What do you do if you are buying a house that needs minor repairs? …but the seller refuses to do them? Believe it or not this situation happens a lot, especially on bank owned homes. The simple answer is to use an escrow hold back. …an escrow hold back is a small amount of money…
I get this question sometimes, and it’s a good one!… “If I’m self employed can I get a loan with less than 2 years of tax returns?” With FHA the answer to this question is… Yes, it’s possible. Here’s how… 1) You will need at least one filed tax return with a full 12 months…
I get this question sometimes, and it’s a good one!… “If I’m self employed can I get a loan with less than 2 years of tax returns?” With FHA the answer to this question is… Yes, it’s possible. Here’s how… 1) You will need at least one filed tax return with a full 12 months…
If you are considering getting a part time job to give you extra income for mortgage qualification purposes – consider this… FHA will want to see that you have a two year stream of this part time income before they will give you credit for it. …So, in other words if a loan officer tells…
Have you been out of work, and now you are working again? …and, you would like to buy a house? I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation… There are just a few main guidelines that…
Medical Collections aren’t good for your credit scores, but they won’t necessarily keep you from getting a mortgage either! I have customers call me every day – worried that their Medical Collections will keep them from getting a loan. From a mortgage underwriting perspective – if you have Medical Collections that are over 12 months…
I’ve written about this before, but I wanted to touch on it again here because it’s important… My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have in the bank. I do loans for people…
Many don’t know this, but it’s possible to use a conventional loan to purchase rural property on acreage. The key: You have to use a lender that has the program, and knows how to use it! Here are some highlights for this conventional rural loan program… 1) Only 3% down payment. 2) Up to 417k…
I’ve written about this before, but I see this issue every week. …so, I wanted to touch on this again in an effort to make your next home purchase easier. Using cash for a down payment on a home is very difficult to pull off. If you have cash saved up for a down payment…
Have you been told that you can’t get a mortgage until you pay off your judgement? If so, I have some good news for you. It is possible to get a mortgage and not have to pay your judgement off first. (It wasn’t possible until recently – but we just got some relief on this!)…