mortgage tips: FHA Loan Now and Conventional Loan Later? - 10/14/13 12:03 AM
As you probably know by now, mortgage insurance never goes away with FHA loans, unless you put 10% or more down.  Even with 10% or more down, it still lasts for 11 years.  This rule went into effect in June, and it really makes FHA loans pretty unattractive for a lot of people.  
 
The one real big advantage of FHA loans is that everyone pays the same interest rate, regardless of credit scores.  With conventional loans, the lower your credit score, the higher your interest rate, which makes conventional loans pretty unattractive for a lot of people.
 
Buyers … (0 comments)

mortgage tips: Oct 8 Update: Government Shutdown and Loan Closings - 10/08/13 03:39 AM
Here is the latest information about how the government shutdown is affecting loan closings.
 
The IRS is not processing requests for tax transcripts, which are normally required to be in the loan file before the loan can be underwritten.  However, lenders are temporarily underwriting loans without having tax transcripts in the file.  Most lenders are allowing loans to close without the transcripts, but a few are still requiring the transcripts to be in the file before issuing the final approval.  Just about all lenders are now requiring that copies of the borrower's actual tax returns (not the tax transcripts) … (1 comments)

mortgage tips: Will the Government Shutdown Affect My Closing? - 10/02/13 01:55 AM
How will the government shutdown affect mortgages?  Will closings be delayed?
 
Here's what we know at the moment:
 
All of the online systems for Fannie Mae, Freddie Mac, FHA, and VA are operating normally.  
 
USDA rural loans, which are very uncommon in the Metro-Denver area, will be delayed because the USDA loan department is shut down.
 
There will be delays on all types of loans because the IRS is not processing requests for tax transcripts (which are required on all loans), and the Social Security Administration is not processing requests for verification of Social Security numbers … (0 comments)

mortgage tips: Don't Forget About the Property Tax Credit - 09/23/13 07:47 AM
Now that we're almost into the fourth quarter of the year, it's a good time to remember that the property tax credit the seller gives to the buyer will affect the amount of money the buyer needs for closing costs. 
 
At the closing, the seller will credit the buyer one day of taxes from January 1 until the closing date.  If the taxes on a property are $2,400 a year, the tax credit will be about $2,000 if the closing is at the end of October, and about $200 more every month after that.
 
If the buyer is asking the seller to pay some of the buyer's closing … (3 comments)

mortgage tips: Jumbo Loans with Only 10% Down - 09/17/13 12:36 AM
Did you know that we sell jumbo loans (loans for more than $417,000) and we only require 10% down?  Did you know that we have some of the lowest closing costs around for jumbo loans?
 
Need a jumbo loan for a client or for yourself?  Give us a call.
 
Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!
 
Make sure you check out our web site:
www.mtgsupportservices.com
 
And check out all … (0 comments)

mortgage tips: Are 3% Down Loans Going Away? - 09/12/13 03:44 AM
You may have heard that 3% down conventional loans are going away on November 16.  That's true, except when it's not.  Here's when it's not true:
 
The Colorado Housing and Finance Authority (CHFA) has a conventional loan program that only requires 3% down.  It will NOT go away on November 16.
 
Here’s what you need to know:
Only 3% down and the down payment can be a gift from a relative There is no mortgage insurance 30-year, fixed rate mortgage This is for owner-occupied properties only The borrower cannot own any other properties No condos, but townhouses are OK … (20 comments)

mortgage tips: The FHA Condominium Approval Process - 09/06/13 02:02 AM
Want to know more about how FHA approves a condominium? Sign up for this webinar being presented by HUD.
 
Webinar Course Title:  FHA Condominium Approval Process
                 
Date/Time:  September 18, 2013 1:30 pm – 3:00 pm Eastern
 
Location:  On-line Webinar – No Fee
 
Event Pre-registration link:  http://www.hud.gov/emarc/index.cfm?fuseaction=emar.registrationHome
 
Description:  FREE WEBINAR TRAINING – Online registration required.  The Program Support Division is sponsoring a webinar on FHA Condominium Approval Process; we will discuss the process itself, determining project eligibility, the loan level requirements, liabilities/monitoring, and lender requirements.  This webinar is designed for underwriters, loan officers, processors, brokers, agents, … (1 comments)

mortgage tips: Feeling Alone at Closings? - 09/06/13 01:57 AM
Did you know that we attend 100% of our closings?  We're always there to answer anyone's questions.
 
Like the idea of having the lender at the closing?  Then give us a call and see how smooth lending can be when it's done right.
 
We sell all kinds of loans: conventional, FHA, VA, CHFA, and we even have a loan that only requires 3% down and it doesn't have any mortgage insurance!
 
Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!! Call us if you want to use … (1 comments)

mortgage tips: Closing Costs, Down Payments, DTI, and FHA Reference Guides - 09/03/13 04:08 AM
Have you seen the reference sheets we have on Seller-Paid Closing Costs, Down Payments, Debt-to-Income Ratios, and FHA Loans?
 
They're all on our web site (the links are near the bottom of the home page), and they will make your job easier.
 
Here's the link to our web site:
www.mtgsupportservices.com
 
We sell all kinds of loans: conventional, FHA, VA, CHFA, and even have a loan that only requires 3% down and it doesn't have any mortgage insurance!
 
Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!! … (0 comments)

mortgage tips: FHA Reference Guide - 08/28/13 08:39 PM
Have questions about FHA loans?  We have a link to an FHA Quick Reference Guide on our web site that will help you out.  Here's the link to our web site.  Look for the FHA Quick Reference Guide near the bottom of the home page.
 
www.mtgsupportservices.com
 
Or, you can click here to go directly to the FHA Quick Reference Guide.
 
We sell all kinds of loans: conventional, FHA, VA, CHFA, and even have a loan that only requires 3% down and it doesn't have any mortgage insurance!
 
Getting a loan approved is easy - if you know … (1 comments)

mortgage tips: Only 3% Down and NO Mortgage Insurance - 08/22/13 01:19 AM
Did you know that you can buy a house for only 3% down, with absolutely NO mortgage insurance?  We’re not talking about mortgage insurance that is hidden in the interest rate – we mean NO mortgage insurance! 
 
Not every lender is allowed to offer these loans, but we are. 
 
Here’s what you need to know:
Only 3% down and the down payment can be a gift from a relative There is no mortgage insurance 30-year, fixed rate mortgage This is for owner-occupied properties only The borrower cannot own any other properties No condos, but townhouses are OK … (3 comments)

mortgage tips: Down Payment Reference Sheet - 08/21/13 02:11 AM
There is a lot of confusion regarding the latest down payment requirements.  Here's how to avoid that confusion forever!
 
We have a reference sheet on Down Payment Requirements on our web site (near the bottom of the home page).  Here's the link to our web site:
www.mtgsupportservices.com
 
Or, you can get to the reference sheet directly by clicking here.
 
Call us if you want to use the best lenders in Colorado!
 
Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  
 
Make sure you … (0 comments)

mortgage tips: When Does Second Job Income Count? - 08/20/13 03:41 AM
Many people have second jobs these days and we are often asked when that income counts towards qualifying for a mortgage.  Here are the rules:
 
Second job income (whether part-time or full-time) can only be counted towards qualifying for a mortgage if the borrower has had both jobs (primary job and second job) for a full two years.
 
If the borrower has had the second job for less than two years, then only the income from their primary job can be counted.
 
Have questions about income or anything else related to mortgages?  Give us a call and get the correct answer the first time.
 
 
Getting … (0 comments)

mortgage tips: When Does Mortgage Insurance Go Away? - 08/19/13 03:13 AM
There is a lot of confusion regarding when mortgage insurance goes away these days.  Here's what you need to know:
 
If the loan is a conventional loan (meaning it is NOT an FHA loan), then mortgage insurance goes away once the borrower has 22% equity in the property (based on the purchase price).  
 
A borrower can request that the mortgage insurance go away if they have 20% equity in the property, but they will need to pay for a new appraisal to prove that they have 20% equity.  The equity in this case is based on the appraised … (2 comments)

mortgage tips: How to Find the Correct Property Address - 08/16/13 08:43 AM
Here's a great way to avoid having to amend sales contracts. 
 
Before approving a loan for closing, underwriters need to make sure the address that is on the sales contract is the correct address.  If the address is incorrect, the sales contract will need to be amended to show the correct address, and that can cause unnecessary delays. 
 
The address that shows on the title commitment is NOT the official address, so if for some reason you have the title commitment before writing the contract, you can't rely on that address. 
 
Underwriters use the United States Postal Service … (1 comments)

mortgage tips: Mortgage Insurance is Easier to Get - 08/15/13 02:33 AM
Did you know that the underwriting overlays for mortgage insurance have been removed?  That means you can get mortgage insurance for a conventional loan without worrying about additional rules that the mortgage insurance company may impose. 
 
All you need is an approval from the Fannie Mae underwriting software and you are automatically approved for private mortgage insurance.  
 
 
Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!
 
 
Make sure you check out … (1 comments)

mortgage tips: Debt-to-Income Reference Sheet - 08/14/13 08:19 AM
Lenders use a ratio called the Debt-to-Income ratio (referred to as the DTI) to determine whether a borrower makes enough money to qualify for a loan.  
 
Different loan types have different DTI ratios.  We have the current DTI ratios for different types of loans posted on our web site near the bottom of the home page.  Here is the link to our web site:
 
www.mtgsupportservices.com
 
Or, you can get to the DTI reference sheet directly by clicking here.
 
Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what … (0 comments)

mortgage tips: FHA Mortgage Insurance Is Going Up - 11/27/12 05:54 AM
FHA will be raising their mortgage insurance rates sometime in 2013.  For loans with the minimum down payment of 3.5%, the annual mortgage insurance rate will go up from 1.25% to 1.35%.  For a $200,000 loan, that means the monthly payment will go up by $16.67. 
 
Also, FHA has announced that the mortgage insurance will no longer go away when the borrower has 22% equity in the property.  Instead, it will remain in effect until the loan is paid in full.
 
It is important to keep in mind that with FHA loans, the mortgage insurance is based on the remaining loan balance, … (1 comments)

mortgage tips: Crazy New Fannie Mae Underwriting Guidelines - 11/27/12 05:51 AM
On November 13, Fannie Mae changed the rules for getting a cash-out refinance for people with 5-10 financed properties.  Effective immediately, you can no longer get a cash-out refinance on a second home or an investment property if you have more than 4 financed properties.  The only exception to this is if you purchased the property within the previous 6 months.
 
This is a Fannie Mae rule, so any lender that sells their loans to Fannie Mae has to follow it. 
 
What does this mean for someone who has equity in an investment property?  It means you can't touch … (0 comments)

mortgage tips: Can You Change Loan Programs After You Sign a Sales Contract? - 11/27/12 05:48 AM
A lot of people ask us if it's OK to change loan programs after they have signed a sales contract to buy a house.  For example, can someone change from an FHA loan to a conventional loan?
 
Although the sales contract may stipulate which types of loans are acceptable, we have NEVER seen a seller back out of a deal because the buyer wanted to change the type of loan.  If a buyer wants to change loans and it is a concern, the best thing to do would be to get an amendment to the contract signed by both the … (0 comments)

 
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Chris Thomas

Denver, CO

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The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co.

Office: (303) 345-3683

Fax: (720) 208-0676

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