FHA gift questions come up often. 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 with a clearly defined and documented interest in the borrower. 4) A charitable organization. 5) A…
Hello! We are a full service mortgage lender. This means we provide a broad spectrum of loan options to help you get what you want. We have the lowest rates on Conventional, Jumbo, and Government loan products, but we also have other products to help you if you don’t “fit” into the box of a…
Hello! I have many 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…
Hello! Thanksgiving is next week. Thought I would get a head start on the Thanksgiving talk… Here’s five things you may not have known about thanksgiving: 1) Historians have no record of turkey being eaten at the first Thanksgiving. 2) Benjamin Franklin wanted the turkey as the national bird. 3) Snoopy has made…
Hello! I’ve written about this before, but we have more and more people passing the age 62 threshold, so I wanted to show you how to buy a house with a reverse mortgage. I had a borrower that was recently retired, and now living on a fixed income. They owned their home free and clear,…
Hello! 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…
Hello! Did you know even if you have “challenged” credit you can still get a low down payment loan to buy a house with FHA? We can do down payments as low as 3.5% down to a 580 credit score! And, we have several down payment assistance programs to help you too. So, if you…
Hello! If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use… It’s called a Debt Service Coverage loan. We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income…
Hello! When you buy a house there are three sets of funds you have to consider… 1) Your down payment. 2) Your closing costs. 3) Your prepaid taxes and insurance. When it comes to closing costs and prepaid taxes and insurance there are five ways to pay these costs… 1) You. …You are the borrower…
You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan. For Conventional loans there is really no way around this. You will have to remove them. However, for FHA loans you don’t necessarily have to remove them. This is true…