Has this ever happened to you? You’re surfing around on one of the many googolplexian (the biggest number in the world…with a name) of real estate websites wishing, dreaming of that new home but thinking the homes you’re looking at online are a little out of reach. Then you’re eyes are immediately fixated on that […]Read More Why is the Mortgage Payment Higher than the Online Payment Calculator?
You may recall my warning from Oct 16, 2013 Real Estate Agent Beware! where I painted the ghastly picture of a flood of loan officers resembling that scene from Braveheart. You know the one where William Wallace and his army of loan officers…er, eh hum, I mean his army of rebels charge down the grassy […]Read More Real Estate Professionals, Home Builders AND Consumers BEWARE!
A better question….can you use the projected rental income on your current home if you plan to convert it to a rental property when you buy your new home? The short answer….YES! The long answer….YES…and NO! It really depends on a number of factors, let’s break them down. Here’s the scenario – you’re shopping for […]Read More Can you use projected rental income on your Primary Residence to qualify for a Home Loan?
I know, I know, I’m stealing a page right out of the doom and gloom media’s playbook by using such a daunting headline as the “$33,000 Homebuyer Mistake” – but with good intentions I promise! I’m compelled to get this message out as I watch home affordability gradually slip out of reach for some of […]Read More The $33,000 Homebuyer Mistake
…..the next thing I remember is hearing an emergency room nurse asking “Why’s the dad on the floor?”. This is my story of the craziest, scariest, faith-testing 48 hours of my life. This is the story that I pray other dads don’t have to tell from personal experience. This is an opportunity for me to share […]Read More Why’s the Dad on the Floor?
With all the noise the doom and gloom media is making about tightening credit restrictions and rising interest rates, many homebuyers have been led to think low down payment loans are a thing of the past. Make no mistake, there are many programs still available. One often-overlooked loan program belongs to the U.S. Department of […]Read More USDA Zero Down Payment Home Loans!
Have you ever wondered why a single report could have such a huge effect on mortgage interest rates? The non-farm payroll figure (a.k.a. NFP) represents the number of jobs added or lost in the economy over the last month, not including jobs relating to the farming industry. The farming industry is not included because its […]Read More Why does the Non-Farm Payroll report affect mortgage rates?
The Department of Veterans Affairs backed 630,000 mortgages in fiscal year 2013, an all-time high for the benefit program. That record volume punctuates an incredible recent run for VA loans, which have experienced tremendous growth in the wake of the financial collapse. VA loan volume has soared 372 percent since fiscal year 2007, driven in […]Read More 20 Millionth VA loan – VA made history in 2013
According to NAR’s most recent housing report, the answer is a firm “NO”. In fact, home sales in 2013 rose to the strongest level in 7 years. This taken directly from NAR’s RealtorMag: “Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates, and a large pent-up demand […]Read More Are mortgage rates dampening home sales?
On Jan. 10, the Consumer Financial Protection Bureau (CFPB) rolled out new rules governing how mortgage lenders originate loans. The regulations are designed to prevent shady or predatory lending and otherwise protect consumers. Financial institutions have been preparing for the changes for months. The big fear is that potential homebuyers will be blindsided. What do […]Read More ABILITY TO REPAY and QUALIFIED MORTGAGES: The new challenges for homebuyers (and their agents)