FHA – In addition to normal employment verification, a borrower employed by a family owned business is required to provide evidence that he/she is not an owner of the business, documentation may include:          1. Copies of signed …

Underwriting Tip – Borrowers Employed by Family Business Read more »

FHA Underwriting Tip; FHA allows a borrower to meet the minimum statutory investment by using gift funds from either a close family member, government agency or approved non profit. FHA requires that all gift letters include the section 1010 verbiage below – …

FAQ – What is the FHA Gift Funds Section 1010 Verbiage Read more »

a first-time home buyer is defined as someone who has not owned a primary residence in the three-year period ending on the date of purchasing the home. Married couples are considered first-time buyers if neither spouse has owned a residence in the previous three years.”

The mortgage process — from pre-qualification to closing. Buying a new home is one of the most exciting and life-changing events many of us will ever experience. it’s important that you be well prepared and understand the steps involved in …

The mortgage process — from pre-qualification to closing. Read more »

Q&A: Impact on Credit Scores? QUESTION: Can a Home Equity Line of Credit (HELOC) impact my credit score? ANSWER: Credit expert Linda Ferrari (author of “THE BIG SCORE: Getting It and Keeping It, Buying Power for Life”) explains that HELOCs are …

Can a Home Equity Line of Credit (HELOC) impact my credit score Read more »