I wanted to give you an update on FHA’s new HAWK Program. The estimated start date for the start of the pilot program is October 1, 2014. To be eligible the borrower will have to complete a counselling course to be eligible for the program. The benefit will be lower mortgage insurance. FHA proposes that…
I want to show you how to roll repairs into a purchase price. I touch on this subject from time to time. If you are buying a house that needs minor repairs – but the seller refuses to do them – what do you do? This situation happens a lot, especially on bank owned homes.…
FHA gift questions come up often. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relative. 2) Borrower’s employer or labor union. 3) A close friend with a clearly defined and documented interest in the borrower. 4) A charitable organization. 5) A…
Did you realize that 15 percent of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action? So, it’s impossible for someone who is new to credit to have a perfect credit score. A longer credit history provides more information…
I wanted to give you a little insight on how the mortgage world treats part time income. An underwriter will want to see that you have a two year stream of this part time income before they give you credit for it. …So, in other words if a loan officer tells you that you need…
Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit. It sounds simple, and you would think most people would know this without being told. I have a loan right now where a borrower got himself into trouble…
I hope your having a good week so far! In keeping with recent posts – I want to go over the VA guidelines for Foreclosure, and Bankruptcy. Here ya go… VA Short Sale Deed-In-Lieu of Foreclosure Foreclosure 2 years from completion date If extenuating circumstances exist – 12 months from completion date with re-established…
A few posts ago I showed you how Conventional loans treated Short Sales, Foreclosures, and Bankruptcy. With this post I’m going to show you how FHA treats these same events. Here is a helpful chart to illustrate… FHA Short Sale 3 years from date of sale. Borrowers who sold their property under the FHA…
How old do you have to be to purchase a home? From a mortgage perspective there is no “minimum age” to purchase a house. However, it really depends on the state you live in. Each state or jurisdiction in which a property is located will have specific laws that detail the minimum age at which…
I wanted to take a moment to let you know how Conventional Fannie Mae and Freddie Mac guidelines treat Short Sale, Deed In Lieu, Bankruptcy, and Foreclosure… Here’s a helpful chart for you… Short Sale Deed-In-Lieu of Foreclosure4 years from completion date for 80.01% – 90% LTV 2 years from completion date for 80% LTV…