When you’re looking to buy a home…
Be wary of the property’s condition and the work that needs to be done. You may be a handy, do-it-yourself person, but lenders have specific rules about what constitutes a “livable” home. Even if you agree to buy the home “as-is”, the...FHA versus Conventional Loans
A conventional loan is any standard, traditional loan that is not backed by the government. In contrast, an FHA loan is government-insured, meaning that the government will guarantee it. Because the government guarantees to the lender that your loan (your payments)...Fannie Mae Refi Plus/Making Home Affordable: LTV limit is increasing!
The Making Home Affordable program will be increasing the maximum allowed Loan-to-Value ratio from 105% to 125% soon. I will keep you updated when this occurs, but this is will help give more homeowners the opportunity to refinance. The program does have stipulations,...Interest Rate Update: Comparing the 5/1 with the 30 Year Fixed
The 5/1 is coming out swinging. The following is a comparison of today’s 5/1 and 30 Year Fixed. The rate quote assumes 80% Loan-to-Value ratio, single family home, 720+ FICO, no impounds. Quote is based on a 30-day lock, and yes, I can close in 30 days. (Please note...Loan Calculator
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