When a borrower with disabilities receives rental income from a live-in personal assistant, whether or not that individual is a relative of the borrower, the rental payments can be considered as acceptable stable income in an amount up to 30% of the total gross income that is used to qualify the borrower for the mortgage loan.
New Mortgage Escrow Rules for January 2014 Nearly three years after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act , a response to the mortgage crisis of 2007-2008 that has left millions of Americans licking their financial …
A two-year waiting period is permitted if extenuating circumstances can be documented. Divorce is NOT an extenuating circumstance!
There’s been a lot of rhetoric coming from both sides of the congressional aisles these days; from Democratic and Republican parties and even a few in between. But recently the media has begun reporting government shutdown fallacies as facts. I’ve …
FAQ – How Will a Government Shut-down Delay My Mortgage Loan Application? Read more »
What Is an FHA 203k Loan? This loan can help you buy and repair a fixer-upper or what is sometimes called a Handyman special FHA 203k loans are loans that are insured by the Federal Housing Administration The federal government …
Until recently, getting a loan to purchase a home in Raleigh North Carolina for borrowers with credit scores greater than 620 but less than 640 was nearly impossible. However, because of the improving real estate markets, lenders are beginning to …
FHA 203(b) Loans for North Carolina borrowers with 620 Fico Scores Read more »
Private Mortgage Insurers leading the way in housing recovery One of the earliest indicators of the housing meltdown which began in 2007 was that issuers of Private Mortgage Insurance (PMI) began to contract their underwriting guidelines for issuing PMI …
Private Mortgage Insurance helps lead the way in the Housing Recovery Read more »
Market Commentary – Tue, Feb 14 – 10:46 AM ET The Commerce Department reported this morning that consumers spent a little less than expected in January but any gains were welcome. Retail Sales rose by 0.4% last month, below the 0.8% …
Question: My partner and I are not married and only one of us is an eligible veteran while the other is not. Can both our income be considered for the loan application? Answer: YES, as long as one of you …
Underwriting Tip – VA Loans Unmarried Applicants Read more »
Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand. This post is intended to be an …
FEMA Declared Disaster Area – Loan Application in Process Read more »