I wanted to briefly go over how different loan programs treat a Short Sale. . FHA – If the mortgage was current at the time of the sale then there is no wait. If the mortgage was delinquent at the time of the sale there is a 3 year wait before you can get another…
If there is one thing for certain in life it’s that the Federal Government likes to make new rules. I wanted to give you a “heads up” on more rule changes coming down the pike in the mortgage world… On August 1 of this year there are new RESPA – TRUTH IN LENDING rules going…
I wanted to quickly go over the waiting period various loan programs have for Foreclosure. FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA – 2 years from completion date with an automated system refer. Fannie Mae – 7 years from completion date, or if you can get an automated…
There is a little know rule Fannie Mae has regarding self employment income. I see it being enforced more and more, and if you are self employed you should be aware of it. It’s regarding the borrower’s proportionate share of income or loss. Here is the actual guideline… “The Borrowers proportionate share of income or…
Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment with an FHA loan? (As long as it’s a owner occupied residence for seller and buyer.) …this is because the guidelines allow the seller to “gift” equity to…
Of all the posts on my web site the one for how to get a mortgage when you owe the IRS is the most clicked on. So, for those who this might apply to… I happily repost it here… Many people don’t think it’s possible to get a mortgage if you owe the IRS back…
I get asked sometimes if a borrower can be removed from a loan on a non-credit qualifying FHA Streamline Refinance. There are only two ways to do this… Death or divorce. If neither of these apply to you and you still want to remove a borrower from your FHA loan you can do it, but…
USDA’s new property eligibility maps become effective on February 2nd, 2015. Here is a link to the new map: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Remember, USDA is a 100% financing program. If you want more info on it download my Select RD report on my home page. That’s it for today! Have a good day today! …and thanks for…
In spite of what you may have heard – it is possible to close a loan quickly. I had a borrower contact me recently. She said that she was purchasing a house – and she wanted to close quickly. She signed her loan package on a Tuesday. …and, she got me everything I had asked…
It’s not unusual at all for an underwriter to request that disputes be removed from a disputed account. In the past we have used a simple letter from the consumer to have these disputes removed. I wanted to let you know that as of January 19th, 2015 Experian will now require a letter from the…