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Dispelling Lending Myths

  Obstacles to home-ownership have reached such mythical proportions that many prospective home buyers believe it’s futile to even try!  Fortunately, many of these perceived obstacles have little or no basis in reality.

After hearing many of these misconceptions from home buyers and real estate professionals alike, let’s take a moment to dispel these . . . → Read More: Dispelling Lending Myths

Need More Reasons Why You Should Use a QUALIFIED Certified Mortgage Planning Specialist®? Ask Another Client! – Part 3

 

Scenario:        Self-Employed Borrower owns a wholesale food distribution business.  He wants to purchase a new home, and then afterwards, sell his current residence.  He has good credit, and a large down payment.

 

PROBLEM:  He spoke to ‘His Bank’ for a mortgage.  After all, he’s a good customer and shows millions of dollars . . . → Read More: Need More Reasons Why You Should Use a QUALIFIED Certified Mortgage Planning Specialist®? Ask Another Client! – Part 3

Why Use a QUALIFIED Certified Mortgage Planning Specialist®? Ask This Client!

 

 

Scenario:  Borrower recently divorced.  For over ten years, she’s managed the house and raised her children.  She hasn’t worked outside the home since her children were born.  Currently, her only income is alimony and child support.

The Divorce Agreement requires she buy out her ex-husband.  Otherwise the house must be sold.

 

. . . → Read More: Why Use a QUALIFIED Certified Mortgage Planning Specialist®? Ask This Client!

The Ten Commandments

 

The following Ten Commandments When Buying a Home or Applying for a Mortgage has been circulating online for many years.  It has been published and republished by many real estate companies and lenders.  While the original author is not known, this does not negate the importance that every potential mortgage applicant abide by . . . → Read More: The Ten Commandments

Using Gift Funds Towards Your Home Purchase

 

 

There are many home buyers who are fortunate to receive family help towards their down payment or closing costs. If you count yourself among these home buyers using gift funds towards your home purchase, there are some factors you need to consider.

 

National underwriting guidelines require gifts – and the receipt . . . → Read More: Using Gift Funds Towards Your Home Purchase

Mortgage Lenders Expecting More Regulatory Headaches. How Will This Effect Borrowers?

  According to an article published in the National Mortgage News online (Mortgage Lenders’ Many Headaches, 10/02/13), lenders are preparing to deal with a plethora of new regulations and mandates.

 

Fannie Mae and Freddie Mac will require ALL loans be 100% free of defects. Almost 80% of all conventional loans originated in the . . . → Read More: Mortgage Lenders Expecting More Regulatory Headaches. How Will This Effect Borrowers?

President and Congress Moving to End Fannie Mae and Freddie Mac. Is This REALLY The Right Solution?

 

In August, 2013, President Obama and Congress formalized their desire to dismantle the mortgage giants, Fannie Mae (FNMA) and Freddie Mac (FHLMC).

Both FNMA and FHLMC have been blamed in part for causing the 2008 financial meltdown and subsequent Great Recession, from which the United States is still struggling to recover.  There are . . . → Read More: President and Congress Moving to End Fannie Mae and Freddie Mac. Is This REALLY The Right Solution?

What is the most stupid condition you've gotten from an underwriter on a mortgage file?

I recently read an article in Loan Officer Magazine, written by Karen Deis, that made me laugh out loud.  Karen is the Founder of Loan Officer Training, Publisher of Loan Officer Magazine and Mortgage Currentcy.com, and she is a mortgage and real estate industry veteran and expert.

I recently had the opportunity to meet . . . → Read More: What is the most stupid condition you’ve gotten from an underwriter on a mortgage file?

New Streamlined Modification Program To Help Delinquent Borrowers Avoid Foreclosure

 

Another option will soon be available to help delinquent borrowers avoid foreclosure, as well as help Fannie Mae and Freddie Mac minimize further losses.  Beginning July 1, 2013, mortgage servicers will begin proactively offering modification options to eligible borrowers, with no requirement for documentation.  Eligibility requirements include, but are not limited to:

The . . . → Read More: New Streamlined Modification Program To Help Delinquent Borrowers Avoid Foreclosure

Fannie and Freddie Reforms Threatened By Record Profits.

 

After the credit implosion and housing market collapse in 2008, Fannie Mae and Freddie Mac experienced huge losses, mostly caused by their sub-prime mortgage holdings.  These losses, totaling almost $188 billion, necessitated a taxpayer funded bailout of both entities.  Since then, Congress and the White House have been contemplating ways to reduce their . . . → Read More: Fannie and Freddie Reforms Threatened By Record Profits.