mortgage: 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)

mortgage: When To Buy When Money's Tight - 08/26/16 06:25 AM
When to buy a home – Financially speaking
         The best time of the year to buy a home may depend on your current situation (employment, kids in school, rent expiring).            Most people prefer to buy a home between April and August or from November to December. However, during this time, since most people are looking to buy, demand is higher which tends to drive prices up.          During the off-months, there is less demand and therefore prices tend to drop, however, there may be less to choose from.          As always, interest rates fluctuate throughout the year and … (2 comments)

mortgage: What you should know about Down Payment Assistance - 07/26/16 05:04 AM
Down Payment Assistance (DPA) is a program offered by many “non-profit” institutions and government entities that provides First Time Homebuyers and non-First Time Homebuyers money to be used to pay for the Down Payment or Closing Costs and Prepaid Items necessary in buying a home. In most cases, the type of loans associated with DPA are government backed loans (FHA, VA), Fannie Mae’s HomeReady Program and Freddie Mac’s HomeSteps Program. There are thousands of companies and government entities offering DPA programs:
         Loan Officers tend to pre-qualify a person without taking into account the guideline requirements of DPA programs. Make sure … (2 comments)

mortgage: Understanding Debt and Mortgages - 07/20/16 05:15 AM
According to, 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)

mortgage: What you should know about Credit and Mortgages - 07/14/16 05:31 AM
In a world of easy access to the internet, I’m amazed at how difficult it still is to find information about obtaining a mortgage loan. I guess there isn’t a one stop site to address this stuff and Loan Officers are so regulated that we’re not allowed to post it on our websites. Luckily we have sites like Active Rain which allows us to post this information.  
I’ve probably blogged this before, but I feel compelled to write it again. After the last few months of doing loans and not being to close most of them, I find myself having to … (3 comments)

mortgage: Does New Law on Student Loans hurt Millennials? - 07/12/16 03:18 AM
On September 14th, 2015 the Federal Housing Authority (FHA) changed its rules on the calculation of student loan debt as it refers to the Debt-To-Income (DTI) calculation when qualifying a buyer for a mortgage (see table below). It used to be that if a student loan was in deferment for more than 1 year, the student loan payment would not be counted against the income of the buyer. This would allow the buyer to borrower more money since for every $50 spent on a student loan payment equals about $10,000 of purchase power.
Is this a good thing? 
The argument: When a student … (3 comments)

mortgage: YSP is a 4 letter word - 03/07/16 05:18 AM
Ask a Mortgage Lender how much he/she makes in YSP (Yield Spread Premium) and you may find yourself escorted out of the building. The term YSP was eradicated by the Obama Administration and just mentioning those letters may result in 20 years imprisonment and a $1 billion fine! Okay, not really, but it is forbidden to say the words which should not be spoken. So, while you read this, read to yourself. Don't read it aloud if you are near a financinal institution. You've been warned.
Back before the turn of the Millennium and up to 2008, Yield Spread Premium (YSP) was … (0 comments)

mortgage: What You Should Know About Disputed Credit Accounts - 01/21/16 04:12 AM
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 or Experian) sends the disputed information to the Creditor who has 30 days to investigate the account and make the update, otherwise the account must be deleted from the credit file.   
One reason for delaying the pre-qualification of a buyer is due to a disputed credit account. If … (1 comments)

mortgage: FHA vs FNMA HomeReady Program - 01/13/16 03:44 AM
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 Insurance
LTV - Loan To Value
DPA - Down Payment Assistance
First Time Homebuyer - Not on title in previous 3 years
Per Bank - Use Bank guidelines

mortgage: 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
Who Qualifies: Anyone who earns less than 80% of the 2014 HUD median income. The 2015 median income is not available until 03/2016:
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)

mortgage: 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)

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

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.

Suwanee, GA

More about me…

First Option Mortgage

Mobile: (404) 644 - 3295

Office: (404) 644 - 3295



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