Garrick Werdmuller's Blog

Mortgage and Lending - Caliber Home Loans - NMLS# 242952
  The Rumors are true – I have Joined Todd Scrima and Summit Funding! 
A "boomerang buyer" is defined as someone who has lost their home in the last five years and is now ready to "come back" to the purchase market. According to Les Christie from CNN Money this demographic is made up of nearly 6 million people. There are a few basic things a boomerang buyer must kn...
  Boomerang Buyers, aka buyers that are returning to the housing market after short sale, foreclosure, or bankruptcy, must reestablish their credit but what exactly does that mean?  Answers may vary between lenders but for the most part these are the general guidelines. A spouse’s credit cannot ...
  A short sale is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. The lender agrees to a payoff of a lesser amount than is actually owed, even on a current mortgage, to facilitate the sale of the property to a third party. If a property is surre...
This is a checklist given to me by an Appraisal Management Company.  It can literally save you thousands of dollars and may prevent delaying or even killing a transaction due to property condition. FHA APPRAISAL PREP CHECKLIST 1. Carbon Monoxide (CO) Detectors – ALL LEVELS 2. Electricity ON 3. Wa...
We all know lending guidelines change constantly so it’s always best to consult a loan professional about current guidelines. Following are the basic guidelines and wait times to purchase a home after Short Sale, Foreclosure or Bankruptcy using FHA financing: Short Sale of a delinquent mortgage ...
“Boomerang buyers”— former home owners who have gone through a short sale, foreclosure, or bankruptcy in the past few years are coming back. They have exceeded their waiting periods to buy again and in the meantime have saved down payments as well as repaired their credit. According to RealtyTra...
The FHA released Mortgagee Letter 2013-27 in September, which changes the guidelines to their Home Equity Conversion Mortgage (HECM) program, more commonly known as reverse mortgages. According to the FHA, “its HECM portfolio had experienced major changes in demographics and borrower preferences ...
Can you believe it??  Standalone seconds are back on the market!  Standalone seconds were widely popular and offered several advantages over other types of financing.  When the housing bubble burst, lenders stopped offering these second mortgages.  Well they are back, and available to qualified b...
ALAMEDA CA - Back to Work - Extenuating Circumstances Program, the new FHA program that allows for shortened waiting periods is a great opportunity for people looking to get back into the housing market after short sale, bankruptcy or foreclosure.  The first thing a home buyer needs to do to get ...

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