FHA guidelines for short sales on a previous residence

Tuesday, 04 November 2014 18:37
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What are the guidelines for borrowers with a short sale on a previous principal residence? When a previously owned property was sold for less than what was owed (short sale), borrowers are considered eligible for an FHA insured mortgage if, as of the loan application date, all mortgage and installm...

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VA loan for purchase while Veteran already has another VA loan and seller pays off buyer's debt

Tuesday, 21 October 2014 14:49
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This VA purchase closing had 2 characteristics of a VA loan that most did not know: Accessing a Veteran's 2nd Tier VA Entitlement and the seller paying off debt for the Veteran through sales concessions for the buyer. Our buyer that is a Veteran has an existing VA mortgage on another property that ...

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What's Your Mortgage Rates?

Friday, 17 October 2014 16:11
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Keep in mind that there is not just one or two rates for all scenarios so when someone asks “what’s your 30 year fixed rate?”, there is no all-encompassing rate. Here are some of the criteria for quoting rates that we need to review for an accurate quote on program, rate, terms, etc: 1. Loan ...

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How to have Perfect, Walk on Water, Qualifies for the Best Rate There IS, How Dare You Question Me, Credit

Tuesday, 14 October 2014 15:03
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As I always say, nowadays everyone is a number so you might as well have a high one! Tips for getting that elusive perfect credit score: If there is one thing that we go over most in a day is educating borrowers about how credit scoring works. A lot of people have no idea what their credit looks ...

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10% down payment on jumbo loans up to $850,000

Monday, 13 October 2014 18:37
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Jumbo mortgage loans over recent years have been more conservative but we have some low down payment solutions for today’s luxury home buyer. The improvement in the US economy has really helped increase the number of sales of the higher priced luxury homes. For single family primary residences (1 ...

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Approving FHA loans with only 1 credit score or no credit scores

Friday, 10 October 2014 16:19
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If you are not able to use a VA or USDA for 100% financing and have none or one credit score, we may be able to give you an approval for the popular FHA loan. An important thing to keep in mind is that these scenarios and programs are not allowing approvals with no scores or only one score along wit...

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Approving VA loans without credit scores or with limited credit

Friday, 10 October 2014 16:04
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We just recently closed a VA loan for a Veteran that had no credit scores or trade lines reporting on the credit report. Even though the Veteran had no credit history with the credit bureaus, he was able to provide the last 12 months of cancelled checks for rent and 3 other credit reference that we ...

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No credit scores, Only 1 credit score, or limited credit? It is possible to obtain a USDA Mortgage

Friday, 10 October 2014 15:51
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We just recently closed a USDA loan for a buyer that only had one credit trade line reporting on the credit report. The buyer had 3 credit scores with a middle of over 660 and no bad credit. We were able to receive an automated pre-approval through USDA's system called GUS and we have investors that...

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Are you self employed and denied a mortgage because of mortgages or notes due in less than one year

Wednesday, 08 October 2014 14:35
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A little known number near the back of a borrower’s business tax returns that can cause a huge issue with a mortgage loan approval is “mortgages, notes, and bonds due in less than one year”. This figure, which is found on the corporation’s balance sheet, must be deducted from the corporation...

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Self employed borrowers and qualifying for a mortgage loan

Tuesday, 07 October 2014 15:19
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Many self-employed borrowers today are faced with the dreaded phrases when talking to their mortgage lender, “Your debt ratio is too high” or “You don’t report enough income on your tax returns”. It is true that if a borrower reports no income or reports losses on the tax return as self-em...

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You're self-employed, how to be prepared to talk to your mortgage lender

Thursday, 02 October 2014 12:36
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When you are considering an application for a mortgage loan, calculating income is not as simple as asking for your salary. So make sure you have the following documents together at application to help us calculate your income accurately up-front: Last 2 years of federal personal tax returns with...

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You CAN get a 2nd VA mortgage loan while you have another VA mortgage loan!

Tuesday, 30 September 2014 13:26
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ARMY | NAVY | AIR FORCE | MARINES | COAST GUARD | NATIONAL GUARD | RESERVES | SURVIVING SPOUSE It is a little known fact among Active Military, Veterans, Realtors, and even mortgage lenders, that a buyer may have a current VA loan on one property and actually obtain a 2nd VA mortgage loan to purcha...

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Do you have a required repair on your purchase and the seller won't let you touch the property

Thursday, 25 September 2014 16:02
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We see this issue so much where the appraiser is requiring repairs to be completed on the home in order to meet VA, USDA, FHA, Fannie Mae, or Freddie Mac guidelines.  If the seller is HUD, Fannie Mae, or a bank, often they will not allow the repairs to be completed prior to the closing but then the...

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Maximum seller paid closing costs for VA, USDA, FHA, and Conventional mortgage loans

Wednesday, 24 September 2014 14:34
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Often buyers either want or need to have seller paid costs for the buyer in order to include part or all of their costs into their mortgage.  Each mortgage product treats seller paid costs a little different. The following are the maximum seller paid costs per program type: FHA        ...

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Homebuilder in NC, SC, or VA that needs better constr. perm financing up to 100% for your clients?

Tuesday, 23 September 2014 15:02
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Most banks and lenders will lend up to 80% or less on a construction to perm loan.  We will lend up to 95% of the appraised value if the borrower is on title to the land or 95% of the total of the land price and contract to build.  We can even finance up to 100% by using a USDA or VA permanent loa...

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We are experts at so many types of mortgage loans that we are the swiss army knife of mortgage lending

Thursday, 18 September 2014 14:59
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Just in our office we see so many different mortgage scenarios and we have always taken pride in knowing a large array of mortgage products.  We don't just take the cookie cutter loans.  We tackle the difficult situations for the good of our client and we make sure that the product our borrowers c...

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USDA Does Not Allow Properties to Have Any Farming Characteristics

Tuesday, 16 September 2014 15:44
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Interesting Contract on a USDA Loan: Believe it or not! USDA (US Department of Agriculture)does not allow the collateral to have any farming characteristics such as barns, fields with crops, farm animals, hay stored under barns, etc. Here is an actual contract that we received on a purchase after m...

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Providing Complete Documentation for a Quick and Smooth Mortgage Process

Monday, 15 September 2014 16:31
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The biggest delay in the mortgage process are when borrowers do not provide requested documentation and the documentation is not provided early enough in the process. Below are some examples and solutions: Providing documentation very late in the process which can cause a delay in the closing, r...

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What's Your Mortgage Rates?

Tuesday, 02 September 2014 15:48
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Keep in mind that there is not just one or two rates for all scenarios so when someone asks “what’s your 30 year fixed rate?”, there is no all-encompassing rate. Here are some of the criteria for quoting rates that we need to review for an accurate quote on program, rate, terms, etc: 1. Loan...

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CHECK OUT OUR NEW TEAM MOVE MORTGAGE WEBSITE!

Tuesday, 02 September 2014 15:42
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RussellDSmith.com will still continue to operate and be updated just like normal, but our team has created a new website called www.teammovemortgage.com.  Click on the link and visit this informative mortgage site.  Team Move – Getting you from here to home   Our office excels on the exe...

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USDA well water test requirements

Tuesday, 26 August 2014 12:59
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The USDA Rural Home Development has stipulated that the local health authority or a state-certified laboratory must perform a water quality analysis and that the results must "meet" or "exceed" the EPA minimum thresholds for lead, nitrates, nitrites, and coliform. The written results must state that...

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USDA does not allow properties to have any farming characteristics

Tuesday, 26 August 2014 12:57
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Interesting Contract on a USDA Loan: Believe it or not!  USDA (US Department of Agriculture)does not allow the collateral to have any farming characteristics such as barns, fields with crops, farm animals, hay stored under barns, etc.  Here is an actual contract that we received on a purchase aft...

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NC status and current turn times for USDA loans

Tuesday, 26 August 2014 12:55
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Unlike other types of loans, after lenders are complete with underwriting, the file must be sent to USDA for eligibility review and often we have seen it vary from a couple of days to 60 days for USDA to review NC files.  To obtain the status of current turn times at NC Rural Home Development for ...

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SC Status and Current Turn Times for USDA Loans

Tuesday, 26 August 2014 12:55
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Unlike other types of loans, after lenders are complete with underwriting, the file must be sent to USDA for eligibility review and often we have seen it vary from a couple of days to 30 days for USDA to review SC files. To obtain the status of current turn times at SC Rural Home Development for So...

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Mortgage loan waiting periods for borrowers with short sales and foreclosures

Tuesday, 26 August 2014 12:41
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Life brings about so many circumstances that can cause previous credit issues such as the economic downturn, medical costs, or losing a job.  There is hope for a mortgage loan with time as listed below.  Keep in mind that there are occasional variances to these: Waiting Period For Borrowers with ...

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Credit scoring is a mystery to many and it even surprises us occasionally. Below are examples of common misconceptions we hear very often

Friday, 15 August 2014 11:49
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.          If I pay off my balance every month so it should show a zero balance on my credit report: Wrong! Credit card companies will usually report your ending balance on your monthly statement. So even if you pay off your credit card every month, it will not show a zero balance on cred...

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7 Quick Reminders to Help Safeguard Your Mortgage Closing

Friday, 15 August 2014 11:39
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As soon as someone is interested in buying or refinancing a residential property and you are involved as a realtor, say these reminders over and over.  The reminders are to reduce the chances of loan denial or delays in closings.  In mortgages and buying real estate, live by these rules to make yo...

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Step by step instructions for locating USDA eligible properties & areas

Tuesday, 08 April 2014 02:29
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One of the most popular questions we receive is “how do I tell if the property is USDA eligible?” or something similar.  Whether you are a buyer, seller, or realtor, you should get familiar with this site as USDA is a great opportunity for a buyer to get affordable financing at 100% of the sale...

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Construction to Permanent loans with little to no money down in NC, SC, & VA

Friday, 14 March 2014 12:57
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Finding a construction loan is very difficult today and almost impossible to find over 75 – 80% of the value.  Well, we offer a one-time closing 95% construction to perm mortgage loan to meet this huge need in Virginia and the Carolina’s.  Low to no down payment construction perm loans are ver...

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Good housing news! Home prices are moving up in most markets!

Tuesday, 11 February 2014 23:20
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Click here to see a chart that shows the S&P / Case-Shiller Home Price Indices Chart so you can see how prices have started to climb in most areas.  There are still great opportunities out there and interest rates are still historically very low.  Give us a call to ask about your home purchase or ...

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Of all the lender's I've worked with, you guys run the tightest ship. I can't remember ever having a loan process go so smoothly (at least on my end) or getting a package back so quickly.