Mortgage Guidelines

Yes, You Can Still Get A Mortgage If You’re Pregnant

Comments(0) By Mike Miller •July 22nd, 2010

The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant”, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.

Fannie Mae’s Loan Quality Initiative : Repulling Your Credit Just Before Closing

Comments(0) By Mike Miller •June 8th, 2010

A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.

Fannie Mae’s Loan Quality Initiative : Repulling Your Credit Just Before Closing

Comments(0) By Mike Miller •June 8th, 2010

A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.

The Right Way To Take A Cash Gift For Downpayment

Comments(0) By Mike Miller •May 18th, 2010

As lenders tighten mortgage guidelines, minimum downpayment requirements are increasing. It’s leading to an increase in the number of buyers accepting cash gifts from family. There’s a right and wrong way to accept a gift.

Your Mortgage Approval Isn’t Final Until It’s Funded

Comments(0) By Mike Miller •May 14th, 2010

A mortgage approval is never final until it’s funded. A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.

1 In 8 Banks Tightened Prime Mortgage Standards Last Quarter

Comments(0) By Mike Miller •May 6th, 2010

The Federal Reserve says that financial markets “remain supportive of economic growth”. Residential mortgage guidelines, however, continue to tighten. If you’ve applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve’s quarterly survey of its member banks.

Fannie Mae Tightens Guidelines On ARMs And Interest Only Products

Comments(0) By Mike Miller •May 4th, 2010

For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines. The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages.

It’s Time To Re-Approve Your Pre-Approval

Comments(0) By Mike Miller •April 9th, 2010

If your pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be prudent to have your lender “re-pre-approve” you. Mortgage guidelines have been in flux and your original lender letter may now be invalid.

Mortgage Approvals Are Getting More And More Scarce

Comments(0) By Mike Miller •February 9th, 2010

The economy’s improving but lending standards are not. Nationally, banks are making mortgage approvals harder to come by. Underwriting guidelines are tightening.

About The Danville Mortgage Blog

The Danville Mortage Blog is your premier source for information on Danville real estate, home loans in Danville, general mortgage knowledge, real estate market updates and Danville community information. On top of all this, you will find leading Danville real estate agents showcased, making your selection of a real estate agent easier.

For Danville real estate agents, you'll find valuable tips on how to take your real estate business to the next level. We're also a wonderful place to keep up on the ever changing mortgage industry.

Prospect Mortgage Equal Housing Lender

Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender License #100251; AZ Mortgage Banker License #BK0903027, #BK0909362, #BK0908046, #BK0908050, #BK0908056, BK#0908057, #BK0908058, #BK0908731, BK#0903112, BK#0903912, BK#0906650, BK#0906913; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC2011; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932415; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker-NYS Banking Department); Operates as Prospect Mortgage, LLC of Delaware in OH (Ohio Mortgage Broker Act, Lic # MB.803629.000); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #1740; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195.

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.