Good Morning! I wanted to give you a brief updated summary of various loan products and the minimum down payment for each… Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it. USDA: No down payment necessary. Low monthly MI. Mainly for…
Good Morning! Here’s a USDA tip for you… One of the things to keep in mind is that USDA has family income caps. In other words if you make too much money you won’t qualify for a USDA loan. Here is the link to check the income for your area… Important: USDA goes by total…
Good Morning! If you are considering getting a part time job to give you extra income for mortgage qualification purposes – consider this… Underwriters will want to see that you have a two year stream of this part time income before they will give you credit for it. …So, in other words if a loan…
Good Morning! 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…
Good Morning! I wanted to illustrate how paying extra on your mortgage each month can shave years off your mortgage. This chart 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 150 11.08 Years 200 13.08…
Good Morning! I made a short video showing you the basics of how a bank statement loans works. It’s short, I promise… https://screencast-o-matic.com/watch/crhfF3VeLMl If you feel the bank statement loan might be a good option for you or someone you know – please contact our office. That’s it for today! Thanks for reading! Brett …
Good Morning! I wanted to do a short little video for you on how you can use an Asset Depletion loan to get the property you want. It’s a great way to get a loan even if you don’t have a job or income. Please watch. It’s short – I promise…VIDEO LINK. That’s it for…
Good Morning! I wanted to spotlight a program you or someone you know may be interested in. It’s a 3% down first time home buyer program up to a $548,250 loan amount. Here are some of the important features of this product… 1) Owner-occupied primary residence only (can’t have owned a home in 3 years).…
Good Morning! If you are buying a house and wanted to know how much the sellers can help you with closing costs, below is a list of maximum seller contributions by loan program… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than 25% down and…
Good Morning! Hope you guys are having a great week! Note: If you need to close quickly on a purchase – we are getting 10 day loan submissions to clear to close. Not on every file of course, but if your credit is good, and you can easily prove your income – we can get…