Veterans Not Allowed to Pay all Closing Costs

A new Good Faith Estimate went into effect on January 1, 2010 and because of all the requirements that go with any new Government Regulated Form… FHA came out in January with a list of fees they felt like were reasonable for Homeowners to Pay and Lenders to Collect.
Which prompted the VA to come out [...]

Credit Score Requirements Going UP!

On December the 12th, Fannie Mae is changing it’s “Computer Program” to reflect a new minimum credit score requirement for mortgages of 620.

This is SIGNIFICANT because VA Mortgage Loans, FHA Mortgage Loans and USDA Rural Development loan guidelines indicate that the Government will insure loans with scores substantially lower than this… however, if a loan [...]

Veterans get a Tax Credit Extension, what about the rest of us??

On October 11, 2009 the Congress agreed to extend the $8000 Tax Credit for First Time Homebuyers for any Veteran who served at least 3 months of “Qualified Overseas Duty” in 2009 for another 12 months!

PMI For VA Loans??

Veteran’s have a great benefit with VA Financing.  It’s a 100% loan, and in most cases, the seller can pay for closing costs.  It’s a conservatively underwritten loan, so there is little chance that 5 or 6 years from now a Vet is going to be in trouble with a mortgage that they can’t afford!
All [...]

Credit Scores and First Time Home Buyers!

How Credit Scores are calculated is changing, and the minimum scores required for mortgage loans are going HIGHER!  For information about “WHY” Credit Scores requirements are changing in NC, click here.
It’s important to know that Transunion began making changes to the way they calculate credit scores, and if you don’t change your credit strategy – you might not be [...]

Looking for a Home – When Do I Apply?

This is a question that was posted recently on Trulia Voices…
“Looking for a Home in the Triangle.  I think I’ll be ready to purchase in March of 2009.  When should I apply for a mortgage???”
People who are considering a move to the Triangle need to plan for their home purchase.  If you will be in [...]

Fannie Freddie Change and FHA/VA Loans

The Paulson announced takeover of Government Sponsored Mortgage Giants Fannie Mae (FNMA) and Freddie Mac (FHLMC) created a welcome stability and confidence in both the mortgage market and the money markets as a whole.   The key need was for foreign governments and hedge funds to begin purchasing mortgages again – something that had all but stopped in recent [...]

Stated Income FHA Loans

We’ve had at LEAST one borrower a week apply for a loan that was not legally seperated. This means they were still OBLIGATED on the note for the home they owned with their spouse – even though they are still living with that person. (These guys might need to see a good divorce attorney !)