Category: Loan Approval
Congratulations, You’ve Been Approved! The four words every Home buyer who has applied for a home loan loves to hear when they’re shopping for their new home. Unfortunately for everyone involved in a real estate transaction the approval might not be worth the paper it was written on! What does a loan approval mean? Well, [...]
RISMEDIA, September 28, 2010–Nearly one-third of Americans are unlikely to qualify for a mortgage because their credit scores are too low, making homeownership out of reach for many. This is according to an analysis of more than 25,000 loan quotes and purchase requests on Zillow Mortgage Marketplace during the first half of September. Borrowers with [...]
Lately this seems to be the question most asked by borrowers who are considering a 2nd home or investment property purchase. In short the answer is no. In normal situations HUD allows only one FHA Mortgage loan per borrower. Below are four unique exceptions to this rule. Increasing Family Size- If the borrowers current residency [...]
FHA Streamline Refinance Loan Requirements FHA Streamline refinance loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage — if you don’t have an FHA loan but want to refinance, your options include conventional [...]
On September 3, 2010, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2010-29 regarding Minimum Credit Scores and Loan-to-Value Ratios. This is in accordance with Federal Register Notice FR-5404-N-01, which proposes minimum credit scores and loan-to-value (LTV) ratios. Here is a summary: (a) Effective October 4, 2010, borrowers with a credit score [...]
The main rule: Don’t just look at the mortgage interest rate. Take a close look at all the terms of the mortgage program. Check with several lenders, either directly or through a mortgage broker. You also can do some comparison shopping yourself on the Web. For more, see the section on Using the Web to Find [...]
Fannie Mae “Loan Quality Initiative” How Will This Affect Borrowers? Beginning with applications dated June 1st, Fannie Mae is implementing the “Loan Quality Initiative” (LQI) guidelines. All Fannie Mae lenders must adhere to these guidelines. In a nutshell, the LQI guideline changes are: Credit re-verification just prior to or on the day of funding: Fannie [...]
As lenders tighten mortgage guidelines for California homebuyers, minimum downpayment requirements are increasing. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 10 percent. Anecdotal guideline changes have led to an increase in the number of homebuyers accepting cash gifts from family. Gifts are allowed in [...]
Your Mortgage Approval Isn’t Final Until It’s Funded, a host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today. MSN Money ran a [...]
If you have an FHA loan, you have probably heard you can refinance with an FHA streamline refinance. This FHA loan is a type of refinance where you can refi without an appraisal. It used to be very easy to do. In the past, you could refinance your loan, drop your rate, wrap in all the [...]
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Palm Springs Homes Are Selling Fast
Properly priced Palm Springs homes are selling fast. The number one question from both Buyers and Sellers is, “How’s The Market in Palm Springs?” My Answer is always the same: “If they’re priced properly, they’re selling fast!” Why Are Properties Selling Fast? A knowledgable REALTOR® can help Sellers understand the complexity of todays market. Homes [...]
Buying a Palm Springs Home in 2012
Are you one of the hundreds of people who will be Buying a Palm Springs Home in 2012? We’re almost at the end of 2011, with 2012 quickly becoming a reality, like every year before it people have started putting their list of New Years Resolutions together. Usually found on that list somewhere is the [...]
I am quite sure that Countrywide was not alone, but they were certainly one of the biggest players. This is the reality behind the real estate crisis and why it continues to roll along with no end in sight! I can tell you story after story of Countrywide reps and reps from other banks encouraging [...]
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