Whether it’s applying online, meeting a loan officer face-to-face or having a conversation over the phone about a new home loan application, you’re provided with a list of things the lender will need to see before underwriting the file. Because mortgage lenders follow the same basic lending guidelines they all ask for the same basic […]
Does APR Really Matter?
The Annual Percentage Rate, or APR, is perhaps one of the most misunderstood numbers in the mortgage process. Even some loan officers can misinterpret that the APR is for and why it’s needed but in this article we’ll talk about how to use it. The APR was first introduced back in 1974 as part […]
The FHA 203(h) Loan Program: Now More Than Ever?
Most borrowers have heard of the FHA home loan program. This government-backed mortgage is available to most anyone and requires a down payment of just 3.5% of the sales price. Due to the ease of qualifying and the low costs involved, it’s no wonder it’s the loan of choice for first time home buyers. This […]
Financing Fix and Flips
Real estate developers know how important it is to have the right financing for the right project. Such is the case for “fix and flip” transactions where the buyer acquires a property for a relatively short period of time with the sole purpose to sell, or flip, the home once the property has been rehabilitated. […]
FHA, VA, HERO and PACE
That’s a healthy dose of government acronyms, don’t you think? We agree, but in today’s mortgage market they all play a vital role addressing specific borrowers as well as communities. The Federal Housing Administration, or FHA was created in 1934 as a way to help jump start the economy by providing banks universal lending guidelines […]
