Hello! Here are two quick credit tips for you… 1) 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…
Hello! We want to be able to use your bonus income to help you get a mortgage. However, here are three big guidelines to be aware of for us to be able to count your bonus income: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this…
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…
Good Morning! There are five different possibilities as far as who can pay your closing costs on a purchase loan. I’ll go through each one here… 1) You. …You are the borrower and you can pay these expenses yourself. 2) The seller. It’s a seller’s market right now, so you most likely won’t get the…
Hello! Wanted to make sure you were aware we have Down Payment Assistance grants for FHA loans. The minimum down payment on an FHA loan is 3.5%. The grant covers the 3.5% down payment. Here’s some things you should know about qualifying for it… Credit: You need at least a 620 credit score. Maximum…
Good Morning! I’ve covered this before, but I think it’s worth repeating… Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is…
Hello! Did you know there is a 3% down Conventional loan for first time home buyers? Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 620 FICO score. 3) 3% down payment can be a gift. 4) 1-unit attached and detached single family residence, attached and detached…
Hello! Here’s one way to get a mortgage if you are self employed, and don’t show alot of income on your tax returns? Bank statement loans. Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income. Variables of Bank Statement loans… 24 Months…
Hello! If you can afford it I highly recommend paying extra on your mortgage to pay it off faster. I created the table below to illustrate the savings. This is based on a 30 year $100,000 mortgage at 4% interest. Extra Payment Monthly Years Saved Off Mortgage 0 0 50 5 Years 100 8.5 Years…
Hello! 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: Alternate Documentation loans are loans that allow you to use alternative documentation to…