Columbus Ohio real estate

In the past few weeks I simply tried to nod intelligently when I heard "QE2". I tried to decipher the sound "keweeetoo" but didn't get anywhere. Then when I saw the acronym "QE2", I guessed that it had to with the idea of turning around a battleship because a cruise ship is as big as a battleship. What, if anything, does this have to do with the real estate market?

I read today on Bloomberg.com: "The worst financial crisis since the Great Depression has made sustained price declines, which makes consumers and businesses less willing to spend or invest, a bigger concern to the Fed than faster inflation. For policy makers, the way to spark inflation is to increase the supply of money in the economy by purchasing bonds."

So for my equally perplexed clients and friends, I am referring back to last week's blog post from Steve Harney and the KCM Crew. He and his company, Keeping Current Matters, do a great job explaining market trends and data to real estate agents, home buyer and sellers.

Read on if you'd like to stop fake nodding, too.

Quantative Easing and the Impact on Real Estate

by The KCM Crew on November 8, 2010 

The economy is still struggling. Employment numbers are not improving. The housing market is stagnant. The Federal Open Market Committee (FOMC) decided that a new form of stimulus was necessary to kick start the job market and the economy. They decided to ‘put more money’ into the market. The term for the new stimulus package is ‘quantitative easing’ (QE2).

We want to take a look at what happened, what it means to the economy and ultimately what impact it will have on the residential real estate market.

What Happened?

The Washington Post reported on the FOMC’s actions:

The FOMC decided this week that, with unemployment high and inflation very low, further support to the economy is needed. With short-term interest rates already about as low as they can go, the FOMC agreed to deliver that support by purchasing additional longer-term securities, as it did in 2008 and 2009. The FOMC intends to buy an additional $600 billion of longer-term Treasury securities by mid-2011 and will continue to reinvest repayments of principal on its holdings of securities, as it has been doing since August.

What Does This Mean for the Economy?

In the same article mentioned above, The Washington Post explained:

This approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose and long-term interest rates fell when investors began to anticipate the most recent action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion.

The Impact on Real Estate

Patrick F. Stone is president and CEO of Williston Financial Group, in an Inman News article, explained:

We have seen meaningful increases in commodity prices and stock prices in anticipation of QE2. With the implementation of QE2, and the hoped-for inflation, house prices will stabilize and — depending on the degree of impact and length of impact — housing inflation is a logical byproduct. Any meaningful housing appreciation will have a tremendously positive impact on the economy.

The U.S. News and World Report on their Money Blog addressed the issue of what opportunities now exist because of the FOMC action.

Interest rates have never been lower. It seems that just about every week mortgage rates set a new low. And this week the Fed is expected to undertake a second round of quantitative easing, QE2 for short, by buying up more government debt. As a result, incredibly low interest rates may go even lower.

But low rates don’t do us any good if we fail to take advantage of them.

The report went on to give the five ways one could take advantage of lower rates. Number one? Buy a home:

The combination of low rates and falling real estate prices make for a perfect time to buy a home. Particularly for first time buyers, there may never be a better time to take the plunge into homeownership than over the next year. Some say home values may still fall over the next year, so knowing exactly when to buy can be a bit of gamble. But locking in incredibly low rates on a 30-year mortgage is a great way to reap the benefits of the current interest rate environment.

Bottom Line

Interest rates will remain low and inflation will increase slowly if the Fed’s actions work as hoped.  After that, home prices will appreciate and interest rates without government intervention will return to historic norms. If you are looking to purchase, now is the time. If you can wait 12-18 months to sell, perhaps it makes sense to wait.

If you are looking to sell in the next several months, we don’t believe the impact of the government actions will take place within that time frame. Discuss your options with your real estate professional.

 

 

Search For Your Next Home Now!

 

          

          

 

This post was written by Leslie Ebersole of Baird & Warner Real Estate.

(630) 945-7935

leslie.ebersole@bairdwarner.com

    

If you have ever had an FHA loan, Uncle Sam may owe you a refund.  HUD has been stepping up efforts lately to identify people who have a refund due, but have not collected.  "Could that be me", you ask?  Let's find out.

Go to HUD's website at www.HUD.gov  and look for the FHA LOAN REFUND program. (You guessed it, my link will take you right there!) Enter either your name or your FHA case number, and you'll find out.

"How could this happen", you ask?  Maybe there was money due from an impound account, but after your escrow closed, you moved. This money might be sitting in the government coffers collecting dust, and they want to give it back.

Jump on it!

 

thanks 13 faves from flickr.com

_______________________________________________________________________________________________

Your Fair Oaks Realtor for homes for sale in Fair Oaks and the Sacramento Area of California.... I'm your gal (Sally Dunbar). I'm occasionally knowledgable, periodically humorous, and always willing to tell you everything I know.  What more could you ask for?

 

Sally Dunbar, 30 year Broker Associate, Lyon Real Estate, Fair Oaks, CA (916) 535-0356, SDunbar@GoLyon.com "Your Fair Oaks Realtor"

FHA Reform-Strengthening Risk Management through Responsible FHA-Approved Lenders

FHA has issued its new mortgagee letter announcing its implementation of the Final Rule for lender net worth requirements. It should not have much immediate impact on consumers, but it is significant nonetheless.

Perhaps more impact to consumers - FHA will no longer approve loan correspondents - mortgage brokers. This responsibility will shift entirely to HUD approved lenders.

Until December 31, 2010, correspondents that already have FHA approval can continue to originate through the rest of the year. After that, HUD approved lenders will have full responsibility for compliance and performance of sponsored correspondents/brokers.

This new lender/sponsored correspondent broker relationship will change the broker industry. My thoughts are that it will limit consumer choice. I expect that brokers will be less able to select lenders for their niche strengths - such as pricing, property, credit standards.

Lenders will likely have volume standards to justify maintaining the sponsorship. Brokers who send a particular lender the occasional loan because of a special niche may no longer have that luxury. Already some lenders are hiring third party management companies to handle their correspondent sponsorships.

This seemed to me to be a bad idea when it was in the comment period. It still seems like a bad idea to me now. I do not see how it will be more efficient for each lender to duplicate the oversight of sponsored correspondents. But that is just me. Maybe it will enable more brokers to originate FHA loans, brokers who were not previously able to do so.

I would love to read comments from others about how they expect this to impact lenders, brokers, and consumers.

  

Richard Smith NMLS 184479 Cell: 423-280-0345 Toll Free: 888-474-9920 Office: 423-899-6898

American Acceptance Mortgage, Inc NMLS 132505, TN/GA Licensee Email: rsmith@aamonline.com

FHA, VA, Rural Development, Conventional, Jumbo,
Reverse Mortgages, FHA 203k Renovation

Home financing in Tennessee and Georgia.

Apply Here	Begin your Home Search here	Reverse Mortgage Calculator
	Ask an Expert

www.RichardSmithHomeLoans.com

 

I've kept mostly silent on this blog about a very important issue affecting the housing market -- strategic defaults. This is the phenomenon where a homeowner, so deeply underwater on their home, decides to stop paying the mortgage and let the bank foreclose upon the home. Some estimates say that this describes as many as 1 in 5 foreclosures, which is very scary considering that housing data shows around 23% of mortgage holders are now upside down on their home, and 0.11% (1 in 1000) homes in the US were foreclosed upon last month.

Well as you can imagine, I have strong opinions on this subject, but I've mostly kept them to myself. But since last night's 60 Minutes segment brought this issue to the forefront of national debat, I decided it was time to chime in.

60 Minutes interviewed Brent White, a University of Arizona law professor who wrote an influential paper on the subject last fall. I actually posted that paper on this blog around that time, but didn't opine on it.

Professor White is one of the leading academic advocates (if you can call them that) of strategic defaults. (It's sort of like being an advocate for assisted suicide; no one really promotes it because it's a terrible thing, but there are people who clearly advocate for the right to do it.) Professor White argues that an underwater homeowner has no moral obligation to the bank. The mortgage agreement clearly spells out what happens if mortgage payments aren't made (i.e., the bank takes over the house) so therefore the owner is upholding his end of the contract by turning over the house when payments aren't made. In addition, both Professor White and 60 Minutes both point out that corporations walk away from financial obligations all the time. Think of the many times that private equity firms turn over failing companies to the bondholders even though they could continue to service that debt (e.g., my old firm TPG Capital turned over Washington Mutual to the bondholders when their equity was wiped out). And closer to the real estate industry,  think of the many real estate developers who walk away from their equity and turn property over to debtholders (e.g., Tishman Speyer and Stuyvesant Village in NY).

I strongly agree with the theme of the 60 Minutes story: mortgage holders should act in their own best interest and if that means walking away from an underwater loan, then so be it.

I think it's funny how 60 Minutes sort of threw in there at the end a homeowner who thinks it's not right to strategically default, in order to provide some balance to the story. But even that homeowner concedes that maybe he should (and in fact maybe he will) walk away from his home.

In my opinion, the most valid argument against walking away is that it's really rude to your neighbors. It brings down the value of their home when your home becomes foreclosed upon; it's kinda like not mowing your lawn. I definitely see that point, but that's not enough to make someone feel guilted into throwing money away month after month.

Watch CBS News Videos Online

 

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In my home state of Minnesota, Minneapolis and Saint Paul have nearly 39 percent of homeowners under water.   I've had the question, "I'm upside down on my home, what are my options?" so many times that I wanted to prepare a menu of options for people to reference.  This article briefly outlines 9 potential solutions that may serve you well.  The target audience here is not necessarily someone who's in default on their loan but simply one who owes more than the home is worth.

All too often, when one is upside down on their home and/or struggling with their mortgage, they reach out for one to three options that they may have heard about on the news or from a friend.  What homeowners should be doing is seeking the advice of qualified real estate agents, real estate attorneys and a skilled loan officer.  But, . . . before a homeowner picks up the phone, there's a lot of homework to do!  Before one calls the professionals, they'll just be spinning their wheels until the following items are ready:

1. Know your address.  You may know it to be one thing but for these purposes, your address is whatever http://www.usps.gov/ tells you it is.  So go to this website, click on "find a zip code" and type your address.  The postal service will then give you the address it has registered for you.  This is the address that Fannie Mae and Freddie Mac use so it would serve you well to do the same.
2. Collect your financial documents.  Whether you're working with a loan officer on a loan, a Realtor on a short sale or an attorney on a bankruptcy or modification, they'll all need a complete set of your financials.  This includes 09 and 08 tax returns, W2's and 1099's.  If you're self employed, you'll need 2009 and 2008 tax returns from your business.  If you haven't filed your 09's, get it done.  You'll also need copies of your most recent paystub, most recent bank statement, most recent statement on any retirement accounts, and a copy of a mortgage statement on each mortgage you have.  Getting these documents scanned to image documents such as Adobe Reader can really speed things up.
3. Collect your legal documents.  It would be wise to, at the very least, have a copy of your mortgage note.  If you are planning on meeting with an attorney, it would be much better to have your entire closing package.  This should have been provided to you by the title company that closed your loan.  Again, getting these documents scanned to image documents such as Adobe Reader can really speed things up.
4. This isn't necessary, but it's wise.  Get a copy of your credit report at http://www.annualcreditreport.com/ (this site is truly free and not a scam).  Knowing the content of your credit will help you write letters of explanation if you're doing a mortgage loan or a hardship letter if you're doing a short sale.

Getting this done is arduous but it will prove invaluable to those you ask for help.  Now you're ready for that menu of options:

1. Fannie Mae DU Refi Plus - If your loan is owned by Fannie Mae, you may be entitled to refinance up to 125% of your home's value.  You can get a loose idea of what your home is worth at http://www.cyberhomes.com/.  To see if your home is owned by Fannie Mae, go to http://loanlookup.fanniemae.com/loanlookup/ and enter your address as it appeared at http://www.usps.gov/.  If it is owned by Fannie Mae and you owe less than 125% of the value of your home, you may be eligible for this loan.  The rates are slightly higher than normal advertised rates because of pricing add ons but they are close enough to market rates to be a heck of a deal.
2. LP Open Access - If your loan is owned by Fannie Mae, you may be entitled to refinance up to 125% of your home's value.  You can get a loose idea of what your home is worth at http://www.cyberhomes.com/.  To see if your home is owned by Freddie Mac, go to https://ww3.freddiemac.com/corporate/ and enter your address as it appeared at http://www.usps.gov/.  If it is owned by Freddie Mac and you owe less than 125% of the value of your home, you may be eligible for this loan.  The rates are slightly higher than normal advertised rates because of pricing add ons but they are close enough to market rates.  This program will not let you finance more than 5 thousand dollars in closing costs and prepaids so if your settlement charges exceed 5 thousand, be prepared to bring cash to closing.
3. FHA 115% Write Down Refi - This one doesn't have a name yet so I just made that up.  It's a complicated program and I'm not sure how successful it will be.  Essentially, if you're refinancing a non-FHA loan, you'd take a loan out at 97.75% of your home's value.  A balance may be subordinated to the first mortgage thus becoming a 2^nd mortgage but that loan may not exceed 115% of the homes value.  For any of this to happen, the existing lender/s must write down their loan balances by at least 10%.  Here is the announcement for this program.  You must be current on your mortgage to qualify for this loan.  A history of late payments will likely disqualify you for this loan.
4. FHA Short Refi - This one is a little simpler.  Essentially, you get preapproved for a 97.75% loan to value FHA refinance.  This loan will support a certain amount to be paid to your existing lender.  Whatever the loan can't support, assuming you can't come up with the difference in cash, will have to be written off by your existing lender.  You'd be surprised how many lenders are willing to do this (I know I have been).  This was officially permitted by HUD in December of 2009.  You must be current on your mortgage to qualify for this loan.  A history of late payments will likely disqualify you for this loan.
5. Modification - You do not necessarily have to be in default to get a loan modification.  If you've had any kind of hardship (i.e. involuntary reductions of income or unavoidable increase in expenses that indicates that you might go into default and you feel that you owe so much on your home and at such poor terms that you're losing your incentive to repay, that might be enough to qualify.  Many people have their own opinions on this and I don't assume that mine is the best but I don't recommend contacting your lender directly as a starting point for a modification and I don't recommend calling a pay for hire service either.  I recommend calling 1-888-995-HOPE (4673) to speak with a HUD approved counselor for free.  They will conduct an interview and serve as an initial intermediary between you and your lender.
6. Chapter 11 Bankruptcy - It's expensive, it's a long and hard process but unlike Chapter 7 and Chapter 13, a judge can order a mortgage modification under a Chapter 11 bankruptcy plan.  It is the most flexible type of bankruptcy and is thus difficult to explain.  Consult an attorney with specific Chapter 11 experience.
7. Deed in Lieu - This is where the owner of a property deeds the property back to the lender to avoid foreclosure.  Obviously, this only makes sense if you want to get out of the situation quickly and don't want the house anymore.  I highly recommend the assistance of an attorney in this to ensure that the act of deeding in lieu serves as payment in full of your mortgage to prevent both damage to your credit and the potential of deficiency judgments. 
8. Short Sale - A short sale is where a homeowner and lender cooperate to sell a home in a situation where more is owed on the home that the house is worth.  The buyer and their Realtor prepare the home for sale and market it and in exchange, the lender writes down the balance of their note to facilitate the sale.   It is less costly that foreclosure so lenders are typically willing to do this.  Often times, with the help of a good Realtor, damage to your credit can be ameliorated.  When choosing your agent, make sure they have a lot of past experience with short sales, are aware of what is changing in short sales and, preferably, they have done short sales that involve your current lender.
9. Foreclosure - Now I hesitate to even mention this but a fact is a fact.  Foreclosure is an option.  If you're upside down and you can't make your payments, sometimes you just have to let go.  Too many people think the sheriff's sale is the end.  It's just a step in the process.  Although it varies by state, foreclosure is usually a 9 month process.  So, 9 months of living there and then you move out.  It's an ugly option. . . but it's an option.

When we are under stress, we often reach for the first or easiest option that might get us away from the cause of that stress.  In the case of the underwater homeowner, that can be a huge mistake.  Few know how many options they really have and, if these options are weighed carefully, they can learn that with some effort on their part and the help of qualified professionals, they can get away from their problem with a good solution in hand.

Please remember that all four of these loan types are very difficult and consequently, you'll need an excellent loan officer.  Managing your legal risk in a deed in lieu situation or conducting a Chapter 11 requires a seasoned and sophisticated attorney.  Proper execution of a short sale is both a science and an art so, if that's the route you take don't make a quick decision on a Realtor.  Just because they advertise as a short sale expert doesn't make it so.  Choose your professionals wisely, be deliberate in choosing the solution that you want and be organized and you'll find that you're closer to being stress free again than you think.

My heart goes out to you for your situation and, . . . if misery loves company, . . I'm right there with you!

Charles Dailey

612.234.RATE (7283)

charles@charlesdailey.com

Do you feel that pricing a home is a little like throwing darts these days? Sometimes you hit, most times you miss?

At the end of the day Realtors have a next to impossible job trying to help clients price their home. I don't think I ever met anyone that wants to lose money but most homes we price today should reflect a lower price than a few years ago. Now I'm on the mortgage side of things but I hear the same things. My house is worth XXX,XXX due to:

"I have nicer landscaping."

"I just replaced the carpets."

"I just repainted the walls."

"I just had the bathroom toilet fixed."

"I had my furnace replaced last year."

Realtors work very hard with comparables, pictures and stats to help support the price. I'm not saying that these upgrades are not important. They just don't really add value. They add eye and curb appeal to help a potential client say yes to the listing.

What goes into a Lender's Appraisal?

For Fannie Mae, Click here

For Freddie Mac, Click here

For FHA, Click here

Most homes are financed. So these appraisal standards are important when you price. Remember we are in a Lender's Market. Nothing will turn a buyer off more than working hard on a price agreement only to find out the appraisal comes in short. So to best serve our clients remember that most of the weight for your pricing strategy must be Lender comps.

 

At your service,
Tony Grego
Senior Mortgage Banker  American Bank - Indianapolis, IN Branch
www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax
"Bankers with vision, helping people with dreams!"

I wanted to take a moment to make sure you are familiar with events surrounding a sweeping set of policy changes for FHA announced earlier this week. The announcement details the changes that Secretary Donovan promised to deliver by the end of January when he testified before Congress last month.

 

The new policies are designed to strengthen the FHA's capital reserves so we can continue to fulfill our mission of serving underserved communities.  In addition, we were determined that these changes should support, not disrupt, the nation's housing market recovery.  Bringing these changes to market has been the result of a lot of hard work and long hours.  And, I am proud to have worked with so many of you on this initiative.

 

What changes will be implemented?  We announced the following on January 20:

1. Increase the up-front mortgage insurance premium (MIP) to 2.25%;
2. Update credit score and down payment requirements for new borrowers;
3. Reduce seller concessions to three percent, from six percent; and
4. Implement a series of significant measures aimed at increasing lender enforcement. 

 

When combined with the risk management measures announced in September of last year, these new changes are among the most significant steps ever taken by FHA to address risk.  Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery.  Importantly, FHA will remain the largest source of home purchase financing for underserved communities.

 

Let's go into more detail:

 

Announced FHA Policy Changes:

 

1.      Increase the MIP to build up capital reserves and bring back private lending.

o    The first step will be to raise the up-front MIP by 50 basis points to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.

o    If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.

o    This shift will allow for the capital reserves to increase with less impact on the consumer because the annual MIP is paid over the life of the loan instead of at the time of closing.

o    The initial up-front increase is included in Mortgagee Letter 2010-02 and will go into effect in the spring.

 

2.      Update the combination of credit scores and down payments for new borrowers.

o    New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program.  New borrowers with less than a 580 credit score will be required to put down at least 10%.

o     This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.

o    This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

 

3.      Reduce allowable seller concessions from 6% to 3%.

o   The current level exposes the FHA to excess risk by creating incentives to inflate appraised value.  This change will bring FHA into conformity with industry standards on seller concessions.

o   The change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

 

4.      Increase FHA lender enforcement.

o    Publicly report lender performance rankings to complement currently available Neighborhood Watch data which will be accessible via www.hud.gov on February 1.

§  This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.

o    Enhance monitoring of lender performance and compliance with FHA guidelines and standards. 

§  Implement Credit Watch termination through lender underwriting ID in addition to originating ID.

§  This change is included in Mortgagee Letter 2010-03 and is effective immediately.

o    Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process.

§  Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.

o    HUD is pursuing legislative authority to increase enforcement on FHA lenders.  Specific authority includes:

§  Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders.  This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite.

§  Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. 

 

Note:  This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches.

 

In addition to the changes I have outlined, we are continuing to review FHA's overall response to housing market conditions, to evaluate its mortgage insurance underwriting standards, and to improve its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

 

I know this is a lot of information to absorb.  Listed below are links to some of the major stories about the announcement.  I promise to keep you aware as we implement these changes going forward.

 

Wall Street Journal (Nick Timiraos, 1/20) "FHA Sets Tighter Lending Requirements" The Federal Housing Administration is implementing more-stringent lending requirements and higher borrower fees to cushion against rising defaults and stave off the need for a taxpayer bailout of the agency. LINK

  

Washington Post (Dina ElBoghady, 1/20) "FHA plans to require borrowers to produce more cash for downpayments" The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials. LINK

  

Chicago Tribune (Mary Ellen Podmolick, 1/20) "FHA homeownership rules to change" The Federal Housing Administration announced changes Wednesday that will make it more expensive for homebuyers to secure agency-backed mortgages while some consumers will be priced out of the housing market. LINK

  

CNNMoney.com (Tami Luhby, 1/20) "FHA loan requirements will make it harder to get a mortgage" It's going to be harder to get a government-backed mortgage from now on. LINK

CNBC.com (Diana Olick, 1/20) "FHA Boosts Insurance Premiums to Cushion Defaults" In a move to shore up the FHA's beleaguered balance sheet, Commissioner David Stevens on Wednesday announced big changes at the government mortgage insurer that now backs about half of all home loans to the nation's minorities. LINK

 

I want to thank you for your efforts to keep this housing system on track. The role of the Real Estate Agent, Mortgage Lender, Settlement Service Provider, and all who make the dream of homeownership a reality, is critical to stabilizing this economy.  Your work is for a good cause.  We really are making a difference in people's lives.  Thanks for the partnership!

Before I explain that question, let me ask you this one: "How long have you been in the business?" Ever have someone ask you that? Here's my answer, and it will really make you think!

I was in the business before we had the Equal Credit Opportunity Act (ECOA). ECOA went into law in 1976, and protects against discrimination based on race, color, religion, national origin, sex or marital status, or age.

So, you ask???

Well, when I was first in this business, if I were taking a loan application from a married couple that were of child bearing age and they wanted her income to be taken into consideration, I would have to document their birth control procedures!!

Yep! That's right! A letter signed by the two of them certifying they did not intend to have children, why, and then explaining their form of birth control would sometimes suffice, but not always! Imagine having to ask THAT question at the face to face loan application (which a face to face was the only kind of loan application we could accept)! Remember, back then maternity leave was not protected by law. Thus, if the wife were to get pregnant, there would be no guarantee that she would get her job back. So job stability could not be established, disallowing the income from being taken into consideration.

And to think today we're all uptight about a new Good Faith Estimate and HUD!

"We've come a long way, baby!" (Do you know what advertisement that line was used in?)

This post is included in the brand new "Financing Friday" group, which we invite you to join.

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Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Starkey Mortgage.

 Ruth Vogt, Colorado Regional Manager

 Colorado #LMB100023827, NMLSR# 257576

   www.MyLenderOfChoice.com

   rvogt@wrstarkey.com

 

          

 

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