Entries by Steve Furlong

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FHA Streamline 203(k)

The Furlong Team is pleased to offer the FHA Streamline 203(k). A few quick things to know about 203(k): Find your contractor early. They need to be licensed and should be organized with their paperwork! Repairs should not require large structural changes. The timeline for closing is longer than standard mortgage programs. The underwriting process […]

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Fannie Mae and Freddie Mac 3% Down Payment

Fannie Mae and Freddie Mac have recently reintroduced the 3% down payment conventional programs. Many benefits are available for home buyers with these programs including reduced rates, reduced mortgage insurance and, of course, a lower down payment! Some differences between Fannie Mae and Freddie Mac are as follows: Fannie Mae 3% Down Payment: Purchase or […]

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FHA Streamline Refinance Program

The FHA Streamline Refinance program waives the requirement for an appraisal, allows for the new, lower FHA mortgage insurance rates, and can save homeowners a lot of interest and insurance fees over the life of the loan. Not to mention, your payment will be reduced without needing to add additional time onto your loan term! […]

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FHA Back to Work

The FHA Back to Work program allows home buyers to obtain financing if they had a bankruptcy, foreclosure or short sale at least 12 months ago. This timeline is shorter than the standard FHA guidelines of 24 months with extenuating circumstances or 36 months otherwise. The primary requirements for the FHA Back to Work program […]

Foreclosure? Deed-in-lieu?

Fannie Mae/Freddie Mac requirements regarding past foreclosure A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower. Exceptions for Extenuating Circumstances: A three-year waiting period is permitted if extenuating circumstances can be documented, and […]

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Removing Disputes On Credit Report

The latest hurdle in getting mortgage approval is to have all disputes on credit removed. Since a tradeline (account) dispute removes that account history from the credit scoring models, the investors have become wise to inaccurate credit scores due to disputes. Often times when a dispute is removed a credit score will go down (especially […]

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Evolution of the Mortgage Industry

Remember when we could close loans without a paystub, bank statement or even a completed appraisal report? Mortgage companies were filled with twenty-something go-getters, resembling something off the stock exchange floor; anyone that could dial a phone could be hired to originate loans. Thankfully, those days came to a blissful end years ago. It seems […]