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…
While rates are still relatively low I wanted to show you how smart it can be to reduce the term on your loan. For instance, going from a 30 year loan to a 10 year loan will save you a BUNCH of money. …money you could have accumulating in a retirement account, or sending your…
Both FHA and USDA are widely used loan programs for homes in the country. …but sometimes these programs aren’t the best fit for homes in the country. Each one has limitations that may not be the best match for the home you like. I wanted to give you an alternative program to consider for country…
Many are lamenting the fact that 30 year interest rates have gone north of 4%. They feel like they’ve missed their chance to get a rate in the 3’s. You may not have considered this, but it’s still possible to get rates well below 4% in today’s market through the use of ARMs. I just…