Trended Credit Data

Posted on Leave a commentPosted in Conventional, Credit, Qualifying, RE Agents

We are about to experience one of the largest shifts in mortgage qualifying that we have had in quite some time.  If you have not heard about Trended Credit Data make sure to read this post thoroughly…

Fannie Mae decided that their newest automated underwriting system release (DU 10.0) would require what is called “Trending Credit Data”.  … Read the rest

Conventional 0% Down

Posted on Leave a commentPosted in Conventional, Down Payment Assistance, Purchase, RE Agents

Did you know there were Conventional Loans with 0% down?!  I’ve got two:

Metro Mortgage Assistance Plus:

CHFA Preferred Plus:

  • Conventional 3% Down
  • Grant for 3% of Loan Amount (so not quite $0 down, but very close)
  • $1,000 Minimum cash investment by borrower
  • Income Limits Apply (Denver Metro: 1-2 People: $79,900, 3+: $91,800) – Vary by county
  • Available statewide

Great options for the buyers you have that are limited on funds but have good credit and can qualify for conventional financing!… Read the rest

Giant, Huge,…JUMBO

Posted on Leave a commentPosted in Conventional, Credit, Purchase, Qualifying, RE Agents

We’re in a crazy market none of us have seen before. I shared a customer experience about the different options for the higher purchase price buyer. Well, what if we do need to go with a jumbo loan? What does that look like?

As a mortgage professional with a correspondent lender (Citywide Home Loans), I have the ability to shop around with many different mortgage banks while Citywide Home Loans maintains in-house processing, underwriting, closing and funding of your loan.… Read the rest

How Pre-Approved is Your “Pre-Approved” Buyer?

Posted on Leave a commentPosted in Qualifying, RE Agents

Approved StampI hope you have time for a quick (and amusing) story…

Just last week we were working with a customer to get them pre-approved.  We completed our pre-approval process and issued our pre-approval.  A few days later that customer came back and told us that another lender (to remain nameless) had pre-approved them for a higher amount.  … Read the rest