LenderBradford's Blog

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Mortgage and Lending - NMLS142066/250013
Information about Financing Options in Northern Ohio as well as information about people, places and events in Northern Ohio. Northern Ohio is a Great Place to live and work.
RECENT BLOG POSTS
Guide for Contractors when preparing quotes The purpose of the quote is to present a clear understanding of the work to be completed to the borrower, underwriter, lender and most importantly the appraiser.  Because each renovation/repairs project is different there is no one format available for ...
03/04/2010
PMI/MIP can be tax Deductable. The Monthly PMI/MIP that is paid can be deducted similar to Mortgage Interest for Tax Payers with incomes below $100,000.* FHA's UPFRONT MIP to increase.Effective April 5th, 2010.   FHA is increasing the UPFRONT MIP from 1.75% to 2.25%.  For a home buyer purchase a ...
03/02/2010
Please consider send a letter like this to HUD and also your State and Federal Legislators.   Possibly with enought of a voice we can get changes made that will assist everyone.  I do believe in the intent of the New Good Faith Estimate however I do believe immediate revision to the rules governi...
02/24/2010
Jeff is on of the premier Bloggers here on Active Rain.  He is very knowledgable and tells people what they need to hear, not what they want to hear.  His post is about misinformation that is given by some loan officers and the Rules/Guidelines that they must follow.   If you have any questions, ...
02/12/2010
This post is something that is very well written, despite it been directed to Realtors.  I believe home sellers need to read this because they control the ultimate pricing of their home.   Pricing a home based upon what you WANT instead of where the market is at today, can be a mistake that could...
02/06/2010
Please share this information with any Agent/Realtors in your office.   And buyers you are working with.  Effective February 12,2010, any properties listed and/or sold with FHA financing as of this date are no longer eligible for the $100 down payment incentive. The Sales Allowance of $2500 for o...
02/03/2010
Everyone should know that HUD will post their proposal to limit a sellers concessions on FHA Loans from the current 6% to 3%.   I believe everyone knows that this does inflate the value of homes (and compatibles).   This was on of the problems that resulted with the use of the supposed Down Payme...
01/26/2010
This is the second part of HUD's Proposed changed to Set a Minimum Credit Score for the 3.5% Down Payment that was included in a press release issued Jan 20, 2010.   Full informatin can be found here FHA Announces Policy Changes to Address Risk and Strengthen Finances Item # 2 says Update the com...
01/20/2010
This is the third part of HUD's intent reduce Sellers assistance with Closing Costs from 6% to 3% that was included in a press release issued Jan 20, 2010.   Full informatin can be found here FHA Announces Policy Changes to Address Risk and Strengthen Finances Item # 3 says Reduce allowable selle...
01/20/2010
This is the first part of HUD's intent to increase the Upfront MIP to 2.25% from the current 1.75% that was included in a press release issued Jan 20, 2010.   Full informatin can be found here FHA Announces Policy Changes to Address Risk and Strengthen Finances Item # 1 says Mortgage insurance pr...
01/20/2010
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Tim Bradford

NMLS 250013
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Information about Financing Options in Northern Ohio as well as information about people, places and events in Northern Ohio. Northern Ohio is a Great Place to live and work.