appraisal: The Anatomy of a Mortgage by Dave Your Mortgage Guy - 01/17/13 04:12 AM
I was thinking the other day, about how a mortgage has many parts.  Like the anatomy of the human body.  And I thought it was important to go over them.   Here is the list of the major parts of your mortgage and an explanation of them: 
1.      Credit- Every type of mortgage requires a minimum credit score.  As an example, many lenders require a credit score of 640 for FHA loans.    But I can actually do FHA loans with credit scores as low as 580.  But there is more to the credit part than just score.  The underwriter will also review … (3 comments)

appraisal: Are You Thinking of Buying the Home Your in? 4 Things You Should Do - 07/15/12 04:29 AM
If you are buying the home you are renting, there are 4 things you should take in to consideration:
1.      Use a Title Company.  No Matter how much you like the seller’s or even if they are family, you should use a title company.  A title company makes sure the ownership of the home switches to you with none of the baggage of the seller’s.  Such as Liens on the property.  The Title company will also make sure your ownership is recorded.  This is extremely important since it officially makes you the owner.  And if you are getting a mortgage to … (0 comments)

appraisal: The Appraisal Form 2055 or 2075, Could Save Your DEAL! - 06/12/12 09:04 AM
In this market, it is important to know every mortgage program possible.  So you can be quick to come up with a plan for problems.  When there are some issues to think about: no flooring, dry wall issues, foundation problems, etc.  How would you get around these, when any lender would require them to be repaired?  Ask the Seller to repair them, maybe…..  but good luck.  One way to answer this problem is the Appraisal Form 2055 or 2075.  Let’s go over a short explanation of both:
2055- This form is a little shorter then Appraisal form 1044(the full complete appraisal) … (3 comments)

appraisal: VA Appraisals now need Interior Photos and other changes on Value Assessments - 01/06/12 04:06 AM
The VA has recently made two major announcements in regards to Appraisals.  Here are the two changes:
1.     Interior Photos are now needed- This is not a major change since interior photos are needed on appraisals for FHA and Conventional.  The appraiser know must include photos of at least the: Kitchen, all bedrooms, main living area, examples of physical deterioration, examples of upgrades, restoration  and improvements. 
2.     Value Assessment- This one is a little bit more tricky.  In the past, the Lender’s Staff Appraisal Review(SAR) could give a value of 5% more or less than the VA appraisal value.  So … (3 comments)

appraisal: HomePath Mortgage vs FHA Loan- Which is best for you? - 01/03/12 08:20 AM
 
Often I am asked which is a better loan for a homebuyer, A HomePath Mortgage or a FHA Loan?  It is actually not a clean cut answer for everyone.  So I wanted to take the time to go over the benefits of each.  And what you need to think about when making a decision between a HomePath or FHA mortgage.  Keep in mind this is only in regards to buying a Fannie Mae Foreclosure. 
HomePath Mortgage
The HomePath Mortgage Program is a GREAT program if you are looking to only purchase a  Fannie Mae foreclosure.  The benefits are:
No mortgage insurance- … (7 comments)

appraisal: 6 Myths that are NOT True about FHA Loans. - 10/24/11 07:39 AM
 
Even thou FHA loans have become hugely popular in the last 2yrs, I still hear myths about them that are just not true.  Here are the 6 most popular myths I hear and the truth:
 
1.      “FHA loans are for folks with bad credit”- This is not true.  I do many FHA loans where the client has a 680 score or even higher.  There are many benefits to a FHA loan vs a conventional, low down payment, looser underwriting guidelines and many times the FHA rate is even lower.  Compared to a Conventional loan.
2.      “FHA inspects the Property, … (9 comments)

appraisal: 7 GREAT Benefits EVERY BUYER Needs To Know About FHA LOANS in Texas - 08/26/11 05:06 AM
7 Great Benefits to FHA loans  #3 is a huge benefit.  Your parents can cosign for you!!  And the FHA Appraisals are NOT more difficult.  www.DaveYourMortgageGuy.com   
FHA mortgages are the best thing out there. Now representing over 40% of the market in this economy, this once dinasour of a program that was thought to be near extinction is now the buzz for most home buyers. What does FHA give you as a homebuyer?
The loan is assumable. If you want to, when you sell your home, you can get your mortgage to be assumed by future homebuyers. If rates climb to … (2 comments)

appraisal: Get to Know The Steps of Your Mortgage Process. - 06/17/11 07:11 AM
When getting a mortgage there are steps you will go thru.  This article will go over the Steps of your Mortgage process and what you need to know.  Here it is:
  
1.Applying for Your Loan- At this point you have decided to apply for your Loan.  You will contact your Mortgage Professional(ME!) and do a loan application.  It maybe online or you may give your information over the phone.  Before applying do your research:
         Ask for a Referral from a Realtor or a close friend          Read their Testimonials          Google Your choice, do some research before making a … (4 comments)

appraisal: When Refinancing your Mortgage do lenders/banks base your home value off of the Appraisal District Value? Nope - 12/09/10 08:58 AM
When you are refinancing your mortgage the underwriter will need a value for your home.  Many people believe this value is the same as your County Appraisal District value, the same that is used for property taxes.  This is not true.  Instead there is a  separate appraisal ordered and this new appraisal decides your home's value.  The reason why is that the county appraisal district uses comparable home sales within the last 12-18+ to decide a value(per Fort Bend County Appraisal District).  Why the appraisal needed for your appraisal uses comparable homes sales within 3-6mths (depending on how many homes sales … (0 comments)

appraisal: How to Read Your Appraisal Report, Houston Texas - 12/01/10 03:41 AM
I recently came a cross a great video by Choice Point Appraisals.  It goes over all pages of a general appraisal.  If you are not familiar with appraisal reports, this is a great step by step video.   Keep in mind there are different types of appraisals, for information on the different types check out Appraisal Types. Please call or email me with any questions. 
(0 comments)

appraisal: Know your Appraisal options. Appraisal Form 1004, 2055, 2075 - 10/28/10 07:43 AM
When doing a mortgage you need to pay for an appraisal.  This is part of the mortgage process.  But, there are times where you can choose to use different appraisal forms.  These different forms offer different information that the lender requires and there are different costs for these different appraisals.  Here is an explanation of the major appraisal forms and their benefits:
 
1004- this is the complete full appraisal.  It uses comparable sales to decide a value.  It will include the appraiser coming out to your home and doing interior and exterior photos.   The majority of mortgages require this appraisal. 2055- … (1 comments)

appraisal: When will the appraisal HVCC process expire or be terminated??? - 10/14/10 02:43 AM
I get this question quite frequently so I thought it prudent to issue the following answer:
 
The new Consumer Protection Agency created by the Dodd-Frank bill stipulated that the agency must "rewrite" (not eliminate) the Appraisal Independence Standards within 90 days of the President signing the bill into law.
 
Upon its effective date, the new standards will replace HVCC and its provisions supersede those created by HVCC .  However, many misunderstand this to mean since HVCC is being terminated, none of its provisions will survive.  That is not the case.  As I understand it, the intent of rewriting the … (2 comments)

appraisal: Fort Bend County Appraisal District getting sued for not using Foreclosures to get values - 08/09/10 12:31 PM
Currently the Fort Bend County Central Appraisal District is being sued by several Richmond residents.  They accuse the appraisal district of not considering foreclosures when appraising the properties.  By not using foreclosures they are not getting a true value to tax.  Since foreclosures many times sell for less then a resale home, these foreclosure could decrease the tax value of many residents homes.    
Attorney David Showalter had this to say "FBCAD has repeatedly failed to comply with the statute which provides that the chief appraiser may not exclude from consideration the value of the other residential property in the same … (0 comments)

appraisal: FHA 90 day rule(anti flipping) has changed. And its good news. A must Read - 03/03/10 10:32 AM
The 90 day rule for FHA loans is this: the seller must have owned the home for at least 90 days before selling it to a buyer who is using FHA financing.  A while back they removed bank foreclosures from this rule.  Now they have allowed individual sellers to sell their home before 90 days.  This is GREAT news.  But there is some things to know and consider:
 
FHA rule is they allow the seller to technically double what they bought the property for.  But over 100% will require a 2nd appraisal I can tell you for a fact, most … (2 comments)

appraisal: Ordering a Second appraisal for an FHA loan - 01/18/10 07:35 AM
With FHA following the HVCC process, they have put into affect guidelines on when a second appraisal can be ordered.  This is for clients that switch from one lender to another.  Here they are:
1. The first appraisal has errors or is incomplete
2. The appraiser on the 1st appraisal is 'banned" or "black listed" on the 2nd lender's appraiser list
3. The first mortgage company does not transfer it to the 2nd mortgage company or does not do it in a timely manner.  Lets be honest this is a grey area.  But, this is where I would get FHA involved to … (0 comments)

 
David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending) Rainmaker large

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

More about me…

www.DaveYourMortgageGuy.com - Legend Lending

Address: Serving Harris, Fort Bend, Montgomery, Brazoria County, Houston, Katy, Sugar Land, Pearland, The Woodlands or anywhere in Texas!

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