FAQ – Can I use income from marijuana sales to qualify for a mortgage?

Mortgage Underwriters’ hands are tied in using income from something the Federal Government considers illegal. Yet new regulations from DC require that lenders verify and borrowers ability to pay before giving them a mortgage. For example, Washington State had nearly $212 million in marijuana sales in the second quarter of 2016, approaching the $249 million…

Conventional 3% Down Mortgages 27 FAQ’s

Frequently Asked Questions and Answers to the new Conventional 97% Mortgage. Is the Conventional 97 a government-backed mortgage program? Yes, the Conventional 97 mortgage program is backed by the government. It’s offered via Fannie Mae only. The program is not available via Freddie Mac, nor is it available…

What is a My Community Mortgage?

According to research of the foreclosures during the past 7 years, chief among the cited reasons were lack of down payment, undisclosed debt by the buyers, reduced credit requirements, and unstable income. In response to greater accountability to Washington lenders tightened there criteria…too tight by most industry experts. Thankfully, however lenders are beginning to see…

How is my credit score impacted by paying a charge off?

It is much easier to get paid charge-offs removed than unpaid charge-offs. There is no incentive for the creditor to fight the dispute, since they already have their money. So if you dispute the charge-off, the credit bureaus will send a verification request to the creditor. Most often the creditor will ignore the verification request.…

How much will the new FHA MIP Rules change save me?

Surprisingly, one of the brightest spots of the president’s State of the Union Address last night which might have received a standing ovation from both sides of the aisle barely received a passing mention! The bright shining spot in his speech was the president’s recent directive to HUD regarding the FHA Annual Mortgage Insurance Premium.…

When can Homeowners Association foreclose?

Can a Homeowners Associations foreclose when I have a mortgage? It’s a question that I am asked frequently by borrowers and clients who have found themselves embroiled in a legal battle with their Homeowners Association (HOA) over unpaid dues, levies, and fines. Generally the answer is no, however a recent Nevada State Supreme Court ruling…