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DU or LP? How can one lender do something that another lender cannot...

04-07-2015

How can one lender do something that another lender cannot these days……………….DU and LP.    What?  You have never heard of those acronyms or maybe you have but not 100% sure what that means to you? I’ll let you know how this can help you close more transactions in a moment but first a little background. Most Realtors have heard of these but may not know the “back-story”.  All loan originators know the power of[...]

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Bad Credit Waiting Periods

01-31-2015

Every week I am asked multiple times about how long a buyer needs to wait after a serious credit issue before they can purchase again.  Fannie Mae, Freddie Mac, FHA, USDA and VA have fairly clear guidelines around these timeframes.  I have  below is a great “go-to” flyer for the typical required waiting periods after a serious derogatory credit event. As always, best is to have them call me so we can determine exactly where they fall in the[...]

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FHA - Change to the Flip Rule

12-12-2014

A quick heads up regarding a change with all FHA loans effective January 1, 2015………(don’t shoot the messenger). Anyone working with a seller that acquired a property less than 90 days ago and is “flipping” it to a new buyer using an FHA loan or any buyer negotiating a purchase of a home from a seller who acquired the property less than 90 days ago and wants to use their FHA loan to buy We don’t see this come up much anymore, but[...]

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