Since 2008 happened there has been a void in the mortgage market. When I say a “void” I mean there hasn’t been a loan available to serve a specific section of the mortgage market. This “void” has been the following… A person who is self employed (either owns their own business, or is a 1099…
I want to talk to you about the impact of disputed accounts on Conventional loans. There’s two ways you get a disputed account. …either you dispute the account yourself with the credit bureaus. …or, you higher someone to dispute the account for you. When your credit is pulled the prospective lender will see that your…
When you buy a house there are three sets of costs you will incur (other than your down payment)… 1) Closing costs. These are mortgage company fees, title fees, appraisal, survey, recording fees, etc. Typically these fees will add up to around 1% to 2% of a loan. 2) Prepaid taxes. For a…
If your loan officer is telling you that you would qualify for a manual FHA loan, if only your ratios didn’t exceed the FHA benchmark guidelines. …don’t fret. There may still be hope for you. If you can produce two of these compensating factors then you have a shot at overcoming a hight debt to…
Do you have credit scores, but your co-borrower doesn’t? Or, is it the other way around? …Do they scores, but you don’t. Good news! …I have a loan program to meet your needs! Here are some things to keep in mind with this particular program… 1) At least one borrower on the transaction must have…
Monday I detailed the VA loan program. I wanted to give you some info about a lesser used 100% program – USDA. USDA Loans: USDA is another 100% loan program. It’s a lending program that is put out by the US Department of Agriculture. The purpose of the program is to promote rural development of…
There are still 100% loan programs in the Mortgage Market Place. One of the best is VA. I wanted to give you a quick breakdown of the good and the bad for a VA loan… VA purchase loans allow a qualified borrower to buy a house with no down payment. This is one of the…
If you want to buy a house, but you’re short on cash in the bank here’s an idea. You can sell an asset to generate cash for a down payment. …such as a boat, car, etc. Here’s how to structure it for a mortgage… You must create a bill of sale reflecting the date of…
If you are looking for an Alternative Documentation loan program we have one! This is also called a bank statement loan. …Instead of providing standard full mortgage documentation (W-2?s, Paystubs, and last two years Tax Returns) you just provide your last 2 years bank statements. There is also a 12 month bank statement option. We…
I wanted to give you the basic waiting periods for Bankruptcies, Foreclosures, and Deed in Lieu and Short Sales for FHA and Conventional loans. Waiting periods for FHA: Bankruptcies: 2 years. …Note, if there was a mortgage included in the BK, you need to determine when the property was subsequently foreclosed to make sure the…