When I was much younger, my mother would always warn me to wear clean underwear in case I was in an accident. She didn’t want any son of hers to be taken to the hospital wearing dirty underwear.
First time homebuyers in Temecula, Murrieta and other areas of Riverside and San Diego County who are beginning their home search, would be advised to check their Jockeys, Fruit of the Looms and Hanes before they begin the search for their first home. Read the rest of this entry »
Temecula Real Estate – First Time home buyers should wear clean underwear!
July 18th, 2010
Temecula Real Estate – Do you know what lender looks for in a first time home buyer loan? Part 4
July 7th, 2010If you’re a first time home buyer, financing is one of the most important pieces of the first time home puzzle. For a lender to get a complete picture of your financial situation they will evaluate four areas in your financial picture.
Like the four legs of a chair, the four pillars of a loan application are mutually supportive, and require each to carry its own weight.
Previously we’ve discussed:
Credit History
Asset
Income
The fourth and final leg of the loan application chair is Reserves. The new catch phrase for Reserves, is your “skin in the game” and it refers to how much of your money you are bringing to the closing table.
First Time Home Buyer Loans
It’s been a long held tenant of loan underwriting, that the more “skin in the game” you have the less likely you will be to default on your mortgage payments.
Here are a few things you should know about Reserves: Read the rest of this entry »
Temecula Real Estate – HAMP Loan Modification an inside view – Week 4
July 6th, 2010Contrary to popular opinion, the Obama Administration’s Making Home Affordable Program continues to show sustained growth each month. The total number of permanent loan modifications continues to grow by 50,000 each month for the last four months.
I’m now in the fourth week of my loan modification, and still holding out hope that I will be one of the successful modifications. According to the most recent statistics (May 2010) the the median reduction was 36% or $500/mo. Even though the total number of active permanent modifications has risen to more than 340,000, the frightening number is there are 3,180,615 loans eligible for loan modification. Only a little more than 11% of eligible loans have been modified.
This week I received a FedEx package from Bank of America, letting me know they had received my loan package (good start!) but that there were documents missing (not so good!).
My initial reaction was, “I guess all those stories are true, these people are incompetent and this will never happen if they lose everything I send them!” Read the rest of this entry »