Good Morning! When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified…
Good Morning! I got asked this week… “Am I too old to get a mortgage?” The answer is even if you are 90 years old, and you are applying for a 30 year mortgage you are treated the same as a 30 year old. It’s against the law for mortgage companies to discriminate against a…
Good Morning! I wanted to give you a quick break down of how your credit score is calculated by the credit bureaus… 35% – Payment history The credit bureaus look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item;…
Good Morning! You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan. For Conventional loans there is really no way around this. You will have to remove them. However, for FHA loans you don’t necessarily have to remove them. This…
Good Morning! This is an example of how one of my borrower’s purchased a home using a Reverse Mortgage… The borrowers were recently retired, and now living on a fixed income. They owned their home free and clear, and lived in a small town not too far from Dallas. Their home was worth around $150,000.…
Good Morning! Did you know we have the ability to run a soft pull credit report on you? This is a report that doesn’t show an inquiry on your credit report, and won’t impact the score at all. …yet, it allows us to see your mortgage credit scores. So, if you are interested in seeing…
Good Morning! I hope you are having a good week so far! Every now and then I like to spotlight unusual products we carry. Today, I want to tell you how Asset Depletion loans work. If you have no income to speak of, or at least you can’t prove your income via traditional means, or…
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…