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
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.   Or, you can click here to go directly ...
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 ...
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:   Or, ...
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 ...
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)...
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 addres...
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 under...
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 b...
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 ...
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...

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