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Jerry Thomas Home Loans
Construction Loan Mistakes If you are building a home that is common for your area, a home where there are many similar homes that have sold in the last year, in the same area, for what it will cost to build your home or more, you can stop reading. On the other hand, if you...
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How New Homes are Appraised
How do you appraise a home that isn’t built yet? The answer is, plans and specs. The appraiser will be given a copy of the legal description for your land, so they will know where you’re building. But instead of being able to inspect an existing home, they will be given the plans for the home and the...
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Construction Loan Underwriting
What does the Underwriter do? First understand that there are two underwriters, the automated one and the human one. All conventional and government loan files are first submitted through a software package that we generically refer to as an Automated Underwriting System or AUS for short. The two most common systems are Fannie Mae’s Loan...
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check credit report
Conventional Loan Limits for 2019 Recently announced, the standard Fannie/Freddie loan limit for 2019 will be $484,350 for a single family home according to the The Housing Wire, https://www.housingwire.com/articles/47489-fannie-freddie-conforming-loan-limits-increase-in-nearly-every-part-of-the-us. In some “high cost’ areas the single family limit will raise to as much as $726,525. Does this mean that the FHA/VA limits will go up as well? Stay...
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Modular or Manufactured Home?
Modular or Manufactured Home? Many of my referrals come from factory built home dealer/builders. Modular and Manufactured homes are great for the FHA/VA construction loan program. They save on construction costs and time (allowing you to save on interest during construction). They are built with quality materials, in a controlled climate, to very tight specs....
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