credit: FHA Premium Reduction Could be Recinded in Trump's "12:01 changes"
- 01/19/17 06:37 AM
Mortgage news you can use. Agents are not loan officers, but we must keep on top of pending changes, especially when working with buyers. John Melnick II with Presidential Bank Mortgage NMLS ID # 527960 in Fairfax provided this information.
"Subject: Potomac Partners Update: FHA Premium Reduction Likely To Be Rescinded & Updated It now appears likely that HUD will rescind the FHA premium reduction on Friday as part of the Trump Administration’s plans to overturn a host of regulations/policies implemented by the Obama Administration. Referred to as the “ 12:01 changes” (i.e. immediately after the Inauguration), we understand each Department/agency was asked … (3 comments)
credit: Follow the Basics When Checking Your Credit Scores
- 01/10/17 05:31 AM
If you plan on purchasing a large ticket item like a new vehicle, land, or house, it is good to know your credit score ahead of time. But where you get those credit scores from can make a huge difference to lenders. So if you are planning on buying a home, stick with proven basics. (1) Check with whichever lender / loan officer you have chosen to work with first. They know which scores they will use, and they know how they can help improve your score if need be. (2) Plan ahead, especially if you think your score is borderline. It can … (1 comments)
Here are some homebuyer flexibilities you may not be aware of for conventional mortgages: Residence buyers can make just a 3% down payment with no/or reduced monthly mortgage insurance to $417,000 loan amount Residence buyers can make just a 5% down payment to $625,500 loan amount Residence buyers can make just a 10% down payment to $1,000,000 loan amount Investment buyers can make just a 15% down payment to $625,500 loan amount. Second home buyers can make just a 10% down payment to $625,500 loan amount. Residence … (1 comments)
credit: Don't Get Too Excited Yet About The New FICO Credit Score Model 9
- 08/19/14 05:42 AM
There will be some benefits for buyers using FICO credit score model 9, but in many cases it won't make much difference. On first glance the benefits look attractive (1) " The new FICO Score 9 will no longer count medical debts as it did in previous iterations". (2)" the newer FICO scores also remove any overdue payment notices if the debt has been settled"....."Now, consumers will see their paid collections being removed from their credit reports". (3)" FICO predicts that these changes may boost some consumers’ scores up 25 points". (4) "The New York Times.com reports that for consumers to … (35 comments)
credit: A Simple Stategy to Get Your FREE Credit Report Three Times Per Year
- 01/10/14 10:49 PM
If you're a homebuyer, or future homebuyer that has been working on improving your credit, or if you just want to monitor your credit, there is more than one way to consider getting your FREE annual credit report from www.annualcreditreport.com. If you're already working with a loan officer, that person could be advising you on what to do and what not to do in order to increase your credit score. There are many things you should be aware of on this topic, but for now I'm just mentioning this strategy which might be better for you than getting your report from … (6 comments)
credit: Owners Will Finance,BUT, You Must Prepare it Just Like Any Other Offer
- 12/12/13 10:29 PM
Usually, when someone starts out by asking if owners will finance, or " will owners hold paper", it usually turns out that the person asking has little or no money, plans to flip the property, has bad credit, etc. It's usually like pulling teeth to get information out of these type of "buyers". Normally, I already know when we sign listing agreement whether or not the seller will consider owner financing, so I can answer most of the questions asked without having to contact the owners, because I know what owners are looking for. Occasionaly, I do meet solid buyers who … (16 comments)
credit: The Impact of Mortgage Assistance on Credit
- 12/09/13 09:47 PM
With more and more changes taking place on a regular basis in the real estate and mortgage fields, it's hard for agents and the general public to keep up. For example, have you heard that short sales and foreclosures are now treated equally, and the waiting period to purchase another home is only 12 months? ( But, you must know what conditions apply so you can qualify). But for today, and since we are basically being snowed in with 3-6" of snow now falling), I again have the opportunity to take advantage of another FREE training session via webinar in order to … (0 comments)
credit: Obama Says Weak Credit - No Problem. Lenders Can Make Judgement Calls
- 04/03/13 02:42 AM
Well, I wonder what Dodd-Frank would have to say about this? So many questions? This is suppose to help help boost the continuing economic recovery? The econonimc recovery hasn't even started in many places. There are already programs to help first time homebuyers? If you are just now getting around to worrying about people whose credit has been damaged by the recession? Suppose they don't have a job? Taking advantage of taxpayer-backed programs? Sure, that's a great idea. "Housing officials are urging Justice dept to provide asuarances to banks.... that they will not face legal or financial recriminations if they make … (3 comments)
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