FEMA Declared Disaster Area – Loan Application in Process

Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand. This post is intended to be an overview of what additional inspections and verification a homeowner or seller can expect in the mortgage…

Underwriting Tip – Bankruptcy Waiting Periods – VA

Veterans Loans The fact that a bankruptcy exists in an applicant’s (or spouse’s) credit history does not in itself disqualify the loan.  Develop complete information on the facts and circumstances of the bankruptcy.  Consider the reasons for the bankruptcy and the type of bankruptcy filing. Bankruptcy Filed Under the Straight Liquidation and Discharge Provisions of the Bankruptcy Law…

Underwriting Tip – Bankruptcy Waiting Periods – FHA

A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender documents that one year of the pay-out period under the bankruptcy has elapsed the borrower’s payment performance has been satisfactory and all required payments have been made on time, and the borrower has received written permission from bankruptcy…

Underwriting Tip – FHA Buyer Financed Closing Costs

FHA Buyer Financed Closing Costs Financing of Transaction Costs for Real Estate Owned Properties (REO) Purchased under Federal Housing Administrations  $100 Down Sales Incentive Click for mortgagee letter/details  Related articles Underwriting Tip – FHA Gift Funds (theraleighmortgageguy.com) Buyers Receive up to 3.5% Toward Closing Costs from Fannie Mae! (theraleighmortgageguy.com) HELP FOR HOMEOWNERS…

Underwriting Tip – Recent Storms and Floods

Due to the recent storms the Underwriters will be checking the disaster lists and requiring additional appraiser visual inspection and sign off if a subject property is in an affected area. Realtors and Buyers – make sure to check your properties that may be in affected areas BEFORE closing because the underwriters will.  The site…