Good Morning! Did you realize that we still allow the seller to take back a second mortgage to facilitate the sale of their home? We do! This can come in very handy for getting deals closed, where they otherwise wouldn’t be able to. Here are some of the requirements of the seller seconds… 1) Subordinate…
Good Morning! Some good news! …but first a brief editorial comment: After the mortgage market crash underwriting swung so far to the conservative side that it’s helped put a death grip on the economy. I don’t think the feds have figured this out yet, but the real estate market is the engine that drives our…
Good Morning! I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the market place. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if…
Good Morning! One of the hardest loans to get right now is a mortgage for a manufactured home. …It’s because lenders just don’t do them anymore. I wanted you to know that I still do loans for manufactured homes down to a 600 credit score! This loan is good for homes in a city, or…
Good Morning! I have two quick things to go over with you today… 1) I left Southwest Funding and started my own mortgage company. It’s called Berkshire Lending, LLC. …So when you call me or email me your questions you are talking to the boss! Don’t worry – all my phone numbers, web site, and…
Good Morning! It’s been several years since I could say this… …but I can now get you a 97% loan with absolutely no mortgage insurance! You need a 720 to get it, but it’s a very smart way to go if you can qualify for it. We simply use our new 2nd mortgage that goes…
Good Morning! I wanted to tell you about my USDA repair escrow program. Most repair escrows (when they are allowed at all) max out at around 3k to 5k. My USDA program goes up to $10,000 dollars for USDA purchase homes! Here’s how it works… The home has to be able to meet the guideline…
Good Morning! I wanted to highlight a very competitive product being offered by Fannie Mae. …It’s their 97% purchase product. That’s right! …only 3% down. Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 720 FICO score. 3) 3% down payment must come from the borrower’s own…
Good Morning! You know, I get asked this question a lot by clients who are buying houses… …”Can we just roll closing costs into the loan?” The short answer… No. You can do it with no problem on a refinance, but not a purchase loan. …but there is an indirect way to do it on…
Good Morning! I touched on this topic about 1.5 years ago, but I thought it was time I went over this again for you. If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind… 1) Get a Good Faith Estimate (GFE). There’s always a relationship between fees…