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
Everyone, despite their age, has experienced a transformational moment. Whether it was a seemingly simple decision you made or an experience you had. Each of these moments is significant to the individual person. What you might consider transformational another may look at that event and see it as just another moment in time. … Read the rest
Denver is becoming expensive. For some a bit too expensive which is why they are turning to outlying areas for more affordable homes. Some of the homes located in these areas are Manufactured Homes which have very different requirements than a standard single family home, townhome or condo.
What is a Manufactured Home?
… Read the rest
The Denver market continues to remain hot which is driving prices ever higher. I don’t know about you but I have seen some buyers get priced out of the market. What is the solution?
Some are expanding into surrounding areas in an attempt to buy a home within their price range. … Read the rest
Want my opinion on whether we are headed for another housing crash? Well, either way you are about to get it. Today’s post is just that, my opinion. It is my opinion based on my own perceptions, experiences, view points and profession. When you are done reading this I would love to get your opinion. … Read the rest
Have you heard of the CHFA RISC (Risk Information Score Card)? I will explain what it is real quick in case you haven’t.
CHFA wanted to avoid being adversely selected due to their limited overlays so a few years ago they implemented the CHFA RISC. Only under certain circumstances was the RISC required. … Read the rest
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
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
This information is easiest to explain through an actual experience with one of my customers…
I just recently got a call from a past customer of mine. He desperately needed to move because he was bringing his office in-house and wanted a “hang-out” space for his teenage kids and their friends.… Read the rest
I 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