Archives for the 'Reserves/Assets' Category

IS IT EASY TO OBTAIN A MORTGAGE?

According to this writer it is a one, two, three step process.
True?  Maybe, but in general not so much. A good, knowledgeable realtor could be a good referral source in finding a good loan officer.  The key word is good. Check.
Having a “decent” salary and good credit is pretty relative.  And it’s relative to the [...]

16 January 2010 | Credit (Score), Down Payment, First Time Homebuyers, Income, Real Estate (Agents), Reserves/Assets | No Comments

NEW FHA LOAN LIMITS: HOW MUCH IS A LIMIT WORTH?

I have waited to write a post about the new FHA loan limits. (See my reasoning below.)
The good news is that the limits for lending have increased for many areas. As outlined in the Allregs guide:
“The Act provides that the mortgage limit for any given area shall be set at 125% of the median house price [...]

12 March 2008 | Credit (Score), Down Payment, First Time Homebuyers, Fixed Rate/ARM, Income, Programs, Reserves/Assets | No Comments

An Article About Budgeting For A Mortgage

Leslie Mann was nice enough to interview me a few weeks ago about issues that new homebuyers encounter. Her article appeared this past Friday in the Chicago Tribune.  In case you missed it (or do not live in Chicago), here is the article online.
Thank you Leslie. Hope it helps.

24 June 2007 | Chicago Stuff, First Time Homebuyers, Reserves/Assets | No Comments

1+1=1 Loan

An interesting problem:  not enough money for down payment, but only temporarily.
Several people have conveyed that they have budgeted themselves and have determined their total mortgage payment (PITI: principal, interest, tax, and insurance). To get to that payment, we discussed the down payment amount.  In each case, none of the borrowers had the amount of [...]

17 April 2007 | Down Payment, First Time Homebuyers, Programs, Reserves/Assets | No Comments

Condominiums For Kids

Why is this girl so happy?
She just chose the colors for her kitchen and dining rooms in her new apartment. (As I mention in my new book, one of the advantages of owning versus renting is that you don’t have to ask the landlord to paint the walls pink.)
For many young people who want to purchase [...]

5 April 2007 | Credit (Score), Down Payment, First Time Homebuyers, Income, Programs, Reserves/Assets | No Comments

If I Am Not Perfect….

Sometimes people express their concerns as though they are in a beauty contest. Only the most striking move to the final rounds, and the most beautiful–the most perfect–win (not including the so-called talent events).
Many people seem to feel the same way regarding their eligibility for loan programs.  I often hear, “Am I only available for a subprime [...]

8 March 2007 | Credit (Score), Down Payment, First Time Homebuyers, Reserves/Assets | No Comments