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 we have a mortgage program that doesn’t require any income documentation when purchasing an investment property? We do! It’s called a Debt Service Coverage Loan. And, the rent from the property is the only income you need. No tax returns, or paystubs needed. Down payment on this program ranges from 10% to…
When you sell a personal asset such as a car or boat to raise money for a down payment to buy a house here is what you will need to show the underwriter to use the funds… • The ownership of the asset (proof) • The transfer of ownership of the asset with its sale,…
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 cr other dependent, or by any other individual…
If you or someone you know is at least 62 years old you can purchase a house using a Reverse Mortgage. …and never have a mortgage payment the rest of your life! Here are some key things to know about purchasing a home with a Reverse Mortgage… * No monthly mortgage payments. Loan would…
If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind… 1) Get a Loan Estimate (LE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a LE. (A low rate is great, but if…
I wanted to give you a few simple ways to improve your credit scores… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy – set your payments up on autopay. 2) The quickest way to increase your credit scores are to…
Part of the fun of being in the mortgage business is that we get to help people. Buying or refinancing houses, we help people, and we create relationships with our clients along the way that we cherish. Many of them use us again and again. Here is what just some of our clients have to…
If you want to purchase or refinance a house, but you have a hard time proving traditional income, here are some options for you… Alternative Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs. Option 1:…
I want to give you a possible solution to a problem I see every day. Disputed accounts. Usually when I see someone with alot of disputed credit accounts its because a borrower has hired a company to try to “improve” their credit scores. Often they are surprised to learn when they apply for a mortgage…