Tag Archives: Qualifying
22 NovFive Hurdles to Mortgage Qualifying
Everyone has heard of the tightening of the credit market but what does that really mean to you? What does that really mean to you as a home buyer? Over approximately the past six years we have gone from a race around a track to get a loan approved to a hurdle race. Let me [...]
Read More ...20 JunIt’s Official – Now is the Time to Buy!
When to buy a home is a huge personal decision to make. Every person or family needs to make the decision to buy on a variety of factors including their family budget, current housing situation, funds available for down payment, job security and so on. Outside of the individual factors in deciding to make a [...]
Read More ...01 FebCHFA 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 [...]
Read More ...28 JanCHFA 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 [...]
Read More ...15 JanDrop Your Rate from 5.5% to 4% – NO JOKE!
Would you like to drop your mortgage rate from 5.5% to 4%? Crazy question, right? In Colorado, qualified homebuyers can apply for the Colorado Housing and Finance Authority (CHFA) Mortgage Credit Certificate (MCC) to do just that. That was a mouthful! Everyone knows that their monthly payments for the first several years of their home [...]
Read More ...11 JanThe 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. I bring this [...]
Read More ...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 ...09 DecPre-Qualification versus Pre-Approval
Several years ago most people didn’t really care about the difference between a pre-qualification and a pre-approval because there were so many qualified buyers in the home buying market place that if you couldn’t buy a home, there was somebody else who could. With lender guidelines tightening and the pool of buyers shrinking, the importance [...]
Read More ...26 NovMortgage Loan Requirements – FHA
Over the previous several months mortgage lenders, and therefore customers, have seen many changes to requirements to obtain a mortgage loan. Conventional loans have seen the most changes, leaving FHA financing as a great alternative to many potential home buyers. So what does it take to obtain a FHA loan these days? About FHA FHA, [...]
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