Inquiries

Our credit report provider, United One Resources, has answered some common questions about credit inquiries:

 

Will my FICO score drop if I apply for new credit?

If it does, it probably won’t drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on…

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DC Grant

DC Open Doors just announced a new $1500 closing cost grant available starting today (June 9) and ending September 1.

This is in addition to the already available 3% down payment assistance which is forgiven if you live in the property for five years.

The grant program is available to clients utilizing Fannie Mae HFA Preferred Conventional DC Open Doors financing and with income under 80% of the area median income, which is $88,240.

So on a $300,000 purchase, a home buyer may be eligible for $9,000 in down payment assistance and also $1,500 in a closing cost grant.

Questions, or ready…

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Termite Inspections

Termite inspections are typically not required.  But, let’s learn about when we do need to review the report.

The VA loan is the only product which requires a termite report to be completed and reviewed by us.  The only exception is if the buyer is using VA financing to purchase a condo that does not touch the ground.

On any loan product, if we or the title company are made aware that a termite inspection exists, then we are required to review it.  On rare occasions where damage is obvious, the appraiser may report that there is termite…

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FHA Condo Approval

We process FHA submissions in house and submit them to the Department of Housing and Urban Development (HUD).  Their review will likely take 30 to 45 days.

FHA condominium approvals are valid for the entire project for two years.  Prior to December 2009, once approved a condo was always approved, but that is no longer the case.  VA approvals are still permanent approvals.

There are three types of FHA approvals:

  1. If a condo is already FHA approved, then we simply need to have the management company complete a condominium questionnaire and document the condo master insurance policy.  No other documents are…
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VA Condo Approval

The Department of Veterans Affairs (VA) requires they review and approve a condominium prior to financing a loan in each condo project.  The VA approval does not expire and can be accomplished in a matter of weeks.

Here are the requirements for submission, and we will work with the condo board or its management company to compile the necessary docs:

All of the following items are required:
1. A cover letter requesting approval must accompany the package. This letter is to include:
A. Point of Contact’s name, address, and telephone number
B. Project name and complete address
C. Number of phases in project / Number…

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Alex Jaffe Alex Jaffe