Category Archives: Brett’s Mortgage Blog

Don’t Give Cash In This Situation…

Good Morning!

I sent this email out about 1 year ago – but I’m continuing to run into this situation, so I thought it was a good idea to revisit it here…

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 it was a personal check – you need to keep a copy of the cancelled check (front and back).

Don’t give cash!

Anything less than this – the underwriter will not give you credit for giving that money.

That’s it for today. …Have a good week!

Brett

Here’s The Maximum FHA Loan For Your County…

Good Morning!

If you have ever wondered what the maximum FHA loan limit for your county was – I have some good news for you.

…I just added a chart to my web site that will show the maximum FHA loan limit for your county.

Just click on this link…

http://loansdonequickly.com/?page_id=625

Thanks for reading – and have a safe weekend!

Brett

Mortgage Rates Are Going Higher…

Good Morning!

If you were on the fence before about refinancing with these historical low rates – I would suggest you might want to go ahead refinance now.

Rates got worse last Friday, and they were worse again on Monday due to the Fed’s quantitative easing program on the mortgage backed securities markets.

When the rates go up – they do seem to go up fast, so take advantage of these rates while their still low.

Thanks for reading – and have a great day!

Brett

Here’s How To Close A Loan In 7 Days…

I’m generally not one to toot my own horn, but I wanted to tell you how quickly my team and I can get a loan ready for closing…

I had a borrower contact me recently. She said that she was purchasing a house – and she wanted to close quickly.

How To Pay No Closing Costs When You Buy…

Good Morning!

I originally sent this email out to you about 1 year ago.

However, I get asked about this so often, I wanted to re-print the email here for you now…

I get asked this question a lot by clients who are buying houses…

…”Can we just roll closing costs into the loan?”

The short answer… No.

These Kind Of Collections Won’t Hurt You From A Mortgage Perspective…

Good Morning!

I have customers call me every day – worried that their Medical Collections will keep them from getting a loan.

From a mortgage underwriting perspective – if you have Medical Collections that are over 12 months old – they will be ignored for the most part by the government insured loan programs. …such as VA and FHA.

Be Aware Of This Rule After A Bankruptcy…

Good Morning!

There’s a general rule in the mortgage industry about getting a mortgage after a bankruptcy.

…The rule is that the underwriter will want to see at least 3 trade lines that were established after the bankruptcy – each with at least 12 months of history. …and, good history – no lates.

However, with every rule there is an exception…

If Your Spouse Has No Credit Scores I Can Use Their Income – Here’s How…

Good Morning!

If you are trying to buy a house – but your spouse has no credit scores you have a problem.

If You Have A High Debt To Income Ratio – Here’s One Way To Solve It…

Good Morning!

Here’s trick I’ve used successfully on borrowers that have high debt to income ratios on conventional loans.

I’m Still Doing Loans Down To This Credit Score…

Good Morning!

I wanted to remind you that I’m still doing purchase loans down to a 600 credit score with only 3.5% down payment.