Good Morning! FHA gift questions come up often. This is where the buyer would get a gift to help in purchasing a home. I wanted to give you the rules on FHA gift giving. Acceptable gift donors for FHA loans… 1) Borrower’s relatives. 2) Borrower’s employer or labor union. 3) A close friend…
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…
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…
Good Morning! Did you know you can use a reverse mortgage to buy a house? I’ll give you an example. Let’s say you are 65 years old. You want to buy a $200,000 house. You have $110,000 to put down on the house. However, you don’t really want a mortgage payment. You can put down…
Hello! The other day I had a borrower ask me if they could apply for a 30 year mortgage even though they were 78 years old. I can see why they asked this question. …The odds are they may not be around for another 30 years. Just so you know… It’s against the law for…
Hello! I wanted to quickly go over the waiting period various loan programs have for Foreclosure. FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA – 2 years from completion date with an automated system refer. Fannie Mae – 7 years from completion date, or if you can get an…
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! I’ve Touched On This Before, But I Had This Come Up The Other Day, And Thought I Might Touch On It Again. 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…
Hello! Did you know we have 1099 loans? In other words if you get a 1099 at the end of the year we can just use your 1099’s to prove income. No tax returns or pay stubs needed. Some details on this mortgage: Loan Amounts: $100k minimum to $5 million maximum. Credit Requirements: 640 FICO…
Hello! 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 a…