Yearly Archives: 2009
30 DecGetting Started with a Pre-Qualification
(All stories shared on Lending A Hand contain fictitious names with changes to insignificant details. The privacy and trust of our customers is our top priority.) Bonnie and Clyde (fictional names, of course) called us up the other day to get qualified for a home purchase. Apparently the robbery profession isn’t what it used to [...]
Read More ...28 DecThe Bank of Mom and Dad
We received a couple of calls in the past few days for potential home buyers looking to get qualified for a mortgage and both of them had questions about how Mom and Dad could help them qualify. Here are their situations:
Read More ...11 Dec2010 Home Buyer Tax Credit for “move up buyers”
As you may have heard, when the tax credit was extended for first time home buyers it was expanded to include qualified move-up or repeat home buyers purchasing any kind of home. How do you know if you qualify? The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who [...]
Read More ...03 JunTax Credit for Down Payment
On May 12, 2009 Cindy posted about the possibility of using the tax credit for down payment on FHA mortgages. At that time we had shared that “We have to find out if there are any government agencies or non-profits in your area are willing to provide this financing AND if they have funds to [...]
Read More ...29 MayTo Lock or Not to Lock Mortgage Rate
Anyone who was recently “floating” their rate in the hopes of another dip in rates can tell you the answer they would now have in hindsight. As they say, hindsight is 20/20. But if only we all had a crystal ball, would we trust it or still try to out guess the market? When [...]
Read More ...15 MayMortgage Brokers vs Mortgage Bankers
Not all lenders are created equal. Knowing the difference between the different types of lenders and how those differences impact you could save you money and provide you with more options. Most people think of mortgage brokers when they think of talking with someone about obtaining a mortgage but mortgage brokers are only one type of [...]
Read More ...13 MayTax Credit for Down Payment…..the Rest of the Story!
Just like the Lone Ranger might say to his horse, Silver…..WHOA! Here is what is being left out of the press releases that you need to be aware of…….HUD/FHA can approve the ability to allow the borrowers to use the government tax credit toward the down payment, but who is fronting the money? Where Will [...]
Read More ...11 MayGet Your $8,000 Tax Credit Now!
One of my customers contacted me to discuss methods to be able to use his $8,000 Federal Tax Credit for purchasing his first home in 2009. I would like to share the details of our conversation with you so that it may assist you in the case you are a first time buyer looking to [...]
Read More ...08 MayGood Faith Estimate Explained
The Good Faith Estimate, also known as a GFE, shows the interest rate, term, loan amount, and all settlement costs on a particular loan. The Good Faith Estimate is divided up into several categories: The loan fees, the Title and closing fees, prepaid interest and fees and reserves for the borrower’s escrow account. The 800 [...]
Read More ...01 MayHome Valuation Code of Conduct – Conventional Mortgages
Modifications to the way in which lenders and appraisers work together go into effect today, May 1, 2009. According to the Federal Housing Finance Agency (FHFA) the changes to the Home Valuation Code of Conduct “will help assure that borrowers, homebuyers and secondary mortgage market investors receive fair and independent property valuations”. So What Has [...]
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