If you change jobs during the process of getting a loan, here’s what you can expect… The underwriter will want to see your first pay check at the new job at a minimum, and often they will want to see your first 30 days of paychecks. The underwriter isn’t trying to make your life difficult…
We just rolled out a new loan program I wanted to tell you about. It’s a 1% down Conventional loan. …and, the 1% down can be a gift. Few things you need to know about this program… 1) Requires a 700 credit score. 2) Max 43% debt to income ratio. 3) There are income limits…
Did you know the VA has no flipping rule? With some loan programs (FHA for instance) you have to wait a certain period of time before you can sell an investment home that you have purchased. VA has no title seasoning for flipping. In other words, if you purchased a home to fix up and…
I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the market place. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can…
If you are self employed and can’t use your tax returns to prove income there are loan options for you. You can use your bank statement deposits to prove income. We have 10% down bank statement loans for purchase and refinance with good credit. Let me know if you are in this situation. I’ll be…
From a mortgage rate perspective the Brexit vote resulted in lower rates. Generally if the stock market takes a hit the bond market will improve, and if the bond market improves mortgage rates get lower. So, if you think you missed the boat on refinancing – now is a good time to do it. Rates…
I hope you had a good weekend! Mortgage update: FHA has made changes to the way an underwriter calculates payments on deferred student loans. The old way instructed the underwriter to use 2% of the aggregate balance of deferred student loans. This alone killed alot of loans because it ballooned debt to income ratios. The…
For you Doctors out there… We have a loan just for you. The advantage of the doctor loan is that you can get a bigger loan at a higher loan to value ratio than people who aren’t doctors. A normal conventional loan maxes out at 417k in Texas. A doctor loan can go up to…
When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified check. If…
Did you realize that if you are a W-2 employee getting a Conventional mortgage that in almost all cases you won’t need to provide tax returns to get a loan? It’s true! Generally all the underwriter will ask for is 30 days of paystubs, and your last two years of W-2’s. …not tax returns. Sometimes…