Underwriting for Beginners

April 26, 2011

When I first started out as a loan officer my manager taught me about an acronym to help me understand the basic principles of mortgage underwriting. And I think that it could be helpful for somebody that is looking to get a mortgage. The acronym is PACIT and it stands for: Property: This is the […]

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Mortgages Explained: Is FHA or USDA Rural Housing the Better Loan?

April 14, 2011

In this article I will be comparing two of the most popular loan programs for first time home buyers, FHA and USDA Rural Housing. I don’t think that one program is inherently better than the other but they do offer unique advantages, depending on your situation. Because of this, it is imperative that you understand what these advantages are.

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Mortgages Explained: The USDA Rural Housing Home Loan

April 7, 2011

Important request by the author: Before you disregard this article because you don’t think you will ever own a home in a rural area, please see the USDA website to find out which areas in this country are considered “rural” by the USDA. I think you will be pleasantly surprised that this program may be […]

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Mortgages Explained: Getting a Mortgage Doesn’t Have to be Stressful

April 5, 2011

Unless you have been living under a rock for the last 5 years you have probably heard from a family member, friend, or coworker about how difficult it can be to get a mortgage. It’s true that lenders have become more strict regarding the credit worthiness of those applying for a mortgage but the loan process does not have to […]

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Mortgages Explained: Mortgage Insurance Alternatives

March 30, 2011

If you are like most home owners you hate the idea of your hard earned money going down the drain with monthly mortgage insurance payments. And with so many homeowners defaulting on their mortgage payments over the last few years (google “housing crisis 2008 to 2011“) private mortgage insurance companies, and FHA alike, have raised their […]

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Mortgages Explained: Top 5 Advantages and Disadvantages of the FHA Mortgage

March 28, 2011

If you found this blog post you are probably someone that is interested in financing a home purchase or refinance with an FHA loan. I hope that this blog post does not disappoint as I present the top 5 advantages and disadvantages of the FHA mortgage loan program.

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Mortgages Explained: Why can’t I order my own appraisal?

February 24, 2011

Before May 1st, 2009 there weren’t any rules about who could order the appraisal for a home purchase or refinance transaction. Also, before that date loan officers could talk and consult with an appraiser about the value of a property. Well that all changed on May 1st, 2009 with a new law called the Home […]

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Mortgages Explained: The FHA Kiddie Condo Program

February 17, 2011

FHA (Federal Housing Administration) offers an excellent mortgage program for college students that are going away to school and whose parents would like to buy a home for them to live in. It is called the FHA Kiddie Condo program (Don’t let the name sway you. You don’t have to buy a condominium) In a […]

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