We have products for builders who are building spec homes for profit. The minimum loan amount is $150,000 with a maximum loan amount of $3 million. For us to review your scenario we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision: ● Borrower characteristics/Total...
Author: john (John Rapasky)
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DO YOU HAVE QUESTIONS ABOUT REVERSE MORTGAGES?
Are you considering applying for a reverse mortgage? Do you have questions about reverse mortgages? A reverse mortgage is a loan where you don’t have to make a monthly payment, rather, the equity in your home makes the payment. You have to be at least 62 years old to qualify and have a 40-50% equity...
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CONTRIBUTIONS TOWARD CLOSING COSTS
Contributions toward closing costs allow costs at closing and prepaid expenses to be paid by interested parties to the transaction. So, if you only have the down payment, or are looking to do a no down payment loan and do not have much cash, you can negotiate to have the closing costs paid for...
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WE WORK WITH LENDERS WHO UNDERWRITE TO EITHER DU OR LPA
What is DU and LPA, you might ask? Loan Originators use both DU and LPA automated underwriting programs. DU is Desktop Underwriter and is Fannie Mae’s underwriting software. LPA is Loan Product Advisor and is Freddie Mac’s underwriting software; most conforming loans are run through one of these software programs. These programs dictate details...
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ARE YOU A REALTOR IN THE STATE OF ILLINOIS?
Are you a realtor in the state of Illinois and looking for lending partner? Counsel Mortgage Group is licensed and brokers loans in Illinois. We are also licensed in Arizona, California and Hawaii. We are experts in mortgage finance, having closed thousands of loans over the years including jumbo, conforming, VA, FHA, USDA, reverse mortgages,...
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GIFT OF EQUITY FOR DOWN PAYMENTS
You may, or may not be familiar with a gift of equity. What is a gift of equity? Perhaps your child is looking to purchase a home and you are ready to sell your home. Your child has expressed an interest in living in the childhood home instead of you selling it to a third...
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QUESTIONS REGARDING DEMOGRAPHICS
Let us reassure you, when a lender requests information pertaining to demographics, it’s not intended to be discriminatory. You may wonder why is it necessary to provide personal information when applying for mortgage loans? Applicants are asked their demographic information in order to monitor compliance with equal credit opportunity, fair housing, and home mortgage disclosure...
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HOW LONG DO YOU PAY ON PRIVATE MORTGAGE INSURANCE?
A common question for those who have private mortgage insurance (“PMI”) is when can I stop paying it? When can I get out? If you recently obtained a FHA loan, unfortunately, you cannot get out of mortgage insurance as it stays with the loan for the life of the loan. However, if you have a conventional...
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WHAT DOCUMENTS ARE NEEDED TO APPLY FOR A LOAN?
The most common question I am asked is,” What documents are needed to apply for a loan?” Each scenario is different, and there are probably documents that would not apply to you in this list. Alternatively, there may be items that do apply to you that are not in this list. The following is a...
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CLOSING COST BREAKDOWN
Here are the typical closing costs involved in getting a loan and a quick explanation of each cost: Underwriting/Administration Fee the fee charged by the lender to underwrite the loan. Appraisal fee – lenders require a third party valuation of the property by a licensed appraiser. Credit report fee – the fee charged by...