Private Mortgage Insurers leading the way in housing recovery One of the earliest indicators of the housing meltdown which began in 2007 was that issuers of Private Mortgage Insurance (PMI) began to contract their underwriting guidelines for issuing PMI …
Private Mortgage Insurance helps lead the way in the Housing Recovery Read more »
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 …
Underwriting Tip – Bankruptcy Waiting Periods – FHA Read more »
FHA – Requires terms of withdrawal on all 401K funds that are provided even if the funds are not being used or withdrawn at closing.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 by …
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% …
Underwriting Tip – FHA Buyer Financed Closing Costs Read more »
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 …
Underwriting Tip – Borrowers Employed by Family Business Read more »
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 – …
FAQ – What is the FHA Gift Funds Section 1010 Verbiage Read more »