plan is going to be used to buy some time for homeowners that are currently having trouble paying their...
02/15/2009
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It looks like 2009 has started off in a very exhilarating fashion, I’m sure you would agree. We have our first African American president, Larry Flynt is asking for a $5 billion PORN bailout , Bernie Madoff got caught with his hand in a $15 billion cookie jar, and of course the Steelers won a ve...
02/05/2009
Rates are up, rates are down… they are even going left and right. What should YOU do? Freddie Mac VP, Frank Nothaft said that rates were holding steady. Well Franky my man, I disagree. Yes they may have held steady considering the economic reports that were coming out, but they DEFINITELY were m...
01/30/2009
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Do YOU know WHO is actually eligible for an FHA Loan? Here’s the skinny: 1. Any U.S. Citizen with a valid U.S. Social Security Number 2. Any Permanent Resident Aliens 3. Any Non-Permanent Resident Aliens, provided they: Have a valid SSN Are eligible to work in the U.S. Occupy the property as a p...
01/20/2009
If you have bought, or are planning to buy a home, DO IT BEFORE July 1, 2009. I have posted a previous post to this, but wanted to remind everyone in case you “forgot.” Click here to find out more. Here’s an example of why you should take advantage of this : Say you buy a home and take out a 30 ...
01/19/2009
Here’s a quick guideline check for individuals that are currently in a Credit Counseling Program. 1. Must be in the plan for at LEAST 12 months 2. Must show history of payments for the 12 months, along with all creditors that are included 3. Must get permission from the counselor to enter into a...
01/19/2009
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Mortgage and FHA Loan Tips and Advice covering Houston, Austin, Dallas, San Antonio, and all around Texas.