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…
I have two quick notes for you on our USDA program… 1) If you have a credit score we can go down to 580 on USDA. 2) If you have no credit scores at all we can still do a USDA loan for you! …We will require three non-traditional credit items such as rent, utilities,…
News on the USDA loan program… Those of you who are considering a USDA loan – you need to check and make sure the new maps will cover the areas you are interested in. New USDA loan eligibility maps will take effect on October 1, 2014 for purchase transactions. Here is a link to the…