Home Loan Learning Center

Fannie Mae’s HomePath REO homes are foreclosed homes purchased by Fannie Mae. Fannie Mae’s HomePath REO Program: An Introduction For this blog post, we will be talking about the Fannie Mae’s HomePath REO program in the eyes of the First Time Home Buyer.  Fannie Mae’s HomePath program is essentially for the selling of newly foreclosed properties that are purchased by Fannie Mae. Fannie Mae can obtain ownership of a foreclosed property, or a property that

Introduction In the process of obtaining a mortgage, your lender may request a Foundation Inspection or a Foundation Certification. A Foundation Inspection Certification may be requested for several reasons, such as being requested by the appraiser due to his or her inspection, or the home being manufactured and needing to be certified for HUD/FHA purchasing. Foundation Inspection Certifications For Appraisals Foundation Inspection Certifications are documents that certify that a foundation of a home meets local

One of the biggest sources of anxiety for the first time home buyer is the asset documentation needed for submission and for the final approval. First time home buyers can easily feel overwhelmed with the amount of documentation that is needed, especially when it comes to sending in their bank statements, large deposit sources, and other asset documentation. This blog post will aim to help the fist time home buyer prepare for this part of

Understanding Your Budget For the first-time home-buyer, choosing the first home can be a daunting, intimidating process. There seems to be a lot of rules and regulations, many different loan programs to choose from, and a lot of fancy mortgage jargon that can leave a first-time home-buyer intimidated and fearful they will not qualify. In this blog post, we’ll go over several tips we recommend when starting the process of buying a home. The hardest

For the first time home-buyer, a completion report may bring confusion, anxiety and uncertainty. However, I’m here to tell you that these completion reports should bring ease and comfort to the first time home-buyer. These reports are requested by lenders when the original home appraisal report has a label of “Subject To,” and has recommended inspections and repairs. For the first-time home buyer, this might spark anxiety, but usually the seller has to pay for

The Skinny on Fannie Mae and Freddie Mac You may have heard the Names “Fannie Mae and Freddie Mac” while dabbing into the mortgage world and have asked yourself, “Who are they?” In short, Fannie-Mae and Freddie-Mac are not people, but entities. Fannie Mae and Freddie Mac are called government-sponsored enterprises, or GSE’s, and they play a significant role in the mortgage industry. These roles include buying mortgages from lenders and selling them as securities

When your loan processor submits all of the documents required by the conditional approval and your file passes through all of the last checks with the underwriters, you will be ready for closing. This stage is usually called “Clear to close.” Clear to Close and Significance of Closing The closing process is the last step to receiving the keys to your home. The Closing Process can also be called the “Settlement,” in which you and

How Does My Annual Income Affect My Rate? Your annual income will not affect the rate of your loan, but it will affect the amount the lender will be comfortable giving you. A mortgage lender will be more apprehensive lending out a loan that they determined would be difficult for the borrower to repay, when including their other debts and required monthly payments. A calculation that is used by lenders to determine income eligibility is

Credit-worthiness One of the biggest mistakes people make before applying for a mortgage loan is not checking their credit score. Applying for a mortgage loan without checking your credit first can be a costly mistake, either literally because your rate was increased resulting in a higher monthly payment, or figuratively when a lender denies your application. By checking your credit before your application, you will not be surprised about that bill that went into collections

There are two reasons why hiring an independent mortgage lender is better than seeking financing through a bank. The employees at a borrowing firm know more about all of the different kinds of loans than do bank laborers. Most of them encourage you to seek traditional mortgage options as they are the safest choices for the bank.  An independent lending firm will not be biased towards any particular plan. The workers at lending firms have

Lots of couples plan a marriage and look for an abode at the same time. When you are looking to start a life in the country, you might wonder if you can afford the place of your dreams. To qualify for USDA loans and Rural Development loans, you must figure out what your combined credit score will be. You must also create a steady form of income. Many couples plan their ceremony and hunt for

It is important to understand why you can only get a thirty year mortgage from the government. You might have read about interest only and ARM plans. USDA loans and Rural Development loans are only offered in classic, thirty year formats. Many people are interested in obtaining funding for a new home. You might have read about different kinds of contracts on the Internet. Those options could seem suitable for your situation. You may wonder

USDA and FHA loans offer borrowing terms for people who might find it hard to qualify for a conventional mortgage to buy a home. FHA and USDA loans are geared toward people with low incomes and less-than-stellar credit scores who might not be able to access the property ladder with a conventional loan.  USDA and FHA loans also offer lower mortgage rates and lower down payments to make it even easier for people who struggle

The mortgage process can seem daunting to those who have not yet been through it. There can seem to be an endless amount of hoops to jump through, accompanied by strings of phrases and terminology which can appear to be a completely foreign language. At Consumer Real Estate, however, we pride ourselves on making this process as streamlined and simple as possible. The first step is to let us know how we can help you.

  When you purchase a home in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin) and are married, you need to take into account your spouse’s debts in relation to yours, even if one person is going on the loan due to credit or income reasons. For example Mr. and Mrs. Smith just got married and Mrs. Smith has a $500 a month car payment and a $25 minimum credit