PMI and MIP insure the lender for any losses suffered if the borrower defaults on the payment. They are typically included in a monthly mortgage payment.Private Mortgage Insurance (conventional loans): The lender cancels PMI when LTV (loan to value) reaches 78% or 22% equity in the property. Loan to value means the amount borrowed in proportion to the current Read more about Complicated Terms, Simple Definitions: PMI and MIP[…]
Nowadays, it is nearly impossible to obtain a home loan for a non-warrantable condo. The reason: those loans cannot be sold to Fannie Mae or Freddie Mac. Due to the higher risk, most lenders will not consider these loan scenarios. Tidewater Home Funding has an investor (bank) with a mortgage product for non-warrantable condos with competitive prices.Here Read more about Mortgage Program for Non-Warrentable Condos[…]
Some reason your loan may not be approved.
Bring these items with you when you meet with a loan officer. Name, address and phone number of your current landlord (if you rent). Most recent mortgage statement (if you own). Copies of your W2 for 2012, 2013 and 2014 Full tax returns for 2012, 2013 and 2014 ALL pages of your bank statements for the last two months. Make sure your full name, Read more about 8 Critical Documents You Need to be Pre-Approved for a Loan[…]
1. I received a pre-approval letter for/from a buyer, but has the loan been run through an AUS system? An Automated Underwriting System (AUS) helps determine the loan eligibility and conditions (documentation, etc.) the borrower needs to provide. The AUS is a requirement for all loans backed by either Fannie or Freddie, which is roughly more Read more about 3 Critical Questions Realtors and Buyers Should Ask Their Lender[…]