If you want or need down payment assistance, TSAHC is a good one, and one that we use alot. There are income limits that you cannot exceed as a household however to get this program. However, you can exceed these income limits if you are buying in a Targeted area. The base Targeted Area Income…
I wanted to spotlight one of our Alternative Doc loans. This would be for someone that is self employed, or gets a 1099 at the end of the year. -We use bank statement deposits to prove income on this program. No tax returns needed. -Up to $4 Million Loan Amounts -12 or 24 Month Bank Statements…
I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac: 4 years…
Sometimes we have people apply for mortgages that have recently changed jobs. Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage… The underwriter will want to see your first paycheck at the new job at a minimum, and often…
Here is a new product we just got in… Purchase owner occupied, or second home. No income necessary. No employment needs to be listed on the application. No debt to income calculation Loan amounts up to 2 million. Credit down to 660. Up to 80% LTV, or 20% down on this product. If you know…
Did you know we have a VOE (Verification of Employment) only program that is considered full doc? This program is for borrowers that work for a company and get a W-2. You don’t need paystubs, or w-2’s, or tax returns. The VOE is the only thing we need to establish income. …we just send a one…
Part of the fun of being in the mortgage business is that we get to help people. Buying or refinancing houses, we help people, and we create relationships with our clients along the way that we cherish. Many of them use us again and again. Here is what just some of our clients have…
New home construction growth has gone from a fourteen year low to a thirteen month high. This goes for single family home construction, as well as multifamily. This is a good sign for our industry. Both construction and lending. Personal note: I’m in Rosarito Mexico this morning. Not here for vacation. It’s a medical thing. But,…
I had this situation come up again recently… Advice: If you enter into a lease option agreement don’t give cash for the option money. The reason is when you try to buy the house down the road you will have to prove you gave the option money to get credit for it. …it’s hard to…
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…