For homebuyers or homeowners with student loan debt in an Income Based Repayment (IBR) plan planning to purchase or refinance a home, it’s important to know that the type of mortgage you apply and the type of repayment plan your student loans are set up on can impact qualifying for a mortgage. For example, the […]
Until now, thousands of California homeowners with an existing HERO Program, Ygrene, or CaliforniaFIRST energy efficient PACE loan have been unable to refinance their FHA or VA mortgage to reduce their interest rate or take cash out. Likewise, homebuyers who tried to assume a sellers HERO PACE Energy loan that is recorded on title have […]
30% Equity No Longer Required on Departing Primary Residence to Count Rental Income Fannie Mae just announced a MAJOR guideline change for homeowners who want to convert their principle residence to an investment property and buy another primary home. Effective immediately, move up home buyers with less than 30% equity in their primary residence will now be […]
Fannie Mae quietly surprised the lending world and announced that starting August 16, 2014, the waiting period to qualify and buy after short sale has been EXTENDED to 4 years when using Conventional financing. Boomerang buyers who short sold will no longer be able to use Conventional financing and buy in as little as 2 […]
Deferred student loan debt can have a very large impact on a buyer when applying for a mortgage. Unfortunately, there is a lot of outdated or misinformation on the Internet by ‘financial experts’ and even from mortgage loan officers about how various home loan programs factor or calculate student loans that are forbearance or deferred […]
2014 is shaping up to be another year of significant change in the mortgage and real estate industry that will affect home buyers, home owners and others involved in the real estate and finance industry. My goal is to explain and help you understand How the Qualified Mortgage and Ability To Repay Rule will impact […]
FHA reduces the foreclosure, short sale, bankruptcy waiting period to buy again with their Back to Work – Economic Event acceptable extenuating circumstance to help boomerang buyers qualify and buy again in as little as 12 months. This provision essentially waives the regular two or three waiting period FHA had in place prior to this […]
