I wanted to again remind you – if you are trying to get an FHA mortgage, and you have older collections you need to take action before October 15. The reason is that all FHA case numbers pulled after October 15 must include a payment for collections totaling in excess of $2,000. We either have to take…
It’s widely believed that the September 18th Fed meeting will bring a taper announcement for bond purchases. Ultimately this would lead to ongoing rising interest rates. …So, if you have been on the fence about refinancing I wouldn’t wait too long. Now is the time to take action. …On a separate note: …
You may not be aware of this, but we have a 3% down Conventional Loan product. …and, this product is available down to a 620 credit score! It’s a great product to use when purchasing a home! One thing to keep in mind on this program is the maximum seller help (with closing costs and…
I get asked every day what credit scores are needed for various programs. Here is a quick overview of the most popular loan programs, and our minimum credit scores for these programs… FHA – Credit scores 500 to 579 – Requires 10% down, and a manual underwrite. Credit scores 580 and up would require 3.5%…
FHA has recently released their latest Mortgagee Letter (2013-24). These changes take effect on October 15, 2013. Mortgagee Letters are how FHA makes changes in their underwriting guidelines. Consistent with the news from FHA since 2008 – this isn’t necessarily good news if you are trying to get an FHA mortgage. Change 1: If you…
If you want to purchase a home for no money down you’ve come to the right place! We specialize in providing 100% financing for home purchases! Depending on how quickly you want to buy a house you can do one of two things… 1) If your ready to buy right now……
I have borrowers ask me if paying extra on their mortgage payment each month will save them money over the life of the loan. The answer is… Yes! It can save quite a bit actually. I created the table below to illustrate the savings. This is based on a 30 year $100,000 mortgage at 4%…
Here’s one way to get a loan done with existing disputed accounts on your credit. Does this situation sound familiar?… You hired someone to work on your credit. Now, you have a bunch of disputed accounts on your credit report. That’s all fine and good… Until you need to get a mortgage. Your mortgage guy…
I’ve told you before that I can do alot of loans that other lenders just can’t do. I’ll give three simple examples of things I can do that many lenders just can’t… 1) DTI up to 55%! …Many loans die because of a high debt to income ratio. I can do high ratios! 2) Credit…
I wanted to let you know that the Department of Rural Development will be changing their USDA eligibility maps on October 1, 2013. The USDA program is a 100% financing program designed for outer suburbs and rural areas. As cities continue to grow and expand the ineligible areas surrounding cities also grow. …in other words…