One of the largest aspects of dealing with a divorce is figuring out the housing situation. If you owned a home together with your spouse, chances are that one of you wants out of the residence. Just getting divorced is not enough for the lender that holds your mortgage to release your obligation to the mortgage, though. Typically, you need to refinance the loan into the other person’s name in … [Read more...]
Property Flipping: Red Flags Underwriters Look For
Here in Arizona, property flipping can sometimes be considered a sport. But when it comes to getting financing on a house that has been flipped, there are certain red flags that Underwriters look for. Certain characteristics of a transaction may be red flags that may be indicative of an improper property flip scheme. These characteristics include, but are not limited to: Appraisal lacks … [Read more...]
USDA Has Funds Available For Home Financing
USDA Has Funds Available For Home Financing There has been a lot of discussion and anticipation as to when Congress would re-appropriate funds for the USDA loan program and when it would come back. Effective on June 1, 2010, USDA released its program to lenders under new conditions that would affect a homebuyer's decision. It will also affect how much buyers can purchase based on their DTI … [Read more...]
Loans: Tighter Lending Restrictions That Affect Real Estate Transactions
Loans: Tighter Lending Restrictions That Affect Real Estate Transactions The last couple of years have brought with it tighter lending requirements that have prevented many potential homebuyers from qualifying for a home loan. What you may or may not know is that there has not been one specific period in which these changes have taken place rather it has been at best a dodge ball tournament. … [Read more...]
FHA Relaxes the Anti-Flip Policy for One Year
For anyone who has bought a home with the intention of flipping for profit.... or would-be FHA home buyer that has fallen in love with a property that is being flipped by an investor, you know well that the FHA anti-flipping rule has caused some grief for you. Up until now, if you were a buyer, that was obtaining FHA financing to purchase a home, you wouldn't be able to make an offer on a … [Read more...]
New Home Buyer 8000 Tax Credit Down Payment: Answers To Questions
Yesterday HUD issued Mortgagee Letter 2009-15 which gave official guidance on how exactly you can turn the 8000 Tax Credit for new home buyers into cash to help you cover your closing costs and possibly part of your down payment. Home Buyer Tax Credit Monetization: How To Claim The 8000 Tax Credit While many people have many questions, I decided to cover the most popular ones that I hear. … [Read more...]
Loan Officers: Are You Bringing A Knife To A Gunfight?
I always knew it was a fact, but I chose to leave it somewhere deep in the dark recesses of my mind in places I don't like to shine the light on very often. My adventure of torturing my boss using the Zillow mortgage marketplace started shining a strobe light on the problem, but I could still remain "enough in the dark" that I was still comfortably numb. And then my friend Brian Brady did it. He … [Read more...]
HVCC: Eyes Wide Shut
Ah, the mortgage business. If you were to meet me for lunch or dinner, sit down with me and chat about the mortgage business and how things are today, at some point in the conversation the topic of "HVCC" (Home Valuation Code of Conduct) would surely come up. When discussing the topic of HVCC, these are just a few of the possible reactions that you might get from anyone who works as a … [Read more...]
Mortgages For Canadian Citizens: Now Available
We now have financing available for Canadian citizens who want to buy a 2nd home here in Arizona. I haven't been to Canada recently, but someone told me that it can get awfully cold up there during certian times of the year. What better way to thaw-out than buy a home somewhere where you can pretty-much-wear-shorts-every-day-in-January if you want? Starting about 6 months ago, lenders were … [Read more...]