Michael Mullin

When is a Foreclosure not a Foreclosure?

If you are one of the 4.9 million consumers who lost their home to foreclosure since 2008, you may be wondering how you will ever qualify to purchase a home again. It is likely the rest of your credit profile remained intact and you have sufficient income to support a house payment...but you think ...
Read More...

Updates for Short Sale & Deed in Lieu Loans You Can’t Afford to Miss

On June 17 Fannie Mae (FNMA) quietly announced some fairly significant guideline changes for consumers who have previously sold a home via short sale or gave the home back to their lender via a Deed in Lieu of foreclosure (Boomerang Buyers). Formally titled “Desktop Originator/Desktop Underwrit ...
Read More...


How To Get Fannie Mae To Pay Your Closing Costs

Want to save some money on your loan closing costs? Fannie Mae (FNMA) has announced a limited time offer to provide closing cost assistance on some of the homes they are selling. In select states FNMA is offering an incentive of up to 3.5% of the sales price to buyers who request the incentive w ...
Read More...

FHA Helps Boomerang Buyers:Shortens Waiting Periods

FHA just came to the rescue of thousands of  “boomerang buyers” by releasing Mortgagee Letter 2013-26 on August 15.  In this Mortgagee Letter FHA is severely reducing the length of the waiting period required after you have had a Bankruptcy or lost your home to Foreclosure, Short Sale or Deed- ...
Read More...


Largest One Week Jump In Rates Since 1987

Interest rates moving higher is certainly not news but the speed and the amount of which rates have moved in the last two weeks is pretty much unprecedented.  If you aren't currently in the middle of a loan process it’s not a big deal but for those that are it’s a pretty frustrating experience. ...
Read More...

Pre-Approval versus Pre-Qualification

Loan Pre-Approval versus Pre-Qualification: There’s An Important Difference I often hear “pre-approval” and “pre-qualification” spoken about as if they are the same thing and that couldn’t be further from the truth.  Part of the confusion is that there is no legal definition of eithe ...
Read More...



 
 
Google