Charlotte Home Loan Dies over $25

“But it was only $25.00. Surely that can’t matter that much!” Unfortunately, it did.

Recently a client of mine went from being approved to
buy a home in Charlotte to being denied for a
Charlotte mortgage loan. It…

Posted in Buying a Home, Credit Tips, Mortgages, Refinance No Comments »

New Risk Layering Added to FHA Mortgages

Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums based on a combination of credit scores and percentage down. Currently all FHA mortgage loans enjoy the same premiums.

Right now, an FHA mortgage loan requires 1.5% of the loan…

Posted in Buying a Home, Charlotte Area Info, Credit Tips, Mortgages, Refinance 1 Comment »

How to Avoid Unsoliciated Mortgage Calls

This article will address some items that you, the general public, may not be aware of. When you apply for a mortgage loan with any lender, your information may be getting sold. And not by the lender…

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According to the HUD Mortgagee Letter 2008-11, HUD has created two groups of references that can be used as alternative credit for FHA mortgage loans. These are used when the borrower’s credit file does not have enough information to create a credit score, or when the credit file produces a score with very limited credit. HUD stressed that these are not to be considered as an alternative to “poor credit.”

Posted in Buying a Home, Credit Tips, Mortgage 101, Mortgages, Refinance No Comments »

HUD has released a Mortgagee Letter (#2008-11) to clarify Nontraditional Credit Verification and Evaluation. In this letter HUD addresses using alternative credit references, when they can be used and how they should be verified.

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