Conrad's Blog

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Mortgage and Lending - iBERIABANK Mortgage
Keeping you up to date with the mortgage market
RECENT BLOG POSTS
Last year most investors started requiring a minimum credit score of 620 to be eligible for a FHA Mortgage.  Some investors such as Bank of America have now increased that minimum credit score requirement to a 640 to be eligible for FHA Financing.  Chances are other investors will follow suite as...
10/19/2010
A Realtor of mine gave me this a while back and I always thought it would go perfect in a frame on my desk for buyers to see when applying for a mortgage.   1. Thou shalt not change jobs, become self-employed or quit your job. 2. Thou shalt not buy a car, truck or van (or you may be living in it)...
10/08/2010
I cannot tell you how many times I have had a buyer sitting in my office telling me their story of why they went with another lender.  They are upset because they got declined right before closing or can not get that lender to call them back.  It always starts out as “they told me it would not be...
10/08/2010
When a buyer gets pre-approved one question I always ask is how much of a payment can they afford?  Not how much we will approve you for, as that may be a different number.  The affordability of a payment is made up between the loan amount, interest rate, down payment, taxes, and insurance.  In t...
10/03/2010
When applying for a mortgage loan it is important to understand why underwriters ask certain questions.  One of the most popular questions is “why do you care where a get the money for my down payment and closing cost”?  First understand that when supplying bank statements for a mortgage loan, on...
09/30/2010
As a lender I get the same 3 questions asked in the same order.   1) What are your rates 2) What are your closing costs? 3) Can you close my loan on time? The questions themselves are fine as they need to be asked.  However it is the order of the questions that baffle me.  Here is what I mean.   ...
09/26/2010
  On August 12, 2010, the President signed into law, Public Law 111-229, which provides the Secretary of Housing and Urban Development (HUD) with additional flexibility regarding the amount of the premiums charged for Federal Housing Administration (FHA) single family housing mortgage insurance p...
09/22/2010
The housing market historically runs in cycles. It just so happens to be one of the worst housing cycles most of us have ever experienced in our career.    The middle of last year a report came out that stated foreclosure proceedings would peak at the end of 2010.  That article got republished, a...
09/22/2010
What are the basic items needed when applying for a home loan?  •  Driver's License •  Social Security Card •  Most recent pay stubs covering the past 30 days worth of income •  W-2's for past 2 years •  Signed & Dated Federal Tax Returns with all schedules and pages for past 2 years •  Most rece...
09/20/2010
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Conrad Eberhard

Mortgage Lender
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