Limited by the Numbers
I am always amazed how some people think a loan officer can “just make the numbers work”. I’ve come to the conclusion that maybe that’s why we’re in the mess we are in right now in the mortgage business. The truth of the matter is this; no one should ever manipulate the numbers to make [...]
Home Loan Modifications
I have received several calls over the past week in regard to home loan modifications for people that have not been able to refinance their homes due to the loan on the house being more than its current value or the current financial position has changed and they can not longer qualify for a refinance. [...]
What is a “no cost” FHA Loan?
The closest thing to a no cost FHA loan is a streamline refinance though this is changing very soon just like so many other things in the loan and mortgage world. A streamline has been done in the past without an appraisal and credit is pulled to verify that the mortgage has been paid over [...]
The Relationship between Credit Scores and Mortgages
In the good old days, you would go down and talk to your local banker who has known you and your family for forever and you would let him know where you were working and how much money you made. After he asks you a couple of questions he would tell you to go find [...]
Finding a Second Loan
Needless to say, if you have been shopping for a purchase second, they are hard to find. Just a couple of years ago banks and mortgage companies were competing like it was the Olympics for second mortgage business. Now you can’t hardly find anyone that will do a second over 80% and no one over [...]
Qualifying for More than One Home
In the good old days, about two years ago, investors, people who wanted to purchase a second home and those moving from one location to another who could wait to sell their current home could do all sorts of things to help them qualify for the loan. All of which were within the regulations of [...]
The Length of a Short Sale
Short Sales from the outside looking in would seem like a very direct way for a seller and a bank to agree together to sell a property. However, from the inside looking out, it is not that simple. Many bank owned properties are actually owned by other entities and are merely serviced by the bank. [...]
The Time Crunch for a Loan
It’s an interesting time for those of us who have been in the home loan business for awhile. It wasn’t that long ago you could bring a loan in on Monday and get it closed by Friday of the same week. There are times that is still happening but it is farther and fewer between. [...]
Need a 203K?
203K’s are getting harder to find these days as lenders struggle to get loans underwritten and closed. However, there are some companies that are actually flourishing and the 203K is a good part of their overall mix of loans. These companies are looking forward at what can be done with the bank owned properties (REO) [...]
The Income Dilemma
One of the things that have drastically changed over the past several years is the tracking of income. This comes into play for all people who are self employed or make compensation in the form of commissions or tips. For those some who are self employed, including commissionable earners, are caught between taking legitimate expenses [...]
keep looking »