Diane Marletto's Blog

During the mortgage process there are a lot of checks and balances that Underwriting and Processing go through. This is what you need to know to make sure your loan goes smoothly. I would say these are the top 10 headaches for all parties involved.    a) Don't change jobs or go self-employed b) D...

A lot of clients in the Military are unclear on what their Funding Fee will be if they purchase or refinance a home in the VA loan program. There are so many factors involved.  First of all, what is the VA Funding Fee? A fee charged by the Veteran's Administration to guarantee the loan to a quali...

What do you think the payment would be on a $5,000 mortgage loan? How much would your payment increase if you increased your mortgage $5,000 over 30 years?   You have to consider interest rate first of all.   In this example I'm using 5%.  a) If you increased your mortgage $5,000, your payment wo...

    I've had somewhat of a lot of experience selling on Craigslist and Facebook Yard Sale Pages and there are a lot of things that just irk people off. Here's some hints to get or sell what you want and walk away with a happy transaction.    For Buyer/Person In Need:  1. Read the AD! If it says t...

FHA loans and mortgage insurance. If I buy a house this month, can I cancel it after I gain equity in the home? Unfortunately, if you purchased the home after June 2013, you will follow under these rules: Loans beginning at 10% down or more will pay annual MIP for 11 years.Loans beginning at 10% ...

    Your credit report and credit score a core factor in qualifying for a home loan.  Everyone should know what their credit score is and their credit history in detail. These are the guidelines I live by.  First and foremost you should check your credit annually (for free) at www.annualcreditrep...

I started to create this document checklist for mortgage clients. But then it got crazy detailed!  It's a great tool for Realtors to give their clients that haven't been pre-approved yet, so they can work on getting the documents together for their Loan Officer. It's a great tool for Loan Officer...

    Can I have more than one VA loan?? The answer is YES, you can have more than one VA loan at a time. Certain restrictions apply.    When you have a VA loan and you want to use your entitlement to get a second one, this is called 2nd tier eligibility.    The amount you can get on the 2nd loan w...

Clients often ask about foreclosures, short sales, bankruptcies and consumer credit counseling. "When can I get a loan having filed one of those?" The answer is: IT DEPENDS. It depends on the loan program you are trying to qualify for. See the chart below to get an idea of the time frame you have...

Yes you read that right.. There IS still 100% financing out there. Even better, you can roll 2% closing costs into the loan! USDA does not require any down payment from the buyer! What's the glitch? Well there are 2 main qualifiers: a) You must not make too much money, but enough to qualify. Here...