Good Morning! If you are self-employed, and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns – here’s an option for you… I wanted to spotlight one of our Alt Doc programs: Alternative Documentation loans are loans that allow you to use alternative documentation…
Good Morning! I wanted to give you a brief updated summary of various loan products and the minimum down payment for each… Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it. USDA: No down payment necessary. Low monthly MI. Mainly for…
Hello! I touch on this from time to time, but it’s important so I want to revisit it… 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.…
Good Morning! There are a few reasons people refinance their homes… – Get Cash Out. – Lower Rate, Or Lower The Number Of Years Remaining On Their Mortgage. – Debt Consolidation. I want to talk about this last one for a moment. Current market rates are higher than they have been in a while, but…
Hello! I wanted to let you know that as of last week we have increased the Conforming loan limit to 715k. This is good for both buyers and sellers. It means more people will be able to qualify for loans in this price range, and hopefully more houses will be sold. Jumbo rates are higher…
Hello! If you have credit card debt it’s a good time to consider a consolidation loan. If you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires. That same $20,000 as part of a mortgage payment would…
Hello! 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…
Hello! 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 down payment funds”. For instance, the down payment on an FHA loan is 3.5%. You can have this money in your…
Good Morning! Did you know we have a VOE (Verification of Employment) program that is considered full doc? This program is for borrowers that work for a company (receive a W-2) You don’t need pay stubs, or w-2’s, or tax returns. …we just send a one page form to your employer. They fill it out…
Hello! FHA gift questions come up often. This is where the buyer would get a gift to help in purchasing a home. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relatives. 2) Borrower’s employer or labor union. 3) A close friend…