Category Archives: Brett’s Mortgage Blog

The Price Of These Loans Just Got More Expensive…

Good Morning!

Don’t look now but Fannie Mae and Freddie Mac are increasing their pricing adjustments for lower credit scores.

…and, lower scores to Fannie and Freddie means anything below a 740 credit score.

These adjustments were already high for conventional loans. …but, now it’s getting ridiculous.

I have two messages for you here…

1) Your credit score is more important than ever – and try to keep it as high as you can.

2) FHA, VA, USDA don’t have the extremely high pricing penalties that Fannie/Freddie do. …so, if you can possibly avoid using a conventional loan – please do so.

Thanks for reading! …and, have a great day!

Brett

Be Aware Of This If You Are Getting A Loan In The Future…

Good Morning!

I recently closed a USDA loan on a person that was buying their second home.

USDA only allows a person to own one house at a time.

I was the third lender they tried. …and, I got the loan closed.

How? …I know the USDA guidelines.

…and, I knew under certain circumstances they will allow a person to buy another home with a USDA loan – while still owning another home.

…and, I knew which underwriting center would say “yes” to this loan.

As the lending industry continues to change, and most of the lending becomes consolidated into the big banks you will get more people doing your loans that are just hourly employees.

If there is anything “out of the ordinary” on your loan, that doesn’t fit into their “box”. …You will most likely get a decline.

This isn’t because they aren’t smart loan originators. Most likely they just won’t have any other options for you.

As we go forward into 2011 and years beyond it will be more and more difficult to find loan originators that…

1) Have a broad understanding of various loan product guidelines.

2) Have more than one option on where to place your loan.

If you are having any trouble with your loan, or you know someone who is – give me a call, or shoot me an email.

…The odds are I can help.

Thanks for reading! …and, have a great day!

Brett

Here’s A New 3% Down Loan Product…

Good Morning!

The conventional mortgage market has brought back their 3% down loan.

Here are some of the features you need to be aware of on this 3% down loan product…

1) Must be able to get an automated approval.

2) You need a 720 (or better) middle credit score.

3) Your debt to income ratio can’t exceed 41%.

4) Max seller contribution towards closing costs is 3%.

5) No up front MI, but you will have monthly MI.

Let me know if you are interested in this product for your upcoming purchase – and we’ll see if you qualify for it!

Thanks for reading! …and, have a great day!

Brett

Thinking Of Buying A Rent House? ….Keep This In Mind.

Good Morning!

If you go to Bank of America or Wells Fargo for an investor loan – they will most likely tell you that they can’t finance more than 4 properties for any one borrower.

This “max four properties financed” common in the mortgage industry.

However, I wanted to remind you that I can go up to 10 properties financed on investor loans.

So, if you are an investor wanting to purchase another house – and you are running into this problem with banks not being able to finance you.
…give me a call or shoot me an email. I can probably help you out.

Thanks for reading! …and, have a great week!

Brett

If You Owe More Than Your Home Is Worth – This Might Be An Option For You…

Good Morning!

Do you owe more than your home is worth? …If so, I might have a solution for you.

We have a new loan product that will allow for loan to value ratios up to 125%.

This means that we can finance your loan up to 25% over the appraised value of your home.

…”What’s the catch?” …This is probably what you are thinking right?

Well, you just have to qualify for the program.

It’s called DU Refi Plus, and here’s what you need to qualifiy for it…

1) It requires that your current loan must be a Fannie Mae owned loan.

2) You must have a 620 or greater credit score.

3) No loan amounts above 417k.

4) Owner occupied residences only.

5) We need an automated approval on your loan.

If you feel like you are in this situation – please give me a call or shoot me an email and I’ll see if I can help you out!

…Also, be looking for some exciting high value coupons in the new year from us!

Thanks for reading! …and, have a great day!

Brett

Property Tax Bill Solution…

Good Morning!

Property tax bills are out. …and, if you don’t pay them by the end of January they will be considered late.

Did you realize you can roll in your property taxes to a refinance loan – and this will not be considered getting a cash out loan. …It’s just considered a normal refinance.

The result of being able to keep the loan as a normal refinance is that the rate is lower, and your loan can exceed 80% (in Texas).

Let me know if you’re in this situation and I’ll be happy to get those taxes paid for you.

I hope you and your family have a great and safe holiday break!

Thanks for reading! …and, have a great day!

Brett

Do This To Get A Loan In 2011.

Good Morning!

If you are wanting to purchase a home in 2011, but you aren’t able to qualify now – here’s what you need to do…

1) Isolate the reason you can’t get a mortgage now. (I can do this for you).

2) Make a plan to solve this problem.

If credit is the reason you can’t get a loan now – you need to know exactly where you are now.

…and, you need to know where you need to be for a loan.

I would like to help you create a plan.

I’ve seen many success stories of borrowers that had a plan to follow and did what ever it took to execute that plan. In a matter of a couple of months to six months they are usually ready for a loan.

…not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal.

So, contact me and I’ll help create a plan for you. …and the best part is that I do this as a free service to you!

Thanks for reading! …and, have a great day!

Brett

Video: How Fannie Mae Does Their Pricing Adjustments…

Video: How Fannie Mae Does Their Pricing Adjustments…

You Can Get This Loan With Just 1 Month Of Employment History…

Good Morning!

I get at least two questions a week about this from Realtors or borrowers…

They have been told that a borrower needs two years of consecutive employment in order to qualify for a loan.

…Poppycock!

For conventional loans all you need is 30 days worth of pay stubs from an employment seasoning standpoint.

It’s true that FHA wants a two year stream of income, but they aren’t the only loan program in town!

If your concerned about this and you want to be pre approved for a loan – just contact me and I’ll take care of it for you.

Thanks for reading! …and, have a great day!

Brett

Here’s A Way To Avoid Paying MI On A Conventional Loan…

Good Morning!

Did you know it’s possible to avoid paying mortgage insurance on a conventional loan with a loan to value ratio over 80%?

It true!

You can ask for Lender Paid MI. So, if you are dead set against paying mortgage insurance this is an option for you.

The catch is your rate will go up. …The increase in rate is usually around .30% to .50%.

Keep this in mind the next time you are considering a conventional loan.

Also, I got a nice note from a borrower recently that I wanted to pass on to you…

Brett,

Thank you for making this happen. We are so truly happy that our life time goal of being homeowners have come true. You truly make the process easy and comfortable for the two of us.

Cassandra

Thanks for reading! …and, have a great day!

Brett