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 of Wednesday you now must pay an additional $100 fee during the car’s initial registration or at its annual renewal that lawmakers say is required to offset gas taxes, which electric car owners do not have to pay. North Carolina legislators have very cleverly titled this law the “Fair Share Contribution for Electric Vehicles” Act, after all, who couldn’t support fairness, right?
Don tells me that nearly ALL Thanksgiving Day homeowner’s insurance claims almost always involve a deep fryer and a raw/frozen turkey. I dug up a press release from North Carolina Farm Bureau dated November 25, 2008 and thought I would share with my readers important safety tips that you should know about if you are planning to Deep Fry a Turkey this Thanksgiving.
Daylight Saving Time (DST) 2013 Daylight Saving Time began on Sunday, March 10, 2013, at 2:00am. Clocks shift back to Standard Time (ST) Sunday, November 3rd, 2013, at 2:00am. This shift in time moves one hour of daylight from the …
Why DO we Observe Daylight Savings Anyway? (DST 2013) Read more »
My colleague Thomas “rock” Rosciano wrote a very good post and I thought it was good enough that I wanted to share it with my readers.
One of the most common cause of foreclosure is misstated or overstated income. Since the mortgage meltdown of 2008, and because of increased accountability to Washington, lenders are now required to take extra steps to verify that borrowers have the …
FAQ – What is a IRS Request for Transcript of Tax Return (4506t) Read more »
A lot of clients want to know why they should get pre-qualified for a mortgage? It’s a good question! Hi, my name is Jenny Miller with AES Lending. Let’s look at pre-qualification another way.
A few weeks ago I sent an email to my clients titled “Credit standards ARE loosening” which was inspired by a blog FHA 203(b) Loans for North Carolina borrowers with 620 Fico Scores . In that email I pontificated that …
It just got a little bit easier to buy a home in Raleigh Read more »
However, here in Raleigh, there’s a different story. According to NAR, the Median Sales Price of Existing Single-Family Homes rose a healthy 2.9% in Q2 2013 from $193,200 during the same quarter last year to $198,800. But the real surprise for me was in Durham which saw a 3.6% overall gain from $198,500 to $205,700 for the quarter ending July 30, 2013.