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Larry Gray's Blog

Qualifying with with 500 to 639 FICO Credit Scores
Updated Oct. 24, 2014
The category is probably not quite what I would prefer but I thought people who question their. credit would look to this category in determining whether there might even be mortgage loans available. to them. The mortgage bank I represent, in their qualifying criteria based on credit scores below. the FHA minimum...
Comparing FHA with Conventional Loans
Updated Oct. 9, 2013
FHA insured loans have been a big part of preventing further economic collapsein 2009 on, and enabled so many first time buyers or second chance home buyersto buy their own homes. This was timely as subsequently conventional lending requirements tightened up to such an extent that it could have kept most first...
Selection Process of a Mortgage Lender
Updated Oct. 24, 2014
For the vast majority of people purchasing a home is their single largest financial investment. The purchasing process and the lending process can cause a certain amount of stress for most people, to say the least. What is important to most people who have been through the home purchase process in the past? The...
FHA Lower MIP Rates
Updated Jan. 15, 2015
President Obama announced the reduction in the annual MIP rates by 50 BPS and the subsequent temporary case cancellation authority, affecting primarily 30 year Fixed rate FHA insured loans that are currently in the loan process and not closed. That authority enables lenders to cancel current FHA assigned...
Is it Possible to Purchase with Minimal Savings
Updated Nov. 9, 2015
I think people hear about different local homebuyer assistance programs available to people on certain levels of income, but they may not think they qualify. There might be some hurdles to go through, but if home ownership is a dream then perhaps it is time to look into the opportunity even if one has little...

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