" Yesterday is history, tomorrow a mystery, today is a gift; that is why they call it the present" On conventional loans we will consider using income from future employment.  Example:  A professor has a signed bona fide contract, and wishes to purchase a month before employment starts and received a pay stub.  The key is the employment contract; below are the limitations: Income from the new job must meet the following guidelines: ..... read more

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As of Monday April 9th (yesterday) the new FHA rules for judgments and collections were to go into effect:  The new rule limits total collections/judgments not needing to be paid off to $1000 per borrower; this includes medical collections.   This limitation is a big change FHA did allow most medical collections to be ignored.  Read the entire mortgagee letter at : HUD Letter FHA has announced that this new $1000 rule will be delayed until July 1, 2012 ..... read more

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"The mind that is that is anxious about future events is miserable." ~ Seneca Just a quick reminder that the cost of doing a FHA loan goes up on April 1st.  We as lenders' need to get case numbers assigned by the 30th to keep the lower costs for our clients.  Please make sure to have your fully executed contracts to your lender by early Friday March 30th to assure the lower lending costs for your client. As a reminder, the Up Front Mortgage Insurance ..... read more

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"There is more pleasure in loving than being loved." ~ Thomas Fuller  Deanna and I have been getting the Mecklenburg Times for years and they have a syndicated columnist named Benny Kass of Inman News (great publication). He recently did an quick Q&A on forced placed insurance and I thought it is always a good reminder to get the message out to our clients' about what can be done if the mortgage company servicing your loan ..... read more

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  "Kind Words are the Music of the World." ~  F. W. Faber  Dear Todd,   FHA Increases Their Up Front and Monthly Mortgage Insurance Premiums April 1 2012 - How Does it Effect You? In today's real estate market, many buyers are opting for the FHA route for obtaining their mortgage. FHA loans are different from Conventional loans in many ways, mainly an FHA loan is ..... read more

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"Kind Words are the Music of the World." ~  F. W. Faber  USDA for the most part is the last of the 100% options open for buyers.  An important feature of USDA is the need for the property to be in a qualified area and the need for borrowing family's income not to exceed income limits.   In the Charlotte MSA income limits are as follows: ·         Anson Co (NC) and Lancaster Co. (SC) the ..... read more

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"If we all did the things we are capable of, we would astound ourselves." ~  Thomas Edison  This time of year many of our self employed client's approach us about using their 2011 income to qualify for the purchase or refinance of their new home.  We can help give guidance on whether their income will be enough to purchase the home they desire. The rule is that any borrower with 25% ownership in a company or more must supply their personal ..... read more

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  "If we all did the things we are capable of, we would astound ourselves." ~  Thomas Edison  Last week we had a client buying a home where the windows were painted shut.  It was a purchase loan using a FHA loan and FHA requires the at the windows all open for safety reasons.  I thought this may be a good time to review what repairs are typically needed if you do a FHA purchase (or USDA ..... read more

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Will Home Values Rise This Year? Posted on January 13, 2012 by valeocroyteam http://www.msnbc.msn.com/id/32545640 Will your home gain value over the next 12 months? Nobody can know for sure, of course, but should recent housing trends continue, there's concrete cause for optimism. The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide. And while some areas have fared better as compared to ..... read more

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Deanna and I recently had a Realtor come to us with a FHA buyer interested in purchasing a new home in a subdivision.  Unfortunately the home we located within the fall zone of a high voltage power line tower.  Per FHA (also VA and USDA) rules this home cannot be financed by HUD.  Therefore we were unable to finance the property using FHA.  Fortunately the client had the 5% of their own funds for a down payment and we could go conforming.   Remember as ..... read more

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