Anyone who is looking at the Harp 2 Refinance Program, stands to benefit by a tremendous amount of money. Interest rate savings of over 1% at the minimum coupled with minimum monthly payment savings of at least $300 per month or more are very common. Because this program ignores loan-to-value, which is considered an integral…
On January 10, 2013, the Consumer Financial Protection Bureau unveiled new rules to help protect consumers from unscrupulous mortgage lending. These rules implement underwriting criteria what constitutes a “qualified mortgage”. As long as the mortgage lender meets certain criteria, the consumer cannot sue a lender for not verifying income, providing a loan to a consumer…
Many of the mortgages being made today contain higher loan to values. These loans contain inherent “risk based pricing” which causes the rates to change. What is loan to value anyway? The loan to value (LTV) is defined as the amount of money you’re borrowing against the value of your the property expressed as a…
Large cash deposits have to be sourced and paper trailedwhether doing a purchase or refinance transaction. One of the things lenders are required to do is source all money used in a transaction even funds not being used for the transaction. For example if you’re making $5000 a month and you get a deposit in…
People lining themselves up for home buying or even current homeowners who have not taken mortgage in a number of years, with all the different programs available in the marketplace today; Government Loans, Conventional Loans, Conforming Loans, it can be easy to get lost in the array of available programs. All mortgage loan programs breakdown…
As we round up the fiscal year 2012 and move into 2013, the next 12 months is showing compelling reasons why would-be home buyers are going to be buying more homes. In the beginning of 2012, the consensus was the real estate market was low, even flat in some parts. In summer 2012, purchase business…
While HUD, does not have a minimal credit score requirement for VA loans, or even FHA loans, most lenders have a credit score requirement of at least 640 or higher in order to successfully fund and close a VA home loan. If your credit score is 640 or better, you meet them credit score eligibility…
If you are in the market for a mortgage refinance or home purchase, plan to pay more if you are borrowing more than the conforming loan limit. The national conforming loan limit for the best mortgage rates is $417,000 extending through December 31, 2013. If your loan is up to $417,000 or lower, generally you’ll…