My Home Loan With Jay

  As I sit down to write about this section of the 1003 (huh?) it strikes me that several post can be written about income analysis. The primary purpose of this post is to discuss, in general terms, how lenders review income for mortgage applications.     W-2 Income   Source of Income How Reviewe...

I purchased gasoline on Friday January 2, 2009 for $1.39 per gallon. By mid-week the price had reached $1.79. I purchased gas again on Friday January 9, 2009 for a $1.69. 30 cents per gallon, a 22% increase, for the week.   This should come as no surprise, this has been happening for over 30 year...

 Your have located the fixer-upper that you want to buy or you are preparing to repair/rehabilitate your existing home. You are now preparing your feasibility analysis for the repairs and rehabilitation with your real estate professionals.    HUD has required improvements that must be included to...

You are interested in a property that needs a little work. Well, maybe it needs a lot of work. What do you do?   Unless you have the wherewithal to purchase the property “as is” and pay for the “fix up” from your own money, you may want to consider the FHA 203(k) loan.   FHA offers two variations...

Home loan guidelines changed in rapid fire fashion in 2008. FHA is continuing this trend with the following guideline changes going into effect January 1, 2009.   Down Payment The minimum down payment requirement increases from 2.25% to 3.5%. For a more detailed explanation of this change with de...

“In with the new and out with the old” This is a phrase we often here this time of year. I don’t know about you, but I certainly hope 2009 is better than 2008.   For the last couple of years as I’ve come to the end of the year I remember thinking, let’s just get this year over with, next year can...

After cutting production 2 million barrels back this summer OPEC has recently announced additional cuts of 2.2 million barrels.   I became interested in “The Pickens Plan” from his TV ads this summer and have been following his web site. I was familiar with T. Boone Pickens from my days living in...

Employment Information Are You Stable? This section of your home loan application addresses your employment information. Stability is considered by looking back over at least the past two years. Another of the two year look backs of a mortgage loan application.   Be prepared to provide your mortg...

Christmas time holds special memories for me and I'm certain this is true for countless millions of others. I remember one Christmas when I was quite young when I got up early, before anyone else, and in my zeal to open each and every present I received I diligently opened every Christmas present...

In an era of high foreclosure and short sales the FHA 203(k) loan program may be just the answer.   It can also be the answer for existing homeowners that may choose to remodel/upgrade their current home I don't really know how long this loan program has been in existence, except it has been arou...