home buying: I'm Back! - 07/21/18 08:00 AM
It's been a while since I've been active on Active Rain, and that's because last October, I "retired."  However, my first love, real estate, kept calling.  So, after 4 years in the mortgage business and 9 months of retirement, I reactivated my real estate license this month and joined Coldwell Banker Distinctive Properties.  I am so excited to be back!  
Don't get me wrong, retirement was fun.  I've never been bored with time off.  It was great having no agenda, no commitments, and just, basically, leading a life by stream-of-consciousness, jumping from one activity or project to another as the thought and … (5 comments)

home buying: How Long Must You Wait to Buy a Home After Foreclosure or Bankruptcy? - 03/16/16 05:11 AM
There's no question that a foreclosure or bankruptcy can advesrely affect your ability to buy a home, or completely eliminate the possibility.  However, it is often more a question of when than if  you can ever buy a home again.  Different loan types or programs have different waiting periods.
Generally speaking, government-insured loans, such as FHA and USDA Rural Developement have shorter waiting periods, e.g., 2-3 years.  In fact, if you had a short sale and can qualify for a VA loan, there is actually no waiting period, with certain restrictions. 
For conforming/conventional loans (Fannie Mae and Freddie Mac), periods are longer.  For … (1 comments)

home buying: Analyzing Income for Stability and Predictability - 11/01/14 06:28 AM
What a borrower actually earns and what will be used to qualify him or her for a particular loan are not necessarily the same. This is because in addition to calculating how much, the borrower's income must be deemed to be predictable and stable.
The W-2 Wage Earner. The easy case is the W-2 wage earner who receives a consistent base pay, e.g., a monthly or annual salary or an hourly rate based on 40 hours per week, 52 weeks per year.  Pay stubs for the last 30 days showing year-to-date earnings are generally the only documentation required, in addition to … (1 comments)

home buying: 3 Essential Pre-Home Buying Steps--Preparation is the Key - 04/10/11 03:52 AM
Thinking of buying a home?  If so, there are 3 essential steps you must take before even beginning your home search.  Otherwise, you may besetting yourself up for dissappointment, or just even selling yourself short:
1.  Obtain a copy of your credit report, and your credit score.  Better yet, get these from all of the 3 major credit reporting bureaus: TransUnion, Experian, Equifax.  Under federal law, you are entitled to get a free report once a year.   AnnualCreditReport.com is the official site to order your free report.  Bear in mind, this does not include your credit score, which you'll have to pay for.  It's about … (1 comments)