The Mortgage Experts at America's Mortgage

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Real Estate Mortgage Broker - The Mortgage Experts at America's Mortgage

ARCHIVED BLOG POSTS

2009 

As of today, about half of the mortgage brokers in Colorado are no longer allowed to sell loans.  We were told over a year ago that we needed to take classes and pass a test, but only half of us did it.  And we wonder why there are so many foreclosures! *************** ****NEWS ALERT**** The Colo...
Posted over 4 years ago
We are often asked what the maximum allowable debt-to-income (DTI) ratio is for the various types of loans.  Here you go: For FHA loans, the maximum allowable DTI is 43% if the loan is manually underwritten and it is unlimited if the loan is underwritten through FHA's online underwriting software...
Posted over 4 years ago
If a borrower does not have enough money to pay for the required down payment, it is permissible to have a relative give the borrower the money for the down payment.  With an FHA loan, the entire down payment amount can come from a relative.  The gift donor must sign a letter stating that the fun...
Posted over 4 years ago
If a borrower does not have enough money to pay for the required down payment, it is permissible to have a relative give the borrower the money for the down payment. With an FHA loan, the entire down payment amount can come from a relative.  The gift donor must sign a letter stating that the fund...
Posted over 4 years ago
There is much news these days about an extension to the $8,000 first-time homebuyer tax credit.  There is also talk that it might be expanded to include second homes and investment properties.  PLEASE don't believe it.  The tax credit is set to expire on November 30, 2009.  Under the current IRS ...
Posted over 4 years ago
It's important to make sure your mortgage broker is reviewing the title commitment on all your deals.  Many times, there are issues that must be addressed by the seller that could be deal-killers if they are not dealt with correctly.  Some examples of things that might show on the title commitmen...
Posted over 4 years ago
The new Truth-in-Lending law recently went into effect.  One of the most important parts of the law says that if the Annual Percentage Rate (APR) on the final Truth-in-Lending disclosure differs by more than 0.125% from the APR that was disclosed on the most recent Truth-in-Lending disclosure iss...
Posted over 4 years ago
We're seeing a lot of sales contracts with counter-proposals from the seller stating that the seller will only pay for non-recurring closing costs.  A non-recurring closing cost is a fee that is only paid once, at the closing.  If a fee will need to be paid more than once over the life of the loa...
Posted over 4 years ago
Rainmaker
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Chris Thomas

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