Category Archive : General

Buyer provided Documents- Why do we need more stuff for pre-approval?

       General

Issuing a Pre-Approval letter involves correctly analyzing three different but critical components of the File: 1. Credit 2. Income 3. Debt Each of these areas is very complex. If questions arise when documents provided by Buyers are being reviewed, it’s in the best interests of the Buyer and the Agent representing them that we as a Lender get clear cut…… Read More »

Why does the Underwriter want more paperwork?? Am I approved or what?

       General

This is a common question asked of Lending Professionals everywhere . . whether you’re applying for an FHA, VA, USDA or Conventional home loan. We narrowed it down for you 🙂 . . . . Whenever the Underwriter asks for additional paperwork, it’s usually because of one of the following  five reasons 1/ Something you sent contradicts or conflicts with…… Read More »

Some Better News About Private Mortgage Insurance (PMI) !

       CONVENTIONAL Loans / FHA, VA & Conventional Related / General / Latest News & Updates

Private Mortgage Insurance (PMI) is a necessary evil when you borrow more than 80% on a Conventional loan. But in 2007 the Govt. passed the Mortgage Forgiveness Debt Relief Act which allowed PMI to be tax deductible if you fit certain income criteria. Unfortunately that Rule expired in 2011 which meant in 2012 homeowners couldn’t write off PMI as a…… Read More »

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Consumer Confidence Will Dictate Housing Recovery

       General / Latest News & Updates

So the Chief Economist at NAR (National Assoc of Realtors) predicts housing sales will increase 4% next yr (2012).  Moody’s Analytics (Celia Chen) is more ambitious, thinking a 20%+  jump in 2012. But the much-desired housing recovery will be strangled by one thing above all . . .lack of consumer (homeowner) confidence in that Recovery. You see if house prices…… Read More »

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Can Filing Chapter 13 Bankruptcy Move You Closer To Homeownership? What?

       FHA Loans / General

it’s a little known fact amongst Homebuyers, Renters, Realtors and even Loan Officers that both FHA and VA allow a Borrower to purchase a home after they’ve made 12 timely payments on a Chapter 13 BK. Wait! What? Yes you read that right. Why is this important? It’s important because while grappling with many unpaid collections, charge off’s and judgements,…… Read More »

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Push Congress To Pass H.R.8026 so FICO Scores Could Increase For Millions!!

       General / Latest News & Updates

Everyone! Write your Congressman/Congresswoman and push them to pass H.R. Bill 8026 known as “The Medical Debt Responsibility Act (2011”. Below is a Summary of what the Bill means, straight from Congress. Basically, any medical bill less than $2500 which is satisfied or paid CANNOT BE REPORTED ON YOUR CREDIT REPORT! Could you imagine what this would do to the…… Read More »

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The VA Mortgage Loan Just Got Better !!

       General

The VA Home Loan just got better a few days ago, in case you didn’t know. If you are a Veteran Homebuyer or know someone who is, see below. The upfront Funding fee has been lowered! This means lower monthly payments for Veterans who even need to pay a funding fee. Click on the Chart image to make it bigger……. Read More »