Greg 's Blog

Great Expectations or Mortgage Pre-approval? Could the dynamics between real estate agents & mortgage lenders change to match conditions in the current mortgage lending market?  Real estate agents are generally not paid till a purchase transaction closes.  With gas prices now exceeding $4.00 per ...

Non Warrantable Condos are not eligible to be sold to Fannie Mae or Freddie Mac because they DO NOT fit into one of the following three classes:CLASS I1. Developers control of the homeowners association has been turned over to the condo owners2. Project is not subject to additional phasing or add...

Inflation concerns are causing mortgage rates to rise again! Interest rates tied to home loans took a turn for the worse after troubling comments from the Fed regarding inflation sent them to their highest levels since last fall, mortgage financier Freddie Mac said today... Mortgage rates jumped ...

FHA switches to Risk Based Pricing & variable up front Mortgage Insurance Premiums (MIP) The Federal Housing Administration (FHA) is moving ahead with risk-based pricing to refinance more subprime borrowers into safer and less expensive FHA-insured loans and attract more creditworthy borrowers. I...

A military veteran, active duty person, or a member of the national guard or selected reserves, must submit a VA Form 26-1880 (2 pages) (Form is now in a FILLABLE format - along with proof of service (DD Form 214, a statement of active duty, or proof of participation in the national guard or rese...

Members of the armed services and their veterans may wish to compare these loan types before making a finance decision. VA loans are only open to qualified veterans. To qualify you must be an eligible veteran who has an available loan entitlement; you must move into and live in the home for a rea...

You may be entitled to a refund of a portion of the up front 1.5% MIP you paid if you refinace within 5 years of the time you originated the loan. Here are the terms on FHA's website: The FHA Commissioner determines how much of the up-front premium is refunded when loans are terminated. Refunds a...

While many conventional lenders have shut down their construction to permanent (rehab) loan programs FHA still offers 2 programs. For those seeking investment property opportunities who are willing to occupy one of the units in their building this may be one of the few ways to make it happen in t...

Reversing its policy of penalizing buyers in troubled real estate markets with 5 percent higher down payments, Fannie switched to a nationally uniform policy of charging borrowers the same minimum down payments irrespective of location. Starting June 1, mortgage applicants who are underwritten by...

1. Don't fall in love with the property. Stop thinking like a homeowner and start thinking like a business owner. Get emotional about the deal, not the property. 2. Always perform complete due diligence. More than an inspection of the property, it's also a thorough investigation of your area's cu...