Good Morning! One of the things I can see on the back end of my web site is the number of people that look at each page. I guess there are alot of people that owe back taxes to the IRS. …because this page on how to get a loan when you owe back taxes…
Generally speaking HUD likes a borrower to only have one FHA loan at a time. However, there are certain circumstances where it’s possible to obtain a 2nd FHA loan. One of these situations is if the number of dependents has increased to the point that the current house no longer meets the families needs. We…
Good Morning! I had this issue come up again earlier this week and I wanted to revisit it with you… This may sound crazy, but having cash for a down payment in the mortgage industry is a bad thing. If you have cash saved up for a down payment on a home – and you…
Good Morning! FHA is a beautiful loan program, but if you asked me what I don’t like most about it I would have to say the monthly MI rates have creeped up. The monthly mortgage insurance factor for FHA is now 1.25%. A viable alternative to FHA with much lower monthly mortgage insurance is a…
Good Morning! I wanted to make you aware of some guideline changes on purchasing and refinancing second homes. Our maximum loan to value ratio on second homes used to be 80%. …In other words you had to put down 20% on a second home purchase. Now we can go up to 90% on second home…
Good Morning! Did you realize I do escrow hold backs for Pools? …sure do! Here’s how it works… Let’s say you find the perfect house, but it doesn’t have a pool. You can still contract to purchase the house, and we can write in an escrow hold back for building a pool after closing.…
Good Morning! Here are a few unique loans that I can do you may not have been aware of… 1) Conventional 2nd homes: Up to 90% LTV with 620 FICO. 2) Conventional Fixed Jumbo Cash-Out: Up to $1,500,000. 3) Conventional Pool Escrow Holdbacks! (Yes, you can add a pool to a house when you purchase!)…
Good Morning! I’ve written about this before, but I think it’s worth touching on again. If you are wanting to purchase a home, 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 do this for you). 2) Make…
Good Morning! Here’s a way to possibly reduce the foreclosure seasoning requirements on a conventional loan. If you open up the Conventional Loan underwriting guidelines and look up foreclosures it will say you have to wait 7 years before you can get a loan. A possible way around this is to let me run your…
Good Morning! Until not too long ago you had to put at least 5% of your own money down when using a Conventional loan. …unless you got a 20% gift. Fortunately the gifing rules are more friendly to the borrower now. Now your 5% down payment can be a gift on a Conventional loan! …As…