Good Morning! If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it’s doesn’t help pay down the balance of the loan.…
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 we have Debt Service Coverage programs for non owner occupied investment property? In other words we rely solely on the income from the property to qualify for the debt ratio to purchase a property. It’s a pretty simple program. We take the income the property produces. Subtract the expenses from…
Good Morning! Here’s three little credit tips for you… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy – set your payments up on autopay. 2) The quickest way to increase your credit scores are to decrease your credit utilization ratio.…
Good Morning! If you need an Alternative Documentation loan look no further. We have the most robust Alt Doc product offering in the mortgage industry. 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…
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% LTV Cash out transactionsIf…
Good Morning! Did you know we provide NO Ratio loans for investment loans? On this loan we verify the assets to close, but NO INCOME VERIFICATION. Loan to value ratios up to 80%. Easy, and pretty cool! Follow up with me if you are interested in this. That’s it for today! Thanks for reading! Get…
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…