While news that lender underwriting guidelines have toughened up is old stuff, and most people now know that unless they are candidates for financial sainthood they will be dinged with surcharges for everything from missing credit score cutoffs to buying a condo to obtaining subordinate financing (a second mortgage to increase your down payment). And most people know now that loans are largely underwritten by computer programs. What you probably don’t know is that an automated approval from Fannie Mae or Freddie Mac may not be worth the paper it’s printed on. Continue reading ‘Today’s Mortgage Insurance: Even if You’re Approved, You’re Not’
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Until the recent mortgage crisis, it wasn’t all that important to document your income for lenders if everything else was in order–good credit, assets, and a demonstrated capacity to handle large amounts of debt successfully. Stated income loans had a purpose, and it wasn’t to allow pathological liars to buy bigger houses. Continue reading ‘Why “Liar’s Loans” Need to Make a Comeback’
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If you’re like most people, you never heard of a company called Taylor, Bean and Whitaker. But they may soon have a very profound effect on your life. Because the FHA loan you think you are approved for and ready to close on may just have disappeared. Continue reading ‘Spillling the Beans. You May Not Have that FHA Loan After All’
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Okay, you know you’re in trouble–too much personal debt and a mortgage you can’t handle. But there’s a tightrope you need to walk in order to score a mortgage modification. You have to have enough income to qualify for a modification–that is, you need to prove that you can successfully make the new payment–but you need to show that you can afford ALL your payments. And if you got too silly with your credit card debt it could cost you your modification approval. Continue reading ‘Credit Card Debt Help: Get it Before You Try for a Mortgage Modification’
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