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Mortgage and Lending - Blue Ridge Bank Mortgage - NMLS # 78989
The goal of my blog is to give you real world mortgage solutions to actual mortgage scenarios I see everyday.
USDA has a little known, special refinance product called the USDA Pilot Refinance Program which is for borrowers that currently have a USDA guaranteed loan and are looking to lower their rate and payment through a refinance even with equity not required. This USDA program allows for a borrower t...
FHA has just made financing the purchase or refinancing of a home cheaper by lowering the amount of monthly payment of mortgage insurance premium by over 1/3!  The latest announcement by HUD states that the monthly mortgage insurance premium on mortgage terms over 15 years will be reduced by .50....
Wrightsville Beach - A great surf town is the nearly magical sum of consistent waves, inviting accommodations, friendly locals, fun nightlife, delicious food, and plenty of activities should the ocean go flat.  Wrightsville Beach, NC is a small town tucked away between the salt marshes, sandy bar...
The Federal Housing Administration or FHA, has announced the loan size limits for 2015 for all areas of each state in the U.S. Most areas stayed the same but there are some changes so make sure that you check these limits when considering an FHA loan. The limits for most counties in NC are the fo...
For first time home buyers, we offer three Fannie Mae programs with a LTV up to 97% for credit worthy borrowers for certain principal residence transactions. One little known low down payment option we offer is the MyCommunityMortgage or MCM. MyCommunityMortgage (MCM) is an option for purchase tr...
Providing the most helpful tips for buyers, realtors, homeowners, and the public in general is the main purpose of our blogs. They are written about real world mortgage loan scenarios and we hope that these blogs provide education to our readers. The following are the most popular of our blogs th...
Have you lost your DD-214?  Is your DD-214 hard to read?  There is a website for veterans to gain access to their DD-214 discharge papers online.  Providing a DD-214 is a requirement of a VA home loan.  The National Personnel Records Center (NPRC) provides this ability to request the DD-214. Requ...
What are the guidelines for borrowers with a short sale on a previous principal residence? When a previously owned property was sold for less than what was owed (short sale), borrowers are considered eligible for an FHA insured mortgage if, as of the loan application date, all mortgage and instal...
And the seller pays off the buyer's debt!!! This VA purchase closing had 2 characteristics of a VA loan that most did not know: Accessing a Veteran's 2nd Tier VA Entitlement and the seller paying off debt for the Veteran through sales concessions for the buyer. Our buyer that is a Veteran has an ...
Did you know that a retired borrower can use a new distribution of income from a retirement account as qualifying income for a mortgage loan as long as the income from the asset should continue for at least 3 years? Even if the borrower has not been receiving the distribution from an asset accoun...

Russell Smith

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The goal of my blog is to give you real world mortgage solutions to actual mortgage scenarios I see everyday.