Alex Echeandia's (alexecheandia) Blog

The Board issued the final rules amending the Regulation Z, which Implements the truth Lending Act and Home Ownership and Equity Protection Act.  TILA or The Truth in Lending Act is aimed at promoting the informed use of consumer credit by requiring disclosures or revelations about its terms and ...

The Federal Reserve Board announced the final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. This new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan ...

Credit scores are like report cards for grown-ups. It's a three digit score you get on a scale that ranges from 300 to 850. It indicates your creditworthiness to potential lenders, banks, landlords and insurance companies. Thus, the higher cost you have the better.  You can get your credit report...

A credit score is a measure of credit risk calculated from a credit report using a standardized formula.  The standardized formula is called the FICO which stands for Fair Isaac and Company, the actual company who pioneered the mathematical calculation during the late 1950's.  The Fico score is b...

The Section 203(k) program is a home rehabilitation and repair program, designed to revitalize neighborhoods and spur homeownership.  It is a program that permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this progr...

Section 203(k) program managed by the FHA provides funds to prospective and current homeowners to make repairs and/or do renovations work.  In Section 203(k), the borrower can get just one mortgage loan, at a long-term fixed or adjustable rate, to finance both the acquisition and the rehabilitati...

Homeowners that are planning to have cosmetic repairs on their home but have no funds to fix them up, should not worry anymore because FHA has a program dedicated to addressed this problem.  This program is called the Streamlined 203k. There are certain limits but all in all, this is a great prog...

The Department of Veterans Affairs has no specific amount imposed as a maximum loan for VA mortgages.  But, the VA guaranty amount varies with the size of the loan and the location of the property.  The borrowers do not need to make a down payment because lenders are able to obtain guaranty from ...

A VA home loan is the most powerful and flexible lending option on the market today.  It is  issued to help eligible service members, reservists , veterans,  and unmarried surviving spouses obtain homes, residential cooperative housing units, condominiums and manufactured homes, as well as to ref...