prequalification: 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)

prequalification: 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)

prequalification: 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)

prequalification: A Zero Credit Balance doesn't always mean Zero - 01/22/16 06:34 AM
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 payments are not forgiven) and must be approved by the bankruptcy court. Since 2005, an income test has been used to determine if the person (Debtor) qualifies for Chapter 7.  If the Debtor does not qualify, then Chapter 13, repayment, is a better option. Chapter 7 requires certain estate assets to be dissolved before completing … (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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