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Archive for August, 2008

Gift Money – Glossary Term

Gift money is money given to the borrower by a relative, domestic partner, fiancée, and a qualified charities to pay closing costs, contribute to the down payment, or supplement any asset requirements. Gift Money Defined Different loan programs have different restrictions as to how much the gift donor can contribute to the down payment. The [...]

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VA Mortgage – Glossary Term

A VA mortgage is a mortgage only for veterans underwritten to guidelines established by United States Department of Veterans Affairs and insured by Ginnie Mae. VA mortgages do not require any down payment. VA Mortgage Defined A VA mortgage is not originated by the government. Any originator can become a VA mortgage broker or lender [...]

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FHA Mortgage – Glossary Term

An FHA mortgage is a government mortgage underwritten to the Federal Housing Administration guidelines and insured by Ginnie Mae. It was originally designed for low to moderate income borrowers who had little down payment. FHA Mortgage Defined The FHA mortgage would also allow borrowers with marginal credit to buy a house. It was also very [...]

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Integrity Bank of Georgia Fails Today

The FDIC announced today the closure of Integrity Bank of Alpharetta, Georgia in what is quickly becoming a routine 5pm Friday press release. Integrity Bank of Georgia Integrity Bank of Georgia had $1.1 billion in assets and $974 million in deposits at the end of June, 2008. Depositors will get accounts handed over to Regions [...]

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Bank of America Mortgage Review

Bank of America Mortgage is the mortgage division of the national mega-bank owned by parent company, Bank of America Corporation (NYSE: BAC). We located 13 phone numbers, two websites, a number of customer complaints. Bank of America Website and Phone Contacts Bank of America Website: Bank of America Phone: 800-776-9361 Additional Numbers: (800) 622-5070 [...]

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Home Buyer Tax Credit: Too Little To Help

The First-Time Home Buyer Tax Credit stuffed into the Housing and Economic Recovery Act of 2008 to stimulate demand for housing or ease the mortgage crisis, will not have the desired effect. One of the reasons is this supposed tax credit is really just a loan! First-Time Home Buyer Tax Credit Examined Let’s examine what [...]

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Down Payment – Glossary Term

Down payment amount is very important in the approval of your mortgage. The amount of equity you have when you buy is an indicator of who will default on their mortgage or not. Down Payment Definition Down payment is the amount of money put toward the purchase price to lower the mortgage amount. If your [...]

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Adam Hochfelder, a New York real-estate investor, was indicted for allegedly defrauding “more than $17 million from a panoply of banks and individuals” according to the Wall Street Journal today bringing mortgage fraud to new heights. Hochfelder, a sort of “wonderboy” in the 1990s buying coveted investment properties, faces at least a 25 year sentence. [...]

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Conventional Mortgage – Glossary Term

A conventional mortgage refers to the underwriting and insuring of a mortgage. A mortgage can be underwritten by Fannie Mae, Freddie Mac, or the government. Conventional Mortgage Definition A conventional mortgage is a mortgage that follows the loan limit, pricing, and underwriting guidelines of Fannie Mae and Freddie Mac and are insured by one of [...]

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