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[…]
The Family Opportunity Mortgage Program lets people obtain mortgage financing for their college-bound child, disabled adult child or elderly parentswithout the expense associated with purchasing an investment property.Program requirements: Parents of college-bound student may qualify if: They don’t own a second home in the same location Their child is enrolled at a college near the purchase of Read more about The Family Opportunity Mortgage Program[…]
What Happened? This week, Jann Swanson of Mortgage News Daily wrote an in-depth report on how the second home market continues to rebound from the housing downturn. People often view a second home as a smart investment, especially when rates are favorable like now. Swanson: “While most mortgages are still originated to purchase or refinance Read more about Now Might be the Right Time for a Second Home[…]
The FNMA HomeStyle Renovation Mortgage (a conventional loan) lets a borrower receive funds to cover the costs of repairs, remodeling, renovations, or energy improvements totaling up to 50% of the as-completed value of the property. The loan is similar to the 203K FHA program. • Purchase and limited cash-out refinance • Primary residence: o Minimum 660 FICO for each borrower Read more about New Information About the HomeStyle Renovation Mortgage[…]