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!)…
The FHA loan product is becoming less appealing. This is due to FHA continuing to raise their mortgage insurance rates, and their recent changes to make the annual MI permanent. There is an alternative! …You can always go with a conventional mortgage using private mortgage insurance. Here are some benefits of using a conventional mortgage with private MI……
Did you realize that a borrower using a conventional mortgage, and putting down less than 20% – can use a gift for the entire down payment? Many realtors and even loan officers believe that on a conventional loan the borrower can get a gift, but they must still have at least 5% of their own…
If you would like to purchase a house, but your main obstacle is a down payment – here is an idea for you… It’s possible to sell a personal asset (car, boat, jewelry, baseball card collection, etc.) to raise the money for your down payment. Here is what you would need to provide the mortgage company…