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…

Questions you really should be asking

Seven Questions to Ask any Loan Officer

Contents7 Questions Every Borrower SHOULD ask a Loan Officer#1 How long have you been a mortgage lender?  7 Questions Every Borrower SHOULD ask a Loan Officer That could save you thousands on your next mortgage #1 How long have you been a mortgage lender? Just as experience with your lawyer, CPa and doctor matters, so…

8 Basic Requirements of the Ability to Repay Mortgage Rule

Ability to Repay Basic Eight Requirements

2014 brings with it many new rules established by this new regulator that have significant impacts not only on the type of loans that consumers have access to but how they are delivered. The rule set minimum requirements that a creditor must consider in making the ability‐to‐repay determination. Eight factors must be considered, at a minimum, in the underwriting evaluation process:

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 – Click Here  for sample letter with all of the HUD requirements.

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 that it was too big a financial gamble, think again. It’s possible you haven’t considered the risk of not buying a home. We all know how big of a step this can be for many…