Good Morning! This is the time of year property tax bills are being paid. 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 money,…
Good Morning! Occasionally I like to spotlight a program that may help you or someone you know. We have ITIN loans as low as 15% down. An ITIN number is a number issued to an individual by the IRS, who for whatever reason can’t get a social security number. Income documentation needed on these loans…
Good Morning! USDA is a 100% government insured loan. Low rates, and no down payment. However, there are geographic limitations on this program. To see if the area you are interested in is eligible for a USDA loan – please go to this map and check it out. Let us know if you have other…
Good Morning! Can you believe Christmas is already here? I hope you get to spend time with those you love, and get to put a lot of memories into your memory bank. Reminder – property tax bills are due at the end of January. If you have a non escrowed loan and don’t have the…
Good Morning! If you get bonus income please be aware of how the mortgage company will treat that income when you try to get a mortgage. 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2) The employer has to indicate that…
Good Morning! Did you realize that 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 keep it under 30%…
Good Morning! Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? Below are the max seller help contribution limits per program… Program: Conventional (Fannie/Freddie), owner-occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than…
Good Morning! I try to do a post about this at least once a year because it’s important… My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have in the bank. I do loans for…
Good Morning! I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the marketplace. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you…
Good Morning! There are five different possibilities as far as who can pay your closing costs on a purchase loan. I’ll go through each one here… 1) You. …You are the borrower and you can pay these expenses yourself. 2) The seller. It’s a seller’s market right now, so some sellers are reluctant to pay…