Richard's Real Estate Thoughts - Fairway Independent Mortgage Corporation, NMLS#2289

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Mortgage and Lending - Mortgage Loan Officer, Fairway Independent Mortgage Corporation NMLS #2289 - Loan Officer, NMLS 184479
Mortgages, Mortgage, Home loans, home finance, home refinance, home purchase, credit, credit scoring, credit repair, conventional, FHA, VA, Rural Development, investment, First Time Home Buyer, investment, FHA 203k, renovation loans, Chattanooga, Knoxville, Cleveland, Nashville, Memphis, North Georgia, Hamilton, Bradley, Sequatchie, Catoosa, Walker, Davidson, Tennessee, Georgia, Ooltewah, Soddy Daisy, Signal Mountain, MLO NMLS 184479, TN Lic 40161, Georgia Mortgage Licensee
RECENT BLOG POSTS
Conventional 97% purchase programs can be attractive alternatives to the 96.5% LTV FHA purchase loan. There are distinctions between the features of these two mortgage programs that a home buyer should consider when considering a mortgage for a home purchase.Interest Rate:Typically FHA will have ...
09/28/2016
USDA Rural Development loans provide eligible borrowers with a 100% loan to value (no down payment) mortgage to finance their home purchase. USDA can be one of the most attractive financing options. Two basic eligibility requirements must be met, in addition to basic mortgage credit and income re...
09/27/2016
Many home buyers ask about mortgage insurance and ways to avoid it. First it is important to recognize that mortgage insurance allows home buyers to purchase a home with low down payments and with low interest rates. Its cost is well justified by its benefit.The best way to reduce the cost of mor...
09/27/2016
Closing your home purchase on time is one of my goals as your lender. To accomplishing your on time closing, it is important that the loan application is reviewed by the lender underwriter a minimum number of times. Preferably only the initial review and the final review for closing.To minimize t...
09/26/2016
For purchase or refinance renovations FHA offers two options:   full 203k and a streamline 203k renovation loans. The most significant difference between the two is that the full 203k renovation loan uses an approved renovation consultant to assist with the proposal and to monitor the actual reno...
09/26/2016
Cosigners can help some buyers qualify for a home purchase. Typically what is intended with the word cosigner is more technically called a non-occupant co-borrower. This is a person who will sign as a borrower on a loan that is used to purchase a primary residence for the primary borrower.Non-occ...
09/22/2016
Assets for closing are one of the most important requirements for your home mortgage approval. If a buyer does not have adequate funds, often a gift can help. Gifted funds are allowed with most programs, FHA, VA, USDA, and even conventional mortgage loans.If you are using gift funds for closing c...
09/22/2016
Renovation loans, HomeStyle or 203k, can be the answer for many new home buyers and existing home owners. Funds can be provided to bring the property up to a condition that qualifies for financing or to suit the home owner needs. Conventional and FHA loan options are available for purchase loans ...
09/19/2016
The Home Possible Advantage program offers benefits to new home buyers that in many cases are better for new home buyers than FHA loans. The primary benefit is that the down payment is actually lower for Home Possible Advantage compared to FHA loans. FHA minimum down 3.5% Home Possible Advantage ...
09/19/2016
The USDA 100% purchase program has always been an excellent option for eligible properties. Now USDA has lowered the loan fees significantly, effective for October 2016. The new upfront guarantee fee is 1%. Down from 2.75%. The monthly fee is reduced to 0.35%.These reductions are substantial. The...
09/15/2016
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Richard Byron Smith, NMLS #184479

Mortgage Loan Officer
local_phone(423) 280-0345
smartphone(423) 280-0345
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