Entries by Steve Furlong

, ,

Mortgage Underwriting Tidbits

Mortgage programs are becoming more flexible for different scenarios.  Although guidelines are strict and offer little variance from the rules, at least we are starting to see rule changes.  Some of these may help you get approved for a loan when you couldn’t before.  Others might present obstacles.  Let’s take a look at a few […]

, ,

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 […]

, , ,

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 […]


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! […]