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…
Good Morning! FHA is finally giving us some relief on disputed accounts. They have recently modified their underwriting guidelines regarding disputed accounts, and the automatic downgrade to a manual underwrite when disputes exist in a credit report. Here is how the new guideline reads… If the credit report reveals that the borrower is disputing any…
Good Morning! I covered this about 2 years ago, but I wanted to touch it again now for you. I have customers call me every day – worried that their Medical Collections will keep them from getting a loan. From a mortgage underwriting perspective – if you have Medical Collections that are over 12 months…
Good Morning! I have this situation come up again and again, so I wanted to address it once more… Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment with an FHA loan? (As long as it’s a…
Good Morning! Many of you know that I can do FHA loans for credit scores between 580 and 600. However, I wanted to make sure you aware of the two most important elements of getting an approval on this loan program for lower scores. 1) You need to have at least 2 open and active…
Good Morning! If you are considering paying off or paying down an account in an attempt to improve your credit scores – you should really consider using our “what if” program. It can save you time and money – and give you a valuable insight on the impact of paying off or paying down accounts…
Good Morning! I get asked every day what credit scores are needed for various programs. So… I wanted to give you a quick overview of the most popular loan programs, and our minimum credit scores for these programs… FHA – I can do FHA down to 580 credit score on a manual underwrite. If your…
Good Morning! Here’s a very useful solution that I’ve used successfully on borrowers that have high debt to income ratios on conventional loans. Last year Fannie Mae came out with a 45% limit on debt to income ratio if the loan to value ratio is over 80%. If you are over 45% on your debt…