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So, you’ve decided to buy a house? GREAT DECISION, especially now since rates are super low and you can walk into plenty properties with some decent equity. Ok, step 1 complete. Next step, picking the right lender. I’ve written several articles on this previously, but I will summarize countless hours of explanation into ONE sentence: YOU WILL CHOOSE WHOEVER YOU [...] So there has been a lot of rumors regarding the $8000 first time home buyer tax credit and that it can be used as a down payment for a new home with an FHA loan. At first, I thought it was just another “mortgage scam”. Trust you me, the real mortgage industry always leaves room for [...] An Identity-of-Interest transaction is where a sales transaction is made between parties with family/business relationships. To break it down very simply, and this is USUALLY always the case, when a family member sells to ANOTHER family member, FHA looks at that as an Identity-of-Interest Transaction. I get at least 1-2 calls per month with this scenario, and [...] CHICAGO (MarketWatch) — The number of mortgage applications rose 2% in the week ending May 1, the Mortgage Bankers Association said Wednesday, with borrowers seeking both more refinance and home-purchase loans. The MBA’s seasonally adjusted composite index of mortgage applications rose to 979.7 from 960.6 a week earlier. The refinance index was up 1.2% while [...] When doing an FHA Loan, if you are delinquent, as revealed by any public records or HUD’s Credit Alert Interactive Voice Response System (CAIVRS), on any federal debt (e.g. VA-guaranteed mortgage, Title 1 loan, Federal Student Loan, SBA Loan, delinquent federal taxes) or you have a lien, including taxes, placed on your property for a [...] |
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