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 …

FEMA Declared Disaster Area – Loan Application in Process Read more »

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Recently the word Republican, like “Banker” has been used interchangeably to disparage and slander (and is often incorrect) my business but what made this stand out to me was how he said it. It was almost as if it was a disparaging remark and he was sorry for having used it!

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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 …

Underwriting Tip – Bankruptcy Waiting Periods – VA Read more »

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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 …

Underwriting Tip – Bankruptcy Waiting Periods – FHA Read more »

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FHA – Requires terms of withdrawal on all 401K funds that are provided even if the funds are not being used or withdrawn at closing. Generally these terms are available for download from an HR Web Portal.  Persons employed …

Underwriting Tip – Verification of 401(k) funds Read more »

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Some today experts are saying that only 1 out of 10 short sales reach successful conclusion. Yet others say that 1 out of every 4 close escrow. Regardless a 10% to 25% success ratio is pathetic no matter what your business is!

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Damage from April 16th Tornado in Raleigh

You’ve settled your claim with your home owners insurance agent and you have an insurance settlement check but it’s made out to you and your mortgage company; How do you cash it to pay for the repairs

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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) …

Underwriting Tip – FHA Buyer Financed Closing Costs Read more »

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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 …

Underwriting Tip – Recent Storms and Floods Read more »