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…
Good Morning! I have people ask me about no-cost refinances. I wanted to take a minute and tell you exactly how a no-cost refinance works. There are two pools of funds you have to address when you refinance… 1) Closing costs. 2) Pre paids. (taxes, interest, and insurance) A no-cost refinance will cover your closing…
Good Morning! You may not be aware of this be we do allow repair escrows on FHA 203b loans. (203b is the most common FHA loan) Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on the home purchased after the closing has occurred. I wanted to let…
Good Morning! The Alternative Doc mortgage market continues to grow. These are loans for people that can’t prove their income via the normal Tax Returns or pay stubs. Here is a brief summary of how some of these loans work… Option 1: Bank statement loans. Very simply we take the aggregate deposits of your bank…