Good Morning! If you have been told that your debt to income ratio is too high for an approval on a conventioanl mortgage – this blog entry is for you… Here’s a very useful solution that I’ve used successfully on borrowers that have high debt to income ratios on conventional loans. Last year Fannie Mae…
Good Morning! With the new HARP II guidelines I can now refinance someone with unlimited financed properties. In other words a real estate investor could own 50 financed properties, and I can refinance the properties that currently have fannie mae mortgages on them. Under the old rules we were capped at an aggregate of 10…
Good Morning! This is an update to my last blog post…http://loansdonequickly.com/fha-to-drop-another-hammer-in-april-of-2012/ As I said in the last post – FHA is changing their guidelines on collections, and if you have an aggregate of $1,000 of collections or more then you have to pay them all off. …So, if you have more than $1,000 in…
Good Morning! Just when you thought mortgage guidelines were beginning to relax a bit FHA tightens the screws on it’s loan. One of the great reasons people used FHA as a mortgage was that is was a friendly loan if you had some “dings” in your credit. …mainly FHA didn’t care about collections – particularly older…
Good Morning! I just got back from a week long vacation with my family at Disney World and Universal Studios Orlando. Believe it or not getting back to work will give me a chance to recover. …Think Batan Death March meets Mickey Mouse. In fact here is a picture of us at Disney World. Many of…
Good Morning!Most lenders have a minimum score for VA loans. …and for most lenders that minimum score is 620. I DO NOT have a minimum score! Here is what I need to get your VA loan approved… 1) I must get an Approve / Eligible when I run your loan through the automated system. 2)…
Good Morning! FHA is coming out with a new mortgagee letter (2012-3) which goes into effect 4-1-12. Mortgagee letters are how FHA makes changes to their guidelines.This one mainly effects disputed accounts. Here is the most important paragraph from this mortgagee letter… “If the borrower has individual or multiple disputed credit accounts or collections with…
Good Morning! FHA is taking steps to try to bolster it’s capital reserves. …it’s increasing the amount of it’s up front and monthly MIP. FHA’s up front MIP is going from 1% to 1.75%. FHA is also increasing it’s monthly MIP from 1% to 1.1%. These changes are taking place on April 1st of 2012.…
Good Morning!Many lenders have a rule on the minimum amount of time a seller must hold title to a property before he can sell it to a buyer getting a new loan. This is called “title seasoning”. Some lenders require a minimum of 12 months of title seasoning before a seller can sell their home…
Good Morning! The How To Remove Disputes From Your Credit email that I sent out earlier this week has been very popular, and contains key tips if you face this problem. …if you missed it – Click here to read it. My gift to you… Take a couple of minutes today and watch this short video… 10 Rules…