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
In a press release dated August 5, 2010, FHA Commissioner David Stevens announced that effective September 7, 2010, FHA intends to lower the up-front mortgage insurance premium from 2.25% to 1.00%.  At the same time, FHA will increase the monthly mortgage insurance premium from .55% to .90% for l...
3% down payment mortgages from Fannie Mae are still available!  They never went away!    They're called Flexible mortgages and the "flexible" part means that the 3% down payment can come from what Fannie Mae calls "flexible" sources.  Gifts or loans from relatives are the two most common sources ...
One of the most common questions we get asked is "What is the property tax credit and how is it calculated?"Property taxes are paid in arrears in Colorado, meaning the property taxes for this year are paid to the county next year. If you buy a house on August 15, 2010, then the property taxes for...
"Why does a lender want to see my bank statements?"  Here are the reasons that lenders ask to see a borrower's bank statements: They need to verify that the money being used for the down payment and closing costs really belongs to the borrower.  If there are deposits that came from sources other ...
Buyers often ask us if the earnest money check they write when they make an offer on a house is part of the down payment. The answer is YES.  The earnest money check is a good-faith deposit to demonstrate to the seller that the buyer is serious about the transaction.  If the transaction closes, t...
I cringe when I read some posts on Active Rain because some of the advice is just plain wrong.  Making it worse is the almost universal agreement by the people who comment on the posts: "Great advice" is the usual comment.  Folks, check the facts before posting.  It seems that many of us are in s...
Can all lenders sell purchase loans AND refinance loans?  That's a common question and the answer is YES.  Unless a lender only deals in a very small niche (fix and flip loans, hard money loans, etc.) they can sell loans for both purchase and refinance transactions. The underwriting guidelines ar...
Now that the Wall Street Reform and Consumer Protection Act (the new finance reform law) has been passed by Congress, we're getting many questions about how this new law is going to affect the lending and real estate industries.  The specifics of the new law will only be known when the new Bureau...
I just read a featured post of AR that says lenders are no longer allowed to issue pre-approvals.  Most people who commented believed this nonsense.  The truth is that pre-approvals are allowed.  Please refer to the RESPA FAQ's that are published by HUD.  Here is the link to the most current vers...
Now that Fannie Mae "recommends" that all lenders pull a new credit report right before closing (meaning "do it or else we won't buy the loan"), there is much concern about whether the extra credit pull will lower a borrower's credit scores.   The short answer is NO, provided the report is "refre...

Chris Thomas

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