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Jerry Thomas Home Loans
If you are building a home that is common for your area, a home where there are many similar homes that have sold in the last year, in the same area, for what it will cost to build your home or more, you can stop reading. On the other hand, if you are building an...
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New homes construction site.
So how do you appraise a home that isn’t built yet? This is a question I get quite often when I speak to potential clients about construction loans. The answer is, plans and specs. The appraiser will be given a copy of the legal description for your land, so they will know where you’re building. But instead of being...
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Loan officer
I was inspired to write this blog by a recent question on this site, “What is your role in the loan process”. I’m the loan officer, the middleman, plan and simple. On one side of my business I have my clients that need money to buy, build or refinance their home. On the other side...
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underwriter
First understand that there are two underwriters, the automated one and the human one. All conventional and government loan files are first submitted through a software package that we generically refer to as an Automated Underwriting System or AUS for short. The two most common systems are Fannie Mae’s Loan Prospector and Freddie Mac’s Desktop...
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check credit report
Recently announced, the standard Fannie/Freddie loan limit for 2019 will be $484,350 for a single family home according to the The Housing Wire, https://www.housingwire.com/articles/47489-fannie-freddie-conforming-loan-limits-increase-in-nearly-every-part-of-the-us. In some “high cost’ areas the single family limit will raise to as much as $726,525. Does this mean that the FHA/VA limits will go up as well? Stay tuned! For more information give me...
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