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…
We have Non QM Jumbo loans up to 90% LTV. Loan amounts on this product go up to four million dollars. Need at least a 660 credit score. Acceptable means of proving income: Tax Returns W-2’s Bank Statement Deposits 1099 only P&L So, if you need a high loan to value Jumbo loan this might…
I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the marketplace. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify…
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If you…