About the Author

Work with the Zillow All Star Team of Chad Melin and Justin McHood at Academy Mortgage and get a free mortgage quote today at our profile on Zillow's Mortgage Marketplace. We are happy to answer any mortgage-related questions that you may have.

Stories by Justin McHood


Loan Officer Compensation Changes: What It Means for Consumers

Recent legislation regarding loan officer compensation has changed the rules about how loan officers are allowed to be paid. Here are 6 simple ways the mortgage shopping experience will change as a result of these new rules.

FHA ownership

FHA Mortgage Insurance Premium to Rise

Starting April 18th, 2011 FHA is raising the FHA Mortgage Insurance Premiums for FHA loans. What to expect as a result of the changes.

Mortgage Definition: FHA Kiddie Condo Loan

The FHA Kiddie Condo Loan is great for parents who have kids going to college.

Mortgage Definition: Party Walls

Party wall agreements are important whenever a property has a wall that is shared by multiple properties.

Mortgage Definition: Recently Listed

When selling a property that has been recently listed, be ready to explain the situation to the underwriter.


Mortgage Definition: Safe Mortgage

A lender will soon be required to retain 5% of the risk on all loans that are not “qualified residential mortgages” as defined by congress.

Mortgage Definition: Agency

When choosing a mortgage lender, there is not currently a set of laws that establish an agency relationship with your loan officer – which essentially means buyer beware when choosing a lender.

Mortgage Definition: Stability Of Income

While there may be a wide range of things an underwriter can consider regarding the stability of income, there are a few specific things that an underwriter will look at when considering the stability of income.

Legal, Permanent, Non-Permanent..: Residency & Mortgage Lending

Can a legal resident alien get an FHA mortgage? What about the people who are not legal resident aliens who currently own homes, have a fake social security card and can’t refinance?

Mortgage Definition: Primary Residence

Primary residence is important when it comes to getting a loan, FHA loans are designed to be for people who are buying a primary residence.


Mortgage Definition: Subordination

A subordination is important because if your second mortgage lender won’t subordinate your loan, there is virutually no chance that you can refinance your first mortgage.

Mortgage Definition: FHA 2/1 Buydown

An FHA 2/1 buydown is an option when getting an FHA loan where you can “buy down” the interest rate for a period of 2 years by putting a lump sum of money into a buydown account that will supplement the payment schedule.

Mortgage Definition: FHA Required Repairs

When buying a home and planning on getting an FHA loan for the property, be sure to be aware what kinds of repairs are required repairs… it can help you avoid surprises in the financing process.


Mortgage Definition: Compensating Factors

Compensating factors can be used by an underwriter when underwriting an FHA loan to help the FHA loan “make sense” for the borrower.


Mortgage Definition: Non Purchasing Spouse

Depending on the state that you live, the non purchasing spouse may have a big impact on qualifying for a mortgage… even though they are not on the loan.

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