Northwest Dwellings
Home Buyer
Senate passes homebuyer tax credit extension
First-time home-buyers will now have until Sept. 30th to close on their purchases and land an $8,000 tax credit under a bill passed by the Senate late Wednesday. Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500. The bill doesn’t help anyone currently [...]
Home Mortgage Document Checklist
In order to apply for a loan most mortgage lenders require the same basic information: * Previous 2 years W-2 statements * Most recent paystubs (showing one full month of income) * 2 months bank statements on all checking and savings accounts * Landlord information * Most recent statements on investment accounts (retirement, mutual funds, [...]
Changes coming for FHA loan program
In an attempt to balance risk and still helping first time home buyers in today’s real estate market the Federal Housing Administration (FHA) announced a set of policy changes to reduce some risk and to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to home ownership. [...]
Home Buyer Loan Costs
Explanation of Buyer’s Loan Costs Below are most of the fees commonly associated with obtaining a residential home mortgage. Loan Origination Fee: The loan origination fee or “loan fee” is the initial charge assessed by the lender and is intended to cover the administrative costs resulting from paper work connected with each phase of their [...]
What are Discount Points?
Discount Points One of the most misunderstood aspects of the mortgage banking industry is that of discount points. The confusion is worsened by being referred to by many different names. “Point”, “Discount Points”, “Discount”,” Investor Fee”, and “Marketing Fee” are just a few of the names referring to the same thing. Whatever the name, the [...]
