I get this question alot: “If you pull my credit will it hurt my credit score?” The answer is not necessarily. When you get an inquiry on your credit it’s usually due to you applying for one of these 4 types of credit… 1) A credit check for a mortgage loan. 2) A credit check…
FHA is about to revert back to a minimum 90 day wait to finance a “flipped” house with an FHA loan. FHA had waived this rule during the housing crisis in an attempt to boost home sales. For a while now there has been no minimum waiting period for an investor to purchase a home,…
A product of the Frank Dodd act was the creation of the Qualified Mortgage. Any bank or mortgage company that makes a mortgage loan has to make sure that it fits into the “Qualified Mortgage” rules. …and there are a lot of rules! Trust me. However, the laws of nature apply to the mortgage world…
I wanted to give you something to watch out for when you are purchasing a house. I have a borrower that recently ran into a complication, and I wanted to tell you about it here – so you can learn from his experience. My borrower got a home inspection for the home he was purchasing.…
If you have recently been out of work, and now you are working again – here’s what you need to know 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…
Here’s an interesting credit note I saw in National Mortgage News… The government-sponsored enterprises, facing pressure to end their reliance on old credit-scoring models from Fair Isaac Corp., are working with their regulator to study newer alternatives. Fannie Mae and Freddie Mac confirmed the commitments recently. They are a victory for VantageScore Solutions, an…
A few of quick notes on Texas Cash Out loans… 1) We can do Texas Cash Out loans down to credit scores of 620. 2) We can do up to 10 acres for urban areas. 3) We can do up to 20 acres for rural properties. 4) 1 day off the market with a 70%…
Did you know it takes 19 years and 4 months to pay your principle down by half on a 30 year amortization? If you can handle the payment on a shorter term it will save you a ton of money in the long run. To give you an idea: A 20 year mortgage payment is…
I had this situation come up again last week, and I wanted to address it again with you… 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…
I want you to be smart mortgage shoppers. So, I thought I would relate a cautionary tale that happened to me late last week. I had a potential client that was doing some mortgage shopping. She was comparing a payment estimate I had given her to a payment estimate given to her from one of…