Here’s what to do if you have been out of work and want to get an FHA mortgage. I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation… There are just a few main guidelines that FHA likes…
I wanted to let you know that beginning on 2/1/23, TSAHC will offer a 4% Down Payment Assistance program at 5.75% interest rate. This DPA product has limited availability and is offered first come first served. · 5.75% interest rate on the first lien mortgage · DPA structured as a 4%…
Wanted to let you know that we have the TSAHC MCC (mortgage credit certificate). Example: A $250k loan with MCC at 6% is $2,983 in year. Plus it give the borrowers an effective rate of 4.8% Here’s a great calculator to use when determining how much of a tax savings you will get with our…
If you are thinking about buying a house, but you aren’t really sure if it’s the right move for you – I have something you might be interested in. MGIC came out with this Buy Vs Wait Calculator. It helps give you information on whether you should go ahead and buy now or wait. This…
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…