I wrote about this the other day, but it’s pretty huge and I wanted to touch on it again. It’s regarding alternative income documentation for FHA loans. Normally you will need to provide pay stubs, w-2’s, and tax returns for income documentation to get a mortgage. If there is an issue with your tax returns,…
From time to time I get asked if a USDA loan can be used to purchase a manufactured home. The answer is “yes”. …kind of. The big limitation when using a USDA loan for a manufactured home is that the loan can only be used to purchase and place a brand new manufactured home on…
If you have ever shopped for a high loan to value Jumbo loan then you know it’s hard to find anything over 80% LTV. I wanted to tell you that I have Jumbo loans up to 90% LTV with loan amounts up to $1,500,000! …and, there’s no mortgage insurance on this 90% Jumbo loan! Just…
I wanted to remind you that we have the option of using W-2’s and Pay-stubs ONLY as a method of proving income. We don’t need tax returns or transcripts. Sometimes this can come in handy if there is something on your tax returns that would prevent you from getting a mortgage. That’s it for today!…
Are you planning on using your bonus income or overtime income to help you get a mortgage? …If so, then there are three important things you need to be aware of: 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…
Recently I wrote about our aggressive guidelines for FHA loans. Guidelines that allows us to make mortgage loans to borrowers that are told “no” by other mortgage companies. FHA isn’t the only thing we are aggressive about. We also have aggressive VA guidelines… – VA down to 550 fico score – VA Manual UW –…
Here is another reason you should consider using my company then next time you want to buy a home… …because we offer “more” than the average mortgage company. Let me give you an example… Most mortgage companies offer FHA mortgages. …We do as well. …but, not only do we offer great rates on FHA mortgages,…
I write about this topic at least once a year, but it’s a good thing to revisit it from time to time… 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…
I’ve written about this before, but I think it’s worth repeating: If you are trying to purchase a house using part time job income the underwriter will want to see that you have a two year stream of this part time income before they will give you credit for it. Incidentally it works the same…
Believe it or not it’s still very hard to get a Conventional loan approved with a debt to income ratio higher than 45%. I wanted to give you one little trick you can use to help out with your debt to income ratio. …Use lender paid mortgage insurance – have your mortgage lender pay your…