Dan Thierry's Blog

Mortgage and Lending - Millenium Home Mortgage LLC - NMLS # 132253
Self employed applicants for a home mortgage loan are income qualified based on the business net profit from the income tax returns.  New rules and laws require lenders to verify a borrower's ability to repay the loan by this method.    Sometimes self employed mortgage loan applicants are penaliz...
Someone asked me for an interest-only rate the other day and I was a little shocked.  Mostly, people have heard and read enough about the problems in the mortgage industry to steer clear of ARMs and interest only loans. There is a place and time for those loans.  There always was, but never the n...
I own a vacant house in the boondocks that went under contract to sell eight weeks ago.  We were supposed to close Tuesday.   Everything was going great they all said.  Instinctively wary, I spoke to the buyer's loan officer Monday, at her invitation, and she said we were in line for closing docs...
Does anyone else think credit of all kinds was just too loose and easy? We do not want those days back, right? The combined credit card debt of Americans built to $1 trillion as the savings rate dropping into negative territory.  Buy it fast, buy it now!  Right from college into a McMansion with ...
-nearly 15% of FHA insured loans are 30 days late or more (MBA) -when subprime vanished, FHA became the loan of choice for credit-challenged cases -as MI companies, Fannie Mae and Freddie Mac became more restrictive FHA became a more attractive program for many borrowers including some with stron...
Not only does that just feel right,I really think it is true.  Certainly, the past has demonstrated that.  Not a big Robert Kiyosoki fan, but didnt he get rich buying real estate in California when the market was dismal?  I imagine many people who own a lot of real estate in towns and citites acr...
Fair Isaac, the creator of the fico scoring model, reports the following factors determine a fico credit score: 35% payment history 30% balances owed 15% length of history 10% new credit 10% types of credit used The percentages reflect how important each of these factors are.  See any surprises t...
The details are out by now.  Essentially this $7,500 income tax credit for first time home buyers is a fifteen year interest free loan.  SOUND THE TRUMPETS At first I was admittedly a little disappointed that the tax credit was really a loan, but I have come to realize that this is still a great ...
I just received another notice from a major lender that is dropping their stated income (no income verification) home loan program.  This is the third top ten lender to drop these programs this month.  There are only a handful of lenders left and I think the end is near for these programs - too m...
In most states, consumers are entitled to a free copy of their credit report every twelve months..   The report is available online at www.annualcreditreport.com.  This is the official website sponsored by the three major credit bureaus for this purpose. The free credit report does not come with ...

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