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…
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…