Mortgage rates have inched down over the last quarter of 2022. Hopefully this trend will continue in 2023. The average 30 year fixed rate is 6.54% now. Earlier this year it was almost a point higher than that. 2022 was a bit of a challenging year for me in several ways. I’ve found that if…
I wanted to give you a quick breakdown of how your credit score is calculated by the credit bureaus… 35% – Payment history The credit bureaus look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item; whether there are…
Hello! Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan? Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift… -Relative -Defined As The Borrower’s Spouse -Child Or Other Dependent -Or By Any Other…
We have Non QM Jumbo loans up to 90% LTV. Loan amounts on this product go up to four million dollars. Need at least a 660 credit score. Acceptable means of proving income: Tax Returns W-2’s Bank Statement Deposits 1099 only P&L So, if you need a high loan to value Jumbo loan this might…
I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the marketplace. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify…
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If you…
I wanted to take a minute and feature the USDA loan program. If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program. -Up to 100% of the Appraised Value – Total LTV of 102% – -No Down…
I want to show you how to roll repairs into a purchase price. I’ve touched on this subject from time to time. If you are buying a house that needs minor repairs – but the seller refuses to do them – what do you do? This situation happens a lot, especially on bank owned homes.…
It’s true that mortgage rates are higher than they were a year ago. However, the real estate market has also changed over the past year. Consider this trend for buying a house a year ago vs today… 1 Year Ago… Listing price: $450,000 Sales price: $500,000 10% Down 4.5% Rate…
FHA gift questions come up often. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relatives. 2) Borrower’s employer or labor union. 3) A close friend with a clearly defined and documented interest in the borrower. 4) A charitable organization. 5) A…