blog Archives - Page 12 of 24 - North Star Mortgage Network Inc.

One of the areas that the Fannie Mae and Freddie Mac have really been cracking down on is the quality of appraisals as well as fair lending in appraisals. The new FHA Mortgagee Letter 2024-7 gives options for a reconsideration of value for FHA as well as Fannie and Freddie. The key to success in…

Regular sources of income that may be non-taxable include: Child Support Income Social Security Benefits Worker’s Compensation Benefits Certain types of Public Assistance Food Stamps Federal and State Government Employee Retirement Income Military Allowances Fannie Mae: Gross-Up Factor: 25% Must be verified as non-taxable income; supporting documentation can include award letters, policy agreements, account statements,…

With the current financial climate and the stress everyday life can bring, unfortunately the first quarter of the year has become the peak season for divorces. It always pains me to see anyone have to go through that process. I, having gone through that process myself, wanted to share how someone in this situation might be able…

Home price appreciation across the country has returned to more sustainable levels as interest rate increases have helped to cool the post-pandemic surge in buyer demand. There’s ample evidence, however, that property values are rising at rates that could support more lending opportunities due to the mountains of equity being accumulated. First American Financial Corp.…

Settlement Overview and Key Terms 1. Why did NAR enter into this settlement? Since the litigation began, we have worked consistently to reach a resolution with the plaintiffs. We have always wanted to reduce the significant strain on our members and provide a path forward for the industry From the beginning of this litigation, we…

With the gig economy on the rise, there has been an increase in self-employed individuals across the country. While this segment of the population is experiencing a boom in business, they’re still facing major hurdles when it comes to financing properties thanks to the stringent requirements traditional lenders require during the transaction process. Fortunately, there are alternative…

The financial market is constantly changing, and finding the right loan solution for your clients can be tough. Knowing the different loan types to offer can give you an edge. If you’re a Qualified Mortgage (QM) broker considering adding Non-Qualified Mortgages (Non-QM) to your product offering toolkit, we’ve put together a simple overview of QM…

The USDA (United States Department of Agriculture) mortgage program offers loans to help low to moderate-income individuals or families in rural areas buy, repair, or renovate homes. These loans are often referred to as USDA Rural Development loans. They typically have low interest rates and don’t require a down payment, making them an attractive option…

Paying mortgage with credit card: Understand lenders' limitations, third-party services, and potential benefits.Benefits include earning rewards, meeting spending thresholds for bonuses, and financial flexibility.

Positive outlook for Florida's housing market in 2024, driven by stabilizing mortgage rates and job growthRising median prices for single-family homes and condos indicate a resilient and competitive market.