jumbo: FAQ #4 How much can I qualify for if I want to buy real estate? - 06/03/12 08:51 AM
FAQ #4  How much can I qualify for if I want to buy real estate?
 
Have you every heard the expression, “That is a loaded question!”  If every there was one, that is it. 
 
How much you can qualify for will depend on the property type, meaning is the application for  a primary residence, second home or investment property? 
 
It will also depend on the type of financing program you decide on, is it conventional, FHA, VA, USDA or Jumbo.
 
In addition, the total amount of any other outstanding liabilities including any child support or … (6 comments)

jumbo: Don't cash that check! - 02/06/12 02:40 AM
You're buying a home, congratulations on your decision.  This advice will serve you whether you are applying for a Conventional, FHA, VA, Rural Development (USDA) or Jumbo loan.  One issue that seem to come up from time to time during the mortgage process are  non-direct deposits made into the bank account.  I have some helpful advice for you to get you through this process.

Keep in mind part of the mortgage process will be documenting all financial  transactions associated with this purchase. This would be identifying the funds for your earnest money, the appraisal fee, and the source of your … (0 comments)

jumbo: Buying a Georgia Home in 2012? Ratios - 01/06/12 11:26 AM

This is your year.  This is the year you are going to buy that home.  Here is additional information that will help you prepare for your purchase.
There are two terms that you will hear frequently during the process.  The first is the housing ratio.  Your housing expense should account for approximately 30% of your gross monthly income. Now, let’s  put that into a specific example.  If your monthly income is $3000 a month, your housing payment should not exceed more than $1000.
In the mortgage qualifying process, the housing payment will include the principal and interest payments, 1/12 … (0 comments)

jumbo: Buying a Georgia Home in 2012? Let's Talk Employment and Income - 01/04/12 11:48 AM
You're buying your first Georgia home, congratulations you are on your way to achieving the American dream. Now there are two ways to purchase the property one is to pay cash, two is to apply for a mortgage.
If you are going to finance your purchase, the lender is going to verify that you have the income necessary to repay the debt. 
So, let's talk about your employment history for a salaried or hourly paid employees, ideally we are looking for at least two years with the same employer. In each case we will calculate your gross monthly income. This … (6 comments)

jumbo: Buying a Georgia Home in 2012? Let's Talk Assets - 01/04/12 10:27 AM
Okay, this is going to be your year. This is the year that you have decided to purchase your first Georgia home. The best advice I can give you is to make sure you have all of your ducks in a row before you start the process.

In other blogs I've talked about the importance of credit score and verification of rent. In this blog it's important that we discuss assets.
An asset can be a checking account, savings account, a 401(k), IRA, pension, stocks or bonds. In essence, any account that is currently held in cash or can be converted … (0 comments)

jumbo: Mortgage Disclosure Forms changing AGAIN? Have you voted? - 05/20/11 06:22 AM
This was a blog I posted earlier and thought since the deadline is approaching, I would remind everyone that it is important to our industry to express our opinions.
 
 
The Consumer Finance Protection Bureau wants to change the mortgage disclosure forms AGAIN!  This time however, they are asking for input from consumers and industry professionals before making the final decision.  As a mortgage loan originator, the most frequently asked question by applicants has to do with the confusion over the way these forms have been laid out.  The number of questions skyrocketed when GFE 2010 (Good Faith Estimate) was … (0 comments)