There are many benefits to brokering VA loans. These are nice people and should be assisted in getting housing. The benefits of these loans are vast, but here are ten: No Down Payment Required for VA LoansFunding Fee Flexibility With a VA MortgageVA Mortgages Do Not Require Private Mortgage Insurance (PMI)Limits on Closing Costs and Other […]
Complaints One of the big responsibilities of the Consumer Financial Protection Bureau is to hear complaints from consumers. In the 21 months ending September 2021 they heard over 700,000 complaints against Equifax, Experian and TransUnion. This is 50% of all complaints received. Obviously consumers are not satisfied with the trio. In 2021 those companies reported […]
Mortgage Grader Jeff Lazerson is a friend, a student of Duane Gomer Education, a very active Mortgage Originator, and a columnist in our local Orange County Register plus 10 other newspapers in Southern California. He is an outstanding writer both from style and content. Periodically, I believe that his columns should be read by any […]
2022 Conforming Loan Limits The Fannie Mae and Freddie Mac Conforming Loan Limits for California have a new high of $970,800 for one-units in ten counties. The other 48 counties vary from $647,200 to $897,000 for Napa. Two-unit maximum is $1,243,050, three-unit is $1,502,475 and four-unit is $1,867,275. The highest limit for 2021 was $822,375 […]
American Soldiers Saluting US Flag According to a recent CareerBuilder article, nearly 250,000 service members transition out of the military every year. Not only are small businesses providing jobs for veterans, they are reaping the benefits of some great tax credits. Veterans offer a wide variety of skills and qualities that could benefit your business. […]
Acquiring Date In its fifth year, FHA’s policy of requiring the financial assessment of the borrower’s ability to pay has cut tax and insurance defaults by over three quarters and serious defaults by over two-thirds. This article by New View Advisors quotes Ginnie Mae data, they state, “We grade Financial Assessment’s performance as a solid […]
Jumbo vs HECM It is rather simple. It is a larger Reverse Mortgage than the HECM (FHA-Home Equity Conversion Mortgage) everyone has been talking about. These loans are particularly interesting in California because of our higher median prices on homes. Even I have noticed that. What is different in a jumbo? Larger funding limits, in […]
The Government had the opinion that certain lenders were “refinancing” VA loans too often, and the loans were not always in the “Best interest of the Veterans.” They wrote some new regulations. Now, when you make VA loans, you have to be familiar with the terms “Net Tangible Benefit, Loan Fees, LTV Ration Loan Seasoning, Disclosures, […]
Changes Yes, the URLA that you have been using is a-changing. Optional use of the new rendition begins July 1, 2019 (in less than a month) and mandatory usage begins February 1, 2020. Important point to consider. There will be a new Lender Loan Information Form. This information was formerly on the URLA. Now, it […]
URLA Changes Yes, the URLA that you have been using is a-changing. Optional use of the new rendition begins July 1, 2019 (in less than a month) and mandatory usage begins February 1, 2020. Important point to consider. New Lender Loan Information Form There will be a new Lender Loan Information Form. This information was […]
