On Tuesday, I attended the annual LEAD Hampton Roads “State of the Region” breakfast at the Marriott in Downtown Norfolk. At the breakfast, a team of ODU economists discussed our local economy and what we can expect in the year ahead. The economists spoke for a bit about residential housing. Here’s what they had to Read more about State of the Hampton Roads Region and Housing Trends 2015[…]
On October 3, the TILA-RESPA Integrated Disclosure (TRID) took affect. TRID is complicated, but what you need to know is that mortgage lending forms used to be difficult for the homebuyer to understand. That’s why the Consumer Financial Protection Bureau (CFPB) developed new, more streamlined documents. What is TRID? New disclosures the lender must provide consumers when they Read more about What you need to know about the TILA-RESPA Integrated Disclosures (TRID)[…]
All week major news outlets (ex: The Atlantic, Bloomberg, Washington Post) have covered the rental crisis happening in our nation. It’s reported that by 2025, over 13 million people will spend more than 50 percent of their salary on rent. That is a crisis. Why does this matter to you? Lenders have guideline on how much income a Read more about New FHA Handbook and Rental History[…]
Should I have debt? Should I not? What is the golden rule?
May not require appraisal; in that case, you would use the original purchase price as current value of the home No penalty for being underwater May not require verification of employment, income or credit Requires three month of perfect payment history on all accounts (including credit cards) Must have had at least six months of mortgage payments Must Read more about Benefits of FHA Streamline Refinance[…]