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…
What’s the minimum age to purchase a home? From a mortgage perspective there is no “minimum age” to purchase a house. However, it really depends on the state you live in. Each state or jurisdiction in which a property is located will have specific laws that detail the minimum age at which a mortgage note…
Two quick things… 1) Reminder – property tax bills are due at the end of January. If you have a non escrowed loan and don’t have the money to pay the tax bill, or don’t want to pay the tax bill then I want to offer you a solition… We can refinance your loan and…
As the new year starts you may have given some thought to creating some good habits for 2014. Here’s a suggestion… I’ve written to you about this before, but I believe it’s a message worth repeating. My job as a loan officer allows me to have a unique perspective into people’s lives. I can see…
Happy new year! I hope you have a great 2014! News on USDA maps… The maps USDA uses to show acceptable lending areas have been scheduled to change January 15, 2014. However, the latest news is that the current maps are likely to remain until 9/30/2015. This extension language is in the recent Budget Bill…
Two days till the new year! …I hope you had a great 2013! Mortgage Backed Securities are trading 1.8bps lower today than they were a month ago. …Hence, mortgage rates are higher. Get used to it. Mortgage rates will likely creep higher as the new year goes on. I want to pull back the curtain…
One last post before Christmas! As you may have heard the Fed announced last week they will begin to cut back on their bond purchases. The stock market loved it. The bond & mortgage backed securities market = not so much. The inevitable outcome will be that mortgage rates will begin to rise over time. So, if…
As I write to you this morning I’m having trouble remembering the last time we had good news coming out of the mortgage industry. …and this morning comes another tid bit from Fannie Mae that I would have to put into the “bad” category. As of April 1st of 2014 Fannie is increasing their loan…