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One of the phenomena of the Great Recession is that young people are turning to family members and other young professionals to share housing.
A question that was recently presented to me by a client wanting to buy the SINGLE FAMILY home they have been renting as their primary resident:
We’ve all heard the saying that ‘Bad things sometimes happen to good people’. If you … More How Long do I have to Wait for a Mortgage after Short Sale or Foreclosure?
Regardless of whether you believe that the so-called Great Recession was caused by reckless and irresponsible mortgage lending or government perversion of free markets by encouraging banks to make risky mortgage loans to people with questionable credit and practically no down payment or a combination of the two, one thing is irrefutable;
The government has created a whole new bureaucracy called the Consumer Protection Financial Bureau (CFPB) whose authority is far reaching and made possible by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).
Home buying is a daunting task and if you are a first-time buyer, then you will hardly know much about … More 5 Important questions a buyer should ask a lender when purchasing house
Under normal circumstances, lenders require that all parties to a mortgage agreement be present in person at settlement to sign their loan documents. However, there can be very legitimate circumstances under which it isn’t possible for the borrower to be present
Although every lender has a different policy, at AES Lending, our policy is as follows: Continue reading FAQ – Can I Close My Mortgage Loan Using a Power of Attorney (POA)?
Deed-in-Lieu of Foreclosure and Preforeclosure Sale
Even though your mortgage payment may have never been late, these transaction types are completed as alternatives to foreclosure therefore, as you might imagine, they are treated seriously. So serious that they often are viewed by underwriters just as serious as an actual foreclosure or bankruptcy. Continue reading FAQ – How Long after a Short Sale or Pre-Foreclosure before I can Qualify for a Conventional Mortgage Loan?
1. Don’t go buying a lot of junk, or even quasi-junk. Draining your savings or running up credit card debt to buy a new living room set, a big-screen TV, or a new car could make a difference in your interest rate and whether you even qualify for a mortgage. Avoid spending money until after the closing is completed, whether by credit or cash. Keep your debt down and as much money in your bank account as possible. Your lender will check bank and credit card account history, in some cases more than once. Continue reading 6 Things You Should NEVER do When Buying a Home
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.
Continue reading Why you need to get pre qualified BEFORE shopping your next home
Normally HUD Mortgage Letters are pretty boring stuff but the FHA recently made headlines when they issued the HUD Mortgagee letter 13-26 dated 08/15/2013 with the subject ‘Back to Work – Extenuating Circumstances’.
This 15 page letter outlines how the FHA plans to make exceptions that will allow borrowers with troubled past related to the economic malaise commonly called the Great Recession, to reenter the market in a shorter time-frame. Continue reading FAQ – FHA ‘Back to Work; Extenuating Circumstances’ Explained