Good Morning! I want to show you how to roll repairs into a purchase price. I touch on this subject from time to time. If you are buying a house that needs minor repairs – but the seller refuses to do them – what do you do? This situation happens a lot, especially on bank…
Good Morning! Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home? …You ask them! (In a tight market some seller’s are reluctant to offer alot of help, but you can always ask.) You make it part of your offer…
Good Morning! I wanted to follow up on my blog post from last week… http://www.berkshirelending.com/2018/12/26/how-gov-shut-down-will-affect-mortgage-business/ It was about the government shut down affecting the mortgage business. Many wholesale investors are now suspending the requirement for pulling tax validation transcripts. I figured this would happen. …otherwise, all purchase transactions would be shut down until the government…
Good Morning!Hope you had a great New Years!Want to buy a nice home in the country or outlying suburb with no money down?Here’s a program that might work for you…It’s called USDA, and here are some details on this program…-Up to 100% of the Appraised Value – Total LTV of 102% –-Difference of sales price…
Good Morning! I hope you guys had a great Christmas! Quick note on how the government shut down may affect you if you are currently in the mortgage process… One of the last conditions completed on most loans is a validation through the IRS’s system to verify the income documents (tax returns / w-2’s) given…
Good Morning! Here are three things you need to be aware of for us to use your bonus income to get 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…
Good Morning! I wanted to let you know the maximum Conventional loan alimit for Texas increased from $453,100 to $484,350. This happened November 28th. This is good because Conventional loans have lower interest rates and down payment requirements than Jumbo loans, which is the next step up. Thanks for reading! …and, have a great day!…
Good Morning! FHA gift questions come up often. 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 friend with a clearly defined and documented interest in the borrower. 4) A charitable organization.…
Good Morning! Did you know that we do piggy back loans up to 97% loan to value ratio? We do! 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…
Good Morning! I hope you had a great weekend! Considering this is Thanksgiving week, I thought we would have some fun with Thanksgiving trivia… 1) Did you know the first Thanksgiving lasted 3 days? It was celebrated much earlier than our current celebration, possibly in late September. There were about 50 European settlers and around…