All articles about Tips for Home Buyers

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 via the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA).


Continue reading Conventional 3% Down Mortgages 27 FAQ’s

What’s involved in the Home Appraisal Process?

Early in your loan application process, your lender will arrange for a home appraisal. Borrowers are sometimes confused about this process. They have a pretty good idea about what the home they want to buy is worth but the appraised value can sometimes be very different from that number. Continue reading What’s involved in the Home Appraisal Process?

Seven Questions to Ask any Loan Officer

Questions you really should be asking

Contents7 Questions Every Borrower SHOULD ask a Loan Officer#1 How long have you been a mortgage lender?  7 Questions Every … More Seven Questions to Ask any Loan Officer

8 Basic Requirements of the Ability to Repay Mortgage Rule

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).

Raleigh Real Estate Market Update – September 2011

According to the statistics recorded in the Triangle Multiple Listing Service there’s good news and there’s really bad news for the  Raleigh Real Estate Market.  I prefer the bad news first because it always make the good news sound just a little bit better so here’s the bad news;

Median & Average Sales Price Declines in Raleigh by double digits

If you have to sell your home  in Wake County North Carolina where 100% of Raleigh is located, the value of your home may be falling faster than the presidents job approval ratings!
Continue reading Raleigh Real Estate Market Update – September 2011

How to DIY Credit Repair Tips

Buyer Beware of “Credit Repair”

One of the booming  cottage industries that has emerged from the Great Recession is credit repair companies. Most are by the same people who flew the sub prime mortgage industry into the ground lying to home buyers about their ability to refinance out of a high cost mortgage into a more affordable long-term mortgage in just two short years once their credit improved. Continue reading How to DIY Credit Repair Tips

FAQ – What is the FHA Gift Funds Section 1010 Verbiage

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 –

Five Great Reasons to Buy a Home today

Why You Should Start Planning To Purchase A Home If you’ve ever thought about buying a home, but decided … More Five Great Reasons to Buy a Home today

FAQ – First Time Home Buyer definition

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.”