Whitney Watson's (whitneywatson) Blog

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Mortgage and Lending - First Heritage Mortgage - NMLS #: 938761

ARCHIVED BLOG POSTS

2014 

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Has the Underwriter Asked You To Source a Deposit? One of my most recent clients who bought a home in Richmond VA was self-employed.  Because of the nature of her business, she made several large deposits into her bank accounts throughout the month.  The deposits were payments from clients.  Sinc...
04/29/2014
Our mascot, Rocky, is here to greet clients today! Rocky's visits to the office are always so entertaining! He loves to eat icecubes and he always gets one during his visits. The icecube got stuck in his little beard today and I had to peel it off. Oops, poor guy! Does anyone else get to take th...
04/17/2014
When your home purchase or refinance closes within the first days of the month (within 4-10 days, depending on the investor), you have the option to do an interest credit.  That means your lender would credit you at closing with the days of interest for that month, and you would pay that interest...
04/17/2014
Instead of liquidating the securities in your portfolio for a down payment, consider using a margin loan.  By borrowing against an existing portfolio, you can get around the tax liability involved in selling off your assets.  (For all of this to work, you will have to have money in your portfolio...
04/17/2014
As mentioned previously, closing costs typically range from 3%-6% of your loan amount. A closing cost estimate I priced today for a client for a loan amount of $200,000 was $7,100 (3.55% of the loan amount). In this scenario the client was not paying any points for the interest rate. The first op...
04/16/2014
A realtor called me today with a question regarding maximum seller contributions on an FHA deal.  A seller contribution is a dollar amount or percentage of the purchase price that a seller agrees to contribute towards closing costs, prepaids, and/or points. Each loan product has its own contribut...
04/16/2014
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When we bought our first house, I really had no idea what was going on behind the scenes.  There were times, however, when I wish I was a little more informed about the process.  Here’s a helpful summary of the loan process from application to closing: Purchaser Contacts loan officer for financin...
04/14/2014
Are you a fan of Property Brothers on HGTV?  They’re the guys who help homebuyers turn dilapidated houses into dream homes.  Well, it’s probably the only show my husband and I agree on, so we watch a lot of it.  (He’s not so into The Bachelor, and I’m not so into WWE.) Until I became a loan offic...
04/14/2014
If you live in Virginia, the Virginia Development Housing Authority (VHDA) has a program called an FHA Plus loan that will allow you to finance up to 101.5% of the purchase price of a home.  Here’s how it works:  you get a 1st mortgage for 96.5% of the purchase price and then you get a second mor...
04/14/2014
There are so many changes going on right now in the mortgage industry.  Back in August I wrote about Fannie Mae’s HomePath program which offers special financing for purchasers of eligible Fannie Mae REO properties.  Guess what?  The guidelines for this program have now changed.  At the time of m...
04/14/2014
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