Mortgage Underwriters’ hands are tied in using income from something the Federal Government considers illegal. Yet new regulations from DC … More FAQ – Can I use income from marijuana sales to qualify for a mortgage?
Thanks to President Obama’s recent directive to HUD … More Streamlined FHA Refinance No Credit, Income or Appraisal Required!
Frequently Asked Questions and Answers to the new Conventional 97% Mortgage.
Is the Conventional 97 a government-backed mortgage program?
Yes, the Conventional 97 mortgage program is backed by the government. It’s offered via Fannie Mae only. The program is not available via Freddie Mac, nor is it available via the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA).
According to research of the foreclosures during the past 7 years, chief among the cited reasons were lack of down payment, undisclosed debt by the buyers, reduced credit requirements, and unstable income. In response to greater accountability to Washington lenders tightened there criteria…too tight by most industry experts. Thankfully, however lenders are beginning to see the light and with fewer homeowners in the marketplace they have to compete for those who actually can buy a home.
While credit and income are still pretty non-negotiable, according to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs Continue reading What is a My Community Mortgage?
Early in your loan application process, your lender will arrange for a home appraisal. Borrowers are sometimes confused about this process. They have a pretty good idea about what the home they want to buy is worth but the appraised value can sometimes be very different from that number. Continue reading What’s involved in the Home Appraisal Process?
It is much easier to get paid charge-offs removed than unpaid charge-offs. There is no incentive for the creditor to fight the dispute, since they already have their money. So if you dispute the charge-off, the credit bureaus will send a verification request to the creditor. Most often the creditor will ignore the verification request. After 30 days with no response from the creditor, the credit bureaus will remove the charge-off form your credit bureau. Continue reading How is my credit score impacted by paying a charge off?
FAQ – What is a Charge Off? A charge-off is an accounting term used … More What is a Charge Off?
Surprisingly, one of the brightest spots of the president’s State of the Union Address last night which might have received a standing ovation from both sides of the aisle barely received a passing mention!
The bright shining spot in his speech was the president’s recent directive to HUD regarding the FHA Annual Mortgage Insurance Premium. Effective January 26, 2015 the FHA is decreasing the annual mortgage insurance premium [MIP] from 1.35% to 0.85% benefiting most FHA loans issued since May 31, 2009 Continue reading How much will the new FHA MIP Rules change save me?
So recently a realtor client contacted me to find out just how long they should expect before being able to … More How long does it take to close a USDA Rural Development Loan?
Can a Homeowners Associations foreclose when I have a mortgage? It’s a question that I am asked frequently by borrowers … More When can Homeowners Association foreclose?