I wanted to let you know that next month starts an extra loan level price hit on Conventional loans if the debt to income ratio is over 40%, which many loans are. This is coming from the Fannie Mae / Freddie Mac level. As a consequence, I would say we are going to be seeing…
If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage. Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services. To prove this…
Did you know we have 1099 loans? In other words if you get a 1099 at the end of the year we can just use your 1099’s to prove income. No tax returns or pay stubs needed. Some details on this mortgage: Loan Amounts: $100k Minimum To $5 Million Maximum. Credit Requirements: 600 FICO Minimum. …
Hope you had a great weekend! Did you know we can do ITIN loans up to 90% loan to value ratio? An ITIN number is issued by the IRS to non-resident aliens who are not eligible to receive a social security number. If you or someone you know are interested in how to qualify for…
The Alternative Doc mortgage market continues to grow. These are loans for people that can’t prove their income via the normal Tax Returns or pay stubs. Here is a brief summary of how some of these loans work… Option 1: Bank statement loans. Very simply we take the aggregate deposits of your bank statements (can…
I’m seeing more and more sellers are starting to give concessions again on purchase transactions. Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than 25% down and up to 10% down payment…
Let’s make 2023 an awesome year! I wanted to spotlight this Jumbo loan product. It’s a bit unusual because of the maximum loan amount, loan to value ratio, and credit score requirements. Important things for you to know… – Up to four million dollars – Full doc up to 90%! (Just 10% down) (W-2…
Mortgage rates have inched down over the last quarter of 2022. Hopefully this trend will continue in 2023. The average 30 year fixed rate is 6.54% now. Earlier this year it was almost a point higher than that. 2022 was a bit of a challenging year for me in several ways. I’ve found that if…
I wanted to give you a quick breakdown of how your credit score is calculated by the credit bureaus… 35% – Payment history The credit bureaus look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item; whether there are…
Hello! Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan? Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift… -Relative -Defined As The Borrower’s Spouse -Child Or Other Dependent -Or By Any Other…