In this episode, we went over what you need to know about buying a home with a VA Mortgage. If you’re an active duty service member or a military veteran looking for a great deal on a home loan, you owe it to yourself to look into the VA loan. With incredibly low rates and a minimum credit score requirement of 620, VA loans are one of the best loan programs in the mortgage market. You might be surprised at how easy it is to qualify and be approved for your home loan.
READ MOREHow does Personal Property in a Purchase Contract affect Lenders? Why are we talking about it?
READ MORELenders are not involved in the BINSR process directly. We want to discuss how the BINSR and home inspection process affects a mortgage indirectly.
READ MOREWe go through the LSU (Loan Status Updates) which is an Arizona specific form. This is an important form that lenders will need to send to the sellers throughout the purchase transaction. We give our insight on the form and highlight the items we think are important for seller, buyers, and Realtors to be looking at.
READ MOREWe highlight the important line items that borrowers and realtors need to look at in the Arizona Prequalification form. We talk about the advantage of showing a higher loan amount on the prequalification form to show strength if it is a competitive market and multiple offers are expected on homes for sale. We discuss the importance of borrowers sending income and asset documentation so sellers can feel confident in the buyer’s ability to qualify.
READ MOREDelayed Financing (Defined Term) has more to do with avoiding normal Seasoning Requirements (6 months) when doing a Cash-Out Refi then really anything else. It could be called “No Seasoning Cash-Out Refinancing”. Basically Someone delays getting financing by first paying cash (or can be from a HELOC, or secure loan) and THEN decides to put financing on the property after COE but doesn’t want to wait the standard 6 months seasoning!
READ MORETop 10 Mortgage DO’s and DON’Ts on home loans when purchasing a home:
READ MORESeller Concessions are also known as ‘3rd Party Contributions’. Who is a typical interested party in a purchase transaction? Sellers, Buyer Agents and Listing Agents are 3rd party contributions.
READ MOREIn this episode, we covered solar panels and how borrowers should view them when looking to buy.
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