Entries from Searchlight Crusade tagged with 'lender requirements'

The Benefits and Limitations of Assumable Loans

Every once in a while, the subject of assumable loans comes up. An assumable loan is one where the owner of a property has the ability to pass the loan along with the property in a sale. In other...

Loans On Related Party Transfers of Real Estate - Family, Corporate, or Partners

One of the things that has a lot of issues is any transaction between related people. Actually, this is not limited to purely family transactions, but applies also to transfers among partnerships and their partners, corporations and their officers. The...

My Sixty Second Public Service Announcement about Buying Real Estate

Here was an idea I had: Pack a list of the most important things consumers need to know about buying real estate, as packed into the words I can say in sixty seconds without sounding like an over-clocked squirrel. Here...

Negative Equity and Short Payoff Scams

Saw a sign driving: "Negative Equity? Sell and Get cash!" Notice that it doesn't claim that you can do so legally. I saw another of these signs on the way to the office this morning. When things are going sour,...

Relocation Loans and Developer Issues

From an e-mail: I live in (City 1) and recently signed a work order on a semi-custom new construction house in (City 2). My wife and I make a combined 120K income and still can't afford a decent place in...

Losing Property Value with Highly Leveraged Properties

(This was originally published March 18th, 2006. I've added a couple updates, but otherwise it's as published. It's still very relevant, and if there's anyone that wants to tell me I didn't nail it, please speak up) Somebody wrote a...

Joint Loans for Unmarried People

We aren't married. How do we buy a house together? Basically, the same way that married people do. The qualifications are exactly the same, provided that you both will be living in the property. If not all of the...

Sourcing and Seasoning of Funds

People sometimes ask, "Why should the lender care where I got the money for the down payment? I earned it, it's mine - cash is cash!" They're right as far as they go. In general, the lender doesn't care...

Mortgages: General Concerns and Manufactured Housing

A mortgage or Deed of Trust (they're not the same!) is basically pledging an asset that you own as collateral for a debt. If you default on the debt, the lender takes your property. When you're talking about real estate...

Loan Qualification Standards - "Loanbusters"

This is definitely not a "Who you gonna call?" I've done a couple articles on the two ratios, debt to income and loan to value. Nonetheless, there exist a plethora of reasons why someone can be turned down for a...

What If A Title Search Misses a Lien?

I refinanced my house and an existing lien was not discovered Now the important question: Is it a valid lien, or has it really been paid, and just not released of record? If it has been paid, you don't...

Changes In The Mortgage Market And Transparency Since 2005

The overview is simple: The government has made it take slightly more effort to lie to consumers, while adding layers of delays that add an absolute minimum of a week - an average of three weeks - to the...

Can a Lender Legally Stop Loan Funding After Signing?

That question brought someone to the site. The answer is "Yes, they can". As a matter of fact, just because they have you sign those documents does not in any way obligate that lender to actually fund your loan. There...

The FHA Secure Program: Not Helping Many But Does Help The People Eligible

This is a temporary program, launched by President Bush and Congress at the beginning of 2008. Its goal is to prevent as many homeowners as is reasonable from losing their homes through foreclosure. It won't help you if you...

FHA Loans: Salvation For First Time Buyers

I want to state that I am in no way shape or form an FHA loan guru. Between my general knowledge of loans and this information from someone who is an FHA guru, I think I can make some...

Can You Get A Mortgage On a Condemned House?

The answer is a modified no. The same answer applies to property that is only structurally damaged, but not condemned. That condemnation is a matter of public record. I've seen any number of them while perusing title records. It shows...

Paying Off Old Past Due Bills Without Hurting Your Credit Again

People sometimes ask how they can improve their credit if they have old collections on their credit record. Well, the answer is NOT to simply pay them. Paying off a five year old collection can cause your credit score to...

Low Asking Price on Unfinanceable Properties

At any given time, I will usually have at least one set of clients who really need to consider a condo or townhome who nonetheless have their hearts set on a single family residence. I agree to include single...

Why Do Lenders Sell Mortgages?

When and Why does a Mortgage Company Sell your Current Loan to another Mortgage Company? Lenders sell their loans because the lender can make an immediate premium of anywhere from 1.5 percent to four percent by selling your loan...

Issues with Family Transfers of Real Estate

We live in (A California city). In a 2 bedroom 1 bath home on approximately a 20,000 Sq. ft. lot. It is easily worth 500K to 600K with a current mortgage of $116,000. The mortgage/Title is in the name...