Good Morning! If you purchased your house on a Contract For Deed, or a Land Contract – we can treat this as a refinance loan? …It’s true! …The Contract For Deed doesn’t even need to be recorded. We just need 12 months cancelled checks to refinance a Contract For Deed, or a Land Contract. The…
Hello! In some circumstances your spouses credit matters – even thought they may not be on the loan with you. When it doesn’t matter… If you are applying for a conventional loan then we won’t run your spouses credit if they aren’t on the loan. When it does matter… If you are applying for a…
Hello! I wanted to let you know that I can now do VA loans with no credit score limitation! This means that there is no “minimum score” you must have to get a VA loan. There are two main requirements for me to get your VA loan approved… 1) I must get an Approve /…
Good Morning! Are planning on using your bonus income or overtime income to help you get a mortgage? …If so, then there are three important things you need to be aware of: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2)…
Good Morning! 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 trade lines they want to see on your credit report. …for most of them they want to see 3 trade lines with…
Happy New Year! I know you’re going to have a great year this year! Continuing with little known underwriting guidelines on FHA loans… Many people will elect to go through Consumer Credit Counseling instead of filing bankruptcy. They go through Consumer Credit Counseling because they think will not impact their credit as severely as bankruptcy. They are…
Good Morning! If you ask a loan officer how long you have to wait after a foreclosure to get an FHA loan they will tell you three years. Three years is the standard seasoning period for a foreclosure before you can get an FHA loan. However, three years isn’t always true. …It can be less.…
Good Morning! How young is too young to buy a house? From a mortgage perspective there is no “minimum age” to purchase a house. However, it really depends on the state you live in. Each state or jurisdiction in which a property is located will have specific laws that detail the minimum age at which…
Good Morning! If you own a house you’ve already gotten your property tax bill from the county. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have…
Hello! If you have medical collections the odds are they won’t keep you from getting a mortgage. It’s true that generally collections of any kind are bad for your credit score. …However, from a mortgage underwriting perspective – if you have Medical Collections that are over 12 months old – they will be ignored for…