The Credit Crunch and Student Loans
June 15, 2010 by Jeff Thomas · Leave a Comment
You’ve heard about the Credit Crunch and its tightening effect on lending guidelines in the mortgage industry, but what does it mean to millions of Americans who need student loans to help pay their college tuition?
The student loan market looked pretty bleak during the first quarter of 2008. Not only did the reduced benefits created [...]
The First Two Steps in Buying a Home
June 1, 2010 by Jeff Thomas · Leave a Comment
Fairfax, VA – Statistics suggest that the Internet is the first destination and source of information for potential home buyers. In fact, nearly 80% of potential buyers reportedly begin their home buying process online. And why not? The Internet has a wealth of information and resources that can aid in the beginnings of the home [...]
USDA Zero Down Home Loan In Jeopardy!
March 17, 2010 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: Although USDA loans are not a big deal in the northern Virginia area, but they are HUGH deal in the outlying counties of Fauquier, Prince William and Loudoun. It was recently been announced that the USDA 100% (zero down) loan program will be out of money by the end of April 2010. Typically [...]
Interest Rates-When is the best time to lock?
December 17, 2009 by Jeff Thomas · Leave a Comment
I always advise my clients to lock in their interest rate at the earliest opportunity. Gambling with a client’s interest rate is never advisable. In my business, I have a standardized system in place that we adhere to for all of our clientele.
A mortgage loan cannot be closed without locking in a rate, and there [...]
Fannie Mae Unveils Underwriting Changes
December 10, 2009 by Jeff Thomas · Leave a Comment
Vienna, Virginia: Fannie Mae has updated its automated underwriting software recently. The changes are major and could affect how many potential home seekers actually become homeowners. Having a loan underwritten by an actual person are almost non-existent these days. Both Fannie Mae and Freddie Mac feel they are better served using their proprietary software programs. Desktop Underwriter® (DU) [...]
New Home Affordable Foreclosure Alternatives Program
December 8, 2009 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: The Treasury Department released guidelines and updated forms on November 30, 2009 for its new Home Affordable Foreclosure Alternatives Program (HAFA) for homeowners in Fairfax, Virginia and Alexandria, Virginia area. The HAFA program is supposed to compliment the HAMP program and applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac. [...]
The Investment Property Dilemma
December 8, 2009 by Jeff Thomas · Leave a Comment
Here is just a few of the issues some of my clients have come across in the past few months.
Client 1:
Condo refinance in Vienna, Virginia
A recently married client wanted to refinance his condo to a lower rate and get out of the adjustable rate loan program they currently have. Both borrowers had excellent income, job stability [...]
FHA Streamline Loan Program Changes
November 20, 2009 by Jeff Thomas · Leave a Comment
Federal Housing Administration (FHA) has implemented significant changes for streamline refinances . These changes will affect all FHA streamline loans across the country and in the northern Virginia area, Vienna, Virginia, Alexandria, VA, Fairfax and the surrounding cities and county’s. These changes take place on all FHA case numbers ordered on Wednesday, November 18, 2009 [...]
2010 Loan Limits Remain The Same
October 31, 2009 by Jeff Thomas · Leave a Comment
Congress passed a resolution yesterday to keep mortgage loan limits to the 2009 loan amounts. (This is good!) The current limit is $417,000 for most areas of the country. While if you live in a high cost area, like most of northern Virginia and the surrounding areas the limit is $729,650.
To check what the maximum [...]
Changes Coming To FHA Streamline Program
October 25, 2009 by Jeff Thomas · Leave a Comment
Changes to FHA streamline program are not for the ease of the consumer. And the changes are not for the better. In fact, most FHA loan holders will not like the changes.
The US Dept of HUD recently announced that it will be making new revisions to FHA streamline refinance guidelines.
Effective November 17, 2009, taking advantage [...]
FHA Streamlined 203(K)Loan
October 23, 2009 by Jeff Thomas · Leave a Comment
If you’ve been passing up on buying a home because of the expense of anticipated cosmetic repairs, you’re missing out on a great opportunity. Sure, it used to be that if you bought a home and then applied for a home equity loan to pay for repairs, the result would be two separate loans (or [...]
The Race for Equity
October 16, 2009 by Jeff Thomas · Leave a Comment
Choosing the Right Loan Program
Those who take property ownership seriously often look for options to build equity at a faster pace. An aggressive approach is to select a 15-year loan program over a 30-year mortgage.
A 15-year loan works well for home buyers budgeting time and money, those who are possibly looking forward to a [...]
