charlotte nc: S L O O O O W W W FHA?
- 04/29/08 08:10 AM
One of the biggest complaints from Realtors today is that it seems to be taking forever to close a loan, especially the FHA mortgage loans. The average turn time to get a loan submission through underwriting is roughly 21 business days... only counting business days means that's a month! One of the main reasons for the slower processing of FHA mortgage loan submissions is that too many mortgage brokers that only did subprime mortgages are trying to convert these loans to an FHA mortgage. FHA is not subprime, and while too many past buyers that could have gone FHA were sent to … (3 comments)
charlotte nc: FHA gets Relaxed
- 03/31/08 09:37 AM
FHA Underwriting Relaxes a bit.... To help ensure that only the best credit risks were able to buy these homes in declining markets using DPA's, many FHA mortgage lenders have imposed high credit score requirements. One major lender placed a credit score requirement of 680 for this type of FHA mortgage loan using down payment assistance. Well, today they announced a relaxation of this requirement.... Read more about: FHA Mortgage Loans … (0 comments)
charlotte nc: Poor Man's Loan? I don't think so!
- 03/24/08 04:53 AM
I don't know about everywhere else in the country, but in my area it seems that the FHA mortgage is seen as a "poor man's loan." However, this is not the case. FHA mortgage loans in Charlotte North Carolina now have limits up to $303,750. That is pretty substancial. But to think of the FHA mortgage as something specifially for the "poor" is misleading. Some of the reasons for this misconception may have to do with the industry itself. So many lenders have touted the FHA mortgage as the perfect loan for first time home buyers. And while this is true, the … (2 comments)
charlotte nc: What's taking so long???
- 03/21/08 02:22 AM
FHA Underwriting Taking Longer Traditionally, you could put 30 days on a sales contract and have plenty of time. But be aware of a growing trend... extended underwriting turn times. On average, most lenders are experiencing 7-10 business day turn times on FHA mortgage submissions. This means that it can take up to 2 weeks from the date of file submission for an underwriter to actually get to and review the file. This is due to the overwhelming demand on the FHA mortgage process. With the economic stimulus package's increasing of the FHA loan limits, many people are taking advantage of the great FHA … (9 comments)
charlotte nc: FHA Loan Limits Increase for Charlotte!
- 03/06/08 05:05 AM
Finally, weeks after the Economic Stimulus package is signed, HUD has finally posted the FHA loan limits. The new FHA Mortgage Loan Limit in Charlotte is $303,750! This is great news for Charlotte home buyers! ... more information on the Charlotte FHA mortgage limit increase ... more information on lender limitations with new Charlotte FHA limits ________________________________________________________ This HUD Charlotte FHA Mortgage Limit update brought to you by The Ed Nailor Mortgage Team - Charlotte FHA Mortgage Loans … (3 comments)
charlotte nc: FHA Min Credit Scores!!!!!
- 02/19/08 12:59 PM
FHA lenders are now implementing minimum credit scores for FHA mortgage loans. Although FHA does not require any minimum credit scores, most FHA mortgage lenders are beginning to require certain credit score levels before they will underwrite the loan. Why? Blame the subprime meltdown and the trend that many loan officers are following. So many loan officers have begun sending the traditional subprime business in as an FHA mortgage application. As a recent article points out, this is becoming cost prohibitive for many lenders as they are having to hire more people to keep up with the mass increase of submissions. However, they … (6 comments)
charlotte nc: What is the White House thinking about?
- 01/31/08 01:37 PM
Its an election year. The economy is struggling and the fear of a recession is lingering. Real estate values across the country are sliding backwards and home loan originations are off. So what is the White House thinking about? Charlotte NC. Yep, Dick Cheney visited Charlotte today and of all the things he chose to speak about... well, lets just say I am proud to be a part of this community! http://www.ednailor.com/2008/01/31/charlotte-in-national-spotlight-again/ __________________________________________ This news commentary brought to you byThe Ed Nailor Mortgage Team Charlotte mortgage loans designed for Charlotte home purchase and Charlotte Home refinance. … (7 comments)
charlotte nc: SSID Ideas
- 12/26/07 07:22 AM
Do you have a WIFI network at home? Maybe your own WIFI at work? Here's a quick tip... When setting up your WIFI network, instead of the normal names like "Home Network", "Linksys", "Netgear" or the ever poetic "Belkin Router", make your SSID name an advertisment of your website! For example, if you come into my office building and look for available WIFI networks to connect to, mine will show up as "visit EdNailor.com" While I do have my network secure and you could not use my WIFI network, it is broadcasting 24/7 365, so who knows if someone might see that and be curious … (12 comments)
charlotte nc: Truth in Advertising?
- 12/13/07 10:23 PM
So don't get me wrong.. I am all for truth in advertising. I for one was beginning to wonder if it still exisited! We have all heard the commercials for car dealers, mortgage companies, home builders, etc etc etc. For those of us in any sales related business, we know that most of what they say in these commercials if twists of words, half truths and in many ways just outright deceptive. They are simply intended to get the phone ringing. Well, yesterday I hear the absolutely BEST commercial that touted truth in such a blatant way that I stopped all I was doing … (7 comments)
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One of the biggest complaints from Realtors today is that it seems to be taking forever to close a loan, especially the FHA mortgage loans. The average turn time to get a loan submission through underwriting is roughly 21 business days... only counting business days means that's a month!
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