Gil Kerkbashian

Understanding credit scores and how they affect a homebuyer/borrower is important to understanding the viability of a home purchase transaction.   Credit scores are one of the main pillars to borrower strength. A borrower/buyer with a 760 will typically always secure a much better rate than a bor...

FHA appraisal standards increase. The Federal Housing Administration Washington D.C. is implementing Fannie Mae and Freddie Mac requirements for appraisers to use when collecting information about property values in distressed or declining markets. Starting on April 1 appraisers on FHA loans need...

Closing a loan doesn't have to be difficult if everyone takes the necessary steps to get on the same page throughout the process. Borrowers, real esate agents and loan consultants complain all the time about each other not being cooperative during the process, resulting in a hard close. Its usual...

What's the best way to start your homeownership journey? First you have to understand your own particular capabilities. Start with a budget. If you are good at a spreadsheet, use it to list all of your monthly expenses to the penny. Be very detailed and don't cut corners. This will not only be a ...

What’s the big deal with documenting the buyer’s downpayment and funds to close?Many lenders have changed the maximum required number of mortgages that a buyer/owner may have outstanding. Prior to this policy change in September 2008, some lenders would allow a borrower to hold up to ten mortgage...

FHA allows nonprofit, state and local governments to purchase FHA insured properties using the FHA loan program. Why would this be useful? Churches for instance can purchase homes to assist with outreach missions or to house their staff. The church may want to develop an income stream and invest ...

The terms point (or points) is industry terminology for "percentage". One point refers to one percent of the loan amount, two points is two percent of the loan amount, three points is three percent, and so on. One point for a $100,000 loan is $1,000. 1% of $100,000 is also $1,000. 1 point equals ...

Units are a great way to start for home buyers, especially first time buyers that don't mind rolling up their sleeves to manage a few tenants. In my opinion, FHA offers the best 2, 3 and 4 unit mortgage program on the market. Buyers too often tell me, when I offer the opportunity, that they don't...

What’s the big deal with documenting the buyer’s downpayment and funds to close?Many lenders have changed the maximum required number of mortgages that a buyer/owner may have outstanding. Prior to this policy change in September 2008, some lenders would allow a borrower to hold up to ten mortgage...

Here in Illinois, we have never seen a home buyers market like the one we're seeing now. Homes are being offered at deep discounts, sellers are willing to help with closing costs and as everyone knows mortgage rates are incredibly low. Last night I prequalified a young teacher that was looking to...