mortgage loan: Buyer Has a Short Sale - How Long Until They Qualify??
- 11/04/13 01:31 AM
A very high percentage of Florida homeowners short sold a home in the past 5 years. A common question I often get is ....how far removed from a short sale does someone have to be in order to quaify for home financing??? Here are some guidelines that can hopfully help buyer's agents qualify their buyers. Conventional - 2 Years if you are putting 20% down - 4 Years between 80% and 90% Loan to Value, and 7 Years above 90% loan to value - or less than 10% dowm FHA - 3 Years removed USDA - 3 years removed VA - 2 Years … (0 comments)
mortgage loan: Going FHA 203(K) - Make Sure Your Lender Can Do the Job
- 11/02/13 05:00 AM
If you are like some of my prefered agents, you have a stack of pre-qualification letters for clients that you simply cannot find a home for. If your market is like the Central Florida Market, move in ready homes in the sweet spot middle class price range often wind up in bidding wars, on the market for only hours, not days, and not much else other than homes in need of work. Hopefully this blog helps you understand the FHA 203(K) Streamline Rehab Loan. The first thing you need to ask yourself as a realtor - prior to going out and showing … (3 comments)
mortgage loan: 100% NO DOWN PAYMENT VA HOME LOANS
- 10/28/13 01:58 AM
VA loans are often made without any downpayment at all. Aside from the veteran's certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of mortgage Bay to Bay Lending is approved for automatic processing and a buyer's loan can be processed and closed by the lender without waiting for VA's mortgage approval of the credit application or for VA to review the appraisal. Bay to Bay Lending is able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the underwriting process. FIVE EASY STEPS … (0 comments)
mortgage loan: Government Shutdown and Mortgage Processing
- 10/03/13 12:35 AM
Below is some information on how the government shutdown is impacting what we do. Most importantly is the fact that on all conventional, VA, FHA, and USDA – guidelines require lenders to pull IRS tax transcripts to ensure what an applicant is reporting for income matches that of what they report to the IRS. The IRS is currently not processing these requests. If you have deals in process either as the listing or buyers agent, check with your lenders to ensure these were done prior to the shutdown. If they were not please be aware they will not be processed until … (2 comments)
A very high percentage of Florida homeowners short sold a home in the past 5 years.
;)
;)
