If you are a renter how do you pay your rent? Would you like to purchase a home someday? If so, please keep this in mind… How you pay your rent is IMPORTANT! When you apply for a mortgage the underwriter will most likely want you to be able to prove you paid the rent.…
Did you know we can do Non Owner Occupied Investor loans up to 85% loan to value ratio now? …Sure can! We can also finance up to 10 financed properties for Investors! Did you know you can use a non occupying co-borrower with FHA loans? This means you can use a mom, dad, brother, sister,…
Note: This only applies to FHA mortgages that pre-date June 3, 2013, MIP goes away when the following conditions are met: 30-year loan term : Annual MIP is automatically canceled once the loan reaches 78% loan-to-value and annual MIP has been paid for at least 60 months. 15-year loan term : Annual MIP is automatically…
I wanted to drop you a quick note this morning. There is a change in the HARP loan program going into effect November 16th, 2013. For those of you who just missed a HARP refinance – there’s new hope! Previously HARP was only available to homeowners whose mortgages were sold and securitized on, or before,…
You have several options for Mortgage Insurance on conventional loans. Knowing some of these options could be the difference between a decline and approval in some cases. Currently there are four ways to pay mortgage insurance… 1) Standard borrower paid monthly. 2) Lender paid MI. 3) Split MI. 4) Financed MI. Discussing all of these…
Some of you don’t know this, but I do HARP refinance loans! In fact I’ve written a Special Report on HARP loans for you. The link for the report is at the bottom of this email. Here’s some of what’s in this report… 1) Which borrowers may be eligible for an enhanced HARP? 2) What…
I don’t send messages to you every Friday, but I have some exciting news that I wanted to share with you… I can now do USDA loans down to a 580 credit score now! …Previously this was a minimum credit score of 620. So, this will open up this product to many more people! Remember,…
Have you or someone you know been told you don’t qualify for a conventional mortgage due to your debt to income ratio being too high? I haven’t seen Fannie Mae give an approval for a debt to income ratio over 45% on a conventional loan in at least a year. …So, if you are over…
Hope you had a good weekend! If you have disputed accounts, and you are trying to get an FHA loan here are a few things you need to be aware of… 1) If the cumulative outstanding balance of your disputed derogatory accounts is greater than $1,000 we must downgrade your file to a manual underwrite…
Right now Fannie Mae has a 3% down loan product. It’s not as widely used as their 5% down product (due to higher rate / MI), but it’s still an option. On November 16, 2013 this option will no longer be available. Fannie Mae is doing away with their 3% down option. There are other low…