Shane Milne's Blog

Mortgage and Lending - Bank of England - NMLS# 81195
This news has been a long time coming, I just got the below from USDA. It looks like GUS (Guaranteed Underwriting System, which USDA & lenders utilize to run automated underwriting on mortgage applications) will be updated in mid-September and USDA will remove the "subject to" verbiage, which sho...
The former policy was that 5 years was acceptable if certain requirements were met (down payment, occupancy), however today Fannie Mae announced that someone with a prior foreclosure will need to wait 7 years in order to obtain new financing with a Fannie Mae conventional/conforming mortgage.  Th...
Rep for one of our banks came out and said that they have received notice from Rural Development that they still have around $3 billion left of their allocation and it appears that their volume did not meet their projections, so USDA Guaranteed Rural Development funds might even be available goin...
Oil and Water Written By: Bonnie Wilt-Hild Senior DE Underwriter & NAMP InstructorOil and water, two things that we all know do not mix well due to incompatible molecular structures, have become the poster child for underwriting with AUS. That’s correct, Oil (AUS) and water (manual underwriting)...
Just announced that FHA will permit the $8,000 tax credit, via a "bridge loan", to be used towards the down payment. This is done by an approved nonprofit or governmental agency who typically will give the loan on the condition of being provided certain documents at closing (Final HUD namely), an...
I've found there is a lot of confusion when using online mortgage calculators to try and estimate payments when buying a home.  Most calculators just give principal & interest, and there is good reason, but it's nice to have the big picture when trying to estimate payments - as these days it is m...
I just got an email from the South Carolina USDA office stating the below - at least the delay isn't due to lack of funds, etc. and is just because HUD is taking a little longer to come out with their 2009 income limits:   A notice will be published in the Federal Register this week changing the ...
You might have been reading a lot of lenders limiting cash out on FHA loans to 85% LTV, or maybe have heard rumors about FHA limiting cash out to 85% LTV... well the end of March will be the last day you can order FHA case #'s and still be able to do cash out over 85% LTV.  See snippet from mortg...
Mortagee Letter 2009-07 (link to a .doc file) February 24, 2009MORTGAGEE LETTER 2009-07TO:        ALL APPROVED MORTGAGEES       SUBJECT:    Loan Limit Increases for FHAThis Mortgagee Letter provides information on Federal Housing Administration (FHA) single family loan limits that have changed as...
Hello everyone We are sending this to our California animal lovers and asking you all to read the following and then make a quick call to Sacramento. It's no secret that California is in dire need of money, but the governor is proposing that pets be considered 'luxuries' and therefore a 9% to 10%...

Shane Milne

Honest Mortgage Answers
Ask me a question
Spam prevention