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An old wives’ tale comes true
I’m sure you’ve read or heard about things not to do when trying to get a mortgage that could disqualify you from buying or refinancing a home. You know what I’m talking about – a story that happened...
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New credit requirements for mortgage insurance
For roughly two years now, FHA loans have required borrowers to show at least three trade lines in their credit history in order to qualify for an FHA loan. Some lenders allow exceptions if a borrower...
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Turn back time
“… if they could turn back time. If they could find a way…” Well, they did find a way. Recently I blogged about changes private mortgage insurance (known as PMI) companies made to their guidelines for...
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FHA is at it again
It seems every time we turn around, FHA has a new change and/or tweak to their guidelines. Just when we think we know what is coming, FHA moves the ball on us again. Most of the time the changes...
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Just kidding
Apparently using the “Charlie Brown” picture in a previous post was even more appropriate that I first thought. As you read last week, FHA had a new change coming that forced borrowers to pay off all...
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FHA needs a bailout?
I ran across this article by The Economist last week. It raises a valid point, and provides some insight into why FHA has made changes to their guidelines over the past few years. The one thing to...
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Why are we not having a faster housing recovery?
Earlier this week, we focused on why the economy was sluggishly turning around. In that post, we touched on how the economy is directly tied to the housing market. The better question to ask could be...
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Changes to loan guidelines
Guidelines for getting approval on a home loan can seem like a moving target – they always seem to be changing. While that isn’t true, technically, what is true is this… there are so many guidelines...
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