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Tag Archives:fha loan

Mar 29

I Have Student Loans… Can I Get a Mortgage?

I Have Student Loans… Can I Get a Mortgage?

Top paying college majors earn a whopping $3.4 million dollars more than the lowest paying majors according to recent stats released by Georgetown University. Among the winners are college degrees in STEM (science, technology, engineering, and mathematics), health, and business. These degrees have average annual wages of $37,000 or more at the entry level, and an average of $65,000 or more annually over the course of a recipient’s career. Click here to view the full report. That being said, very few students get out of college these days without

Jul 28

Affordability

Affordability

Each month, the National Association of Realtors comes out with their Housing Affordability Index. The number is a composite of the median home price, average interest rate and median household income.  This gives you a reading on how affordable it is for the average family to own a home. On the graph below, you can see the Affordability factors going back to 1970.  A reading of “100,” the red line on the chart, means the average family makes just enough to qualify for the average home.  You can

Oct 1

How the Government Shutdown Impacts the Mortgage Industry

The government shutdown is in effect starting October 1, 2013. No estimated timeline has been issued for resolution of this event. The shutdown will affect several key areas for the mortgage industry.

Sep 17

FHA Back to Work – Buy a House Sooner!

FHA Back to Work – Buy a House Sooner!

FHA recently came out with an exception to their guidelines that will allow borrowers to get an FHA loan only 1 year after a bankruptcy, foreclosure, short sale or deed-in-lieu.

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