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…
Good Morning! Did you realize that FHA has a multi-family lending program for mulit-family and healthcare facilities? It’s called the multifamily accelerated processing program. …and I am a participating lender in this program. This wonderful program allows you to use FHA financing to purchase, refinance, and construct apartment complexes, and healthcare facilities. Here are some…
Good Morning! Most counties in Texas have a maximum loan amount of $271,050 for FHA loans. However, some counties in Texas have much higher FHA limits. …In fact, some counties go all the way up to 332k! To see where your county loan limit is you can click this link and put in your county…
Good Morning! I get asked about this a lot – so, I wanted to give you a little refresher on how you can get a mortgage when you have had a Bankruptcy in your life. Chapter 7 Bankruptcy… You will need two years of seasoning after the discharge date of the Bankruptcy on your credit…