home buying: Answer to Question - 530 credit score - 11/30/16 01:23 PM
Question: I have a 530 credit score and was told that I can get an FHA loan with a substantial down payment but the lender is giving me a hard time in getting the loan. What’s going on?
First, let’s understand what a 530 credit report looks like? Several factors can bring a score down that low (300 is the lowest). Perhaps the person has 1 credit card and 5 collection accounts that are currently reporting as delinquent. Almost always, collection account balances match the credit limit which further lowers the score. The person may have several collection accounts and no open … (2 comments)

home buying: Subprime? Why Not? - 09/29/16 07:21 AM
Sub-prime lending is a much better option than Private or Hard money lending - if you qualify.
For a few years, I stopped doing conventional lending and switched to Hard and Private money lending. Hard money is hard cash. It requires 35% down, demands repayment within 6 to 12 months and rates can be pretty high (as high as 18%)! Private money may require less money down (maybe 20%), repayment may be 30 years and rates are usually around 8-12%. However, Private money is hard to find these days with the government making it harder for private people to lend money on primary … (1 comments)

home buying: Home Buying - From start to finish - 09/09/16 07:23 AM
If you are a first time home buyer, not knowing what to expect can be a little stressful. You may or may not encounter the process listed below. Hopefully the information below will give you an idea of what to expect.
         Find an area where you would like to live. The wider the area, the better chance of finding a home          Contact a Realtor OR Contact a lender (preferably me) who can refer you to a Realtor          Gather the following documents: Most recent pay stub, most recent bank statement, last 2 years federal tax returns, last 2 years … (1 comments)

home buying: Understanding Debt and Mortgages - 07/20/16 05:15 AM
Debt
According to Nerdwallet.com, in 2015 the average American household owed over $15,000 in credit card debt, over $25,000 in auto loan debt and over $45,000 in student loan debt. That’s just 3 items! At the bottom of this blog, I’ll give some ideas of how to pay off your debt and how to make some extra money to pay off debt! Here is some information regarding debt and mortgages.
        For every $50 spent on monthly debt = about $10,000 of purchase money. Think about that the next time you decide to buy a car first         Credit card interest is … (0 comments)

home buying: Knowing this can keep a disaster from happening - 04/18/16 10:41 PM
Failure to check these things out can break a deal before it hits the Processor’s desk so it’s important to know that the Loan Officer did his or her due diligence in pre-qualifying the buyer.
Disputed accounts
When an account is disputed, any negative or positive impact on the score is removed. That means that the score given by the credit bureau may not be the actual score. Why? Because the applicant is stating that the account is inaccurate and therefore the bureau is required to keep the negative or positive account out of the credit score.
Ever wonder why the credit scores from … (1 comments)

home buying: FHLB - Down Payment Assistance - 01/12/16 05:57 AM
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 Columbia
FHLBATL.com
Who Qualifies: Anyone who earns less than 80% of the 2014 HUD median income. The 2015 median income is not available until 03/2016:  https://www.huduser.gov/portal/datasets/il/il2014/select_Geography.odn
Programs: Multiple
First home buyer Program (First time home buyer means not on title in last 3 years) requires minimum $1000 investment. Grant matches $4000 for every $1000. Maximum of $5000 with $1250 investment for first time home buyer program for down payment and closing costs.
Community Program for 1st time and non-first time buyers who work: … (0 comments)

home buying: Delay of Game! Mortgage Loan - 01/12/16 03:59 AM
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.
Tax returns (in most cases) must be submitted for the last 2 or 3 years. The tax returns must be validated by the IRS.  If Congress shuts the IRS down just before or just after the new year, the time frame to validate the returns, extends out. If the … (0 comments)

home buying: Quoting an Interest Rate is a Loaded Question - 01/12/16 01:23 AM
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 interest rate quoted neither costs money to obtain it nor does it give a credit back to the borrower. Credits can be used to pay closing costs.
Bank 123 may offer an interest rate of 4% with pricing at 100.000 for a $100,000 loan and an interest rate … (12 comments)

 
Bill Polack, Bilingual Spanish Loan Officer in Southeast US. (First Option Mortgage)

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.

Suwanee, GA

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First Option Mortgage

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