Virginia Mortgage Bulletin

There is a standard profile for conventional loan borrowers. This is just a profile, and every loan is a case by case situation. But in general the conventional loan borrower will meet these criteria.Your broker can reduce the amount of time it takes to underwrite your loan by obtaining an automated underwriting approval and paperless processing.

A conventional borrower will generally have a credit score of above 660. While there are many conventional borrowers that have lower credit scores, 660 is a nice solid number to provide you with a good chance at a conventional loan. Therefore, conventional borrowers will have very good credit, no late payment (at least over the last few years) and no Bankruptcies or Foreclosures over the course of the last few years. (more…)

An appraisal is a report made by a qualified, often licensed individual who sets forth an opinion or estimate of value regarding a customers property.

For Conventional mortgages and anything covered by the HUD-FHA Direct Endorsement Program, the lender obtains a complete copy of the report detailing the method and basis for the the appraised estimated value.

The term appraisal within the context of mortgages may also be applied to the process by which this estimated value is arrived at. (more…)

Here are some additional discussions relating to the mortgage industry from my main information site.

http://bestvirginiahomeloans.com/why_do_i_apply_once_get_15_calls_641.htm
http://bestvirginiahomeloans.com/content/stop_foreclosure_now_113.htm
http://bestvirginiahomeloans.com/content/mortgage_faqs_886.htm
http://bestvirginiahomeloans.com/content/should_i_get_a_fixed_rate_or_an_adjustable_rate_895.htm
http://bestvirginiahomeloans.com/content/will_my_mortgage_be_sold_and_why_988.htm
http://bestvirginiahomeloans.com/content/what_lenders_look_for_783.htm
http://bestvirginiahomeloans.com/content/improve_my_credit_score_608.htm
http://bestvirginiahomeloans.com/content/arm_adjustment_caps_898.htm
http://bestvirginiahomeloans.com/content/links.htm
http://bestvirginiahomeloans.com/content/below_500_refinance_630.htm
http://bestvirginiahomeloans.com/content/credit_dos_donts_during_the_loan_process_602.htm
http://bestvirginiahomeloans.com/content/should_i_own_a_home-rent_vs_own_ 755.htm
http://bestvirginiahomeloans.com/content/how_can_an_arm_loan_benefit_me_629.htm
http://bestvirginiahomeloans.com/content/refinance_180.htm
http://bestvirginiahomeloans.com/content/jumbo_home_loan_233.htm
http://bestvirginiahomeloans.com/content/what_are_discount_points_130.htm
http://bestvirginiahomeloans.com/content/do_i_need_a_mortgage_broker_291.htm
http://bestvirginiahomeloans.com/content/credit_repair_guide_7.htm
http://bestvirginiahomeloans.com/content/loan_programs_for_people_with_low_fico_score_189.htm
http://bestvirginiahomeloans.com/content/credit_collections_-_should_i_pay_537.htm
http://bestvirginiahomeloans.com/content/lenders_for_terrible_credit_465.htm (more…)

Just a brief recap of the (very) local market. Of the 14 homes listed for sale in my development, all but 2 have the infamous “3rd party/ (lender) senior management approval required” blurb on the MLS listing. The bad news, 4 home sold at foreclosure auction at the convention center last weekend. The two closest to my house went for $230,000 or roughly 60% of their purchase price 2 – 2 1/2 years ago at the TOP of the market. One owner relocated, purchased another home in Texas and tried to rent/sell for 6 months before the house finally went to foreclosure. On the brighter side, there was an actual sale 2 homes west of the foreclosure property and I should know within the next couple of days what the sales price was. I know the last listing price was in the mid $300’s and this house was purchased 12 December 2004 for $366,000. The highest sales price I have seen in this development was $424,000 in June 2005, but this home has been vacant/listed for 10 months now and I fear that it will go to foreclosure soon.