We all sometimes have sales where the appraisal comes in below the contract price. What now? Below is a quick summary of what the agencies say: Fannie Mae and Freddie Mac leave it up to the lender to decide what to do. In many cases if there is incorrect information on the appraisal or if […]
The Truth About Appraisal Waivers on Purchase Transactions
The purchase market is very fast due to so many offers sellers are getting which increases the competition for buyers. One question I get is “does the borrower qualify for an appraisal waiver?” The answer is: don’t count on it. According to Fannie Mae it begins with the property as they say “For an appraisal […]
Seeking Financing and Worried About Multiple Credit Inquiries by Lenders?
Many borrowers are worried about multiple credit inquiries by lenders when seeking financing. According to TransUnion, for lenders that use the FICO score model all inquiries by lenders in the same industry count as one inquiry if they are done within 45 days. All mortgage agencies use FICO, including Stoffer Mortgage. If you have questions […]
Federal Housing Authority (FHA) Mortgage Related Bipartisan Bill Passes
The House Financial Services Committee has passed a bipartisan bill related to the financial services industry. The Homebuyer Assistance Act (HR 3008), sponsored by Rep. Brad Sherman (D-CA), Chair of the House Subcommittee on Investor Protection and Capital Markets, and Rep. Van Taylor (R-TX), makes it easier for homebuyers to purchase a home with a […]
Why Self-Employed Borrowers Face Intense Scrutiny from Mortgage Underwriters
I wanted bring attention to an important topic I cover in my monthly Google Hangouts chat with Realtors where I go over recent changes in the mortgage industry, address concerns and answer questions. In these group chats, self-employed borrowers are a regular strong concern because of the banks’ ever-changing requirements which place this group under […]
Avoid Getting Rate Happy When Looking into Refinancing
Nearly all of the inquiries I receive for refinancing start off the same way: “I heard that rates are at record lows and I wanted to refinance my home.” Often times the conversation veers off into confusion for the customer making the inquiry because of my line of questioning. Most people are tuned into the […]
