short sale: Loan Program Quick Reference Series - 06/06/11 11:32 AM
I thought I would write a short series highlighting a number of different loan programs that are available, their main guidelines, and the key benefits to the home buyer.  The featured loan for today is the standard FHA loan.
 
 
           FHA is the most popular loan right now.  Here’s why:
 
           Program guidelines:
                  Loan-to-Value:  96.5%
                        Debt-to-Income Ratio:  as high as 55%
                        Minimum Credit Score:  none, but prefer 640+
                        Mortgage Insurance: 
1)      Up-front = 1% of base loan amount (financed)
2)      Annual (paid monthly) = 1.15% of base loan amount
(0 comments)

short sale: 75% of closings are late and taking longer than 30 days? - 05/03/11 04:52 AM
I met with the branch manager of a title company here in Vegas last week and she asked me how fast we were closing our loans.  I told her that we are closing them in 30 days or less and that we just closed two FHA 203(k) Streamline loans in 21 and 25 days - she was amazed.  She then proceeded to share with me that she just performed a comprehensive review of all of their files they closed over the last three months and she said that 75% of them closed let with an average closing time of 45 days.
(2 comments)

 
Jed Wunderli (Alterra Home Loans)

Jed Wunderli

Las Vegas, NV

More about me…

Alterra Home Loans

Address: 2520 St. Rose Parkway #205, Henderson, NV, 89074

Office: (702) 588-5430

Mobile: (702) 812-1214

Email Me



Links

Archives

RSS 2.0 Feed for this blog