Good Morning! What do you do if you are in the process of applying for a loan and you have filed an extension on your taxes? (assuming your loan officer is asking for tax returns for underwriting) Your loan officer asks you for your most recent tax return, but you can’t give it to him…
Good Morning! Mortgage rates have been rising. October was bad, and November hasn’t been great so far. So, if you were considering refinancing – I would act now. The Fed Chair Powell is set to give testimony today – so depending on what he says it could impact the market further. We’ll keep an eye…
Good Morning! FHA gift questions come up often. This is where the buyer would get a gift to help in purchasing a home. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relative. 2) Borrower’s employer or labor union. 3) A close…
Good Morning! When it comes to bonus income there are three things to be aware of when you are getting 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 the bonus or overtime…
Good Morning! Hope you had a good weekend! Wanted to give you a few simple ways to improve your credit scores… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy – set your payments up on autopay. 2) The quickest way…
Good Morning! Did you know that we do piggy back loans up to 97% loan to value ratio? A piggy back loan is where we do two loans – one at 80%, and a second up to 17% simultaneously. You would put down 3% in this scenario, and we would finance 97%. The advantage to…
Good Morning! 30 year mortgage, or 15 year mortgage? Here’s something to consider… It takes 19 years and 4 months to pay your principle down by half on a 30 year amortization. Recommended action… If you can handle a slightly higher mortgage payment it’s a smart play to go with a 15 year mortgage! That’s…
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.…