ARCHIVED BLOG POSTS
2008
0
Comments
VA will analyze a borrower's past credit performance in determining the loan for approval. A borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. On the opposite side, a borrower who reflects continuo...
08/24/2008
0
Comments
The VA has created an Interest Rate Reduction Loan program called the Streamline Refinance. This provides a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan.An In...
08/24/2008
0
Comments
According to VA guidelines, borrowers and / or their spouse must qualify according to set debt ratios which are used to determine whether the borrower can reasonable be expected to meet the expenses involved with home ownership. TOTAL FIXED PAYMENT TO EFFECTIVE INCOME Add up the total mortgage pa...
08/24/2008
0
Comments
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guara...
08/24/2008
Did you know the Veterans Housing Assistance Program (VHAP) provides financing up to $325,000 toward the purchase of a home to qualified Texas veterans. There is no maximum sales price with the VHAP; however, the VLB can only loan up to $325,000 towards the purchase. The VHAP must be originated i...
08/24/2008
With all of the news latey about the demise of down down payment assistance I am moved to quote Mark Twain's famous quote "The reports of my death are greatly exaggerated". There are numerous national, state, county and city down payment assistance programs still in existence and still helping ou...
08/24/2008
You've finally found the home of your dreams. There's just one thing standing between you and your new house: The down payment. Many home buyers today opt to use funds from their employer’s 401(K) program to come up with the down payment on a house. Ordinarily, you can't take money from your 401(...
08/24/2008
Down payment funding alternatives For many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesn’t have to be the case. As your mortgage broker, I can help you find creative ways to come up with your d...
08/24/2008
On a realtor web site I noticed the following post in their web site: "If you are thinking of buying a home but will more than likely need down payment assistance…you need to move quickly. FHA has announced that they will be doing away the down payment assistance loan approvals as of 12/31/2008. ...
08/20/2008
Here is a Short Video that I put together that explains what is going on with the Non-Profit Down payment Assistance Programs. This video goes over a lot of the issues but note the Ameridream video is produced by a company that would be eliminated should congress not vote to allow the Non-profit ...
08/19/2008
