Good Morning! With FHA raising it’s mortgage insurance rates recently many people have turned to conventional financing. There are two reasons people are looking at conventional financing… 1) Generally the MI rates are lower. 2) There are more MI options. I wanted to specifically tell you about an under used MI option on conventional loans.…
Good Morning! I probably don’t do this enough, but I wanted to take a minute to explain to exactly what I do. …that is to say what I’m good at. …what I specialize in. Yes, I’m in the mortgage industry. I make loans for people to buy and refinance houses. I can do all the…
Good Morning! If you have been thinking about refinancing your USDA loan here are some rules we have to follow… The rules are in your favor!1) Closing costs and one time upfront USDA guarantee fee may be included in the loan. Origination fees are capped at 1% of the loan amount.2) No appraisal required.3) No…
Remember a couple of months ago when I told you that FHA changed their guidelines on collection accounts? …namely that if your aggregate collections exceed $1,000 you had to pay off all your collections? Then FHA decided to put off this change until July 1st 2012. Now they are doing away with this change all together.…
Good Morning! If you are trying to purchase a house using part time job income, be aware of this… The underwriter will want to see that you have a two year stream of this part time income before they will give you credit for it. Incidentally it works the same with bonus income. The…
Good Morning! If you are in the process of changing jobs during the process of getting a mortgage keep this in mind… The underwriter will want to see your first pay check at the new job at a minimum, and often they will want to see your first 30 days of paychecks. The underwriter isn’t…
Good Morning! Want to buy a nice home in the country or outlying suburb with no money down? I’ve got ‘ya covered! Here’s some great reasons to use our USDA program… Up to 100% of the Appraised Value – Total LTV of 102% – Difference of sales price and appraised value can be used…
Good Morning! I’ve written about this before, but I wanted to touch on it again because I see this problem kill many loans – unnecessarily! Have you been told by a loan officer that you don’t qualify for a mortgage because you don’t have enough “trade line depth”? Most lenders have guidelines for the number of…
Many people 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 possible, and this is how you do it… 1) If you owe the IRS back taxes you have to take the initiative and make a payment plan with the IRS…
Good Morning! Attention: June 11th is almost here! June 11th is when the new FHA streamlined mortgage insurance rates become effective. If you closed your FHA loan before May 31st of 2009 then you qualify for the new streamlined refinance rates of 0.55% Annual MIP, and the up front premium goes down to 0.01%! This…