Friday, June 22, 2012

FHA Underwriting Changes

FHA has changed their underwriting guidelines regarding collection accounts.  They instituted a new requirement earlier this year that made borrowers pay off collection accounts if the total of all collection accounts showing on a credit report was $1,000 or greater.

However, effective immediately, they have rescinded that requirement, meaning that collection accounts no longer have to be paid, regardless of how much they total.

It is important to note that just because FHA has changed their rules, it does not automatically mean that lenders have to follow those rules.  Lenders are allowed to have stricter rules than FHA when they sell FHA loans.  In other words, individual lenders may still require collection accounts to be paid before they will approve a loan.  Always check with your lender before assuming anything. 


Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!


Make sure you check out our web site:



By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Thursday, June 21, 2012

Awesome New Business in Denver

We don't often use this space to promote other businesses, but we're making an exception today. Kyla DeTienne, an entrepreneur I met through the Rocky Mountain MicroFinance Institute, is having a grand opening celebration this Friday at her new clothing boutique.

Kyla is a dynamic young business woman, and I predict she will have great success in her new venture. Stop by her store to introduce yourself and to shop. You'll be glad you did!

Here are the details:


Friends of birds & belles boutique,

We are proud to announce the GRAND OPENING of our location at 1113 S. Pearl St. in Denver. We hope you will join us in celebrating THIS Friday, June 22nd.

Birds & belles boutique embraces a buy-sell-trade model to obtain quality, brand name and designer clothing as well as modern accessories. So, stop by and have a cocktail while you shop!

• Complimentary drinks from Top Shelf Vodka & Cocktail Mixers
• Tapas provided by Confluence Catering
• Hair Bows & Butter baby bundt cakes
• The Filter coffee cart
• DJ Corytron of The Cardinal Grey
• Door prizes, including FREE haircuts & fitness passes from our neighbors, Dia Bella & Johnny Mac Fitness
• Free birds & belles boutique shopping bag with $100 purchase (get 10% off every time you shop with your birds & belles bag!)

Please stop by between 6-9 p.m. on Friday, June 22nd.

Happy Shopping!

Kyla DeTienne
Owner, birds & belles boutique
1113 S. Pearl Street
Denver, CO 80210


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Monday, June 18, 2012

New Fannie Mae Underwriting Guidelines

Fannie Mae, the company that writes the underwriting guidelines for conventional loans, has made some changes to the income guidelines.

The most significant changes involve variable income. Fannie Mae now explicitly describes "how lenders should evaluate, document, and calculate income that fluctuates, such as hourly pay, overtime, and commission income." In the past, Fannie Mae allowed lenders a great deal of discretion in how they calculated and documented income. That has changed. Now, lenders are told exactly how they must calculate and document income.

Although the changes will probably have a big impact on some lenders, those lenders who are already using "common sense" underwriting will not notice any changes at all. After reading through the new underwriting guidelines, we discovered that Fannie Mae has finally put in writing what we have been doing for years.

This is very good news for real estate agents and borrowers because much of the guesswork has been removed from the loan approval process. If your lender knows the guidelines, their loans will close.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Thursday, June 7, 2012

Are FHA Loans Only for Poor People?

Many people think FHA loans are only for poor people and first-time home buyers. Nothing could be farther from the truth.

There is no income restriction with an FHA loan: no minimum income and no maximum income. Also, there is no requirement that a buyer be a first-time home buyer to get an FHA loan.

There is a maximum loan amount for FHA loans. It is currently $406,250 for the Metro-Denver counties, and $460,000 for Boulder County.

Why would someone want to get an FHA loan, rather than a conventional loan? There are three main reasons.

1. FHA loans allow much higher debt-to-income ratios, meaning a buyer can get a more expensive house
2. There are no additional, stricter mortgage insurance underwriting guidelines like there are with conventional loans, meaning more people will be able to qualify for an FHA loan
3. Interest rates are usually lower with an FHA loan if the borrower does not have very good credit (720 and above)

Why do some lenders try to talk borrowers out of getting an FHA loan? Because those lenders are not approved to sell FHA loans. Very few sales people are going to tell you how good a product is if they can't sell it to you.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

What Credit Score Gets the Lowest Interest Rates?

What credit score is needed to get the lowest interest rates? Here's what you need to know:

• For conventional (non-government) loans, a 740 credit score gets the lowest interest rate. Every 20 points below 740 has the potential to increase the rate. The amount of the increase depends on how the mortgage backed securities bond market is trading that day.
• For FHA loans, a 660 credit score gets the lowest interest rate. Scores between 640 and 660 pay a higher rate, and scores between 620 and 640 pay an even higher rate.
• For VA loans, scores above 660 get the lowest interest rate. Scores below 660 pay a higher rate.

Remember, there are many more things that go into determining the interest rate besides credit scores. If a lender quotes you a rate without knowing everything about your particular situation, they are just making it up.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.