Mortgage Company Appraisals | State of The Union

The State of Real Estate Appraising Its no secret - appraising a home for the purpose of securing a mortgage barely resembles appraising for the same reason just a few years ago.    Today's post-Dodd Frank, post-TRID appraiser faces far more scrutiny and regulatory oversight.  The end result is far reaching and it impacts homebuyers, mortgage lenders and real estate agents direclty. Why is Real Estate Appraising more Difficult Now? In the "good ole days" of mortgage lending (before the … [Read more...]

Pathway to Purchase | 2 Days That Count BIG TIME

Sneakey 2 Days to Close On-Time with P2P The Pathway to Purchase Program has a subtle little teeny weeny guideline that if overlooked can quickly derail an on-time P2P closing.   This minor rule gets overlooked quite often based on the fact that other popular Down Payment Assistance Programs such as HOME Plus or HOME in 5 do not have this extra layer.  P2P requires this extra step based on the fact that Pathway to Purchase uses a Silent 2nd lien whereas many other Down Payment Assistance … [Read more...]

Condo Purchase | Check you CC&R’s – Air BNB’s

Financing a Condo Obtaining a home loan on a condo is a uniquely designed process.  In addition to getting yourself approved, the condo project itself has to pass the home loan eligibility test.  While a condo project / HOA may pass the home loan sniff test, buying a condo requires you look into the future and not just the "now." Condo Financing Hurdles One of the hardest to overcome hurdles involved in the condo financing process is entity ownership.  Once any single entity owns a … [Read more...]

Home in 5 Down Payment Program Status

HOME in 5 Program Status Update & The OIG Recently, the HOME in 5 down payment and assistance program in Arizona has had a spotlight shined down upon it!   The rumor mill is busy working overtime and I wanted to help set the record straight with a quick update of what is really going on. WHAT HAS HAPPENED? Recently a reputable regional lender was called out by the Office of the Inspector General (OIG) relative to HOME in 5.  To my knowledge this lender was utilizing the HOME in 5 … [Read more...]

Get Qualified for a Payment NOT a Loan Amount

Qualify for Your Max Mortgage Payment Homebuyers seeking mortgage pre-approval often want to know "what is the max loan amount or price point I qualify for?" A sensible question - after all a mortgage lender should be able to determine what a prospective buyer's maximum loan and price point limitations are...right? While it's true - a mortgage lender can show a home buyer what their approximate "top end" looks like from a loan/price standpoint, maxing out your mortgage approval is NOT … [Read more...]