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…
Hello! Did you know we do Reverse Mortgages? 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…
Hello! For foreigners that aren’t eligible for a social security number, but want to work in the US the IRS issues ITIN numbers. We can do loans for borrowers with ITIN numbers. Here are some bullet points on this program… 1) Borrowers can be W2 or Self-Employed. 2) Loan amounts up to $1.5MM …
Hello! If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If…
Hello! With the appreciation we have seen in Texas if you have credit card debt it’s a good time to consider a consolidation loan. For instance, if you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.…
Good Morning! Have you ever wondered how long you have to wait to get a loan after a bankruptcy? 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:…
Good Morning! If you have a 1099 job (they don’t take taxes out of your check), and for some reason you can’t submit tax returns to get a mortgage – there is hope. We have a 1099 program. You just submit your last two years of 1099s, and we can do a loan from this…