Good Morning! I get asked every day what credit scores are needed for various programs. So… I wanted to give you a quick overview of the most popular loan programs, and our minimum credit scores for these programs… FHA – I can do FHA down to 580 credit score on a manual underwrite. If your…
Good Morning! Here’s a very useful solution that I’ve used successfully on borrowers that have high debt to income ratios on conventional loans. Last year Fannie Mae came out with a 45% limit on debt to income ratio if the loan to value ratio is over 80%. If you are over 45% on your debt…
Good Morning! I finally have a way around “disputed” accounts. You know when you dispute your credit accounts it’s always a double edged sword. …On the one had you can get them removed sometimes by disputing them. However, on the other hand if they don’t get removed you have a big “disputed” comment on the…
Good Morning! Finally it appears the mortgage market is moving back towards more reasonable lending guidelines. As of today I can now do automated approvals on FHA loans down to 600 fico scores! This is pretty huge. For a while I’ve been able to do FHA loans down to 580. However, this program has rigid…
Good Morning! 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. The simple answer is to use an escrow hold back. …an escrow hold back is a small amount of money…
Good Morning! Well, it’s official… The Federal Reserve is taking more control over the mortgage industry. …On April 1st they are implementing changes that will result in limiting the income loan officers can make on a loan. According to my calculations the changes will result in about a 30% income drop from loan officers in…
Good Morning! We have been having a lot of success with our “what if” service in helping borrowers decide which accounts to pay down on their credit. …to get the biggest bang for credit score improvement. I sent out an email on this program a couple of months ago – but I wanted to touch…
Good Morning! I’ve been getting more and more questions from borrowers lately about what loans are available right now to put zero down on a loan. Really there are only two loan programs currently in the mortgage marketplace that will provide 100% financing. 1) One is a VA loan. You of course must have been…
Good Morning! It’s tax season again, and I want to make sure you are aware of the potential effect of taking this particular deduction… The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction of your income. This deduction would be things…
Good Morning! Cash out loans are changing slightly – and I want you to know about these changes. I’m seeing this change with more and more wholesale lending sources. Until recently you could pay off bills at closing and we didn’t have to count these bills against your debt to income ratio. …This could be…