When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified check. If…
Good Morning! Did you know that we do piggy back loans up to 97% loan to value ratio? We do! A piggy back loan is where we do two loans – one at 80%, and a second up to 17% simultaneously. You would put down 3% in this scenario, and we would finance 97%. The…
Good Morning! In a recent press release HUD is proposing two changes to the FHA mortgage program…1) They are proposing the monthly mortgage insurance on a 30 year FHA mortgage will last for the life of the loan. Right now if 5 years have passed and your LTV is 78% or lower you can eliminate…
It’s a good time of the year to refinance. The reason is your taxes get paid this time of year. When we refinance your home we have to prefund your new escrow account. Once the tax bill is paid (right about now), and up through January we are only collecting 3 months of taxes to put into…
Happy Thanksgiving Week! . Quick Tip: If you were considering selling an asset to raise money for a down payment on a house – you can! . Here’s how… . You must create a bill of sale reflecting the date of sale, asset to be sold, and the sales price. . The buyer’s and seller’s…
Keeping on the theme of ways to refinance if you owe more on your house than it’s worth… If you currently have an FHA mortgage you can do a Streamline Refinance. Some key aspects of this loan are… the mortgage approval process for an FHA Streamline Refinance says : 1) Employment verification is not required with an…
If your current loan is a Conventional loan I have good news for you! …There is a loan that exists right now in the market place that may well be able to refinance you! In fact, if you want to know if you qualify for this loan program you can find out right now. …and,…
If you owe more than your house is worth and you want to refinance there are three main options for you depending on if your loan is conventional, FHA, or VA. . Conventional: The main refi product for upside down mortgages is HARP 2. FHA: We can use a streamline refinance. VA: We can use…
Good Morning! Many people are unaware of this, but NSF charges on your bank statement can derail your loan. It’s true! NSF charges are a potential deal killer for the underwriter. If you have insufficient funds charges in your bank statement it signals to the underwriter that you are having a hard time managing…
Good Morning! Most loan programs for real estate investors require a minimum of 20% down. However, there is one program that only requires a 10% down payment. Fannie Mae foreclosures that are listed as qualifying for the Homepath program have more favorable financing for investors. The benefits to investors are… 1) Up to 90% LTV…