I see this situation often, so I wanted to address it again… Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment with an FHA loan? (As long as it’s a owner occupied residence for seller and buyer.)…
I wanted to inform you of a new product we have in our office. It’s a bank statement loan. (also called an Alternative Documentation loan) If for some reason you can’t provide standard income documentation for a mortgage (W-2’s, Paystubs, and last two years Tax Returns), then you just provide your last 2 years bank…
Wanted to give you a few credit tidbits, and a heads up on Wednesday’s Fed meeting… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy – set your payments up on autopay. 2) The quickest way to increase your credit scores…
I’ve talked to you about this before, but I think it bears repeating. Cash is legal tender in our country. You should be able to use it to purchase, or facilitate a purchase for any product or service. …right? Believe it or not, having cash in the mortgage industry is a bad thing. If you…
I originally posted this a couple of years ago, but it’s so important that I think it bears repeating… If you are wanting to purchase a home in 2013, but you aren’t able to qualify now – here’s what you need to do… 1) Isolate the reason you can’t get a mortgage now. (I can…
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…