The Federal Housing Administration (FHA) recently submitted its annual report to Congress for fiscal year 2017. It discussed, among other things, the financial status of the mutual mortgage insurance fund and highlights on its single-family forward mortgages or FHA loans as they are known to all. FHA loans have been around since 1934 at the time when America … [Read more...] about Profiling Borrowers, Characteristics of FHA Loans Made in FY 2017
Losing your home due to a foreclosure doesn't only mean damage to your finances and assets, it also has devastating effects on your whole being. While a foreclosure can hurt, it doesn't have to affect you forever. Recovering from foreclosure can take a while. So, while you are in the process of recovery, use it as a leverage to become a better homeowner. Living Through a … [Read more...] about Recovering From a Home Foreclosure
If you apply for a mortgage with several lenders, chances are you will get a varied response when it comes to the terms as well as the requirements in order to qualify for the loan. This is true even if you are eligible for the same program at each lender. Even if you qualify for a program backed by Fannie Mae, Freddie Mac or the FHA, lenders have the ability to add their own … [Read more...] about Understanding Lender Credit Overlays
It is no secret that getting a mortgage is much tougher today than it ever has been, but that does not mean that it is impossible. The rules have not changed much in the last year, so most loan officers are well versed in what does and does not work in obtaining a mortgage. Even if you think you have an odd situation that will not be approved, it is worth running it past your … [Read more...] about Top 5 Reasons Mortgage Applications are Denied
"Credit is a system whereby a person who can't pay gets another person who can't pay to guarantee that he can pay." - Charles Dickens In this current economy where foreclosures, unemployment, bankruptcies and consumer credit defaults are reaching epic levels, are credit scores irrelevant? A credit score is a numerical expression based on a statistical analysis of a person's … [Read more...] about Are Credit Scores Obsolete?