Good Morning!.. The Department of Housing and Urban Development is again talking about reducing the seller contribution on buyers closing costs from 6% to 3% on FHA loans.Many home buyers prefer to use the FHA program primarily because of the larger seller contribution (currently 6%). If this policy goes into effect it would make it…
Good Morning! If you have been following my posts you have probably learned that you can get a gift from a relative for your down payment on an FHA loan. Many don’t realize this, but you can also use a gift for a conventional loan down payment! The guidelines have changed on this in…
Good Morning! There are allot of people with challenged credit that would like to purchase a home. …perhaps your one of them. I created a page on my web site with some simple simple facts on how you can go about getting a loan with a low credit score… Click here to see the page.…
Good Morning! If you are planning on using a gift as the down payment on an FHA mortgage – here’s a tip for you… The underwriter will very likely ask for a recent bank statement or verification of deposit from the gift giver to show that they had enough money in the bank to…
Good Morning! I get asked this question allot by borrowers…“My spouse doesn’t have very good credit, but can I use her income on my loan application?” Answer: “No.” If we ad the spouses income, then we have to take his/her credit too. In fact, they would become an equal borrower on the loan. If you…
Good Morning! I originally posted about this subject 3 years ago, but it’s an important message and I think it bears repeating… 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…
Good Morning! How to get a loan with less than 2 years of self employment income… I see this come up alot and I wanted to clarify self employment qualification. The traditional guideline for seasoning of self employment income is 2 years of filed tax returns. These 2 years will then be averaged to…
Good Morning! Believe it or not there are many people that don’t have checking or savings accounts.They deal with cash only.Nothing wrong with this. …unless you are considering getting a mortgage to buy a house. One of the underwriters main jobs is to make sure that the money you put down when you purchase…
Good Morning! If you are currently renting, and you think you might want to purchase a house in the future you need to make sure of one thing…When you apply for a mortgage (especially fha) they will want you to be able to prove you paid the rent. If you rent from an apartment complex…
Good Morning! I originally sent out this blog post a few months ago, but considering income taxes are due next week I thought this might help some people… c Many don’t think it’s possible to get a mortgage if you owe the IRS back taxes. I’m happy to tell you that it is…