Have you or someone you know been told you don’t qualify for a conventional mortgage due to your debt to income ratio being too high? I haven’t seen Fannie Mae give an approval for a debt to income ratio over 45% on a conventional loan in at least a year. …So, if you are over…
Hope you had a good weekend! If you have disputed accounts, and you are trying to get an FHA loan here are a few things you need to be aware of… 1) If the cumulative outstanding balance of your disputed derogatory accounts is greater than $1,000 we must downgrade your file to a manual underwrite…
Right now Fannie Mae has a 3% down loan product. It’s not as widely used as their 5% down product (due to higher rate / MI), but it’s still an option. On November 16, 2013 this option will no longer be available. Fannie Mae is doing away with their 3% down option. There are other low…
Few quick things… 1) The results of my Text vs HTML email posts is in. …HTML was actually better, so I’ll keep sending my posts HTML. 2) Two big economic numbers due out in the next two days. Existing Home Sales is due at 10am this morning – expected to come out lower. Unemployment Rate…
As you know if you have been getting my posts for any length of time I don’t toot my own horn that much. …these are mostly informational – to educate you about aspects of the mortgage and real estate industry. However, I wanted to give you four quick reasons you really need to…
I have many people apply for mortgages that have recently changed jobs. Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage… The underwriter will want to see your first pay check at the new job at a minimum, and…
We are one of the few lenders that uses FHA’s Back To Work program. …If you can prove you had a significant “economic event” in your life that resulted in loss of income. Here is how FHA describes an “economic event”: An Economic Event is any occurrence beyond the borrower’s control that results in Loss…
As we enter the second week of the government shut down here are a few things to keep in mind… – We are still closing FHA and VA loans for now. – USDA loans are dead in the water because the Dept of Rural Development is pretty much shut down. -Usually we require a tax…
Here’s how the government shut down is currently effecting FHA, VA, and USDA… HUD/FHA The Department of Housing and Urban Development’s (HUD) operations, specifically the Federal Housing Administration (FHA), should not be significantly impacted as long as the shutdown is brief. Limited FHA staff will be available to respond to questions, emails or other correspondence.…
I wanted to remind you of some FHA changes going into effect in a couple of weeks… All FHA case numbers pulled after October 15 must include a payment for collections totaling in excess of $2,000. We either have to take 5% of the aggregate balance for the payment, or you will have to negotiate…