Hello! If you are considering a USDA loan there are two things you should be aware of… 1) There are geographic restrictions. Not every area is eligible for USDA financing. The best thing to do is enter the address of the home or area you are interested in and see if it’s eligible for USDA…
Hello! We 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… 1) If you are getting transferred from one location to another, but with the same company you…
Hello! I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac: 4…
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! What do you do if you are in the process of applying for a loan and you have filed an extension on your taxes? Your loan officer asks you for last year’s tax return, but you can’t give it to him or her because you filed an extension. Easy! …You give your loan officer…
Hello! Did you realize that 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards)? You don’t want to charge these accounts over 50% of the available balance, and its even better if you can keep it under 30% of…
Hello! Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit. It sounds simple, and you would think most people would know this without being told. I have a loan right now where a borrower got himself into…
Hello! I want to go over the VA guidelines for Foreclosure, and Bankruptcy. VA Short Sale Deed-In-Lieu of Foreclosure Foreclosure: 2 years from completion date If extenuating circumstances exist – 12 months from completion date with re-established credit Note: If the occurrence was on a VA loan, the veteran may not have full entitlement available…
Hello! 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 (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 and that’s all…
Hello! You may not be aware of this but we do allow repair escrows on FHA 203b loans. (203b is the most common FHA loan) Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on the home purchased after the closing has occurred. I wanted to let you…