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Mortgage and Lending - Finance Of America - NMLS #311662

ARCHIVED BLOG POSTS

2015 

In thinking about all the changes that happened in 2015 one of the most important was the FHA reducing it's mortgage insurance premium. This could have been Improvement #1, especially chronologically. The FHA requires mortgage insurance on every loan regardless of down payment. You read that righ...
07/30/2015
Did you know that if your have a client that owned their property free and clear and then took out a Home Equity Line of Credit (HELOC) we as lenders could not pay off that loan with a new first mortgage from the GSE's?So you have a parent that wants to do a cash out refinance to provide their ch...
07/29/2015
Do you have clients that have incorrect information on their credit report? The answer is yes for a LOT of people. Most people dispute the incorrect information, and as a matter of principal want it corrected.Well as lenders we were not allowed to give someone a new mortgage if they had a dispute...
07/28/2015
If you have a second job that loses money, I do Not have to count it!  In the past if you were a W2 employee that also had a second job, or a hobby that you wrote off expenses for, we had to deduct the loss from your wages. No more! Now if you start up a side business or use your home trying to d...
07/25/2015
Do you have a borrower that almost qualifies for a mortgage? If they paid down a credit card or other obligation would they qualify then? Well we used to allow people to do that as long as they CLOSED the account.We do not require the account to be closed anymore! This will help people that eithe...
07/24/2015
Fixed Rate Seconds are back for Jumbo! We just got approved to do fixed rate second mortgages for well qualified buyers to 90% CLTV and up to $900,000!This is an important improvement for CA, as it allows us to underwrite both loans and there is no uncertainty as to the rates moving forward like ...
07/22/2015
In an earlier blog I mentioned we now allow investors to finance up to 10 properties. Well we also require at least 6 months reserves for each investment property.While we required the reserves we also used to reduce the assets in retirement accounts by 40 percent.We can now use 100% of the funds...
07/21/2015
755 S 1500 E New Harmony, UT 84757 Horse Ranch For Sale Near Las Vegas Home   Virtual Tour   Photo Gallery   Property Map   Financing   Request Showing   Contact Me   Dave Stauffer BRE # 01901126 Mobile: 619.672.0265: Office: 619.216.1505: Website: Visit Website Price : $2,995,000.00 Bedrooms : ...
07/21/2015
This is # 3 in my series of improvements that have come to mortgage guidelines.Do you have investors that could not get another mortgage because they already had 4 financed properties?Well now they can have up to 10! This is a great improvement for those that want to invest in Real Estate instead...
07/18/2015
More common sense is entering my business. I have decided to post daily,  at least one improvement that will help your buyers qualify to purchase a home.Do you have a client that wants to buy a new house while rates are low and keep the departing residence as a rental? Well they used to have to h...
07/16/2015
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Matt Brady

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