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 …

The Supervisor… Really? (via TriangleAreaRealtor) Read more »

Tagged with: ,

FHA – Requires terms of withdrawal on all 401K funds that are provided even if the funds are not being used or withdrawn at closing.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 »

Tagged with: , , ,

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!

Tagged with: , , , ,

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 »

Tagged with: , , , , ,

if you are a first time home buyer shopping for a home in Raleigh say between $100,000 and $149,999 and in April found that your low ball offers weren’t being accepted, it’s because it ISN’T A BUYERS MARKET IN RALEIGH in that price range.

Tagged with: , , , , , , ,

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 »

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 …

USDA Lending Tip; Eligible Homes Locator Map Read more »

Tagged with: , , , , , , , ,

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 »

Up to $7,500* for down payment and/or closing cost assistance

Tagged with: , , , , ,