Good Morning!Most lenders have a minimum score for VA loans. …and for most lenders that minimum score is 620. I DO NOT have a minimum score! Here is what I need to get your VA loan approved… 1) I must get an Approve / Eligible when I run your loan through the automated system. 2)…
Good Morning! FHA is coming out with a new mortgagee letter (2012-3) which goes into effect 4-1-12. Mortgagee letters are how FHA makes changes to their guidelines.This one mainly effects disputed accounts. Here is the most important paragraph from this mortgagee letter… “If the borrower has individual or multiple disputed credit accounts or collections with…
Good Morning! FHA is taking steps to try to bolster it’s capital reserves. …it’s increasing the amount of it’s up front and monthly MIP. FHA’s up front MIP is going from 1% to 1.75%. FHA is also increasing it’s monthly MIP from 1% to 1.1%. These changes are taking place on April 1st of 2012.…
Good Morning!Many lenders have a rule on the minimum amount of time a seller must hold title to a property before he can sell it to a buyer getting a new loan. This is called “title seasoning”. Some lenders require a minimum of 12 months of title seasoning before a seller can sell their home…
Good Morning! The How To Remove Disputes From Your Credit email that I sent out earlier this week has been very popular, and contains key tips if you face this problem. …if you missed it – Click here to read it. My gift to you… Take a couple of minutes today and watch this short video… 10 Rules…
I’m one of the few mortgage lenders in the country that can do loans for people with credit scores under 620! If your score is between 620 and 580 you would be looking at a 3.5% down payment. If your score is between 579 and 500 you would have a 10% down payment – max…
I’m one of the few mortgage lenders in the country that can do loans for people with credit scores under 620! If your score is between 620 and 580 you would be looking at a 3.5% down payment. If your score is between 579 and 500 you would have a 10% down payment – max…
Good Morning! Have you or someone you know been turned down for a mortgage because they didn’t have enough trade lines? Trade lines are active credit accounts (credit cards or installment loans usually) that show up on your credit report. Solution: As long as you have at least a 620 credit score, and I get…
Good Morning! It’s about to be tax season again. I wanted to make you aware of certain deductions on your tax return that can hurt you when it comes time to get a loan. The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a…
Good Morning! I’ve written about this topic before – and I think it deserves mentioning again. You would be amazed how many people (including realtors) that don’t know this is a way to solve this common problem when you buy a house. Problem: You are in the process of buying a house that needs minor…