Good Morning! If you are needing a mortgage or in the mortgage process, and you have any disputed credit accounts – this could be problematic for you. I just made a short video on how to get a loan without removing disputes on your credit accounts. So, if this applies to you or someone you…
Good Morning! We do loans for Foreign Nationals? A Foreign National is someone who is neither a US Citizen, or a permanent resident. Here are some aspects of the Foreign National program… 80% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion) If no US credit, minimum credit…
Good Morning! If you need an Alternative Documentation loan look no further. We have the most robust Alt Doc product offering in the mortgage industry. Alternative Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs. Option…
Good Morning! Here is the waiting period for Chapter 7 bankruptcy for each major mortgage loan program… 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:…
Good Morning! 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 down payment funds”. For instance, the down payment on an FHA loan is 3.5%. You can have this money in…
Good Morning! 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.…
Good Morning! HUD came out with three important changes to FHA loans. Specifically regarding how they underwrite student loan payments used to calculate a debt to income ratio. These changes take effect August 16, of 2021. 1) Previous rule: If you have a student loan we have to use at least 1% of the balance…
Good morning! Sometimes we have people apply for mortgages that have recently changed jobs. Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage… The underwriter will want to see your first paycheck at the new job at a minimum,…
Good Morning! Mortgage rates are on the rise today. This is due to the Fed’s announcement yesterday that they may be increasing their lending rate in 2023. Even though the Fed lending rate has no direct impact on mortgage rates, an announcement like that still affects the mortgage rate market. The Fed didn’t say when…
Good Morning! I have people ask me about no cost refinances. I wanted to take a minute and tell you exactly how a no cost refinance works. There are two pools of funds you have to address when you refinance… 1) Closing costs. 2) Pre paids. (taxes, interest, and insurance) A no cost refinance will…