With all the scary press that the mortgage industry has received over the past three years it is no wonder that lenders have been wary of loosening guidelines. Up until recently it was extremely difficult to find FHA financing if your middle credit score was below a 640 and if you didn’t have 20% to [...]
Category | Loan Programs
Well, it’s that glorious time of year when we all celebrate with friends and family, stuff ourselves with good food, stay up to late, wrap a million presents, et cetera infinitum. But let’s not forget that this is also the time of year when we have the opportunity to get our last college football fix. [...]
One of the latest “unwritten” guidelines to hit the underwriting pipeline involves the documenting of a donor’s assets prior to giving a gift to a borrower. Up until recently, the standard gift documentation involved a few simple items: Signed Gift letter from all parties (Donor and Recipient) Verification of Deposit, Bank statement or Teller statement [...]
Your Score is too Low for $0 down financing. This is only true coming from misinformed loan officers that don’t study their industry. If they don’t know how to structure the loan or what loan program to use, your score is too low! (At least for them to get you approved.) If it cost the [...]
