Gift Funds For Downpayment

As lenders tighten mortgage guidelines for home buyers, minimum downpayment requirements are increasing.  Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 10 percent. Anecdotally, guideline changes have led to an increase in the number of...

What’s Your Rate?

When it comes to buying a home, consumers can no longer shop for a mortgage based simply on lowest interest rate quotes. Today’s home buyer needs good advice from an experienced, educated mortgage professional who has the consumer’s best interest in mind. For consumers, this means beware of...

#HVCC CALL TO ACTION

To: All Mortgage Brokers, Real Estate Agents, Appraisers, Lenders, Home Builders, Title Agents, and Consumers From: Marc Savitt, President- National Association of Mortgage Brokers After more than a year of exhaustive negotiations with Fannie Mae, Freddie Mac, James Lockhart, Director of FHFA (GSE...

Using First-Time Homebuyer Tax Credits – Cannot Be Used For The 3.5% Required Down Payment

The First-Time Homebuyer Tax Credits – Cannot Be Used For The 3.5% Required Down Payment. •    Pursuant to 12 U.S.C. 1709(b)(9), the homebuyer’s downpayment required for eligibility for FHA insurance may not consist of any funds (including funds derived from a sale of the homebuyer tax credit)...

Protecting Credit During Divorce

When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn’t have to change is the credit status you’ve worked so hard to achieve. Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills,...