Real estate blog entries tagged with va mortgages by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages)

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va mortgages: Speechless Sunday - 06/21/09 10:19 AM

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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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va mortgages: Fannie Mae Ratio's Increasing. - 06/18/09 02:15 PM

At the end of March I wrote a blog about FHA loosening up on Debt-To-Income ratios. Up until that point I had not been able to get an Approved/Eligible on a FHA Loan with front ratios higher than 38 and back ratios higher than 52. Since then I have gotten Approved/Eligible’s on FHA Loans with ratios 43+ on the front and 57 on the back.
Well this past week I started to see a similar change with Fannie Mae. Up until now I had not seen an Approved/Eligible on a Fannie Mae (Conventional) Loan with Debt-To-Income ratios higher than about 41/55. … (12 comments)

va mortgages: FHA ........ Major Condo Approval Change!!! - 06/16/09 10:47 PM

Well so much for my blog yesterday about not having seen any change to the Underwriting Guidelines lately. This morning my office made me aware of FHA's latest Mortgagee Letter 2009-19 that was issued on June 12th. In this latest Mortgagee Letter FHA is announcing MAJOR change to their Condo Approval Process.
"In accordance with the passage of the Housing and Economic Recovery Act (HERA) of 2008, the Federal Housing Administration (FHA) is implementing a new approval process for Condominium Projects to insure mortgages on individual units under Section 203(b) of the National Housing Act. FHA will now allow lenders to … (66 comments)

va mortgages: Wordless Sunday - 06/14/09 12:36 PM

va mortgages: OH NO ............. What Happened To My TV Picture????? - 06/12/09 03:52 AM

It was all over the news yesterday and on the news again today, it was even one of the lead stories on Yahoo Tech News this morning, Analog TV is now a part of history. After months and months of announcements, warnings, and delays, it is still expected that more than 1 million households will be without TV service, because they did not convert over to digital.
The analog signal has been around for about 60 years, t is what most of us grew up with. I still remember watching TV on a little black and white screen, and we were … (12 comments)

va mortgages: Wordless Wednesday - 06/10/09 09:38 AM

va mortgages: Another Great Open House Sunday - 06/08/09 12:04 PM

Last week I Posted a blog about what a great day last Sunday was for Open Houses "Great Day For Open Houses". The weather was perfect and the Buyers were out, I even got to do a Pre-Appoval for one of the Buyers. Well as good as last Sunday was, this Sunday was even better.
We were having our Annual Church Picnic right after Church, but there were two Realtors that I wanted to talk to, and they were both doing Open Houses. So I stopped by their Open House, and each of them had Buyers at them. Now this is … (4 comments)

va mortgages: Wordless Wednesday - 06/03/09 02:54 PM

va mortgages: Great Day For Open Houses!!! - 05/31/09 12:58 PM

Today was a perfect day for Open Houses, the weather was perfect, and the Buyers were out. I stopped by four Open Houses and all were busy except one, because of the type of property.
The Buyers that I saw at the Open Houses were mainly First Time Homebuyers, and all of them excited about the possibility of purchasing their first property. Each of them had a lot of questions for the Realtors that were holding the Open Houses.
It is unusual for me to pick up a new Borrower when I stop an Open Houses, but today was the exception. … (14 comments)

va mortgages: Latest $8,000 Tax Credit ADVANCE ........... Is It Really What It Appears To Be? - 05/29/09 01:05 PM

FHA issued MORTGAGEE LETTER 2009-15 today, once again making a provision or provisions for the $8,000 Tax Credit (Gift) to be received before the Closing on a property.
Now before anyone gets to excited about this, like many did before, you really NEED to read the entire Mortgagee Letter, once you do, you will most likely not be as excited about this provision. There are several catches, and I really don't know if eligible lenders are going to get on board with this.
The new provision while allowing for the $8,000 to be received in advance, does not permit it to … (8 comments)

va mortgages: Happy Ending - 05/28/09 02:36 PM

In the beginning of the month I wrote a blog "Appraisal Issues Continue To Be Big Problems!!!". In the blog I gave an example of a loan that I was presently working on, and the appraisal issues that I was have with it. It was one of those loans that the Buyer was not the problem, they had excellent credit an income, but the property had major issues.
I closed the blog by saying that I would report back on the outcome. Well I am happy to report that the loan closed yesterday, and I now have two extremely happy Borrowers.
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va mortgages: FHA & CHFA Condo Lists. - 05/26/09 07:56 AM

Yesterday I commented on a blog that Donna Bigda wrote on Condominiums, and she suggested that I add a couple of links for Buyers to have as a resource.
The comment that I made was that most Condo Loans that I do are for First Time Homebuyer, and that FHA and Connecticut Housing Finance Authority (CHFA) are the two main loan programs that I use for them, because most First Time Homebuyers do not have much money to put down on a house or condo. I also suggested that if a Realtor is working with a Buyer that will be using … (15 comments)

va mortgages: Wordless Sunday - 05/23/09 09:34 PM

va mortgages: Happy Memorial Day!!! - 05/22/09 07:23 AM

va mortgages: Wordless Wednesday ................ Priceless!!! - 05/20/09 01:42 AM

va mortgages: Wordless Sunday - 05/17/09 07:23 AM

va mortgages: Eliminate Closing Surprises! - 05/11/09 10:21 AM

I keep hearing about Buyers getting last minute surprises before their loan closes, and this is something that should not happen if everyone does their job during the loan process. The reason why there are surprises are because the necessary steps were not taken, someone tried to take a shortcut along the way, and those involved in the transaction did not pay attention to conditions that needed to be met in order for the loan to close.
It all starts with a Buyer being Pre-Approved for a loan correctly. You can read a blog that I wrote recently "It Is A … (15 comments)

va mortgages: It Is A Great Time To Buy ........... Get Pre-Approved Today!!!! - 05/06/09 06:28 AM

This is a great time to purchase a house, the prices and interest rates low and Sellers are motivated to sell. So Buyers whether they are First Time Homebuyers or have bought several homes in the past, need to get Pre-Approved for a loan first to determine what price range they are qualified to purchase in.
A Realtor will most likely not take a Buyer to see a house unless they know that the Buyer is qualified to purchase a house in that price range. So it is important to get Pre-Approved as early as possible so that neither the Buyer … (12 comments)

va mortgages: Refinance Market ............. Things That Need To Be Considered - 05/05/09 10:46 AM

We are right now in what is called a Refinance Market, because of the low interest rates. If you took out a mortgage more than a year ago, the odds are that your interest rate is now about 1% lower than when you took it out. A 1% percent difference in the interest rate is in my opinion when a Borrower should begin to inquire about refinancing if you are just looking to lower your monthly payments, but there are other things that you need to consider besides just the lower interest payment.
For example if they are refinancing because they … (10 comments)

va mortgages: Wordless Sunday - 05/03/09 05:23 AM