Alhambra, CA Real Estate News

By Eddy Martinez
(Nationwide Funding Group)
Holden Act of 1977 (Continued)The Holden act effectivley encourages increased lending in neighborhoods where, in the past, financing has been ulitmatley unavailable.The major goal of the Holden Act is to ensure and increase the supply of safe and decent housing for creditworthy borrowers and to prevent long term neighboorhood decay. To ensure that prospective borrowers are aware of their rights under this federal legislation, lenders must notify all applicants of the provisions of the Holden Act at the time of their loan Application. Lender Compensation Disclosure The Lender Compensation Disclosure also known as the Commisioner`s Regulation 2904 requires that all real estate licensees must disclose to their principals all compensation , or expected compensation , reagrdless of the form,...
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By Eddy Martinez
(Nationwide Funding Group)
The underwriting process begins with the borrower filling out a loan application and gathering the documents needed by the lender. In general lenders ask for the following:-w`2s /1099/1040 tax forms for the past 2 years-3-12 months worth of bank statements-Most Recent Mortgage Coupon for all of the applicable mortgages on title-Proof of any liquid assets-Most recent paystub-Homeowners insurance declaration page-purchase agreement (if applicable)Once these are recieved the lender will then verify the information and order an appraisal in order to qualify the property. THere are several types of income qualification, there is a stated income stated assets (SISA) , stated income verified assets (SIVA), no income no asset verification (NINA), no ratio , (NR) and limited/lite documentation. ...
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