One of my key lending partners has just announced an new updated and enhanced Home Equity Line of Credit (HELOC) loan program! A HELOC allows a homeowner to pull excess equity out of their home and put that money to use in other areas such as home improvements, debt consolidation, travel, down payment on an investment property, etc). You are typically able to pull out excess equity up to 80% of the current appraised value of your home. This HELOC program now allows you to co

The Veterans Administration (VA) offers a tremendous benefit for their service members and/or eligible surviving spouses to aid and assist in the purchase of an owner-occupied residence. VA mortgage loans are 100% loans which means no down payment is required and VA loans are structured to help minimize the closing costs that would normally be the responsibility of the Buyer. Because the VA guarantees some portion (or possibly the entire amount) of your mortgage, the interes

A Rural Development loan is a a loan program administered and funded through the US Department of Agriculture. It is a 100% loan program so no down payment is required! An R/D loan is geared to a first time homebuyer (but CAN have owned a home previously) who has generally good credit, but not down payment funds needed for other loan types. Actual loan qualification must be done by a mortgage lender, but there are several key factors in qualifying for an R/D loan: The house

If you are thinking about buying a house or actively working to get ready to purchase a home, here is a list of items to DO as you begin to work through the mortgage process: Review your credit score to look for any incorrect/fraudulent credit entries. The credit bureaus can make mistakes so you need to make sure you recognize all the entries on your current credit report. NOTE: there are multiple types of credit pulls that different industries make (auto loans, consumer f

If you are thinking about buying a house or actively working to get ready to purchase a home, here is a list of 10 things to NOT do as you begin to work through the mortgage process: Don't change/quit jobs or become self-employed Don't be late on any credit card payments or make large credit card purchases Don't purchase a car, boat, RV Don't purchase any big ticket items (sound system, big family vacation, etc) Don't apply for new credit anywhere Don't forget any debts on yo

Fannie Mae has now removed the minimum score requirement as part of the loan underwriting process! That's huge news for the consumer loan market and will open up an avenue to home ownership for a whole new group of individuals. Fannie Mae's Desktop Underwriting (DU) system will now review your entire overall financial profile which includes income, assets, payment history & credit behavior in making an automated DU approval/deny decision. The key takeaway from this is that

One of my key lender partners has announced new upper limits on their Conventional Loan program and it is now $819,000 up from $806,500! ...

Each year all real estate agents and brokers are required to complete 12 hours of continuing education including a mandatory 4 hour class...

This is a super loan program geared towards investor purchases of 1-4 unit investment properties. It requires minimal paperwork and can...

Fannie Mae has just released new down payment guidelines for owner occupied multi-family investment properties and it is great news for...

What is this 2/1 interest rate buydown that's been in the mortgage news lately and how does it work? Ryan Larussa with GMFS Mortgage has...

As the renting vs buying debate continues to be discussed, Ryan Larussa with GMFS Mortgage has put together a rent vs buy analysis. Even...

Fantastic lender program that can provide up to a 20% down payment assistance for buyers in areas impacted by our recent hurricanes. ...