The New FHA Handbook and Student Loans

While the real estate world prepares for the TILA-RESPA Integrated Disclosures (also known as TRID) to take effect on October 3rd, there are other regulations you need to know about. For instance, starting on Monday (September 14), we will need to follow the the new HUD (Dept. of Housing and Urban Development) handbook. Why does Read more about The New FHA Handbook and Student Loans[…]

Complicated Terms. Simple Definitions: Assessed and Appraised Value

Assessed value is the worth of your home as decided by the city on a yearly basis. This value is then used to determine what you pay in real estate taxes. Every year, the assessed value can go up or down, which can change your monthly mortgage payment. Appraised value is the worth of your Read more about Complicated Terms. Simple Definitions: Assessed and Appraised Value[…]

A home loan for a 19-year-old? Believe it

How do I know millennials are serious about becoming homeowners? This spring, I did a home loan for a 19-year-old and his wife, who is also 19. Sound crazy? Hardly. Over the past year, I have noticed a sharp increase in the number of young adults who want to buy their first homes. As a Read more about A home loan for a 19-year-old? Believe it[…]

VHDA Information about Household Income for First-Time Hombuyers

VHDA has changed the calculation of “Household Income” to determine eligibility for VHDA mortgage loans and Mortgage Credit Certificates. From the VHDA: “Maximum Household Income will be based upon the income of all borrowers and all non-borrowers taking title to the property. The income of other household members who will not be on the loan Read more about VHDA Information about Household Income for First-Time Hombuyers[…]

VHDA’s Mortgage Credit Certificate

This past week I took a short course from theĀ Virginia Housing Development Authority (VHDA) aboutĀ a mortgage credit certificate (MCC). The MCC is a tax credit subtracted from the amount of federal income tax you owe. With the MCC, your clients could save thousands of dollars every year on their taxes. VHDA loans are designed for Read more about VHDA’s Mortgage Credit Certificate[…]