I hope you had a great Thanksgiving holiday! I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge…
Most Down Payment Assistance is tied to your income. If you make too much money you don’t qualify for the Down Payment Assistance. Not this one. It doesn’t matter how much you make. So, if you have at least a 580 credit score, and you have been working for the last two years, you may…
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If you…
Your property tax bill usually comes out in late November, or early December. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people who have non escrowed loans just don’t have the money saved up to pay their property taxes. …They might…
If you haven’t owned a home in the last three years and you want to purchase a home you should consider the MCC tax credit. How MCC works in a nutshell… You take 20% of the mortgage interest you pay each year – and you are allowed to claim that 20% as a dollar for…
Sometimes a borrower needs a simplified way to prove their income. Did you know we have a VOE (Verification of Employment) only program that is considered full doc? This program is for borrowers that work for a company and get a W-2. You don’t need pay stubs, or w-2’s, or tax returns. The VOE is…
I wanted to address the two most common questions that I get regarding reverse mortgages… Question: What happens if I die? Will the lender be taking my house? Answer: No. After You Pass Away, Your Heirs May Pay The Loan Balance In Full With Cash Or By Refinancing The Debt And They Can Keep…
I wanted to highlight an underused program in the mortgage market. …It’s Freddie Mac’s Home Possible. Here are some highlights of this great program… – 97% financing! – Only .25% mortgage insurance rate! …compare to .55% for FHA and over 1% for 95% Conventional. – No reserves required. – Allows 3% seller contribution. – There…
If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program. -Up to 100% of the Appraised Value – Total LTV of 102% – -No Down Payment Required -No Cash Reserve Requirement. No cash contribution requirement -Unlimited seller…
We are helping alot of people with this no money down program… Most Down Payment Assistance is tied to your income. If you make too much money you don’t qualify for the Down Payment Assistance. Not this one. It doesn’t matter how much you make. So, if you have at least a 600 credit score,…