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
Here are the main differences between conventional loans and FHA loans:   Conventional Loans Minimum down payment is 3% of the purchase price.  You can get a cheaper rate if you put 5% down. You need mortgage insurance if you don't have 20% down.  The mortgage insurance is paid to a Private Mortg...
Here are the latest down payment requirements for mortgages in the US:   Primary residence (your main house): 3% for conventional loans 3.5% for FHA loans 0% for VA loans With primary residences, you can get a gift from a relative to cover the down payment!   Second homes (a second home that you ...
People often ask us if their net worth affects whether they will be approved for a mortgage.  The simple answer is NO.   Net worth is defined as a borrower's assets minus their liabilities.  In other words, their net worth is the value of the things they own (including money in the bank) minus th...
"I don't sign my name that way!"  Is that a common complaint from your buyers at closings?   We hear it all the time.   Did you know that the lender and the title company take the buyers' names from the sales contract?    If you want to make your closings just a little bit easier and keep your bu...
Fannie Mae just announced some changes to their underwriting guidelines.  Here are a few of the most note-worthy: The maximum loan-to-value (LTV) and combined loan-to-value (CLTV) ratios for adjustable rate mortgages (ARMs) is being lowered from 97% to 90% for 1-unit, primary residences for purch...
One of the most common questions we are asked is, "How much money do I need in the bank to buy a house?"   If you don't own any other properties other than the house you're going to buy, then all you need is enough money to pay for the down payment and the closing costs.  If the seller is going t...
FHA has changed their underwriting guidelines regarding collection accounts.  They instituted a new requirement earlier this year that made borrowers pay off collection accounts if the total of all collection accounts showing on a credit report was $1,000 or greater.     However, effective immedi...
We don't often use this space to promote other businesses, but we're making an exception today. Kyla DeTienne, an entrepreneur I met through the Rocky Mountain MicroFinance Institute, is having a grand opening celebration this Friday at her new clothing boutique. Kyla is a dynamic young business ...
Fannie Mae, the company that writes the underwriting guidelines for conventional loans, has made some changes to the income guidelines.The most significant changes involve variable income. Fannie Mae now explicitly describes "how lenders should evaluate, document, and calculate income that fluctu...
People are always asking us if stated income loans are back. For those of you who are new to the real estate business, a stated income loan allows a borrower to simply "state" their income. In other words, the borrower does not have to document their income with pay stubs. Instead, they just make...

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