Alan Godfrey

Qualifications for VA Mortgage Loans

The U.S. Department of Veterans Affairs guarantees mortgage loans for qualifying active and retired members of the military and their family members. Alan identifies the key requirements and benefits for our nation’s service personnel. “The VA loan program was established in 1944 as part of ...
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FHA Loan Rules For Principal Residences

A recent reader question about FHA loan requirements for occupancy begs the question; what does the FHA consider a “principal residence” or “primary residence” and will the FHA approve of a second FHA mortgage for those who purchase single-family, owner-occupied property? According to th ...
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What Are Recurring and Non-Recurring Closing Costs?

For decades, lenders used a Good Faith Estimate to explain closing costs to a home buyer. These estimates, called GFEs, contained recurring and non-recurring closing costs. Since the lender was not required to stand behind those numbers, they could be misleading and were inconsistent from lender to ...
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Seven Things Your Agent Should Know About Your Mortgage Approval

While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulation, updated disclosures, appraisal guidelines, mortgage rate pric ...
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Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?

Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job ...
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What Do Appraisers Look For When Determining A Property's Value?

Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property. A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection. However, th ...
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