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Owner Occupied loans to 97% LTV Read the rest of this entry »
GetLoans.com Blog
If I Want To Keep My Current Property And Rent It, And Buy A New Property, I Have To Do What…???
May 22nd, 2010
If you are looking to buy a new house, and want to keep your current home as a rental property, on a Conventional loan you need to show the lender making the loan on your new home some things that you would not if you were selling your current home instead of renting it. You need to show 6 months “cash reserves” after the down payment and closing costs on the new house, and you need a 70% loan-to-value (LTV) on your current home, as evidenced by an appraisal. Read the rest of this entry »
Getting A Loan With No Appraisal?
May 18th, 2010
There are times when a lender might enter a loan application into the automated underwriting system, and the resulting approval may allow for a “PIW”. A PIW is a Property Inspection Waiver, which means that Fannie Mae or Freddie Mac has decided that due to the characteristics of the particular loan entered that they feel comfortable proceeding without an appraisal being done. Read the rest of this entry »
The Non-Warrantable Condo! A New Type Of Condo Design?
May 15th, 2010
A Non-Warrantable Condo is not a new style of condo, it is a condominium that does not meet the minimum standards set by Fannie Mae and/or Freddie Mac. In other words, the condo cannot be warranted to meet Fannie/Freddie guidelines. Most lenders will want a condo to be warrantable to Fannie or Freddie so that the loan can be sold to Fannie or Freddie, especially now that most banks and mortgage lenders are only selling to Fannie Mae and Freddie Mac. If a condo is not able to be warranted to Fannie/Freddie guidelines, it is usually due to the fact that the condo has a high investor level. Lenders prefer to see that a condo has 51% or more owner occupants with no more than 49% rentals, and in actuality they really prefer 60% owner occupied, or higher. Read the rest of this entry »
No Questions Asked Loan? Is It The Bull Market Of The Early 2000′s?
May 11th, 2010
No, there is no such thing as a “no questions asked” loan. But, believe it or not, there is something called “Limited Review” for Conforming (loans at $417,000 or less) condo loans, and it makes getting a condo loan “much” easier. Read the rest of this entry »
Current Mortgage Rates
May 8th, 2010
I am sure many people want to know where interest rates are at all times, but especially after the recent stock market debacle where the DOW was down almost 1,000 points at one point in the day. Of course, the story line we are hearing is that the mistaken input of a fat fingered trader at Citi is solely responsible for the error. That story is meant for an entire other blog post, but if anyone believes there are not checks and balances in place to protect from those sorts of simple mistakes, then I have a bridge for sale. Read the rest of this entry »
Seasoning, yummy!
May 5th, 2010
Believe it or not the word “seasoning” does come into use in the mortgage world. Seasoning means the length of time a homeowner has owned their home and paid on their mortgage. If you bought your house one year ago, you have ‘one year seasoning’. This is important Read the rest of this entry »
Credit Scores Falling
April 29th, 2010
Don’t let your credit score fall down. There are many current homeowners who can afford their mortgage, but are upset that their home is not worth what it once was. These people are called “strategic defaulters”. But walking away from a mortgage, especially one you can afford, is a bad idea. Read the rest of this entry »
What Does Co-Signing A Mortgage Mean?
April 27th, 2010
Most people do not know what it means to co-sign a mortgage. Some people think its a curse, and some think its no big deal. The truth is somewhere in between.
The good news is that co-signing a loan does not hurt your credit, as long as the person you are co-signing for does not make any late payments. Most co-signing situations are a parent or parents who are co-signing for a child. Other good news is that the co-signers will not have the mortgage they co-sign for count against their credit and their debt ratios, as long as the child they helped can produce canceled checks for one year showing the payments have been made on time by the child. Read the rest of this entry »
Do Internet Connections Raise Property Values?
April 23rd, 2010
Alexandria Virginia was hoping that Verizon would bring its high speed internet and video service called “Fios” to the area, and Verizon chose not to. Now Alexandria Virginia is hoping to be a test site for a new high-speed internet service being developed by Google. And anyone that owns real estate in Alexandria should hope this happens! Read the rest of this entry »