Category Archive: Mortgage Qualification Tips & Programs

Jan 23

Good News! USDA Areas Will Remain Eligible!

Tweet If you or someone you care about is in need of 100% Financing on their next home, please continue reading: The Congressional Appropriations Bill for Fiscal Year 2014 has been signed into law. Section 737 includes a provision that no appropriated funds may be used to make rural area map changes this Fiscal Year: …

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Oct 17

U.S. Government Is Back To Work…Shut Down Final Update…I Hope

Government Open For Business

Tweet Depending on where you stand politically, today’s reopening of the government may or may not be a happy event for you. If you’re considering purchasing a home anytime soon however, it’s probably good news – and here’s why: If you read my recent post on the government shutdown – you knew it wasn’t the …

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Oct 08

UPDATE 10/8/2013 – The Government Shutdown, and How It Impacts Your Mortgage Application

Tweet THIS POST WAS UPDATED 10/8/2013: Effective October 1, 2013 – many federal employees were furloughed pending reinstatement of funding by Congress. Many of these staff have not been available by phone or email, and haven’t been able to carry out work for the Agencies. This is expected to continue in many cases until funding …

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Apr 23

Financing Non-Financeable Condominiums

Condo

Tweet Have you been told the reasons you can’t buy the condo of your dreams are because of: Condo Association Litigation Too many delinquencies on dues Not enough owner occupants Not enough financial reserves in the homeowner’s association Check again! That’s what I’ve done for quite a few of my clients recently. In the past …

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Apr 19

Specific USDA Eligibility Areas Changing October 1, 2013

USDA

Tweet The USDA Eligibility Area changes have been postponed until October 1, 2013, as I mentioned last month. USDA has now posted what the new eligibility areas will be! As you’ll see, there are some major changes, removing some very popular areas we’ve been doing a lot of USDA financing in! The good news is …

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Mar 12

March 2013 USDA Rural Area Eligibility Revisions

Tweet Good News! Due to a Congressional request, anticipated changes to the Rural Area Eligibility Areas have been delayed. There was concern that, due to the most recent census data, some more heavily populated although still semi-rural areas would no longer be eligible for USDA zero down financing. Lake Stevens, WA is one of the …

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Feb 01

BREAKING NEWS: FHA Announces New Mortgage Insurance Schedule To “Build Reserves”

FHA update

Tweet The Federal Housing Administration (FHA) just announced that they are raising mortgage insurance premiums again! This is the 7th time they’ve done so in the last 5 years! Starting on April 1, 2013, some FHA borrowers will pay up to 1.55% for FHA up front mortgage insurance premiums (UFMIP), as well as monthly FHA …

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Jan 02

FISCAL CLIFF 2013 CLOSED: Short Sales, Mortgage Insurance Tax Deductions Survive…

2013

Tweet …At Least for 2013, if you are selling your home short of what you owe (Short Sale) or having a portion of your loan forgiven through reduction in interest rate or principle reduction (Loan Modification) – it won’t be taxed as income (which would have been the case for any transactions closed after 12/31/2012). …

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Dec 17

2012-2013 Fiscal Cliff…What Happens?

Tweet The Mortgage Debt Relief Act, Bush era tax cuts set to expire 12/31/2012: The truth is…we don’t fully know what ramifications these potential changes are going to have on us. What we do know is that taxes will probably be going up – and it’s still a historically wonderful time to buy, sell and …

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Dec 13

Changes to VA In 2013?

Tweet Are you a Veteran, Active Duty Military, or a surviving spouse of a deceased military veteran (not remarried)? Do you receive disability income from the VA for a service-related injury? These are questions your Lender should ask when applying for a home loan – because they could impact your ability to obtain 100% financing …

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