The Supervisor… Really? (via TriangleAreaRealtor)

I recently had to engage in a transaction with the loss mitigation at the same bank that employs me. You would think there would be an unwritten code that Loan Originators and Loss Mitigation might share but alas, that simply isn’t so. If you have bad service at a restaurant, you ask to speak…

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…

USDA Lending Tip; Eligible Homes Locator Map

According to the USDA Guaranteed Rural Housing Development Program and  under the Section 502 program, Housing must be modest in size, design, and cost.   Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. For more information on the USDA…

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…