Good Morning! Hope you had a good weekend! The other day I had a borrower ask me if they could apply for a 30 year mortgage even though they were 82 years old. I can see why they asked this question. …The odds are they may not be around for another 30 years. Just so…
Good Morning! Until now you couldn’t buy a Condo with an FHA loan unless the entire project was “warrantable” and approved by FHA.Now you can get “single unit” approvals. Here’s ho w it works…Effective for case number assignments on or after October 15th, 2019, FHA borrowers may obtain Single Unit Approval (SUA) on non-FHA approved…
Good Morning! If you or someone you know is at least 62 years old you can purchase a house using a Reverse Mortgage. …and never have a mortgage payment the rest of your life! Here are some key things to know about purchasing a home with a Reverse Mortgage… * No monthly mortgage payments.…
Good Morning! Have you been told that your credit is good enough to get a loan, but your debt to income ratio is too high? In other words, you either need more income or fewer bills. Here is one possible solution to that… A non-occupying co-borrower. …This would be someone that goes on the…
Good Morning! Your property taxes will be due soon. The bill usually comes out in November. 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…
Good Morning! I have written about this before, but it’s important so I wanted to touch on it again… I want to talk to you about the impact of disputed accounts on Conventional loans. There’s two ways you get a disputed account. …either you dispute the account yourself with the credit bureaus. …or, you higher…
Good Morning! What It Takes To Qualify For VA: You should be a veteran. You will need a Certificate of Eligibility from the VA. We can assist you in getting this. Credit: The VA has no minimum credit score listed in their guidelines. However, the banks and lenders that write the VA loans have their…
Good Morning! I’ve covered this before, but I think it’s worth repeating… Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is…
Good Morning! I’ve written about this before, but it’s been a while and thought I would touch on it again. Here are the waiting periods required for FHA and Conv. loans on Bankruptcy, Foreclosure, and Short Sale… Waiting periods for FHA: Bankruptcies: 2 years. …Note, if there was a mortgage included in the BK, you…
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…