gary parkes: The Sky is Not Falling for Mortgage Financing-Recent Changes Discussed
- 08/20/08 12:34 PM
However, there are lots of changes in the mortgage world that those looking to buy or sell a home should be aware. First, let me say, mortgage underwriting is really based on common sense -does it make sense? Will the buyer be able to afford to make the payments on this house! For a buyer, it is more important than ever to get pre-approved before going house shopping. For those that can verify their income and have a decent credit score, very little has changed. By a decent score, I mean in the 600 range, although the mid to upper 500s … (0 comments)
gary parkes: Recovering From Foreclosure
- 08/20/08 12:25 PM
The post-foreclosure requirements have recently changed to qualify for a new mortgage. However, there is life after a foreclosure! FHA loans only require 3 years to have passed unless an exception is granted based on extreme circumstances which vary on a case by case basis. Fannie Mae/Freddie Mac now requires 5 years to have passed with restrictions up to 7 years. Here is what you can do to be in the best shape to buy another home after a foreclosure. •· The biggest problem I see is that creditors do not report the data correctly to the credit bureaus. Very often, a … (0 comments)
However, there are lots of changes in the mortgage world that those looking to buy or sell a home should be aware. First, let me say, mortgage underwriting is really based on common sense -does it make sense? Will the buyer be able to afford to make the payments on this house!
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