What is HAMP? It is the "Home Affordable Modification Program". But what is it actually? Read the rest of this entry »
GetLoans.com Blog
Deferred Student Loans Now Count!
August 29th, 2010
It used to be that student loans that were deferred 3 years or more did not count against you in your debt ratios. Not anymore… Read the rest of this entry »
Why A "Lower Price" May Not Be A Better Deal!
August 24th, 2010
Are we really that gullible to believe the old saw that someone else can price a product or service cheaper than everyone else? Apparently so, it is a gimmick that has been working for centuries. But if you really take a hard look, the lowest price is not always the lowest price. Read the rest of this entry »
The Dumb A _ _ Club.
August 20th, 2010
I usually have to wait a month or so to blog about another stupid underwriter request, but here I find myself writing about a stupid underwriter request only a week after I last wrote about this very topic. Read the rest of this entry »
Underwriting: "Is My Common Sense In Here Somewhere?"
August 16th, 2010
Every now and again I like to share a story where an underwriter has lost their mind, and gone way too far in questioning a loan. I have a doozy I'd like to share. I have seen some idiotic loan approval conditions, but this recent situation was a bit much. Read the rest of this entry »
FHA 203k Loan/Conventional Construction-To-Permanent Loan
August 13th, 2010
I am occasionally asked about construction/renovation loans or the FHA 203k loan (which is FHA's version of construction/renovation loan), so I wanted to write an overall analysis/opinion of these loans. They are very complicated Read the rest of this entry »
FHA Mortgage Insurance Set To Increase.
August 9th, 2010
A long expected shakeup in the way FHA calculates its Mortgage Insurance Premium is expected to take effect on September 7th, 2010. (*UPDATE: I now hear FHA will make these changes on all new FHA loans effective October 4, 2010). I first wrote about this here. Now the proposed changes have taken on a new cost structure. Read the rest of this entry »
It's Hard To Fit In There!
August 6th, 2010
Sometimes people just can't squeeze it all in. Right now, it is hard for banks to fit all the business they have through their systems. Now, I am the first one to pile on the banks for their Read the rest of this entry »
Getting A Loan After A Foreclosure Or Short Sale.
August 3rd, 2010
There are a variety of foreclosure alternatives available to homeowners. And there are also a variety of ways that these alternatives impact your credit. Read the rest of this entry »