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)
loans: Co-Borrowers Replace Co-Signers With 1rst Time Buyers
- 03/29/15 08:55 AM
I am not really a fan of co-signing because I have heard so many stories about a borrowers mother or father who co-signed for them getting stuck with paying a mortgage they can't really afford because the son or daughter they co-signed for either decided to break up, or one of them lost their job. Many times the co-signer didn't even know the payments weren't being made until months after the payments are deliquent. Many family members have quit talking to each other over co-signing going bad. Another thing I have heard several times from people that had co-signed is, that … (0 comments)
loans: Realtor Lunch and Learn Featuring Land > Build > Live
- 02/27/15 06:57 AM
I have learned several years ago that many buyers don't understand, or are afraid of buying a lot and building a new home. Many times they just don't know all that is involved and are afraid of cost over runs. Time is also a factor. In fact, I know someone that did a walk-thru recently in Winchester. The house was suppose to be finished a year ago. The walk-thru revealed several problems including major leaks in plumbing, and poor plumbing work. When they flushed a toilet upstairs, the water came up in the bathtub drain on main level. I have also … (10 comments)
loans: Update Ocwen Mortgage Settlement = Two Billion in Principal Reductions
- 03/08/14 11:03 PM
The known criminal activity in the mortgage industry is enough to make anyone sick. It wasn't just OCWEN that was engaging in fraud and wrongly foreclosing on a huge number of mortgages. This garbabe was standard procedure with several large lenders. Why are these lenders allowed to continue in business? The evidence is clear that they basically stole billions of dollars from consumers across the country. Why would anyone want OCWEN servicing their loan? Reading these reports, it is clear that anyone who is applying for a mortgage should start the process at least 60 days before you plan to start shopping … (2 comments)
loans: Homebuyers- Should You Call a Loan Officer or Real Estate Agent First?
- 01/18/14 10:50 PM
The answer is: It depends. It depends on many factors which is why buying real estate shouldn't be rushed. You need to analyze and understand your current situation. Where you are now. Then where you want to be might take 2 months, or 2 years depending on the plan that is developed to get you to home ownership. Here's is just one example: Potential buyer sold condo 2 years ago, he and wife have good jobs earning $70,000.00 per year each, and sees an ad online and is convinced they can buy a home. Call is made to #, buyer gives … (29 comments)
loans: Slick Rental Scam Artists Getting Aggressively More Creative
- 01/17/14 07:25 PM
I attended a VHDA 1rst time homebuyer event about one week ago in Oakton VA. These are always good trainings with a variety of lenders, agents, housing counselors, etc in attendance. During this event, the topic of rental scams came up. A new method that I hadn't heard about yet involved scammers identifying vacant foreclosure properties. These guys would go to the houses, verify they were vacant, then remove the yard signs if there were any. Then they would cut the lockboxes off with bolt cutters. In some cases they would destroy the lokboxes to get the keys out, or they … (6 comments)
Today is the start of “QM” or Qualified Mortgage requirements. Lenders determine if the application meets “QM” by running a computer program similar to the current automated underwriting. All the loan components are analyzed and the passing file receives “safe harbor”. My staff and I have been extensively trained on “QM” and we believe we are fully prepared. Lenders who are brokers, part of an affiliated arrangement, or have off-site processing centers will be adversely effected. This is another important reason to refer buyers to an in-house, bank owned, … (2 comments)
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