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…
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 in the mortgage industry. You can have this money in your checking account or savings account now. You can borrow it…
Hello! Want to buy a nice home in the country or an outlying suburb with no money down? Here’s a program that might work for you… It’s called USDA, and here are some details on this program… -Up to 100% of the Appraised Value – Total LTV of 102% – -Difference of sales price and…
Good Morning! I’ve written about this before, but it’s important, so I wanted to touch on it again. Before you go house hunting make sure you have enough money available to get your loan approved and your house closed. …I know it sounds simple, but many people don’t realize the number of funds they will…
Hello! I wanted to address the two most common questions that I get regarding reverse mortgages… Question: What happens if I die? Will the lender be taking my house? Answer: No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can…
Hello! A good credit strategy is important. Knowing simple things to implement to improve your credit scores is half the battle. Here are a few easy ways to improve your credit scores… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy…
Hello! If you enter into a lease with option to Buy you must give option money to secure the agreement. If you end up buying the home you have a lease option on, you will want to get credit for the money you gave as option money towards your down payment. However, you are going…