New Construction Financing Exists

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When the financial crisis exploded in 2008, new construction financing ended.  Actually, most credit was taken off the table then and for good reason.  On new homes being built, many banks pulled existing mortgage loans creating havoc for builders.  This also hurt individuals who were in the middle of new construction projects. Since then, getting… Read more »

You Need Lines of Credit to Get a Mortgage

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Qualifying for a mortgage loan requires a good credit history.  Banks want a proven record of responsible financial behavior and lines of credit answer this requirement.  It’s not enough to use a mortgage loan calculator to figure your mortgage payment amount, you need to demonstrate that you can handle credit successfully. What is a line of credit?  A… Read more »

Fannie Mae Changes Mortgage Processing For The Better

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June began a new requirement from Fannie Mae.  Mortgage applicants must now have their credit checked 3 days before closing.  If there are any significant changes, the terms may be adjusted or the mortgage may actually be cancelled.  While this may sound harsh, it also makes sense. When you apply for a mortgage, your credit, debt and assets are checked.  The bank wants… Read more »