New Mortgage Regulations Will Have Greater Effect on the Self-Employed


mortgage-rates16New federal regulations requiring lenders to verify an applicant’s ability to repay may make it more difficult for borrowers who are self-employed to obtain a mortgage. The rules, created by the Consumer Financial Protection Bureau, set standards for mortgages that are considered low-risk for both parties.

Effective this month, lenders are now required to verify a borrower’s income and confirm a debt-to-income ratio of 43% or less. Borrowers who are self-employed or own their own business will find their incomes being analyzed in greater detail.

According to Peter Grabel, a loan originator at Luxury Mortgage, in Stamford, Connecticut, borrowers who have been self-employed for less than two years will find it nearly impossible to obtain financing without sufficient business tax returns.

“[Lenders] must establish the stability and continuity of the income source,” he said. “The problem for self-employed people is that they want to minimize their tax liability, but some of…

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How To Give Your Kitchen More Va Va Voom

The Daily Property

Your kitchen is the hub of your home, it’s where you all come together to eat and talk and it’s where you socialise with friends when pouring out a cheeky glass of wine. We spend more time in the kitchen then we might initially think, as we’re in there at least 3 times a day just to make our meals. But how can you make your kitchen more full of life and give it a new face without breaking the bank? Well there are lots of small things you can do to make your kitchen more specious, less dingy and a little more inviting.



Gadgetry is always a good way to make your kitchen look a little more up to date and sophisticated. Whether it be a slightly fancier kettle or just a few small gadgets to make life just that little bit easier for you, they make the…

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When can I buy a home if I had a short sale or Deed-in-Lieu of Foreclosure?

Direct Link Realty

Fannie Guides:  Section B3-5.4-07  Significant Derogatory Credit Events – Waiting Periods and Re-establishing Credit (05/28/2013)

Note: The terms “pre-foreclosure sale” and “short sale” are used interchangeably in this

Guide and have the same meaning (see Deed-in-Lieu of Foreclosure and Pre-foreclosure Sale below).


Deed-in-Lieu of Foreclosure and Pre-foreclosure Sale

These transaction types are completed as alternatives to foreclosure.

A deed-in-lieu of foreclosure is a transaction  in which the deed to the real property is transferred back to the servicer.

A pre-foreclosure sale or short sale is the sale of a property in lieu of a foreclosure

resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

The following waiting period requirements apply:

Exceptions for Extenuating Circumstances

 A two-year waiting period is permitted if extenuating circumstances can be documented, with maximum LTV, CLTV, or

HCLTV ratios of the lesser of 90% or…

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Flaws You Cannot Hide By Staging Your Home

Marki Lemons Real Estate Blog

When you sell your home, you want it look as good as possible. To do this, your real estate agent will help you stage your home or, if needed, help you find a professional to stage your home. This means de-cluttering your home, re-arranging furniture, and de-personalizing each room. A staged home is more appealing to buyers and helps to highlight your home’s positive features. However, staging is not meant to cover major flaws in your home. Some things just have to be repaired. Roof Problems It doesn’t matter how pretty your home is, your buyer is going to expect you to fix roof problems or adjust your price to cover them. Your roof is one of the most important parts of your home. Cracked Tile Of course, you can use throw rugs to cover cracks in your tile, but chances are your buyers are going to look under them…

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10 Things Today’s Buyers Look for in a Home

BNRE Team Blog

10 Things Today’s Buyers Look for in a Home

While David Letterman’s Top 10 lists generally culminate in a No. 1 ranking, the following list includes in no particular order 10 things that are important to buyers today, especially Millennials who represent a significant buyer niche in today’s market.

Quality of the neighborhood The National Association of Realtor’s 2012 Profile of Buyers and Sellers revealed that neighborhoods are really important to buyers, but that neighborhood choice varies by household composition.

Convenience to job Commuting is a necessary evil, but homes that are close to work enhance work-life balance, a growing priority for many Americans, especially Millennials.

Overall affordability of homes With job markets tight and retirement funds depleted or eroded thanks to the Great Recession, it has never been more important to keep housing related costs as low as possible, ideally no more than one third of your pre-tax income.

Quality of schools A recent survey…

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