HARP -Home Affordable Refinance Program

Fannie Mae HARP- Home Affordable Refinance Program is still in effect until September 30, 2017. It is available for those mortgage applicants who need a hand with more lenient guidelines. The HAMP – the modification program is no longer available.  The good news is that this refinance is still in effect for those who owe … Read more

Some Methods To Improve Your Credit Score

Many different factors go into your credit scoring. Your credit score is not one score, it is made up of three. In mortgage lending, usually the middle score (called representative score) of the three bureaus; determines your capacity to pay back the debt in a consistent manner. One important note is to always know what … Read more

How To Get A Better Comprehensive Value For Your Home

When we start to sell our home, we naturally want the best value that is possible. Always little things here and there pop up that need to be done to give us the top dollar. I am going to give you some things to consider before calling the appraiser. Property values have gone up and … Read more

Mortgage Income Calculations

Mortgage income calculations are not hard they are just unique. They are as unique as the applicant’s line of work, and method of compensation. After reading various mortgage articles with questions and answers about the loan process and how income is calculated; it seems only appropriate to generate an article simple to understand. Having been a mortgage underwriter I am … Read more

FHA Closing Cost Explained

Disclosure:  Mortgage policies and guidelines change frequently for all mortgage product; FHA/VA & Conventional. Always check with your lender of choice about their fees before jumping ahead.  When writing here we try to find the most current guidelines to give you the head-up you need. That does not mean that in the interim something could … Read more

How Much Can I Borrow?

  This seems to be a question for many people when contemplating buying a home. It is a fair question and one that needs an answer if you are considering buying a home. Let me give you some details that will be of help to you with the question; “how much can I borrow?” We … Read more

Mortgage Loan Documentation Needed

Mortgage loan documentation may vary when the Lender uses the Agency “automated underwriting system”, which Mortgage Lenders, who submit loans to FNMA (Fannie Mae) or FHLMC (Freddie Mac) are required to use. If your loan has issues or concerns, such as insufficient credit, employment history or funds issues,  (to name a few);  it cannot be evaluated … Read more

Mortgage Loan-Credit

Credit is one important part of apply for a mortgage loan. The mess that got us where we have been the last few years, was not just the fact that it was “bad mortgages.” It was to some extent “uneducated (meaning about mortgage lending) buyers. I just read today that there was a slight decline … Read more

Mortgage Self-Employment Analysis

Self-employment income normally needs a two-year history of receipt to be regarded as stable and ongoing income. Less than two years is “sometimes” accepted.   In mortgage lending, an individual is considered self-employed if he/she owns more than 25% of a business. Self-Employed income analysis requires a history of being self-employed to be use as … Read more