How Does Your Credit Score Impact Mortgage Rates?
When buying a home, the interest rate of your mortgage will affect the total amount you will pay for your home throughout the life of the loan. Your credit score directly impacts mortgage rate pricing, and if you have a higher credit score, you will be able to qualify for better interest rates. If you…
Read MoreShould I Follow The Dow or S&P 500?
If you have a bunch of different stocks or are savvy in stock trading then you likely monitor the S&P 500 or honestly they usually just monitor their own personal stocks. Then you have those who just have a 401-K or mutual fund that has a heavy portion of US Stocks then honestly your best…
Read MoreFHA Loans for the First Time Home Buyer in Florida
Become a Homeowner in Florida With an FHA Loan Buying a property and becoming a homeowner is a very exciting milestone, however, it can be a stressful process because of the many financial factors that go along with it. Oftentimes, potential first time homebuyers are concerned about being able to afford a down payment or…
Read MoreCondo Loans
General requirements applicable to all condo loans: • HOA in control for 12 months. (Unless already approved) • 90% of the units in the condo project sold. • No single entity owns more than (20% for FNMA, 25% for FHLMC) of the total units in the project. • No more than 20% of the total…
Read MoreMaking a Big Purchase Can Have a Big Advantage
Designed with your borrowers in need of higher financing amounts, our JUMBO loan series is a solution fit for someone with a strong financial profile. On top of borrowing more than traditional loan amounts, you could have access to jumbo loan financing with a lower down payment – without mortgage insurance requirements. Large Loan Amounts…
Read MoreUpfront Fees On Second Home Loan Rising
The Federal Housing Finance Agency (FHFA) took steps today to meet one of the goals set forward in its 2022 Scorecard for the GSEs Fannie Mae and Freddie Mac, announcing targeted increases to the upfront fees for certain GSE high balance and second home loans. High balance loans (called super conforming loans by Freddie Mac)…
Read MoreRates Remaining Below 4 Percent?
Freddie Mac’s first quarterly forecast for 2022 cites the need for improvement in the nation’s employment picture. Even though the December report from the Bureau of Labor Statistics showed the unemployment rate down 0.3 percentage points from the prior month at 3.9 percent, Freddie Mac’s economists say that job openings remain high at 10.6 million…
Read MoreAcceptable Documentation in lieu of 2021 W-2 – Year End Paystubs and 2021 W-2’s
Many files require the most recent year W-2 as part of the income documentation. At this time the 2021 W-2 would be the most recent year W-2, but most borrowers will not receive their 2021 W-2 until early February. In lieu of waiting for the 2021 W-2 to be provided by their employer, we can accept…
Read MoreFORBEARANCE TRICKS YOU MAY NOT KNOW
What happens when a borrower is or was in forbearance on an existing home but they want to KEEP THE HOME and purchase a new home. On conventional they have to make 3 payments once forbearance is complete. But on FHA if a borrower owns a home and completes the forbearance program which means either…
Read MoreHigher rates coming for high-balance and second home loans
Higher mortgage costs on the way for some The Federal Housing Finance Agency announced it will increase fees on certain home loans starting Apr. 1, 2022. These new upfront fees will affect high-balance and second home mortgages sold to Fannie Mae and Freddie Mac. And, as is the case with most fee hikes, the cost…
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