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Mortgage and Lending - Mortgage Magic

ARCHIVED BLOG POSTS

2011 

Why is a blog about gas prices in a real estate blog? Because it has to do with finance, financial decisions and it is a budget consideration. Sometimes we choose to live further from the city because the homes are less expensive and we can drive in. Even when  budgeting for a home purchase if a ...
04/29/2011
For almost 10 years mortgage underwriters did not need to know much about income taxes to qualify clients for loans. That has changed and today it is important that the loan agent understands taxes completely so that he/she can direct the underwriter properly when a loan is submitted. There is a ...
04/28/2011
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Are seller contributions allowed?Yes, up to 6%Are gift funds allowed?Yes, and there are no limits. Up to 100% of the down payment can be a gift.Can the borrower use a down payment assistance program?In some cases, Yes.What is the maximum loan to value for a purchase or refinance?96.5% for a purch...
04/27/2011
HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed. Benefits to You, the Borrower Low down payment and fle...
04/27/2011
I picked this information up from Auto Finance News. I really hope the mortgage documents become more consumer and more me friendly. The cumbersome papers that have been laid on the mortgage industry the past 3 years have made it almost impossible for clients to understand. We deal with approxima...
04/18/2011
What will happen to the housing market should Congress decide to eliminate mortgage interest deductions? The 1986 Tax Reform Act reduced the top tax rate from 50% to 28%. At the same time Congress eliminated many of the deductions Americans claimed on their taxes-including writing off the interes...
04/18/2011
Reverse mortgages are a powerful tool to help eligible homeowners obtain tax-free cash flow. The major eligibility requirements are that the applicant must be at least 62 years of age and own and occupy a home whose mortgage has been paid in full or has a low mortgage balance. There are no credit...
04/15/2011
FHA Title 1 Home Improvement Loan I may have done 500 or more of these loans back in the early 1980's. Then I changed banks and forgot about them completely. But I asked myself today; What do borrowers need? In my area the HELOC's are more rare than the abomiable snowman....then I remembered FHA ...
04/05/2011
This article comes from Newsmax--Government should be ashamed. In my business when I lose money I don't get paid at all; as a matter of fact when I lose money I pay the company debts personally !-----------Top executives at Fannie Mae and Freddie Mac were paid more than $35 million in the past tw...
04/04/2011
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Doug Jones

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