The Mortgage Experts at America's Mortgage

Mortgage and Lending - The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. - NMLS #241555



When someone buys a house at a discount off the appraised value, as many bank-owned or HUD homes are sold, the buyer needs to wait a minimum of 6 months before they will be able to refinance and get any equity out of the property.  More typically, the waiting period is 12 months.    FHA refinance...
Tax time is approaching and many buyers are asking if they can count their tax refund when qualifying for a mortgage.  The answer is yes.  Tax refunds are a legitimate source of funds for a down payment, closing costs, or reserves (money a lender may require a borrower to have left over after the...
We're getting calls every day about the $7500 federal tax credit for first-time home buyers.  To get to the IRS form and the instructions, go to our web site and click on the link at the bottom of the home page.  While you're on our web site, check out all the other information we have available ...
If you have a deal that involves a bank-owned or a HUD home, make sure it is clear who is paying for the owner's title insurance policy and who is paying for the real estate closing fee.  In many of the sales contracts we see, the seller (the bank or HUD) states that they will not pay for these f...
We're often asked how business is going.  Here are four loans we're working on now:   1) The borrower was well qualified except for a debt-to-income ratio that was too high.  He was able to get a gift from a relative and pay off the debt (a furniture loan and 3 credit cards) and then he qualified...
We've had a few borrowers ask this question recently: If I get paid a salary from my family's business and get a W-2, why does the lender need to see my tax returns?   The reason the underwriter needs to see tax returns for a salaried employee of a family business is because they are looking to s...
I usually stay out of the fray when it comes to people suggesting that as professionals, we commit loan fraud to make our lives a bit easier or to close a deal, but I have to speak out on this one.  In a recent post on this site, a mortgage broker/banker suggested that getting a gift from a relat...
Many people are changing jobs these days and we are getting a lot of questions about how long someone must be employed before a lender will use their income. Here are the rules:-- If the borrower is paid as a W-2 employee (not self-employed), then an underwriter will only need to see one pay stub...

Chris Thomas

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