Tag: Fannie Mae/Freddie Mac

Did you know that when you find a home to purchase, the contract will call for an “Earnest Money Deposit”? This is a “good faith” deposit that you are submitting with the contract to show the seller you are serious about purchasing their property. If you do not get the home financing, it is usually refundable to you if you make that part of your contract.  If you do get home financing, the lender will apply this to the amount you need to close. Questions? Call me first!

Related Article Title: Earnest Money Deposits Question: How do Fannie and Freddie handle Earnest Money Deposits? Earnest Money Deposit Chart Answers: Freddie Mac – Earnest money deposit (EMD) When an EMD for a purchase transaction is used to qualify the Borrower for the Mortgage transaction, the Seller must obtain evidence that the EMD check cleared the Borrower’s account (e.g., copy […]

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Seeking Funds for Home Renovation or Home Improvement? Don’t make the mistake others have made when getting financing for a home improvement project! Home Improvement or Home Equity liens can be costly, and there are renovation options available with your current mortgage that may fit your circumstance better. Call me first and let’s discuss!

Related Article Title: Refinance for the Purpose of Paying Off a Second Lien Question: My client has a home improvement loan as a second lien, and he would like to refinance to combine them. Can this be done as a rate/term refinance? Refinance Loans – All Agencies Chart Answer: Fannie Mae and Freddie Mac agree […]

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Union Workers! Home loan lenders can get really confused about how you are paid, so make sure you are working with a lender that understands the Union Worker. Let’s talk about your situation to make sure you are getting good information before you decide to buy or refinance!

Related Article Title: Union Worker – Using Employment History as Apprentice Question: Does the time spent as an apprentice prior to joining the union count as work history? My client has a 2-year work history as an apprentice and less than 12 months as an actual “union” worker. Answer: Fannie and Freddie do not specifically […]

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Having a bankruptcy does not mean that you can never own a home. Home loan programs have waiting periods after a life event like bankruptcy, but they may be shorter than you think! If you’re curious as to when you can buy a home after a bankruptcy, let’s chat!

Related Article Title: Waiting Period After Bankruptcy When Home is Re-Affirmed Question: If a client has a Chapter 7 Bankruptcy, but the house was re-affirmed and they kept the house, is the waiting period 2 years or 4 years? Derogatory Credit Chart Answer: Mortgage Currentcy has a great Derogatory Credit Chart which we are linking […]

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Financial obligations that are part of your Divorce Decree, such as child support and alimony, are binding when it comes to financing a home. However, sometimes circumstances change that are not reflected in your Divorce Decree. This is why it’s important for us to talk about your situation before you start shopping for a home!

Related Article Title: Divorce Decree – Documenting a Change of Circumstance Question: A divorce decree states that a borrower is required to pay alimony until ex-spouse is remarried or cohabitates with someone else. The ex-spouse has been cohabitating with someone for 4 years and as such my borrower has not made an alimony payment. How […]

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