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First-Time Home Buyer
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HomeReady by Fannie Mae
Fannie Mae is retiring MyCommunityMortgage (MCM) and providing an enhanced product called HomeReady. The HomeReady Mortgage is an enhanced affordable lending product that will be offered in place of the MyCommunityMortgage Lending Program. Fannie Mae has developed new or revised loan and borrower eligibility requirements and underwriting flexibilities that are targeted to low- to moderate-income borrowers […]
NEW Program Offered for Veterans!
NEW PROGRAM FOR VETERANS OFFERED THROUGH WHEDA! CONTACT ME TODAY FOR DETAILS! Heather D Mitchell | Sr. Loan Officer |NMLS ID# 240300 771 Lois Drive | Sun Prairie, WI 53590 Mobile 608-212-5881 | Office 608-318-1907 [email protected] | www.loansbyheather.com VALOR –Veterans Affordable Loan Opportunity Rate NEW Reduced Interest Rate Program for QUALIFIED VETERANS The Authority has authorized $10M to fund the VALOR […]
New FHA Underwriting Guidelines
Starting September 14, 2015, several new underwriting guidelines for FHA Loans will go into effect with the release of the updated FHA Handbook. Fairway Independent Mortgage Corporation is prepared for these revisions and wants you to stay informed on how these changes could affect your clients. GENERAL CHANGES Age of Documentation: Documents used in the origination and […]
Consider the Long-term Benefits of the 15-year Mortgage
When you’re shopping for a mortgage, you should at least consider the 15-year option. The payments will be higher than on a 30-year mortgage, but the long-term benefits are considerable. First, interest rates are typically lower on 15-year mortgages than on their 30-year counterparts. A 0.75% difference in interest rates may sound minimal but taken […]
How to Ensure Your Mortgage Will Be Approved
In these days of ever-watchful lenders, you, as a consumer, can put yourself in the best possible position to be approved for a mortgage by taking a few simple, common sense steps before you start your home search. The first step is ensuring you are paying your bills on time. As simple as this sounds, lenders […]
Water Quality
Community water systems are required to test and monitor drinking water supplies to ensure safe and good-tasting water. But what happens once the water has been piped to towns, neighborhoods, and homes? Older homes may still have service lines made of lead going into the home, which can result in unacceptable levels of lead leaching […]
Why Wait to Purchase?
Heather D Mitchell Sr. Loan Officer, NMLS #240300 Mobile 608-212-5881 Office 608-318-1907 [email protected] www.loansbyheather.com 771 Lois Drive, Sun Prairie, WI 53590
The Importance of Your Debt-to-Income Ratios
There are several ratios that lenders use in the mortgage qualification process; one of the most important of these is the debt-to-income ratio. This compares how much of certain types of debt you have to how much you earn. Income calculations are always done on a gross, or before-tax, basis. There are actually two debt-to-income […]