In 2019, the US Federal Reserve issued a report stating that homeowners had a median net worth of $255,000. Renters, on the other hand, had a median net worth of $6,500. This staggering difference in wealth represents an enormous advantage for some homeowners—and possibly their children. “You enter the middle class through homeownership, right? That’s […]
Savvy loan officers know that waiting on luck is a surefire way to have an unlucky career—luck is made by planning ahead and being prepared. These same principles apply to homebuyers as well, and one of the best ways to be prepared when buying a home is to obtain a preapproval for a loan. For […]
Being a homeowner takes a whole lot of know-how that isn’t immediately obvious to a first-time homebuyer. To begin with, the financial commitment of owning a home doesn’t end at closing—borrowers have to be prepared to budget so they can afford a monthly housing payment and other home expenses. While this might be an easy […]
Version 11.7 All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 11/18/2021 unless otherwise noted. To review the program guidelines changes made November 3, 2021, or earlier, please follow this link to the archived Correspondent Lending Guides. These updates apply to everyone using the […]
The housing market is hot right now and, in many areas, housing prices have never been higher. This exacerbates an existing problem for many borrowers, specifically how difficult it can be to afford a down payment (and closing costs) when saving takes time and home prices keep growing. Down payment assistance can help alleviate this […]
11/03/2021 Version 11.6 All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 11/03/2021 unless otherwise noted. To review the program guidelines changes made October 19, 2021, or earlier, please follow this link to the archived Correspondent Lending Guides. These updates apply to everyone using […]
10/19/2021 All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 10/19/2021 unless otherwise noted. To review the program guidelines changes made October 5, 2021, or earlier, please follow this link to the archived Correspondent Lending Guides. These updates apply to everyone using the Chenoa […]
Becoming a homebuyer these days sure can be challenging. Many people don’t have the advantage of purchasing a home right away and become renters first. Owning a home is a decision that has to fit your lifestyle and goals. Most of the time, however, this takes years of preparation before having the ability to buy […]
10/05/2021 All policy changes and updates are referenced below to the appropriate section of the CLG. These policy changes are effective 10/05/2021 unless otherwise noted. To review the program guidelines changes made September 23, 2021, or earlier, please follow this link to the archived Correspondent Lending Guides. These updates apply to everyone using the Chenoa […]
Football season is here! To help you avoid being the broken chair at the tailgate and folding under pressure, we’ve collected some common questions that you should be prepared to answer when homebuyers are on the hunt for a lender. What qualifications do I need to apply for a mortgage? Borrowers have their hearts set […]
