Good Morning! When you are buying or selling a house, and there are notes written into the contract regarding repairs – keep this in mind… The buyer’s loan underwriter will see the repair notes in the contract, and he or she will make these repairs a condition of the loan. The underwriter will request that…
Good Morning! The mortgage business is a dynamic business. Things change on a daily basis. One good thing to be aware of is the maximum loan amount for your area, for the major loan programs. For FHA it depends on what county you live in. You can go to this website, plug in your county,…
Good Morning! This is the time of year property tax bills are being paid. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money,…
Good Morning! Occasionally I like to spotlight a program that may help you or someone you know. We have ITIN loans as low as 15% down. An ITIN number is a number issued to an individual by the IRS, who for whatever reason can’t get a social security number. Income documentation needed on these loans…
Good Morning! USDA is a 100% government insured loan. Low rates, and no down payment. However, there are geographic limitations on this program. To see if the area you are interested in is eligible for a USDA loan – please go to this map and check it out. Let us know if you have other…
Good Morning! Can you believe Christmas is already here? I hope you get to spend time with those you love, and get to put a lot of memories into your memory bank. Reminder – property tax bills are due at the end of January. If you have a non escrowed loan and don’t have the…
Good Morning! 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…
Good Morning! Did you realize that 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards)? You don’t want to charge these accounts over 50% of the available balance, and its even better if you can keep it under 30%…
Good Morning! Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? Below are the max seller help contribution limits per program… Program: Conventional (Fannie/Freddie), owner-occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than…
Good Morning! I try to do a post about this at least once a year because it’s important… My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have in the bank. I do loans for…