Deferred Student Loans on a Home Loan

Has a deferred student loan derailed your home loan pre-approval?  Do not give up yet!  Many mortgage lenders are dazed and confused by the many recent changes with deferred student loans.  Whether it be on a Conventional Loan, FHA Loan or VA Loan there are multiple methods a lender can use to calculate deferred student loan payments on a home loan application.Apply for a Home Loan 602.435.2149 Deferred Student Loan Mortgage Trouble? Calculating and omitting student … [Read more...]

No Credit Required Home Loan

Before you shame the mortgage industry please read on.  While reminiscent of the "anything goes" mortgage era, "No Credit Score Needed Mortgage" is not a free pass to those with a pulse.First of all, a home loan option for those without credit scores exists.  However, no credit score requirement is not the same as no qualification requirements.  In fact, no credit score required does not even mean that credit history review is wavied (see below for more).  The no credit score requirement … [Read more...]

Removing Mortgage Insurance Conv

When do your monthly mortgage insurance payments go away?  The answer may not be what you think.  Many believe Conventional mortgage insurance payments end when they reach the 20% equity mark.  While that is true in some cases, it is not in every case.  There are two methods to eliminate mortgage insurance payments (without having to refinance):Through your mortgage servicer OR By the HomeOwners Protection Act (HPA)Learn more about eliminating FHA Mortgage Insurance 2 Ways to End … [Read more...]

Finance 6 Properties with Freddie Mac

At last, Freddie Mac is offering a program that allows investors to finance more than 4 properties.  I guess good things come to those who wait!  That's what the Heinz Ketchup folks taught me.  Freddie Mac and Fannie Mae often inevitably mirror each other to some degree.  Finally Freddie Mac has stepped up with their own multiple financed properties program.Learn more: Fannie Mae's 10 Financed Properties ProgramPrior to Freddie Mac's 6 financed properties program, investors were limited … [Read more...]

HOME Plus DPA Gets Facelift

The OIG/HOME in 5 investigation/aka – “witch hunt” (click HERE for more on HI5)  is directly impacting another well-known and frequently used down payment assistance program – HOME PLUS.  The issue the OIG had with HI5 was that the discount point charged was not being used to lower the borrower’s rate.  Not surprisingly, HOME PLUS has proactively adjusted their guidelines IMHO to avoid a similar fate. What is New with Home Plus: 1.      No more origination fee charged by originating … [Read more...]