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…
Good Morning! People get turned down for loans every day because their debt to income ratio is too high. Some mortgage companies max out their debt to income ratio at 45%. …Some go to 50%. I keep tellin’ ya that I do loans other people can’t do, and it’s true! If I get an automated…
Good Morning! Things are starting to loosen up from the Mortgage Insurance companies. We can now get Mortgage Insurance on conventional loans down to a 620 mid fico score. …and, this is for loan to value ratios up to 95%! You still need a 680 credit score to get MI up to a 97% loan…
Good Morning! One of my clients is currently buying a house. He ran into a complication, and I wanted to tell you about it here – so you can learn from his experience. Bobby got a home inspection for the home he was purchasing. …This is a smart thing to do anytime you purchase a…
Good Morning! I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property. It’s called HomePath. It allows a low down payment and flexible mortgage terms. Here are some of the great features of this loan… 1) Only 3% down payment. …and, this down payment can…
Good Morning! I get asked about “Deed In Lieu” a lot. A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before they have a chance to foreclose. People ask me how a Deed In Lieu would affect their credit. I tell them…
Good Morning! If you wanted a Conventional Loan, and you were thinking of trying to use a gift for down payment or to help with closing costs – here are some guidelines you need to be aware of… The gift can only be provided by… A relative, defined as the borrower’s spouse, child, or other…
Good Morning! Rates on ARMs are getting amazing right now! I wanted to give you an idea of where these rates are… FHA 5 year arms = Rates in the low 3’s! VA 5 year arms = Rates in the low 3’s! Conventional 7 year arms = Rates in the mid to low 3’s! If…