Michael Deery's (michaeldeery) Blog

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Mortgage and Lending - Citywide Financial Corp

ARCHIVED BLOG POSTS

2012 

Buying and selling flipped properties can be difficult in this market depending on the financing the buyer is trying to get. For example, conventional financing does NOT have a anti flip policy but many lenders still apply their own rules, and the FHA requires a 2nd appraisal on flipped propertie...
12/27/2012
One of the main reasons that buyers are not closing escrow these days is because of poor appraisals. We all hear about out-of-area appraisers who don't know the local market, use of distressed-sale properties to appraise a property that is not being sold under distress, and lack of comparable sal...
12/21/2012
Conventional or FHA, what's best for buyers? Most buyers today assume that FHA financing, with it's 3.5% down payment & very expensive mortgage insurance premiums "MIP", is their only financing option if they only have a low down payment! Instead, show buyers how to purchase a home with a low dow...
12/20/2012
It will not be the first time that a buyer accidentally disqualifies their loan before closing! Often we hear of buyers going out and buying furniture or something else on credit, or a new car before closing, or they change jobs or change positions, which unfortunately will now disqualify their l...
12/15/2012
The Bi-Weekly Payment Plan is a convenient mortgage budgeting plan that can help you save thousands of dollars in interest and pay off your mortgage sooner. The biweekly mortgage payment plan is pretty easy to set up, as there are 3 different ways to make payments that will accomplish the same r...
12/08/2012
You may have heard the recent FHA press release on November 16th whereby the FHA announced they are increasing their monthly Mortgage Insurance Payments “MIP” again on all new buyers come this spring, but what you may not have heard, is that the FHA is eliminating MIP removal on loans taken out a...
12/07/2012
You may have heard the recent FHA press release on November 16th whereby the FHA announced they are increasing their monthly Mortgage Insurance Payments “MIP” again on all new buyers come this spring, but what you may not have heard, is that the FHA is eliminating MIP removal on loans taken out ...
12/06/2012
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Michael Deery

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