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buying a home in richmond va: My New Professional Home: First Heritage Mortgage
- 02/03/15 05:38 AM
I would like to share my excitement with you about my new professional home: First Heritage Mortgage. While making the decision to leave was difficult, I am thrilled to now have three new tools available to assist YOU and your clients. Below are just a few of the amazing perks to working with me at First Heritage:
Licensed Loan Officer Assistant | I take pride in the fact that I am available when you and your clients need me most. Now I can offer an even higher level of service with my assistant Danny Schulhafer. Danny is a licensed loan officer, previously working … (4 comments)
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buying a home in richmond va: Floating Your Interest Rate
- 08/05/14 01:30 PM
As a Richmond VA mortgage lender, answering borrowers’ questions takes up a good portion of my day. Sometimes a question stems from the use of a term with which my borrower was not familiar. This happens with just about any profession–whether you’re a preschool teacher, auto mechanic, or physician, you’re bound to use workplace jargon your clients have never heard and do not understand.
Enter Word “Float” Well, last night I was guilty. I sent an email to a client recommending she float her interest rate. Now, this particular client was very savvy. She emailed back with what she assumed was the definition of float in the context of a mortgage, … (3 comments)
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buying a home in richmond va: Why Are Loan Officers So Nosy?
- 05/21/14 04:03 AM
Has your loan officer requested to see all of your bank and financial statements, even retirement funds beyond what you will be using for your down payment and closing costs? This might seem like more information than you need to provide, but there’s a reason behind it–your loan officer isn’t just nosy.
There are occasions when loan officers must show a borrower has “reserves,” or remaining funds available after the down payment and closing costs are paid. The amount of reserves required varies by loan product, investor, and the borrower’s circumstances. Below are a few situations in which your loan officer … (22 comments)
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buying a home in richmond va: Fannie Mae Homepath Loans
- 04/14/14 10:43 PM
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 my post, you could take advantage of this awesome product with only 3% down. However, as of November 2013, the minimum down payment requirement increased to 5%. Here’s a brief updated overview of the HomePath loan program:
Primary residences, second homes, and investment properties are eligible Minimum of 5 % down for primary residences, 10% for a … (0 comments)
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buying a home in richmond va: Can I Have More Than One FHA Loan?
- 04/11/14 01:25 AM
Borrowers are typically not allowed more than one FHA loan since the loan program is reserved for owner-occupants. This rule prevents borrowers from using an FHA loan as a way to acquire investment properties. There are, however, four circumstances under which borrowers can qualify for another FHA loan.
1. Relocations. If the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property covered by an FHA-insured mortgage. The relocation need not be employer mandated to qualify … (2 comments)
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