You may know a home loan requires a down payment and that the amount depends on the loan program you choose. You may not know all down payments must be properly sourced. What does that mean? – If the money is a gift, you need a letter from the person stating as such and that you don’t Read more about 4 Rules You Must Understand About Down Payments[…]
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[…]
Hi there! This week, I came across a great article on CNN.com on what buyers and sellers should know in 2014. The full article is here, but these are the three biggest takeaways: 1. If you receive multiple offers on a property, call the buyer’s lender to confirm they have been qualified so the process moves quickly Read more about 3 Tips to Thrive in Today’s Housing Market and Get the Loan[…]
What happened: In early March, the House of Representatives passed a bill to protect homeowners from major increases in their flood insurance premiums. Read more here from CNBC. What it means to home buyers: The bill would limit annual increases of individual flood policies to no more than 18 percent under the National Flood Insurance Program. Further, home buyers will now pay a Read more about House Passes Bill to Protect Homeowners from Flood Insurance Premiums[…]