Blog - Abacus Mortgage

Important Facts You Should Know About Lending

1. If I put down a certain amount of money on a house, I won’t need to show any income in order to qualify for a mortgage. FALSE In the state of Pennsylvania, in March 2011, the governor of Pennsylvania outlawed “no income or stated income loans.” All mortgages in the state of Pennsylvania require […]

Could This Be Another Housing Bubble on the Horizon?

Source: Google Images (Pinterest) We all remember 2008, but do you know what events led to the housing crash? There were a few fundamental issues that caused the sudden housing market correction. The first issue was that there was an oil rise per barrel. This raised the cost of gasoline as a trickle-down effect causing […]

Is It Possible to Include Upgrades Into My Mortgage When Buying a Home?

We all know how highly competitive this Real Estate market has become, especially after the COVID-19 Pandemic began. Buyers in our area of eastern Pennsylvania have seen a shortage of available homes on the market. Adding to the shortage of homes is an increasing demand for New York City residents moving out of the city […]

Can It Get Any Better For Our Veterans?

Did you know that with a VA IRRRL loan you can refinance your mortgage with no need to verify income or bank accounts? We only require a phone call to your employer to show you are gainfully employed at your current job. There is no need for a property appraisal which will save hundreds of […]

Ask the “Mortgage Man”

Grant Money for First Time Home Buyers! Is it possible to have another incentive better than what is currently available? We have a program called the First Front Door. This grant is offered to first time home buyers ( buyers who haven’t owned a home in the past 3 years), under certain income limits, to […]

IRS Phone Call is a Scam

I was awakened by a wrong number in the middle of the night, but I missed the call. Wondering if it was some family member in an emergency, I listened intently as I played all of the unheard messages on our home voice mail. I was alarmed at a robotic automated message left from the […]

Does Going With Conventional Financing Avoid Having To Make Required Repairs?

If FHA/ USDA/ VA loans require repairs to be completed prior to closing, why not just switch to a Conventional Mortgage? As long as the buyers qualify, we won’t have to worry about doing any repairs to the home. Besides, many of these homes are foreclosures, and many banks, Freddie Mac, Fannie Mae, HUD, and others […]

Buyers with Credit Scores Below 620 are Financeable

Does your lender finance anything below a 620/640? FHA/VA/ USDA loans are all regulated by the government. They don’t truly have minimum credit scores, but lenders have what is called overlays. http://www.thetruthaboutmortgage.com/what-is-a-lender-overlay/ These overlays are a set of rules specific to each lender. Most lenders sell their mortgages in large pools to investors. These investors […]

3 Day Mandatory Buyer Review of Hud-1

Is this another way of slowing down our turnaround times? It is bad enough that the government enacted so many lending changes in the past few years, much too late to avoid the kinds of loan fraud which were prevalent in the mid 2000’s. Now they are continuing to find more red tape that slows […]

Satisfying Judgements on Your Credit

Have you ever heard of someone paying their judgment and it still is being shown as unpaid? This is a common occurrence. Creditors are eager to take your money, but they have no incentive to go to the trouble of removing the judgment, or at least showing it as being paid. Once you pay them […]