Good Morning! I get questions like this from borrowers all the time… “If I pay an extra $100 a month on my payment how many years would it take off my mortgage?” The answer is it can shave off a lot of years and save you a ton of money! I created the table below…
Good Morning! If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use… It’s called a Debt Service Coverage loan. We take the estimated amount the property would rent for. We take a percentage of that rental number (usually between 70% and 80%), and…
Good Morning! If you need financing to purchase a home in the country I would use either USDA, FHA, or VA. The reason I didn’t mention conventional is that a conventional loan generally will have more restrictions on the comparable sales used in the appraisal. Specifically conventional loans have a conservative limit on how far…
Good Morning! If you want to purchase or refinance a house, but you have a hard time proving traditional income, here are some options for you… 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.…
Good Morning! If you purchased a home using your own cash, and now would like to pull your cash back out – we can do that. This type of loan is called ‘delayed financing’. …and, you can get your cash back out of the house. In fact, we do these type of cash out loans…
Good Morning! When you are buying or selling a house, and there are notes written into the contract regarding repairs – keep this in mind… The buyer’s loan underwriter will see the repair notes in the contract, and he or she will make these repairs a condition of the loan. The underwriter will request that…
Good Morning! The mortgage business is a dynamic business. Things change on a daily basis. One good thing to be aware of is the maximum loan amount for your area, for the major loan programs. For FHA it depends on what county you live in. You can go to this website, plug in your county,…
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…