When a borrower with disabilities receives rental income from a live-in personal assistant, whether or not that individual is a relative of the borrower, the rental payments can be considered as acceptable stable income in an amount up to 30% of the total gross income that is used to qualify the borrower for the mortgage loan.
So recently a realtor client contacted me to find out just how long they should expect before being able to close a USDA Rural Development Guaranteed Housing Loan because a local bank loan officer had told her that she should …
How long does it take to close a USDA Rural Development Loan? Read more »
Ability to Repay Basic Eight Requirements
2014 brings with it many new rules established by this new regulator that have significant impacts not only on the type of loans that consumers have access to but how they are delivered. The rule set minimum requirements that a creditor must consider in making the ability‐to‐repay determination. Eight factors must be considered, at a minimum, in the underwriting evaluation process:
As part of our continuing service to you, we’d like to offer some tips that may be helpful when you’re looking to purchase a new home or refinance your home loan.
Above all else, pay your bills and start saving.
These days there seems to be no shortage today of people or politicians angry at mortgage companies. Most however tend to be customers of the nations five largest mortgage servicers; Bank of America, Wells Fargo Home Mortgage, JP Morgan Chase & Ally Financial. The source …
The Trouble With Trial Mortgage Loan Modifications Read more »
Predatory Lending Considerations Subprime lending is not synonymous with predatory lending, and loans with the features described as Subprime are not necessarily predatory in nature. However, institutions should ensure that they do not engage in the types of predatory lending …
The Escrow Department will likely be the same department that will cash and hold your insurance claims check. Don’t be surprised if your bank/lender actually place a hold on the check for up to five business days due to the protential for fraud given the number of mass losses that have occurred recently.
If I were to tell you that you will be required by your lender {mortgagee} to give a Death Pledge to buy or refinance your next home would you might think twice and would you want to know more about to whom you were entering into a mortgage agreement with?
There have been a flurry of apartment deals in the Triangle over the past 18 months as investors flock to what has become the best-performing sector in commercial real estate. ..Average rents in March were $827 per month, up $22 from the same period a year ago
What Private Mortgage Insurance and why do I have it? Years ago when your grand parents bought a home they saved each extra penny they could until they had enough for a down payment that was equal to at least 20% of the …