Rule Change Forces Lenders to Disclose Appraisal Documents

A new rule, effective Jan. 18, makes the appraisal and loan underwriting process substantially more transparent for the average borrower. Specifically, an amendment to Regulation B, one of the regulatory provisions pursuant to the implementation of the Equal Credit Opportunity Act, forces lenders to disclose to borrowers, in writing, that they are entitled to a…

Don’t Let a Low VA Home Appraisal Derail the Deal

There is nothing worse in the home-purchase process than a low appraisal. Not only does it hold up the transaction, but it comes at a time when the buyer has cleared many of the other major hurdles of the purchase process, such as prequalifying for the loan and negotiating the purchase price. Just when you…

Do You Qualify for a VA Construction Loan?

World War II defined the 1940s in the U.S. With the return of our soldiers came the boom – the baby boom generation. Our men required homes to house all these kids, and President Roosevelt came through for them by creating The Servicemen’s Readjustment Act, more commonly called the GI Bill. The bill generated college…

5 Things Real Estate Agents Must Know About VA Loans

Veterans Affairs (VA) home loans have experienced tremendous growth in recent years. The VA expects to guarantee more than 620,000 home loans in 2013, which would be the agency’s most successful year on record. But real estate agents need to know that the VA home loan program is unique. It’s quirky. A failure to understand…

What to do After the Rejection of a Mortgage Application

Applying for a mortgage is both exciting and terrifying. It can be one of the most stressful processes and is likely the largest purchase a person makes in his entire life. The mortgage application process requires filling out volumes of paperwork and gathering personal documents. Borrowers will need to provide personal information as well as…

What is the Best Way to Finance Home Improvements?

If you find yourself staring longingly at interior design layouts but think you’ll never be able to afford that elusive dream home, think again. Your dream home might not be too far out of reach if you consider renovating your existing dwelling. A home improvement project can not only add quality to your life, it…

Home Energy Ratings and Mortgages

A home energy rating is a score that recognizes the energy efficiency of homes. Lenders use home energy ratings as an objective way of helping more homebuyers qualify for special financing. Ratings can apply to new or old homes and are based on thorough energy audits, during which a professional rater will test the home…

Discovering the Incredible Advantages of USDA Home Loans

No, USDA home loans aren’t for those who need to stock up their fridges with some extra beef or restricted to those who have decided to start their own organic farms. So what are USDA home loans for, and how are they one of several great low down payment options available for low-income Americans? USDA…

How Did We Get to HARP 2.0?

It’s been one of the hottest topics in the mortgage industry since it was announced in March, and two months later, HARP 2.0 is still making headlines. And with more than 22.8 percent of all residential properties considered underwater, it’s no surprise that homeowners are anxious to see how HARP 2.0 could turn their negative…

What to Do if You Can’t Make the Payments On Your VA Loan

Should you fight to stay in your home or throw in the towel and give it up? This is just one of the many questions faced by millions of homeowners who, for a number of reasons, find themselves with not enough money at the end of the month to pay the mortgage. If you have…