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Archive | June, 2011

Jun 24

Say “I Do” to FHA Bridal Registry Account

Say “I Do” to FHA Bridal Registry Account

The rules for tracing the source of down payment money on an FHA loan are REALLY specific.  What we call "sourcing funds" causes problems all the time. There is a little-known loophole for newly married couples called the "Bridal Registry Account."  Here’s how it works—3 simple steps: Couple opens a savings account prior to the wedding Gifts are deposited  All of the 3.5% down payment can come from these gift funds No gift letters.  No paper trails.  Just a simple savings account labeled “bridal registry account” and the borrowers

Jun 2

Frequently Asked Questions

Q. How will I know how much I can qualify for? A.A Loan Officer can work with you to get you qualified BEFORE you look for a home. Based upon information you present to the Loan Officer at the loan application, they will determine the approximate amount of money that you will be allowed to borrow. You will be "pre-qualified" for that loan amount. By allowing your Loan Officer to run your credit report and verify your assets and income, your loan application can be submitted to the

Jun 2

Mortgage Glossary

I know sometimes it sounds like mortgage companies are talking in a different language. I hope the following definitions will help you to decipher some of what you hear. Appraisal An expert opinion on the value of a property Annual Percentage Rate This is not the note rate applied for, but rather is a government mandated formula that shows the cost of the loan in a yearly rate by using the note rate plus certain other upfront costs ARM Loan Adjustable Rate Mortgage. Mortgage characterized by an interest