by Jon Terry | Jul 5, 2016 | Blog, Buying A Home, Mortgage Guidelines, Mortgage Rates, Mortgages, Personal Finance
The other day, a client came into my office and asked me about a using a reverse mortgage to purchase a property. They said they had heard some negative things from relatives but had recently seen articles that painted a very different picture. They asked for my...
by Jon Terry | Jun 3, 2014 | Blog, Buying A Home, Mortgage Guidelines
If you’re shopping for a home or planning to refinance your mortgage, you may be thinking: “Isn’t getting a home loan already a lot tougher than it used to be?” You may have heard that new mortgage rules issued by the Consumer Financial...
by Jon Terry | Sep 30, 2013 | Blog, Foreclosure, Mortgage Guidelines, Short Sale
The Great Recession that started in late 2007 forced many responsible Colorado homeowners into mortgage loan default and/or bankruptcy. Because of this, the Federal Housing Authority (FHA) realized that credit histories don’t always reflect a person’s true ability or...
by Jon Terry | Jan 10, 2013 | Mortgage Guidelines, Mortgages, Short Sale, Taxes
Under normal circumstances, debt forgiven as a result of a short sale or mortgage modification would count as income for tax purposes. Lenders send out 1099s to account for the amount of the debt they have forgiven. However, the Mortgage Forgiveness Debt Relief Act...
by Jon Terry | Aug 20, 2012 | Blog, Mortgage Guidelines
As another signal of an improving U.S. economy, the nation’s biggest banks have started to loosen mortgage lending guidelines. As reported by the Federal Reserve last quarter, no “big banks” reported stricter mortgage standards as compared to the...
by Jon Terry | May 3, 2012 | Blog, Buying A Home, Mortgage Guidelines, Mortgage Rates, Mortgages
Despite an improving U.S. economy, the nation’s banks remain cautious about what they will lend, and to whom. Last quarter, by a margin of 3-to-2, more banks tightened residential mortgage lending standards for “prime borrowers” than did loosen...