underwriting requirements: Yep - We'll Take a Thumbprint of Your Second Child, Too
- 02/02/10 07:26 AM
If you purchased a home in 2005 and find yourself in the enviable position of purchasing again now... you might be surprised by some of the ways the mortgage process has changed. Oh Sure... you've heard that it's hard to get a mortgage, but you've got 800 credit scores, a ten year job, cash in the bank (2.5 kids AND a dog!)! You might think the stories about a tough time getting a mortgage is all about those "other" poor souls. These days... it doesn't matter how much money you make, what a great deal you got on the house - … (47 comments)
underwriting requirements: If You Are Thinkin' $8000 and USDA Home Loans... 1 Word - "HURRY!"
- 08/24/09 11:42 AM
We are seeing many customers purchasing in our area using the USDA Home Loan - Rural Development Program. It does not require that you purchase a farm, although it does restrict the purchase to more rural areas. In the Triangle, meaning Wake, Franklin, Durham, Orange, Johnston and Harnett Counties - we have several USDA Offices. Why would you care where the USDA Offices are? Because, unlike ANY OTHER LOAN PROGRAM, USDA Home Loans must be "re-underwritten" by the folks at the office assigned for your county. No switching to an office that might not be as busy... you go to the … (3 comments)
underwriting requirements: Latest And Greatest Underwriting Changes for October, 2008
- 10/03/08 05:37 AM
We could think of this as the latest effort to make Main Street feel more comfortable about the "assets" we are holding in Fannie and Freddie (and I guess that extra 700 Billion too)... but anyway you look at it, mortgage lending rules are getting tighter. See that guy balancing on one foot, on a tightrope while playing the fiddle at night? He's got it E-A-S-Y! Effective October 10, 2008 Mortgage Insurance on Investment Property is no longer available. Period, End of Story - better have 25% to put down. MI Companies are also tightening the Debt to Income (DTI)requirements - meaning that … (6 comments)
If you purchased a home in 2005 and find yourself in the enviable position of purchasing again now... you might be surprised by some of the ways the mortgage process has changed.
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