Underwriting Tip – Borrowers Employed by Family Business

FHA – In addition to normal employment verification, a borrower employed by a family owned business is required to provide evidence that he/she is not an owner of the business, documentation may include:          1. Copies of signed personal tax returns or          2. A signed copy of the corporate tax…

FAQ – What is the FHA Gift Funds Section 1010 Verbiage

FHA Underwriting Tip; FHA allows a borrower to meet the minimum statutory investment by using gift funds from either a close family member, government agency or approved non profit. FHA requires that all gift letters include the section 1010 verbiage below – Click Here  for sample letter with all of the HUD requirements.

The mortgage process — from pre-qualification to closing.

The mortgage process — from pre-qualification to closing. Buying a new home is one of the most exciting and life-changing events many of us will ever experience. it’s important that you be well prepared and understand the steps involved in getting a home loan — and we’re here to help. By understanding the mortgage process,…

Can a Home Equity Line of Credit (HELOC) impact my credit score

Q&A: Impact on Credit Scores? QUESTION: Can a Home Equity Line of Credit (HELOC) impact my credit score? ANSWER: Credit expert Linda Ferrari (author of “THE BIG SCORE: Getting It and Keeping It, Buying Power for Life”) explains that HELOCs are commonly categorized as revolving accounts. As a result, they are rated using the “Balance to…