Good Morning! Have you ever wondered how long you have to wait to get a loan after a bankruptcy? I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA:…
Good Morning! I wanted to give you a brief summary of some of the Alternate Documentation loans we have… Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs. Option 1: Bank statement loans. Very simply…
Good Morning! Every now and then I like to spotlight unusual loan products we have. This particular product is a loan for investment properties. 1 to 4 family properties. It’s called a Debt Service Coverage loan. It allows you to use the rental income to qualify your purchase. …in other words you don’t need…
Good Morning! Have you been out of work, and now you are working again? …and, you would like to buy a house? I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation… There are just a few main…
Good Morning! When you buy a house there are three sets of funds you generally have to bring to the table… 1) Your down payment. 2) Your closing costs. 3) Your prepaid taxes and insurance. As far as numbers 2 and 3 (closing costs and preaids) there are five ways that you can arrange…
Good Morning! I don’t see Contract for Deed’s as much as I used to, but here’s how to refinance out of one if you are in one… The Contract For Deed doesn’t need to be recorded. …but it’s best if you record it at the court house when you first enter into the agreement. We…
Good morning! If you have recently been out of work, and now you are working again – here’s what you need to know to buy a house… I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation. There…
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;…