Hello! This is the time of year counties are sending their property tax bills out. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the…
Hello! If you are self employed and can’t use your tax returns to prove income there are loan options for you. You can use your bank statement deposits to prove income. We have 10% down bank statement loans for purchase and refinance with good credit. Let us know if you are in this situation. We’ll…
Hello! Rates are currently higher than they were, but they are still low. We are still seeing rates as low as the mid to high 2’s on a 30 yr fixed. So, if you have been considering refinancing, or you found a property you want to purchase – please contact our office. We will be…
Hello! I touch on this from time to time, but it’s important so I want to revisit it… 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.…
Hello! When it comes to your mortgage payment your credit score can affect your interest rate, and your homeowners insurance rate.There is another part of your payment that is also affected by your credit score… Your mortgage insurance payment on Conventional loans. Let me give you some examples of how your mortgage insurance rates can…
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 it’s even better if you can…
Hello! While rates are still relatively low I wanted to show you how smart it can be to reduce the term on your loan. For instance, going from a 30 year loan to a 10 year loan will save you a BUNCH of money. …money you could have accumulated in a retirement account, or sending…
Hello! FHA gift questions come up often. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relative. 2) Borrower’s employer or labor union. 3) A close friend with a clearly defined and documented interest in the borrower. 4) A charitable organization. 5)…
Hello! If you get 1099’s instead of W-2’s at the end of the year from your employer – that means you are self-employed. At least that’s how we perceive it in the mortgage world. The traditional means of income documentation for self employed people is two years of tax returns. Some people that are self…
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…