Tag Archive for: fha

17 Day Close – Conventional and FHA Only; Nobody Closing Jumbos “Fast”

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We tout our “Super 17” or 17 Day Closings often, but we need to emphasize that this is only for Conventional and FHA Loans, and not for Jumbo Loans. Nobody […]Read More

How To Lower Debt Ratios 101

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Experienced Mortgage Analysts (or Loan Officers) have many tools to lower debt ratios to help borrowers qualify for a larger loan. Here are a few that all loan officers should […]Read More

Cash to Close And Reserves

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Borrowers often come to us with just enough funds for their down payment, without accounting for closing costs and reserves. “Reserves” have become a bigger issue lately as more borrowers […]Read More

When Can Seller Sign? No Impounds If LTV 89.9% Or Less

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Two Reminders: Sellers can sign documents at almost anytime after escrow opens for conventional and jumbo transactions (as long as escrow has all necessary terms and time to prepare documents). […]Read More

How To Buy A Flip – Property Bought & Re-Sold Within 90 Days

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We have been seeing “Flips” surface again lately. Flips are properties that are purchased and re-sold within 90 days. Lenders go by “contract date” and not close of escrow. Hence, […]Read More

BK’s & FHA Financing; 2 Years Seasoning Unless In Chapter 13

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FHA requires only two years of seasoning from the date a bankruptcy is discharged. This is relatively well-known. What is not well known is that borrowers in a Chapter 13 […]Read More

Big Changes In FHA! Or Not…

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FHA made a large number of changes in underwriting guidelines recently and Realtors are asking how this will affect buyers. For about 99% of our FHA buyers, the changes will […]Read More

What If Spouse Has Horrible Credit?

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We frequently get husband/wife borrowers where one spouse has stellar credit and the other has awful credit. Most people know that the solution is simply to do the loan in […]Read More

Rules For Gift Funds

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We have a few borrowers right now navigating the best way to receive gift funds, so we wanted to provide a few reminders. Gift Funds – a Few Rules of […]Read More

Using Rental Income From Departing Residence: Lease, Check, Deposit

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We are seeing a lot of borrowers lately who want to buy a new home before they sell their current home. These borrowers, however, often cannot qualify for a new […]Read More

Short Sale Seasoning Revisited; Extenuating Circumstances Exceptions

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We get so many questions about short sale seasoning that we thought we’d revisit the issue. FHA financing requires 3 years of seasoning. Conventional financing always requires 4 years now […]Read More

Put Less Down and Pay Off Car or Consumer Debts

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We had a borrower last week who was getting a gift of $40,000 to buy a home with FHA financing. FHA of course required a much smaller down payment but […]Read More

Seasoning From Bankruptcy Discharge: 2 Yrs for FHA

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We have been seeing a lot of bankruptcies (BKs) lately, so we thought it was time to again mention required seasoning periods from date of discharge. For Chapter 7 (liquidation) […]Read More

FHA Better than 80/10/10 Conventional in Tight Market

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We can close almost any purchase transaction in 14 days, using our uber-systematic, assembly-line process. One major exception is 80/10/10 loans with 10% down and a 1st and 2nd mortgage. […]Read More