Richard's Real Estate Thoughts

Mortgage and Lending
Mortgages, Mortgage, Home loans, home finance, home refinance, home purchase, credit, credit scoring, credit repair, conventional, FHA, VA, Rural Development, investment, First Time Home Buyer, investment, FHA 203k, renovation loans, Chattanooga, Knoxville, Cleveland, Nashville, Memphis, North Georgia, Hamilton, Bradley, Sequatchie, Catoosa, Walker, Davidson, Tennessee, Georgia, Ooltewah, Soddy Daisy, Signal Mountain, MLO NMLS 184479, TN Lic 40161, Georgia Mortgage Licensee
  HUD foreclosures can provide an excellent opportunity for many home buyers to purchase a great home at a great price.  Perhaps the top reason that HUD homes are so attractive for home buyers is that FHA offers excellent financing terms that are available only for HUD foreclosure properties.   F...
  Many new home buyers have questions about what is included in a mortgage payment and how the taxes and insurance escrow works.  Setting up the mortgage tax and insurance escrows is one of the three main parts of the total funds a home buyer needs for closing their home purchase: down payment, c...
  First time home buyers can now take advantage of low, 3%, down payment requirements for home purchases using conventional financing.  The program will compete with FHA loans.   Generally the conventional loan will be attractive compared to FHA for higher credit score buyers, primarily because F...
FHA announced that the Property Flipping Waiver will not be extended. This is unfortunate because the ability to turn around a foreclosed property that has been materially improved is important to restoring many neighborhoods.   This announcement reflects a prejudice against investors and become ...
  Many veterans, myself included, do not take enough advantage of their VA benefits. One of the best VA benefits of course is the VA home loan. It may be the best loan option available.   No down payment. Excellent rates. Seller can contribute buyer closing costs. Seller can contribute up to 4% o...
 Buyers generally understand the importance of documenting their income and the impact of their credit and credit scores.  Many buyers frequently do not understand the importance of documenting the source of funds for their purchase.    All home purchase  loan programs (FHA, USDA, VA, Conventiona...
  The USDA Rural Development program has several new features, effective 12/1/2014. Most of the changes are good news for home buyers and sellers.  The USDA Rural Development program has always had many features that make is an excellent home purchase loan alternative for many buyers.  These feat...
  Build your new home with FHA Construction permanent financing. This program combines the benefits of FHA lending with the advantages of a one time close construction financing.  The one time close means there is no requalification after the home is complete, no second set of closing costs, and ...
  For all home buyers, the first step needs to be pre qualification. And for too many home buyers they try to take the second step first. Looking for a home before obtaining a loan preapproval can cause make your home purchase a more difficult and less enjoyable process.  Your home purchase can b...
Some purchases can be held up by a fairly minor expensive repair.  The buyer is OK with purchasing the home with the repair not completed, but the lender requires that the repair be done prior to closing the purchase. The seller might be a bank, selling a foreclosed home, "As Is." The buyer canno...

Richard Smith

FHA VA Rural Development in TN GA
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