For those of you who may be unaware, a new phase of the Frank / Dodd regulations went into effect October the 3rd. These are regulations that affect the mortgage and real estate industry. I won’t go through a complete list of all the new regulations. I did want to point out one unintended consequence…
I’ve written about this before, but I saw it come up again last week. …So, I thought it would be prudent to touch on it again here. Be careful about what your Realtor puts in the earnest money contract. Keep in mind the buyers mortgage underwriter will scrutinize the contract. …and, sometimes what’s written in…
I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac:…
If you are an eligible veteran the best loan you can get is a VA loan. Here’s what you need to know about a VA loan… VA purchase loans allow a qualified borrower to buy a house with no down payment. This is one of the very best loan programs in the mortgage market today.…
I get questions like this from borrowers all the time… “If I pay an extra $100 a month on my payment how many years would it take off my mortgage?” The answer is it can shave off alot of years and save you a ton of money! I created the table below to illustrate the…
Did you know I do Jumbo cash out loans? I do! Here are some details on my Jumbo cash out loan… * Primary Residence only * 70% up to $1,000,000 * 65% up to $1,500,000 * 60% up to $2,000,000 * 50% up to $2,500,000 * Min Fico 720 * Max DTI 43% * Reserves…
The most common question I get from borrowers is “How much will I have to put down to get a mortgage?” Here are your minimum down payment options on the loan products currently available in the market place. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going…
You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan. For Conventional loans there is really no way around this. You will have to remove them. However, for FHA loans you don’t necessarily have to remove them. This is true for…
If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage. Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services. To prove this…
Were you aware that your credit score can effect the amount of mortgage insurance you pay on Conventional loans? Here is an example of how your mortgage insurance rates can vary due to credit score. These numbers are based on a $100,000 loan at 95% loan to value ratio. MI Payment Chart… Credit Score…