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Down Payment or Invest?

If you could pay for a home with cash without getting mortgage financing, would you?  Should you?  That decision is both an emotional one and a financial one.  Let’s look at a recent example…
We received a call from a potential customer, referred to us by a real estate agent we work with, who was looking [...]

CHFA FirstStep NOW Available

On January 28 we first told you about CHFA’s FirstStep and FirstStep Plus programs that were going to be available February 1, 2010.  It is now February 1 and we wanted to let you know the details of the program.
CHFA FirstStep
Through the sale of non-taxable mortgage revenue bonds, CHFA is able to offer mortgage rates [...]

CHFA Changes

Colorado Housing and Finance Authority, commonly known as CHFA, has made a few notable changes we wanted to make sure our readers were aware of.

FirstStep & FirstStep Plus
No Gifts Allowed for Minimum Contribution
No Cosigners Allowed
Non-Traditional Credit Must Be Added to Credit Report
Risk Score Card
No Grossing Up Income

1.  FirstStep & FirstStep Plus
Two new (well a modification [...]

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FHA Changes 2010

Lots of changes coming down from the Department of Housing and Urban Development (HUD) on FHA Mortgage Loans.  Here is a quick snapshot of what is changing in 2010:

90 Day Flipping Rule Waiver (Feb 1)
Up-front Mortgage Insurance Premium Increase from 1.75% to 2.25% (Apr 5)
10% Down Payment Required for Credit Scores < 580 (Summer)
Max Seller [...]

FHA 90 Day Flipping Rule – WAIVED

Have you heard of the FHA 90 day flipping restriction? If not, here is a quick overview…
If you are a buyer looking to buy a home with FHA mortgage financing you must buy a home from a seller who has owned that home for 90+ days or from a seller who is exempt from [...]

The Lender that Could – I Knew I Could

The mortgage business can be a confusing industry to understand. There are different types of loans, different types of lenders and different paths for loans after closing. All of these can impact your ability to get approved for a mortgage loan, the terms of the loan or how smoothly the process goes. [...]

Max FHA Origination Fee – ELIMINATED

Effective January 1, 2010 the Department of Housing and Urban Development (HUD) who runs the Federal Housing Administration (FHA) modified their policies surrounding the maximum amount a mortgage lender may charge for “origination” fees on FHA mortgages.  This is no surprise due to the recent changes the the HUD and GFE that went into effect [...]

Getting 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 be. [...]

The 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:

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