loan approval: Death, Taxes and Loan (Dis)Approval
- 08/15/11 04:14 AM
There are 3 things that are certain in this life: death, taxes and the fact that there are more and more "surprises" as you get closer to the closing table in buying a house. A good friend of mine has a relative who just sold their house...and the closing was delayed because the buyers' were here on student visas. And they had expired months before. Delays can happen, and there are factors that you're not in control of in the real estate process. Make sure you have your own factors in order so as to avoid your own enexpected "surprises." … (1 comments)
loan approval: FMAC, FNMA, QRM...OMG!
- 07/24/11 09:32 AM
In my recent newsletter, I wrote about the proposed shoring up of FMAC and FNMA (Freddie Mac and Fannie Mae) by politicians in Washington. These are basicaly the two agencies that insure home loans. This “shoring up” process will start this coming September 30thwith a measure that will result in borrowers being required to pay increased interest rates for loans over $625k. The issue that's getting the most attention in the news, though, is the Qualified Residential Mortgage (QRM) proposal that will require a 20% minimum down payment on ALL real estate purchases. Of course, there will be exceptions, but they're … (3 comments)
loan approval: Getting A Loan Is Like Having A Baby!
- 07/01/11 06:27 PM
Don’t know about you but this last few months has been a challenge for my buyers when it comes to the loan process. They understand the need to get a pre-approval letter and most are very pro-active about getting quotes and comparisons, etc. The pre-approval helps us get the offer accepted and escrow opened. The buyers are happy to provide job info, bank statements, and credit history – all the “usual” paperwork that we’ve all come to expect.
Of course, they are extremely excited when the loan rep calls and says, “your loan is approved” and expect they’ll be in their new … (5 comments)
As crazy as it may sound, deposits are causing some problems with loan approval in this time of more stringent guidelines for mortgage loans. Whether it's here in the Beach Areas or anywhere else, the story's the same... Having the funds in your bank account isn't enough anymore. In fact, having the funds for closing in your bank account isn't enough any more. In fact, sometimes having reserve funds in your bank account isn't even enough any more. It's true. Lenders are scrutinizing bank statements like never before...especially any deposits outside of your normal paycheck deposits. There is a … (2 comments)
There are 3 things that are certain in this life: death, taxes and the fact that there are more and more "surprises" as you get closer to the closing table in buying a house. A good friend of mine has a relative who just sold their house...and the closing was delayed because the buyers' were here on student visas. And they had expired months before. Delays can happen, and there are factors that you're not in control of in the real estate process. Make sure you have your own factors in order so as to avoid your own enexpected "surprises." … (1 comments)
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