2014: Year of the Qualified Mortgage

Qualified Mortgage

January of 2014 saw the Consumer Financial Protection Bureau (CFPB for short) introduce a host new rules and guidelines for real estate mortgages. For the most part, these ‘new’ rules and guidelines have already been around for awhile. The financial industry suffered a crushing blow from the 2008 Financial Crisis and has been extensively regulated every since. Read More

FHA eases wait period after Bankruptcy and Foreclosure

FHA Loan Back to Work Program

The Federal Housing Administration recently announced that it will soon be easier for borrowers with bankruptcy, foreclosure or a short sale in their past to qualify for an FHA loan. On August 15th, HUD released a mortgagee letter outlining new requirements for applicants who have experienced an “economic event” in their past that they have since recovered from. Read More

Mortgage PreQualification…Before the shopping begins

Mortgage PreQualification

Before a prospective home buyer sets out to find that perfect home, it’s important for them to know how much they can afford and what other financing limitations may be. That’s when obtaining a Mortgage Prequalification is most beneficial.  In fact, for many home buyers a Mortgage Prequalification or “PreQual” is the first step into the finance process.
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