Good Morning! Tomorrow is election day. Do you recall what happened with mortgage rates after the 2016 election? Mortgage rates rose rather dramatically in a short period of time. Hopefully we won’t see a repeat of this. The one wild card is the persistence of Covid-19. It continues to subdue economic…
Good Morning! I wanted to list some of the Alternate Documentation loans we offer. These are loans for people that have trouble proving their income via traditional means (tax returns). Option 1: Bank Statement Loans Very simply we take the aggregate deposits of your bank statements (can be personal or business)…
Good Morning! I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac:…
Good Morning! When it comes to bonus income there are a few things to be aware of when you are getting 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 intend to sell an asset, such as a boat or a car to raise money for a down payment – here’s how to structure the sale of an asset for a mortgage… You must create a bill of sale reflecting the date of sale, asset to be sold, and the sales…
Good Morning! You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan. Removing disputes can be time consuming and expensive. For Conventional loans, there is really no way around this. You will have to remove…
Good Morning! I hope you had a great weekend! If you have ever wondered if you might benefit from a Debt Consolidation loan – check this out… I did a short video for you showing you how they work, and how they can benefit you: That’s it for today! Thanks for reading! Get Pre…
Good Morning! I wanted to spotlight a Jumbo product we have. It’s full doc only (you have to prove your income via traditional means). Up to $3,000,000 at 70% loan to value ratio. Up to $2,000,000 at 80% loan to value ratio. Up to $1,000,000 at 90% loan to value ratio. Rates in the 2’s…
Good Morning! One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment. This is called sourcing in the mortgage industry. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying…
Good Morning! If you are self employed, and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns – here’s an option for you… I wanted to spotlight one of our Alt Doc programs: Alternate Documentation loans are loans that allow you to use alternative…