The Federal Housing Administration’s home loan program is one of the three government backed loans and is also the most popular. The other two government backed loans are the VA and USDA programs. The FHA loan is also the favorite for first time homebuyers. There are several reasons for this popularity but primarily the minimum […]
Getting Your VA Entitlement Back
If you’re one of the fortunate who have access to the VA home loan program, first, thank you for your service. Second, the VA loan program is without a doubt the most competitive home financing option in today’s marketplace for those seeking to purchase a home with as little cash to close as possible. When […]
How Private Lending Works
Private lending is a necessary and legitimate function in the world of real estate. Without it, many successful projects would have never gotten off the ground. Unfortunately, not too many consumers are aware of private funds with the result being too many opportunities being left behind. In this article, I’ll explain how private lending works, […]
Minimum Credit Standards for FHA Loans
The Federal Housing Administration’s housing finance programs, most commonly referred to as FHA home loans, provides lenders guidance regarding how to evaluate and approve an FHA loan application. FHA loans are one of three government-backed programs that carry some degree of lender compensation should a guaranteed loan ever go into default. With FHA programs, the […]
How to Finance an Out-of-State Property
The time-tested mantra of “real estate is local” simply means that while homes are bought and sold every day, one market may be seeing higher valuations while in other areas, home values might be doing the opposite, for the very same type of properties. A four bedroom 2 ½ bath in one neighborhood might be […]
The Best Things That Can Happen To Your Credit Scores
Credit scores for mortgage loan approvals were first introduced years ago, then refined by a company now know simply as The FICO Company. FICO is the acronym for the Fair, Isaac Corporation which developed the algorithm used by credit scoring engines today. For those who are constantly in the mode of increasing their scores to […]
Why Do Lenders Sell Loans?
It can be somewhat surprising, especially for those who have just purchased their very first home, to discover the mortgage they recently got has been sold to someone else. The mortgage industry refers to this as a “goodbye letter” which, required by regulation, informs the borrowers their loan was sold and when the loan will […]
Raising Your Credit Scores in 60 Days
Credit scoring can be somewhat of a mystery to the everyday consumer. Borrowers typically have a pretty good handle on the status of their credit. Bills come in every month and they’re paid on or around the due date. Sometimes though those accounts aren’t paid when due and if a payment is made more than […]
Why Mortgage Companies Use Mortgage Brokers
Consumers can get a mortgage from multiple sources. Maybe one of the most common places to secure a home loan is someone’s bank. Or, a consumer can get a mortgage from a mortgage banker that offers mortgages only, unlike a bank which can offer other financial services such as checking and savings accounts and credit […]
Why Lenders Ask You to Sign IRS Form 4506-T
One of the major changes in lending guidelines made nearly 10 years ago was making sure mortgage lenders verified income. Up until around 2008-2009, the proliferation of so-called “stated” and “no doc” loans made getting a loan approval almost a no-brainer. Such loans also contributed to the housing crisis as those who wouldn’t normally be […]
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