Knox Consulting Services

Mortgage and Lending - imortgage - NMLS ID 299995
A resource for Consumers and Realtors to learn the rules of the game. The Mortgage Lending industry continues to change and you can't play the game until you know the rules.
California First Time Home-buyers, government programs are available to help you with affordable home-ownership by offering a low, fixed interest rate and Down-payment Assistance for eligible borrowers. The program I'm most excited about is CalHFA FHA Loan Program, currently offering an interest ...
Question: Borrower was unemployed for a year, but prior had strong work history. He has been back to work for over 7 months in the same field. Can we use his income to qualify? Response: Since the borrower has been back to work for 6 months or more then he should be eligible to borrower money giv...
Question: Is a borrower required to have landlord experience to use rental income to qualify on the subject property? Response: Depends, Fannie Mae does not require the borrower to have experience managing rental properties; however, several investors do have the requirement. Please check with th...
Question: My borrower defaulted on her student loans: does she have to pay them off on a FHA Loan? She also has a judgment: does that need to be paid off as well? Response: For both the delinquent federal debt and the judgment, the borrower must either payoff the delinquent account OR she must do...
Realtor asked: Is it Ok that the Seller be put on Title before we close on our transaction? Response: No, the seller must be on title when the contract is written as well as when the appraisal and Prelim are order. Lenders typically require Title to provide a satisfactory 24 month chain of title ...
Borrower asked: I want to use assets from my trust for the cash I need to close and satisfy reserve requirements; what documentation is required? Response: To use the trust funds for the transaction, lenders most likely will require written documentation of the value of the trust account from eit...

Guy Knox

local_phone(951) 893-6307
smartphone(951) 743-8863
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