All mortgages have costs associated with closing. Closing costs are fees that the borrower must pay to third party vendors who provide services needed to get the loan cleared to close. To make it easier for the borrower, these fees are typically collected by the lender and paid to the vendors by the settlement agent. …
Help for borrowers saddled with student loan debt
Think you cannot buy due to Student Loan Debt, think again! Fannie Mae is preparing to raise the debt to income ratio requirement by July 29, 2017! High debt payments are the number one reason people are declined when applying for a loan. The increase from 45% to 50% could open the doors to home-ownership …
Credit Scores are on the Rise!!
The American Dream of homeownership may be closer within your reach than you think!! As of July 1, 2017 changes in the way the three major credit bureaus report civil judgements and tax liens is changing to the benefit of some consumers. It is estimated that some credit scores may rise by as much as …
What is a Home Possible Mortgage?
The ideal borrower would have a high credit score, an income that more than justifies the loan, a long, stable employment history, and enough reserves to cover several months of mortgage payments. Obviously, that doesn’t describe everyone. The only option used to be an FHA loan, but that has changed. An excellent alternative to FHA …
FHA Loan Update
On Friday, under the new Trump administration, HUD suspended the 0.25 percentage point premium rate cut for Federal Housing Administration-backed loans until further notice. The Housing and Urban Development’s letter implied that they felt the insurance fund was not yet stable and couldn’t afford it, and suspended the cut “indefinitely effective immediately.” Mortgage Equity Partners …
