Good Morning! I’ve written about this before, but I think it’s a good idea to touch on it again… 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…
Good Morning! Did you know we have a loan program for Foreign Nationals? A Foreign National is someone who is neither a US Citizen, or a permanent resident. Here are some aspects of the Foreign National program… 70% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion) 65%…
Good Morning! I had this situation come up again recently… Advice: If you enter into a lease option agreement don’t give cash for the option money. The reason is when you try to buy the house down the road you will have to prove you gave the option money to get credit for it. …it’s…
Good Morning! One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment. This is called “sourcing down payment funds”. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your…
Good Morning! The Mortgage Bankers Association showed this week marks the sixth consecutive week that home purchase applications moved higher. This is in spite of rates going up for the second straight week. Part of this is because we are moving into buying season. Any way you look at it – it’s pretty good news!…
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 alot of years and save you a ton of money! I created the table below…
Good Morning! I want to talk to you about the impact of disputed accounts when you try to get a mortgage. When your credit is pulled the lender will see that your account has been “disputed”. The underwriter will ask that the dispute be removed if it is in fact your account. This can be…
Good Morning! Have you had a bankruptcy or foreclosure in your past, and now you want to get a VA loan? Here is how VA treats bankruptcy and foreclosure… Short Sale Deed-In-Lieu of Foreclosure Foreclosure: 2 years from completion date If extenuating circumstances exist – 12 months from completion date with re-established credit Note: If…
Good Morning! Here’s how you can use the rent from a rental property as THE ONLY income you need to purchase a rental property… The program is called Investor Debt Service Coverage. Here’s how it works… Qualifications are based on new proposed mortgage payment of the subject property be a 1:1 ratio when compared to…
Good Morning! I wanted to thank everyone that came out to the first time home buyer’s seminar this weekend. It was a good turn out, and a great crowd. I surprises me every time I do one of these. People don’t realize that it’s just not that hard to buy a house. You don’t have…