May 2012
There continues to be significant discussion by our legislators to help home owners take advantage of the historic low rates if their loan is NOT backed by Fannie Mae or Freddie Mac. Although there is NO formal program in place for many folks, FHA has finally stepped up to the plate to assist people that [...]
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What percentage of our Purchase Loans actually requires a full appraisal? First note that there are three types of appraisals the underwriting process may require: 1. Full Appraisal – 1004 Report. Requires an interior inspection of the home and comparable sale data. This is required for FHA transactions, or conventional loans with 5% down payments. [...]
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Recently, underwriters have been requiring that all significant deposits other than payroll be documented with some sort of paper trail. These “significant” deposits can range from: $10 Mail-in-Rebate checks $50 Birthday checks from Grandma $600 in quarters from a laundromat The underwriters are not deeming any deposits as “insignificant”. They need to be sure you’re [...]
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We have a months worth of data to share after the March 19th HARP 2.0 changes were introduced. It was speculated that the Loan to Value (LTV) would have no cap, the reality is that you can now finance up to 150% of the value of your home. This is an increase from the previous [...]
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