Many people do not realize when they are buying a property that has been “flipped”. What does “flipped” mean? To me it means that a real estate investor bought a house that was run down Read the rest of this entry »
GetLoans.com Blog
Do You Own A Lot Of Property? Want A Loan For More Investment Property? Good Luck Getting A Loan.
July 26th, 2010
Fannie Mae now has a policy that pertains to multiple mortgages to the same borrower when that borrower is buying an investment property. Fannie Mae’s current policy limits Read the rest of this entry »
How Much Does A Down Payment Have To Be These Days?
July 23rd, 2010
It seems mortgage rules change frequently, below is the latest on down payment requirements.
For a primary residence you need a down payment of: Read the rest of this entry »
Spend Money Recklessly? Does It Affect Your Credit Scores?
July 21st, 2010
I have written quite a bit about credit scores this year. Your credit scores are critical in getting a mortgage. Below is a summary on credit.
Minimum credit scores are currently: Read the rest of this entry »
Financing A Condominium
July 18th, 2010
It has been established, for as long back as my 25 year mortgage career goes, that if a condo has a high investor level, you were going to have a hard time getting mortgage approval and/or PMI approval if you were putting down less than 20%. The investor level of a condo is how many units of the total investors own. For example, if a condo has 100 units, and 60 are owned by investors to be rented out and 40 units are owned as primary residences, then the condo has a 60% investor level. Read the rest of this entry »
Mortgage Approval Letter, Or Pre-Approval Letter, Or Worthless Trash?
July 14th, 2010
There seems to be a lot of confusion around what an approval letter is, what a pre-approval letter is, and what these documents are worth since some don’t seem to hold up when it comes time for the underwriter to approve the loan and issue a final commitment letter. Read the rest of this entry »
Thanks Anyway, I Got A Really Good Deal Elsewhere…
July 9th, 2010
Always check with trusted sources. Always check with experienced sources. Always ask a lot of questions. Never assume the person you are talking to has your best interests in mind. And…eat all your vegetables, wear clean underwear, and look both ways before you cross the street. Now you are all set with good advice for life. So what is my point to all this? Read the rest of this entry »
When is a 2 unit a 2 unit?
July 7th, 2010
When is a 2 unit a 2 unit? A 2 unit home, sometimes referred to as a duplex, is a home where there is a rental unit, usually in the basement. Over the years I have seen much confusion surrounding what officially defines a home as a 2 unit. I can tell you that an appraiser, banks and Fannie Mae (all the people that count when you need mortgage financing) will be looking for the following: Read the rest of this entry »
RATES PLUMMET! LOOK OUT BELOW! NEVER BEFORE SEEN IN HISTORY! Wait….slow down.
July 2nd, 2010
Rates have dropped. Rates are great. Rates are very low. All true. But I have seen this show so many times before, I know how the script goes each time.
When interest rates drop everyone Read the rest of this entry »
Below Grade Square Footage Gets Erased!
June 30th, 2010
If someone told you that the first level of your home was a basement, and did not count towards the livable square footage of your home, would you be upset? It would be as if someone arbitrarily erased part of your home, and made it smaller than it really was! This is a really important story Read the rest of this entry »