It’s tax time. What do you do if you are in the process of applying for a loan and you have filed an extension on your taxes? Your loan officer asks you for your 2014 tax return, but you can’t give it to him or her because you filed an extension. Easy! …You give your…
Have you ever wondered how long you have to wait to get a loan after a bankruptcy? 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…
Hope you had a great Easter weekend! Have you been out of work, and now you are working again? …and, you would like to buy a house? I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation… There…
Did you know we do Reverse Mortgages? I wanted to address the two most common questions that I get regarding reverse mortgages… Question: What happens if I die? Will the lender be taking my house? Answer: No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing…
Sometimes the difference between getting an approval on your loan or not comes down to what documentation your loan officer decides to leave out of a loan submission. I’ll give you an example… Let’s say you work a regular job, and at the end of the year you get a W-2. Now let’s say last year…
Normally if you have had a foreclosure you must wait a minimum of 3 years (after the foreclosure) to get an FHA loan. However, if you have had extenuating circumstances you may be granted an exception to this waiting period. Here are the guidelines on the extenuating circumstances… 1) Satisfactory Credit History must have been…
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’s doesn’t help pay down the balance of the loan. If you…
Often when you get divorced and once spouse keeps the house, per the terms of the divorce you must refinance your home to get your Ex spouse off the house and get them their share of the equity. The problem is – you have been told by a loan officer that they can’t help you…
A while ago I sent out an email explaining that Experian was changing their policy on dispute removals and no longer would accept a letter from the consumer to remove disputes. Fortunately, they have changed their policy on this, and are now back to allowing dispute removals using a consumer letter. …Good news! If you want…
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…