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

Brett's Mortgage Blog

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…

Brett's Mortgage Blog

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

This Is The Biggest Key To Getting Any Loan…

Brett's Mortgage Blog

Good Morning!

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called sourcing in the mortgage industry.

For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account. …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.

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

Brett

Don’t Give Cash In This Situation…

Brett's Mortgage Blog

Good Morning!

I sent this email out about 1 year ago – but I’m continuing to run into this situation, so I thought it was a good idea to revisit it here…

When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house.

How do you prove it?

If it’s certified funds you need to keep a copy of the certified check.

If it was a personal check – you need to keep a copy of the cancelled check (front and back).

Don’t give cash!

Anything less than this – the underwriter will not give you credit for giving that money.

That’s it for today. …Have a good week!

Brett

Mortgage Rates Are Going Higher…

Brett's Mortgage Blog

Good Morning!

If you were on the fence before about refinancing with these historical low rates – I would suggest you might want to go ahead refinance now.

Rates got worse last Friday, and they were worse again on Monday due to the Fed’s quantitative easing program on the mortgage backed securities markets.

When the rates go up – they do seem to go up fast, so take advantage of these rates while their still low.

Thanks for reading – and have a great day!

Brett