Bankruptcy Buyout Chapter 13 Refinance

August 14, 2008 by · Leave a Comment 

HUD allows Chapter 13 Bankruptcy buyouts, and is subject to your Trustee approval. You will need to show timely payments for a 12 month history with no late Bankruptcy payments, and on time payments for items that were not including in the bankruptcy. FHA Chapter 13 Refinances require that you a 12 month history from when you have [...]

Tagged: bankruptcy, buyout, chapter 13, fha

NC Mortgage Brokers

July 22, 2008 by · Leave a Comment 

As a North Carolina Mortgage Broker we can offer you a variety of mortgage products with various lenders. FHA seems to be one of the top mortgage programs that our borrowers ask for. Please make sure to visit our FHA mortgage section. We also are having a high amount of VA loan applications from Veterans [...]

Tagged: broker, carolina, fha, loan, mortgage, mortgages, north, rates, va

PreApproval Underwriting Guidelines

July 17, 2008 by · Leave a Comment 

There are 4 main factors that are used today by underwriters to determine a mortgage approval. These factors help a mortgage underwriter understand the borrower’s qualification. These factors determine if a borrower can receive a preapproval, prequalification, and meet necessary underwriting guidelines. The first factor known to the American population is called the ‘credit’ criteria. [...]

Tagged: approval, capacity, capital, collateral, credit, fha, guidelines, home loans, interest rates, mortgage, preapproval, prequalify, purchases, underwriting, va

New FHA Risk Premium

July 17, 2008 by · Leave a Comment 

The FHA UFMIP – Up Front Mortgage Insurance Premiums have changed, may surprise a lot of borrowers with a low down payment & credit score. The new Annual MIP will be from 0.50% to 0.55%. The highest UFMIP will be at 2.25%, and pay 0.55% in the Annual MIP. Make sure to read about the [...]

Tagged: based, fha, HUD, MIP, new, premiums, risked, ufmip

Mortgage Glossary

July 17, 2008 by · Leave a Comment 

Acceleration clause: a provision that allows the lender to demand full repayment of the total remaining loan balance in the event that a borrower any clauses in the mortgage note. Amenity: home or property features that is beneficial to the buyer. Maybe natural or artificial items such as forest, waterfront, and location or orchard, garden, [...]

Tagged: alt-a, application, appraisal, apr, ARM, balloon, banker, bankruptcy, biweekly mortgage, borrower, broker, closing costs, conventional loan, credit history, debt to income, deed, definitions, discount points, earnest money, equity, escrow, fannie mae, fha, FICO, fixed rate mortgage, foreclosure, glossary, good faith estimate, home inspection, HUD, hud1, judgment, lien, loan to value, ltv, mortgage, mortgage rate, mortgage refinance, origation fee, PITI, PMI, preapproval, RESPA, survey, terms, TILA, title insurance, title search, underwriting, va, veteran's administration

Fixed Rate Mortgages

July 17, 2008 by · Leave a Comment 

A fixed rate mortgage is a mortgage loan where the interest rate on the note remains the same through the term of the loan. Fixed rate mortgages are the most classic form of loan for home and product purchasing in the United States. The most common terms are 15 year fixed, and 30 year fixed [...]

Tagged: fha, fixed, home loans, loans, mortgages, rate, super jumbo, va

Adjustable Rate Mortgages- ARM

July 17, 2008 by · Leave a Comment 

An adjustable rate mortgage (ARM), variable rate mortgage or floating rate mortgage is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. This is done to ensure a steady margin for the lender, whose own cost of funding will usually be related to the index. Consequently, payments [...]

Tagged: adjustable, fha, mortgages, rate, super jumbo