Doug Jones's (dougj) Blog

Mortgage and Lending - Mortgage Magic



The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical ...
This is from Origination News by Brian Collins. I cannot imagine this happening but then again many financial things have happened the past 3 years that I never would have imagined. Opinion: Congress needs to find ways that people can buy homes- not hinder the process. There is talk of lowering t...
The Office of Comptroller of the Currency says that 40% of the nations largest banks tightened their underwriting standards for residential mortgages last year (2011 report) . Actually that is a little better than past years. The 2008 report showed that 56% of the banks tightened their guidelines...
Walk into a bank and request a mortgage loan with only a 5% down payment and no mortgage insurance; There is about a 95% chance that the banker will tell you it cannot be done.Then reply that what you want to do is put 5% down and have the seller carry back 15% to avoid the mortgage insurance. Th...
For the right person and situation a Reverse Mortgage can be wonderful. It can produce a flow of income, there is no credit requirement and no income requirement. But, I guess where there a re good things there are crooks. This is from the FBI website in the Mortgage Fraud section.The FBI and the...
There are basically three areas of qualification for mortgage loans; the credit history and credit score, the down payment or the equity in the home, and the debt ratio. Debt ratio is a ratio between the Gross Monthly Income and the monthly expenses.Most Americans are paid a pay check and receive...
Most people understand the concept of a Reverse Mortgage. And most know that the qualification is based on age and equity. Even though a credit report is obtained it is not used as a qualifying factor. Lenders are prohibited from basing loan decisions on the clients creditThere are some responsib...
In 2010 the FBI obtained 970 convictions and 1,531 indictments for Mortgage Fraud. The FBI has 94 working task force groups. The statement below is from the FBI website under Mortgage Fraud: "From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting...
To make your loan go faster you will want to make sure that all the documents are delivered to the loan officer quickly. If the loan is a purchase then the accepted real estate offer will have time demands. In California most contracts call for the loan and appraisal to both be approved within 17...
This article was written by Jann Swanson for the The Mortgage News Daily. I can't wait for the day that we are all out of this mess and I hope all who went thru the trauma of losing their homes recover fully emotionally and financially better than ever before.---------------------------------The ...

Doug Jones

Mortgage Broker - NMLS 286668
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