Brett Sampson's (bsampson) Blog

A quick note for you today on some USDA changes coming up… The department of Rural Development (administers USDA loans) has announced an increase to the annual fee (paid monthly) for both purchase and refinance transactions that will take effect on October 1, 2014. The annual fee for both purchas...

Here’s what you can expect if you are changing jobs while your getting a mortgage… The underwriter will want to see your first pay check at the new job at a minimum, and often they will want to see your first 30 days of paychecks. The underwriter isn’t trying to make your life difficult by asking...

The governments many agencies that police the mortgage industry continue to do what they do best… …which is pass new regulations with the intention of “protecting the public” that ends up costing the public big time. Case in point: Private mortgage insurers could be forced to raise their prices i...

If you have been considering purchasing a home in the outer suburbs, or in a rural area I would recommend doing it in the next few months. The reason is that one of the best loans for homes in this area is the USDA loan. …and, the maps are supposed to change in January. Changes to the map of elig...

I wanted to give you an update on FHA’s new HAWK Program. The estimated start date for the start of the pilot program is October 1, 2014. To be eligible the borrower will have to complete a counselling course to be eligible for the program. The benefit will be lower mortgage insurance. FHA propos...

I want to show you how to roll repairs into a purchase price. I touch on this subject from time to time. If you are buying a house that needs minor repairs – but the seller refuses to do them – what do you do? This situation happens a lot, especially on bank owned homes. The simple answer is to u...

FHA gift questions come up often. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relative. 2) Borrower’s employer or labor union. 3) A close friend with a clearly defined and documented interest in the borrower. 4) A charitable o...

Did you realize that 15 percent of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action? So, it’s impossible for someone who is new to credit to have a perfect credit score. A longer credit history provides more ...