Post housing crisis, mortgage underwriting is thorough, overbearing and at times non-nonsensical. Some say it borders on harassment. Gone are the days of “liar loans” and no doc loans and good riddance. However, while underwriters continue to scour every inch of your financial past, lenders are again offering 100% financing and other programs where a […]
The Truth in Lending RESPA Integrated Disclosures (TRID or TILA-RESPA) is changing the lending landscape and how settlements are conducted. In fact we will no longer have settlements but more on that later. Like most construction projects, the original launch date has been pushed back. The changes were scheduled to take effect August 1 but […]
It is very hard to determine the real culprits of the housing crisis of 2008-2010. Sure conventional lenders were making loans they should not have made. They were not thoroughly reviewing the financial strength of applicants and too often putting buyers in adjustable loans that adjusted good people right out of their homes. Add in […]
Recently I had a home under contract and the buyers were all set to use a 30 year fixed rate FHA loan until I suggested they look at an adjustable rate FHA mortgage. So which is better – fixed or adjustable? Of course, the answer depends on your personal situation. Before we get into comparing […]
Last month I had two settlements delayed. On both I was representing the seller and both were delayed due to appraisal issues. The appraisal issues were outside the control of the lenders but how they were handled demonstrates why I prefer local, direct lenders. Here are the stories…
A few years back, there were several 100% or no money down financing programs available. Many were quite dangerous, had adjustable rates or negative amortization and were a major contributor to the housing crisis. The 3 programs I will examine in this article are all 30 year fixed rate programs and much safer. One is from a local bank, one from the Virginia Housing Development Authority (VHDA) and one is from a credit union.