Month: June 2017

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4 Ways to Deal with a Low Appraisal

You have agreed on a purchase price and ready to move forward with this deal, but you are anxiously awaiting the appraisal to return and it comes in low, what do you do from there? Renegotiate the Purchase Price Usually this is the better option, the seller can lower the purchase price to what the...


3 Ways to NOT Pay Private Mortgage Insurance

Private Mortgage Insurance is an additional fee that you are required to pay each month, on top of your mortgage payment. The purpose of private mortgage insurance is to protect the lender in case the borrower defaults on the property. It does not have any beneficial reasons to the borrower, the monthly payment does not...


Fannie Mae Increases Debt-to-Income Ratio

Fannie Mae will be increasing the debt-to-income ratio from 45 percent to 50 percent on July 29, 2017. Debt-to-income ratio compares your monthly gross income (before taxes) to your total monthly debt payments. This change is a big deal because if a DTI is too high, it is a common mortgage denial. Fannie Mae did...


Top 5 VA Home Loan Myths

Myth: The VA appraisal is a nightmare Fact: Most say that the VA appraisals take forever and the guidelines are too strict. This is not true, in fact, most of our VA appraisals have better turn times than our FHA or conventional loans. Also, the VA appraisers use the “Minimum Property Requirement” guidelines to make...


What is the difference between a Pre-Qualification and Pre-Approval?

Getting pre-qualified is the initial step to getting pre-approved. The potential borrower sends in their paperwork to the lender to have them review the information regarding, debts, income, assets and credit history. From there, the Mortgage Loan Originator is able to verify and confirm what the borrower is able to afford for the loan amount....


What is the minimum credit score for a VA home loan?

There are several benefits regarding the VA home loan, one being, there is no minimum credit score. However, most lenders do have a a policy regarding the lowest credit score they will accept. For example, most of our investors require a 600 credit score, but some will go down to 580. Even though a low...


Flag Day

Today is the day that we celebrate the American Flag, June 14, 1777 is when the Second Continental Congress adopted the American Flag. The flag called for 13 stripes, alternating red and white; that the union be thirteen stars, white in a blue field, representing a new constellation. The idea of patriotic celebrations honoring the...


I sold the property I obtained with my prior VA Loan on assumption. Can I get my eligibility restored to use for a new loan?

In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.


How do I obtain proof of military service?

Submitting the Standard Form 180 to request your military records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service...


6 Things to Avoid Before and During Financing for a Home

Financing a home is a priority and you want to make sure all of your ducks are in a row before and during the home loan process. There are six things you want to make sure you don’t do so your loan is not potentially affected. If any of these things are to happen, it could...

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