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…
Good Morning! HUD is giving us some relief on their recent collection guideline changes. You might recall the post I made on March 22nd – telling you the new FHA collection guideliens.…If your aggregate collections exceeded $1,000then you will have to pay off all of your collections – including medical! – Someone must have told HUD that the impact…
Good Morning!As I told you in my Feb 29th entry – FHA mortgage insurance rates are going up accross the board. …except in one catagory, and you might just benefit from this! 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…
Good Morning! If you are needing work done on your home click this link… http://loansdonequickly.com/call-these-numbers-if-you-need-work-done-on-your-home/ It’s a list of phone numbers that go to IHome’s web site – a professional contracting company. To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application. To sign…
Good Morning! If you have been told that your debt to income ratio is too high for an approval on a conventioanl mortgage – this blog entry is for you… Here’s a very useful solution that I’ve used successfully on borrowers that have high debt to income ratios on conventional loans. Last year Fannie Mae…
Good Morning! With the new HARP II guidelines I can now refinance someone with unlimited financed properties. In other words a real estate investor could own 50 financed properties, and I can refinance the properties that currently have fannie mae mortgages on them. Under the old rules we were capped at an aggregate of 10…
Good Morning! This is an update to my last blog post…http://loansdonequickly.com/fha-to-drop-another-hammer-in-april-of-2012/ As I said in the last post – FHA is changing their guidelines on collections, and if you have an aggregate of $1,000 of collections or more then you have to pay them all off. …So, if you have more than $1,000 in…