May 18, 2011
A client called today, anxious since he had read online that cosignors don’t take title to the home they are helping the Buyer/borrower purchase. Technically this is accurate, but not the entire story. Over the years FHA has made a distinction between non occupant CO-BORROWERS and non-occupant COSIGNORS. In fact my research shows that the only FHA programs that allow……
April 19, 2011
Basic Facts First: On a VA home loan, the Veteran’s spouse’s debt obligations have to be counted against him/her when qualifying even if the Spouse will not be a borrower on the VA loan (i.e. “non purchasing spouse”). Underwriters therefore add up all the monthly debts belonging exclusively to the spouse and count them against the Veteran (Borrower). And since……
April 16, 2011
When someone has entered the U.S and chosen to reside here, they are considered a “Resident Alien”. However there are two labels for folks that have come to stay. (i) “Permanent Resident Alien” – A non-resident alien is a lawful permanent resident of the U.S. at any time if they have been given the privilege, according to the immigration laws,……
April 15, 2011
How Does FHA Look at Garage Conversions & Other Unpermitted Additions? If a home has something about it that is different to it’s original structure, you may have a problem getting an FHA loan on it. What’s an FHA Underwriter going to do? Typically the Underwriter is going to (i) Ask for confirmation from the Appraiser that the work was……
January 25, 2011
January 22, 2011
A client emailed me today stating he went back to work July2010. Prior to that he had gone to taken a break from work to get back to school to acquie a special certification which advanced him in his career. He was fretting about how this would affect his qualifying. Here’s what i told him FHA typically requires at least……
January 19, 2011
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FHA Loans / FHA, VA & Conventional Related / Latest News & Updates
For another whole year, through Jan 2012! What does this mean exactly ? Homes that were purchased (by Investors) and resold aka “flipped” (usually for profit) . . will be allowed with certain restrictions even if the home is being resold within 90-days of the Seller (investor) acquiring it. This helps the housing market by providing affordable financing with flexible……
January 17, 2011
January 13, 2011
Rashawn McNeal at Keller Williams called me today asking if her client (a Veteran) can use his VA Entitlement to purchase the home he’s under contract for. He was under the impression he couldn’t because he got a VA loan back in the 1970’s. Good news is: VA loans can be repeated time after time under certain conditions. Since this……
January 7, 2011
Appraisal cut on Fannie mae conventional deal
