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…
I’m one of the few mortgage lenders in the country that can do loans for people with credit scores under 620! If your score is between 620 and 580 you would be looking at a 3.5% down payment. If your score is between 579 and 500 you would have a 10% down payment – max…
I’m one of the few mortgage lenders in the country that can do loans for people with credit scores under 620! If your score is between 620 and 580 you would be looking at a 3.5% down payment. If your score is between 579 and 500 you would have a 10% down payment – max…
Good Morning! Have you or someone you know been turned down for a mortgage because they didn’t have enough trade lines? Trade lines are active credit accounts (credit cards or installment loans usually) that show up on your credit report. Solution: As long as you have at least a 620 credit score, and I get…