Good Morning! Have you been out of work, and now you are working again? …and, you would like to buy a house? I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation… There are just a few main…
Good Morning! Long term Treasury yields have been trending higher since August. The Fed has recently showed a preference for shorter term paper, which has accelerated the sell off of longer term yields. Mortgage rates have been ignoring this for the most part, but yesterday mortgage rates rose sharply. Will continue to watch this for…
Good Morning! Most of the time I talk about mortgage information in this blog post, but every now and then I’ll tell you something about me, or something else not having to do with mortgages. Today is one of those days. I wanted to let you know I wrote a book. It’s called Density, and…
Good Morning! When Covid hit the Jumbo market basically disappeared for a while. It’s coming back now. Not where it was pre-Covid, but getting there. We are now doing cash out Jumbo loans with rates as low as in the lower 2’s. So, if you need a Jumbo cash out loan – reach out, and…
Good Morning! I want to show you one way to roll repairs into a purchase price. If you are buying a house that needs minor repairs – but the seller refuses to do them – what do you do? This situation comes up from time to time. The simple answer is to use an escrow…
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…