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Using government loans after a derogatory credit event
Last week, we focused on using conventional loans to purchase a home after a major derogatory credit event such as a bankruptcy, short sale, foreclosure, etc. This week, we will focus on VA and FHA...
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Down Payments Basics for Home Buyers
A recent home ownership survey showed that 3 times more first time home buyers than repeat buyers say they lack enough money for a down payment. Perhaps this is due to folks not truly understanding...
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The Truth About Down Payments…
Many young adults and other potential home buyers mistakenly assume that they cannot buy a house. Why? Because they believe the myth that a home buyer must make a 20% down payment to buy a home. A...
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Beyond the Down Payment…Cash to Close
In the last post, we debunked the myth that home buyers must make a 20% down payment to buy their home. There are many programs enabling buyers to close with 5%, 3.5%, or even 3% down payments. But...
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Helping Relatives Buy a Home – Cash Gifts
Our recent posts have debunked home buying myths and reviewed tools that can help young adults (or any other home buyers) buy a home. To recap, buyers can often win mortgage approval with down...
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Helping People Qualify to Buy a House – Coborrowers
Another way for people to qualify to buy a home is finding a co-borrower on the loan. In most circumstances, a parent is used as a non-occupant co-borrower. They can help qualify and sign for the...
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Waiting Periods After Derogatory Credit Items – Foreclosures
Our nation’s economy has shown positive growth for several years now, following the Great Recession. Many folks who were hit hard during the recession have rebounded and are doing well now. Back...
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Waiting Periods After Derogatory Credit Items – Bankruptcies
In the last post, we looked at how lending guidelines require specific waiting periods for different types of “derogatory items” on a borrower’s credit report. Then we zeroed in on waiting periods...
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My (FHA Loan) Christmas Wish List
FHA loans are great for certain borrowers. I look to FHA loans when my clients have credit scores of say 680 or less, little available cash for a down payment, and want a 30 year mortgage. FHA loans...
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Education is the key to home ownership
My colleague, Rodney Shaffer, is putting together a series on the advantages of home ownership. There are four posts as of this entry. They all focus on how home ownership, over time, provides a solid...
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How the Lender Can Help Win the Contract
The last post covered reasons why we have such a sellers’ market in Atlanta real estate. Now let’s cover how a lender can help win a contract. We lenders have a few ways to help strengthen our...
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Atlanta Home Market Update
A new report on the Atlanta housing market shows a significant decline in home sales, year over year, along with a much greater decline in Atlanta home sales as compared to the national housing...
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Low Down Payment / Credit Score Mortgage Options
Joe Tyrrell, an executive with mortgage software company Ellie Mae, recently stated, “People still have the misunderstanding that they need a FICO score above 720 and more cash for a down payment, so...
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Help With Down Payments
Restating the main theme from the prior post, people who want to buy homes do not need “great” credit scores or large down payments. Home buyers can obtain mortgages with as little as 3.0% down....
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Potential new rules for condos with FHA loans
While potential condo buyers aren’t on pins and needles waiting to hear from HUD like we would be for who wins an election, still, buyers would love to know the direction HUD will go with FHA loans...
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The Impact of Student Loans on Home Purchases
Homeownership among people aged 24 through 32 declined 9% between 2005 and 2014. There are many factors contributing to this trend. One, obviously, was the Great Recession. With higher...
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The mysterious case of home ownership
Home buyers continue to make assumptions (most of which are bad) when it comes to buying a home. Meaning, the options for education for buying a home are not as good as they should be. That is why you...
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Types of Mortgages – FHA
Given recent mortgage program changes, now is a good time to review the pros and cons of the major loan programs and when borrower circumstances favor one specific loan program. In the last few...
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Which Type of Mortgage To Use – Scenario 1
Now that everyone understands the basics of FHA and conventional loans, let’s do a buyer comparison. Both Jack and Diane want to purchase a $300,000 home. They both have $11,000 (3.7%) for the down...
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Which Type of Mortgage To Use – Scenario 2
Now let’s change our buyer scenario. Both Jack and Diane want to make offers on a home, but this time they have 10% to put down. (Curious about a smaller down payment? Take a look at the prior...
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