With it’s Mortgagee Letter 2013-04 HUD has made changes to their Mortgage Insurance Premium (MIP) that went into effect June 3rd, 2013. It’s not good news, but here is the news… HUD has removed the MIP exemption for loans with terms of 15 years or less and less than or equal to 78% loan to…
One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment. This is called sourcing in the mortgage industry. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing…
If you are like me you tend to get caught up in the details of life. …solving little problems day to day. …trying to meet deadlines. …attempting to make others happy and fulfill commitments. Nothing wrong with this. It’s a necessity of life. …but, it’s easy to lose perspective on what’s really important sometimes. I’m…
Occasionally I get asked by borrowers if there are any no money down loan programs left. The answer is “yes”. Currently there are two programs in the mortgage market place that will allow 100% financing. 1) One is a VA loan. You of course must have been in the military to be eligible to get…
What do you do if you are buying a house that needs minor repairs? …but the seller refuses to do them? Believe it or not this situation happens a lot, especially on bank owned homes. The simple answer is to use an escrow hold back. …an escrow hold back is a small amount of money…
I get this question sometimes, and it’s a good one!… “If I’m self employed can I get a loan with less than 2 years of tax returns?” With FHA the answer to this question is… Yes, it’s possible. Here’s how… 1) You will need at least one filed tax return with a full 12 months…
I get this question sometimes, and it’s a good one!… “If I’m self employed can I get a loan with less than 2 years of tax returns?” With FHA the answer to this question is… Yes, it’s possible. Here’s how… 1) You will need at least one filed tax return with a full 12 months…
If you are considering getting a part time job to give you extra income for mortgage qualification purposes – consider this… FHA will want to see that you have a two year stream of this part time income before they will give you credit for it. …So, in other words if a loan officer tells…
Have you been out of work, and now you are working again? …and, you would like to buy a house? I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation… There are just a few main guidelines that…
Medical Collections aren’t good for your credit scores, but they won’t necessarily keep you from getting a mortgage either! I have customers call me every day – worried that their Medical Collections will keep them from getting a loan. From a mortgage underwriting perspective – if you have Medical Collections that are over 12 months…