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Private Mortgage Insurance helps lead the way in the Housing Recovery

Private Mortgage Insurers leading the way in housing recovery

Here's a link to Ricardo Cobos's mobile tool kit for mortgages: http://raleigh.mortgagemapp.com/mobile
Example of how PMI stretches your home-buying dollar.

 

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 policies.  In fact, so bad was the meltdown that many PMI companies either stopped issuing policies altogether while some were even forced file for bankruptcy protection. Continue reading Private Mortgage Insurance helps lead the way in the Housing Recovery

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 … More Underwriting Tip – Bankruptcy Waiting Periods – FHA

Underwriting Tip – FHA Buyer Financed Closing Costs

FHA Buyer Financed Closing Costs Financing of Transaction Costs for Real Estate Owned Properties (REO) Purchased … More Underwriting Tip – FHA Buyer Financed Closing Costs

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 –