Good Morning! Did you know I can go down to a 580 credit score on FHA now? Yes I can! Here are some things you need to know about this program… · Credit scores between 580 and 599. · 95% max LTV (5% down payment). · 33/45 DTI max. · 12 months cancelled rent checks…
Good Morning! Back in 2007 when the mortgage market crashed one of the first programs to disappear was cash out loans on investment properties. Non owner occupied guidelines are still very conservative – long gone are the days of 100% financing on investment properties. …but, I wanted to tell you that I CAN do cash…
Good Morning! If you are needing to purchase a home for an elderly person, or a disabled child – you can purchase this home as an owner occupant! This means you get owner occupant rates and loan to value ratios (lower rates and lower down payment)! Please keep this in mind if you or someone…
Good Morning! Traditionally if you wanted to use gift funds for your down payment you had to use an FHA, or USDA loan. This means the gift would represent your entire down payment and you wouldn’t need to come out of pocket with your own sourced funds for the down on FHA and USDA. Now…
Good Morning! I wanted to let you know about some upcoming changes on the USDA loan program. Right now the upfront mortgage insurance fee paid at closing is 3.67% on a USDA loan. …Starting October 1st, 2011 this upfront fee will go down to 2%. However, currently there is no annual mortgage insurance paid on…
Good Morning! I wanted to let you know that I can do USDA loans down to 600 again! …Remember the USDA loan is a 100% loan with no monthly mortgage insurance! For a while there the credit score requirement for this program was 620, but now it’s back to 600. The key for this program…
Good Morning! Do you know what your mortgage scores are? The scores you get from www.freecreditreport.com, and other services like it will only tell you what your consumer credit scores are. …This isn’t enough. 95% of the time your mortgage credit scores will be different, and sometimes significantly different. …I see it every day. You…
Good Morning! Fannie Mae has a little known about program that they designed to compete directly with FHA. It’s called My Community mortgage, and it has some advantages over FHA. 1) One advantage is that the down payment is lower on My Community. …Only 3% vs 3.5% for FHA. 2) My Community allows for loan…
Good Morning! Recently I sent out an email about gift giving on conventional loans. I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well. Here’s who can’t give you a gift on an FHA loan… The gift donor may not be a person or entity with an interest…
Good Morning! I’ve talked to you about this before, but it’s important enough for me to revisit it again… Using cash for a down payment on a home is not smart. If you have cash saved up for a down payment on a home – and you were planning on using it for a down…