Tag Archive for: mortgage reminders

Correlating to Borrower With Lower Score; Paying Over Appraised Value; Not Referencing Inspections

Here are a few quick reminders. CORRELATING TO BORROWER WITH THE LOWEST CREDIT SCORE We received negative feedback from a frustrated borrower last week b/c we correlated our interest rate […]Read More

Seller & Lender Credits; Can’t Exceed Closing Costs; Repairs; Rules

We thought it was time to repeat a few basic, but very important, guidelines in regard to seller and lender credits. We’ve had numerous delays in recent weeks because of […]Read More

Rent Backs; Gift of Equity; Appraisal Seasoning; 3% Down vs FHA

Here are a few “Mortgage Minders.” Rent Backs. Most lenders allow sellers to “rent back” the home they just sold for as long as 60 days. If the term exceeds […]Read More

Reminders: Brick Foundations; FHA; Rental Income; Over-Reaction

A few quick reminders: 1. Brick Foundations Are Not Deal Killers. Lenders allow for brick foundations as long as appraisers state they are “typical for the area” and appraisers are […]Read More