When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified check. If…
Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? Here are the maximum seller contribution amounts per loan program below… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than…
I am getting more and more calls from clients asking about bank statement loans. Bank statement loans are making a come back. They are designed for people that have income deposits flowing through their checking account, but for what ever reason they don’t show much income on their tax returns. …typically they are self employed.…
If you get bonus income please be aware of how the mortgage company will treat that income when you try to get a mortgage. 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2) The employer has to indicate that the bonus…
Did you know that for FHA loans if you write your earnest money check for less than 1% of the sales price you don’t have to source the funds for the check? This is a new wrinkle in the FHA guidelines, and it reduces the amount of paperwork you have to come up with for…
If you are getting a divorce, and you have to pay your spouse their share of the equity of your home don’t use a traditional Texas Home Equity loan to do it. Use an Owelty loan to get the cash out of your home instead. The advantage of using an Owelty Loan over a Texas…
If you asked a loan officer what the minimum credit score was for a Conventional loan they would tell you 620. That is true for Fannie Mae. …However, it’s not necessarily true for Freddie Mac. If we can get an automated approval with Freddie Mac with a credit score under 620 – we can do…
I wanted to spotlight a loan program for you. We have a 1% down Conventional product down to a 620 credit score. …also, the 1% down can be a gift. Requires home buyer education. Being a first time home buyer is not required. There are county by county income limits on this program. If you…
Here’s a few examples of when you would want to use Fannie Mae for your Conventional loan instead of Freddie Mac. If you are self employed, and have no business tax returns… Go Fannie Mae. If Borrower has been self-employed for 5 years or more, you only need to provide 2 years of personal tax…
Here’s a couple of benefits of using Freddie Mac over Fannie Mae on your conventional loan… Freddie is a little easier on Asset Verification. Freddie will just ask for your most recent 30 days’ bank statements. Freddie is more aggressive on additional income calculation. Freddie DOES NOT require a 2-year average and a YTD calculation…