Hello! Wanted to spotlight a Non QM loan product we offer. Non QM = Non Qualified Mortgage. It’s a family of mortgages. Product: Investor Debt Service Coverage, also called DSCR Loans. This documentation option is for non owner occupied investment properties. It requires no income documentation. We use the income from the property (rental income)…
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…
Hello! I have people ask me about no cost refinances. I wanted to take a minute and tell you exactly how a no cost refinance works. There are two pools of funds you have to address when you refinance… 1) Closing costs. 2) Pre paids. (taxes, interest, and insurance) A no cost refinance will cover…
Hello! I hope you had a good weekend! When you sell a personal asset such as a car or boat to raise money for a down payment to buy a house here is what you will need to show the underwriter to use the funds… • The ownership of the asset (proof) • The transfer…
Hello! I get questions like this from borrowers all the time… “If I pay an extra $100 a month on my payment, how many years would it take off my mortgage?” The answer is it can shave off a lot of years and save you a ton of money! I created the table below to…
Hello! Did you know we have a loan program for Foreign Nationals? A Foreign National is someone who is neither a US Citizen, or a permanent resident. Here are some aspects of the Foreign National program… 70% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion) 65% LTV…
Hello! If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do… 1) Isolate the reason you can’t get a mortgage now. (We can do this for you). 2) Make a plan to solve this problem. If credit is the reason you can’t get…
Good Morning! 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:…
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… The underwriter will want to see your first paycheck at the new job at a minimum, and…
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…