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…
If you are trying to buy a house – but your spouse has no credit scores you have a problem. The problem is that you can’t use your spouse’s income for your loan, because they won’t be allowed to be on the loan. …but, not if you use me as your loan officer!…
If you have had a hard time getting a mortgage due to disputes on your credit accounts this email is for you! At the bottom of this post I’m going to freely give you the exact letter that I give clients to get disputes removed from their credit. …but before I do that I want…
Two things today… 1) Tip on how to buy a house that needs minor repairs. 2) Short cool video: 7 steps for how to keep a positive attitude. Problem: You are in the process of buying a house that needs minor repairs – but the seller refuses to do them – what do you do? …
Here’s a USDA tip for you… First, you should know that USDA family income caps. …In other words if you make too much money you won’t qualify for a USDA loan. Here is the link to check the income for your area… http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do Important: USDA goes by total household income! In other words if you…
I wanted to make sure you were aware of this loan program. It’s Fannie Mae’s 3% down loan. …and, it competes very well with FHA. Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 720 FICO score. 3) 3% down payment must come from the borrower’s own…
Before you go house hunting make sure you have enough money available to get your loan approved and your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need to get into a house. Here is a simple breakdown of your out of the out of…
Good Morning! Don’t look now, but FHA could be increasing it’s mortgage insurance premiums again. The Federal Housing Administration Fiscal Solvency Act of 2012 has overwhelmingly passed the House and will make its way to the Senate. Among other powers, the bill grants the FHA authority to raises its mortgage insurance premiums to as high as…