Good Morning! I had this situation come up again last week… Advice: If you enter into a lease option agreement don’t give cash for the option money. The reason is when you try to buy the house down the road you will have to prove you gave the option money to get credit for it.…
Good Morning! 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. You can do it with no problem on a refinance, but not a purchase loan. …but there is an indirect way to do it on a purchase…
Good Morning! I wanted to let you know that we are seeing one day underwriting approvals on Conventional, VA, and FHA loans. So, if you currently are in need of a purchase loan, or just want to get fully pre approved before you go house shopping (smart idea), then contact our office, and let us…
Good Morning! Tax season is coming up, and I wanted to make you aware of a deduction that can be problematic if you are trying to get a mortgage. If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches… The deductions you…
Good Morning! FHFA (Fannie Mae’s and Freddie Mac’s conservator) announced March 10 that they are limiting new loans secured by second homes or investment properties to 7% of the overall loans they purchase (roughly HALF their historic levels!), effective April 1. What does this mean to borrowers seeking investment/2nd home mortgages? Many mortgage lenders have…
Good Morning! I’ve written about this before, but I think it’s worth touching on again. If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do… 1) Isolate the reason you can’t get a mortgage now. (We can do this for you). 2) Make…
Good Morning! I want to give you a 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…
Good Morning! I wanted to quickly go over the waiting period various loan programs have for Foreclosure. FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA – 2 years from completion date with an automated system refer. Fannie Mae – 7 years from completion date, or if you can get…
Good Morning! Here are three things you need to be aware of for us to use your bonus income 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 or…
Good Morning! If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan.…