A Mortgage Broker versus a Loan Officer at a Retail Bank
I am a member of the National Association of Mortgage Professionals, and received this email in my inbox this morning. The NAMB President wrote a letter to President Obama regarding Obama’s use of singling out mortgage brokers when discussing financial reform...Purchase Loan Program Available for our Community Heroes: Police, Firefighters, Teachers & EMTs
There is a special program currently available to police, firefighters, teachers and emergency medical technicians. The program, called Good Neighbor Next Door (GNND), offers a 50% discount on the list price of a home for HUD-owned properties. In return, the...Expanded Program to Help Homeowners Whom are Underwater: HARP 2.0
Some good news that may open up refinancing opportunities for homeowners with little equity or whom are underwater: the Federal Housing Finance Agency, Fannie Mae and Freddie Mac are enhancing the Home Affordable Refinance Program (HARP). We’re calling it HARP 2.0....“Senate Adopts Measure to Increase Fannie, Freddie Loan Limits”
Bloomberg Businessweek issued an article stating that the Senate has approved a measure to increase our high balance loan limits. The measure now has to be passed by the House to become law. My fingers are crossed! Since reverting back to the “permanent”...Reminder (and Warning) Regarding the 1st Installment of Property Taxes
As many of your homeowners know, the 1st installment of property taxes is due to the county on November 1st; considered late after December 10th. You should all have your property tax bills by now. I will send out another reminder via my blog when they are due, and...Homepath 3.5% Closing Cost Assistance Expiring Soon
The 3.5% credit towards closing costs (and buying down an interest rate, if applicable) is expiring soon! For any Homepath real estate purchase, you can still qualify for the 3.5% credit. So if your purchase price is $400,000, you will receive a credit from Fannie...Back to Blogging!
Well, I took quite a hiatus in my blogging, didn’t I? I have a Facebook business page (https://www.facebook.com/LoansByIrene), and my last posts there all had to do with how the market has been improving and how I was renegotiating interest rates for all my current...Reminder! Temporary High Balance Loan Limits are Expiring Soon!
Temporary high balance loan limits are set to revert back to their permanent levels on September 3oth. This means that your loan must be funded and closed prior to 9/30. In addition, lenders will start establishing deadlines for locks and submissions. I was...Calculating the Income of a Self-Employed Individual
Lenders underwrite income on salaried borrowers versus self-employed borrowers differently. If you are salaried, the lender will use your current gross base income as your qualifying income. They do want to see a 2-year history of employment without any gaps, and...Loan Calculator
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