Waiting Periods for Significant Derogatory Credit Events
CONVENTIONAL *MUST RECEIVE AN AUS APPROVE/ACCEPT/ELIGIBLE, INCLUDING THOSE WITH EXTENUATING CIRCUMSTANCESPrevious Loan ModificationRefinance:• Fannie Mae/Freddie Mac: Permitted with previous modification (restructured mortgage to adjust the principal balance) provided the credit worthiness of the borrower and LTV are acceptable. Purchase:• Fannie Mae/Freddie Mac: Acceptable with both agencies, qualification based on payment history and remaining underwriting considerations.…
Read MoreHANDLING IRS PAYMENT PLANS
Tis the season of tax returns being used and folks who did not pay their taxes on time may have a surprise waiting for them. Here is how you can Handle IRS PAYMENT PLANS The good news is that you have options for those who have not started a payment plan yet. Here are the…
Read MoreMortgage Rate Relief May Be Limited by Investor Activity
Mortgage rates are expected to ↓ later this year. The market for mortgage-backed securities (MBS) plays a crucial role in determining mortgage rates.
Read MoreHonoring Our Nation’s Heroes on Memorial Day.
This day honors the brave men and women who have sacrificed their lives to defend America's freedom.It became an official federal holiday in 1971. Americans observe Memorial Day by visiting cemeteries and memorials.
Read MoreWhy Have Jacksonville Rental Prices Dropped?
Jacksonville saw a little over ↓ 1% yearly in available apartments. The main reason for the decrease in available units in most of Florida is the shortage of apartments to meet demand.
Read MoreDown payment assistance programs continue to be a valuable resource for homebuyers across the country.
We now offer an exclusive 0% Down Purchase program. Simply put, qualified borrowers / buyers receive a 3% down payment assistance loan, up to $15,000. This allows you to get into a home right now with no down payment. Here’s how it works: First lien mortgage meets LTV requirements We provide a second lien mortgage…
Read MoreAPPRAISAL RECONSIDERATIONS
One of the areas that the Fannie Mae and Freddie Mac have really been cracking down on is the quality of appraisals as well as fair lending in appraisals. The new FHA Mortgagee Letter 2024-7 gives options for a reconsideration of value for FHA as well as Fannie and Freddie. The key to success in…
Read MoreFlorida Strengthens HOA Rules and Homeowner Rights
Over 75M Americans live in communities with homeowner associations (HOAs), with Florida having the second-highest number. Monthly HOA fees in Florida range from $100 to $500, and new laws aim to protect members.
Read MoreWhy Mortgage Rates May Not Be as High as You Think
Mortgage rates are at their highest point in over 20-yr, but this may not be as bad as it seems historically. The avg rate since the 1950s is ~7%, which is close to the current rate.
Read MoreALIMONY AND CHILD SUPPORT INCOME
With the current financial climate and the stress everyday life can bring, unfortunately the first quarter of the year has become the peak season for divorces. It always pains me to see anyone have to go through that process. I, having gone through that process myself, wanted to share how someone in this situation might be able…
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