“Buy Fixer Homes With Fixer Loans” With FHA 203k Financing (Video)

12 03 2013

Welcome to Ready4Remodel where buyers “Buy Fixer Homes with Fixer Loans”. FHA 203(k) loans are easy when you have a team of certified professionals working together to get your property Ready4Remodel! Larger buyer pools, faster closings and reduced fallout.


“Ready4Remodel”: What Is A Fixer Home With A Fixer Loan? (Video)

5 12 2012

A Ready4Remodel home is a Fixer home with a Fixer loan. An FHA 203k loan is easy when you use the Ready4Remodel professionals. The Agents, Loan Officers and Contractors are certified and are experts at finding Fixer uppers and helping remodel and revitalize homes and communities nationwide.


Mortgage Loan Underwriting: Homebuyers Must Get Pre-Approved With Income Fully Documented And Verified

7 09 2012

Underwriters will look carefully at applicants exhibiting wide fluctuations in income, which is not uncommon with real estate agents and others who earn commissions. As a rule of thumb, the bank prefers to see income fluctuations stay within a 30-percent band, year-over-year. When income fluctuates 30 percent or more over a year, underwriters will need to really understand that, and understand how to best calculate income.

For these applicants, as well as any applicants that have an unusual credit or income issue, the bank encourages the addition of a cover letter to the application to explain what’s behind the issue. The more information and explanations, the better the credit decision that can be made.

Home buyers are encouraged to get a pre-approval before they make an offer on a house. A pre-approval is issued by an underwriter, so it has a relatively strong correlation to the loan the applicant can actually get approval for. As long as the applicant follows up that pre-approval with documents that validate the income and other assumptions made in the application, it’s typically a smooth process to loan approval. A prequalification letter is a more informal estimate of what the borrower can afford and isn’t issued by an underwriter.

For more:

FHA Loan Underwriting: Social Security And Disability Income Must Be Verified To Continue For At Least Three Years; Award Letters With “No Defined Expiration Date” Will Be Considered “Likely To Continue”

4 09 2012

FHA 203k Renovation Loans: What Types Of Home Improvements Can Be Made?

29 08 2012


Mortgage Loan Limits Are Set To Move Lower After Sept. 30, 2011 As Several National Lenders Stop Accepting Applications Exceeding New Limits; California (60%) Is Most Affected Market

8 07 2011

Had the lower limits been in place last year, Fannie and Freddie would have backed 50,000 fewer loans, according to the Federal Housing Finance Agency. The bulk of the affected loans —about 60%—are in California, with another 20% in Massachusetts, New York and New Jersey.

Parts of the country with less expensive homes also would be affected; their limits are scheduled to fall as low as $417,000 for Fannie and Freddie loans and as low as $271,050 for FHA loans.

In anticipation of the expiration of current loan limits on Sept. 30, 2011, Bank of America has decided to stop accepting conventional and government applications for loan amounts that will exceed the permanent loan amounts.  The deadline to submit loan applications was July 1.

According to an email from Bank of America, conventional loans that exceed the permanent loan limits will now be required to use non-conforming programs.

Barring Congressional action, the maximum FHA, Fannie Mae, and Freddie Mac conforming loan limit will decline to $625,500 beginning Oct. 1, 2011, from the current $729,750 limit, though the majority of counties will fall far below the $625,500 maximum.  The conforming loan limit determines the maximum size of a mortgage that FHA, Fannie Mae, and Freddie Mac government-sponsored enterprises (GSEs) can buy or guarantee.  Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.

For more:

FHA Mortgage Underwriting: FHA Requires “Funds Documentation” Including Earnest Money, Large Deposits And Gift Funds

28 06 2011