Mortgage Processing Terms
While processing your mortgage, we may from time to time use industry-internal language. We will generally explain what we mean when we use this terms; this is intended to be a reference if your memory is imperfect. Appraisal This is an independent third party...
What are FHA loans?
FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your mortgage lender can offer you a better deal. FHA allows a buyer to purchase a home with as little...
No Closing Costs Mortgage Loans & Refinances
Our clients often ask us, “How are you able to offer ZERO closing costs on loan origination?” The answer is simple… We are a small independent shop, and as such have minimal overhead. For example, you will not hear us advertised on the radio, and we...
Investor Debt-to-Income (DTI) Math Primer
The infamous “debt to income” ratio math is more generous when buying/refinancing non-owner-occupied real estate than owner occupied. If we assume a property with gross rents at $3500/mo and a PITI of $2000, the pure investment property math would have us multiple...
Minimum Property Standards For Fannie Mae & Freddie Mac Loans
We often get questions about just how beat up is too beat up to get a normal Fannie Mae / Freddie type loan on a property, and thus avoid hard money. The general rule of thumb is that the property must be a complete and functional house and absent any flagrant health...
Chris Mason, Loan Officer
