Bill Polack's (bpolack) Blog

Mortgage and Lending - First Option Mortgage - 269761



Freddie Mac (FHLMC) offers programs for conventional financing. Federal Housing Authority (FHA) offers programs for government financing. Freddie Mac Home Possible Advantage vs FHA          Home Possible Offers - 97% LTV                  Allows for non-occupying co-borrowers          Does not req...
Bankruptcy should be the last thing to consider when a financial hardship strikes. There are several types of bankruptcy options but the most common for consumers are Chapters 13 and 7.Chapter 7 allows for the forgiveness of almost all debt (Taxes, Fraud Charges, Tax Penalties and Child Support p...
If a buyer has an account that he thinks was reported erroneously, he can file a dispute to the credit bureau and request that it be investigated and/or removed. In some cases, the account may have the wrong balance or it may not belong to the person. The credit bureau agency (Equifax, TransUnion...
FNMA replaced MyCommunity with HomeReady which offers a lower MI payment and a reduction of fees to lower income buyers. This effort is to compete with FHA. Below is a short comparison between the two programs.MI - Mortgage InsuranceLTV - Loan To ValueDPA - Down Payment AssistanceFirst Time Homeb...
What: FHLB Down payment assistance may soon be coming to your area.Currently Where: Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of ColumbiaFHLBATL.comWho Qualifies: Anyone who earns less than 80% of the 2014 HUD median income. The 2015 median in...
As Mortgage Loan Professionals, we learn to deal with stressful issues that are a part of doing business in a government regulated industry.  Over the years, I encountered so many different reasons why a loan didn’t close on time. Here are just a few reasons why a loan is delayed or gets declined...
Quoting a mortgage interest rate is not as easy as one might think. There are several factors that can impact the pricing of an interest rate.First, let’s look at how interest rates are priced based on a lender’s rate sheet. A Par interest rate looks like this: 4% = 100.000. This means that the i...

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.
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