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. You can have this money in your checking account or savings account now. You can borrow it from…
If you are carrying credit card debt the payments can be overwhelming. On average, for every $10,000 of credit card debt your payment would be around $300 a month. Something to consider… Get cash out of your house to pay off all your credit card debt. The payment on adding $10,000 to a thirty year…
I wanted to clear up a common misconception about Reverse Mortgages. Please watch this very short video I just made explaining how Reverse Mortgages are more flexible than you might think… http://somup.com/c3f1lJO67W If you or someone you know wants to know if a Reverse Mortgage makes sense for you – please contact our office and…
These loans are designed for self employed people that have trouble proving their income through traditional means. Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income. Variables of Bank Statement loans… 24 Months of bank statements. 12 Months of bank statements. 2…
Here are two quick credit tips for you… 1) 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards). You don’t want to charge these accounts over 50% of the available balance, and it’s even better if you can keep…
Did you realize that when buying a house from an immediate family member – the buyer doesn’t necessarily have to come out of pocket for a down payment? (As long as it’s an owner occupied residence for seller and buyer.) …this is because the guidelines allow the seller to “gift” equity to the buyer. So,…
Did you know there is a 3% down Conventional loan for first time home buyers? Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 620 FICO score. 3) 3% down payment can be a gift. 4) 1-unit attached and detached single family residence, attached and detached PUDs.…
Would you like to buy a nice home in the country or an outlying suburb with no money down? Here’s a program that might work for you… It’s called USDA, and here are some details on this program… -Zero down payment. -No Cash Reserve Requirement. No cash contribution requirement -Unlimited seller concessions -Unrestricted gifts, not…
I wanted to address the two most common questions that I get regarding reverse mortgages… Question: What happens if I die? Will the lender be taking my house? Answer: No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep…
I wanted to let you know that we are seeing one day underwriting approvals on Conventional, VA, and FHA loans. So, if you currently are in need of a purchase loan, or just want to get fully pre approved before you go house shopping (smart idea), then contact our office, and let us take a…