Shane Milne's Blog

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Mortgage and Lending - Bank of England - NMLS# 81195
RECENT BLOG POSTS
Opportunities for Homebuyers County of Orange Mortgage Assistance Program The County's Mortgage Assistance Program provides silent second loans to aid low income first-time homebuyers, with annual incomes not exceeding 80% of the Area Median Income (AMI). The loans are designed to help pay for do...
01/28/2009
That question seems to be popping up quite often lately.  In recent weeks memo's from USDA offices have informed us that they estimate funds will run out very soon.  There are even banks who have decided to cut off funding for USDA too, sometimes in the midst of the transaction.  For the most par...
01/14/2009
Because I often see these infomercials running on weekend mornings and obscure night hours, and I often get asked what is buying a home at one of these auctions like, I thought I'd write a little about what I know about them. My father in law went through the home auction process in the spring of...
01/14/2009
Since I am relatively close to the epicenter of the foreclosure crisis you might imagine how many homeowners in distress over their current mortgage situation I talk to. Since I am not a loan modification expert, nor do I do loan modifications for profit, I usually refer them over to www.loansafe...
01/12/2009
On an ARM, when the rate is going to adjust, there are a few things that it is based on.  First thing you want to do before reading this is go into the loan docs you signed/received a copy of at closing, in those docs are some papers called the "Note" or "Adjustable Rate Note" or "Adjustable Rate...
12/18/2008
It's hard these days to know what lenders are looking for when someone is trying to qualify for a mortgage. This blog entry isn't so much to tell you what one needs to get you approved, rather than just a list of all of the applicable questions that are likely going to be asked during the mortgag...
11/16/2008
Since just about every loan I do I get asked if there is anything special the homeowners insurance needs to contain I thought I'd write something brief. While most standard homeowners insurance policies will do the trick, there are a few things to keep in mind. Coverage typically needs to be for ...
11/13/2008
CONFORMING LOAN LIMIT FOR U.S. TO REMAIN $417,000 IN 2009; DIFFERENT LIMITS IN SOME AREAS WASHINGTON, DC - The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit will remain $417,000 for 2009 for most areas in the U.S. but specified higher limits in certain cities an...
11/07/2008
Upcoming Changes to Freddie's Credit RequirementsThese credit changes will be published in the November Guide Bulletin and will be will be effective for Freddie Mac settlements on and after February 2, 2009:Eliminate purchases of all mortgages originated with stated income and/or stated assets, i...
11/05/2008
Receiving a good faith estimate (abbreviated as GFE) is an important step in determining if the loan you are being offered is a good one for your situation. A GFE includes the proposed interest rate, the term of the loan (XXX/YYY is the typical format, where XXX is the months the payment is amort...
11/03/2008
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Shane Milne

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