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! I have borrowers ask me if paying extra on their mortgage payment each month will save them money over the life of the loan. The answer is… Of course! It can save quite a bit actually. I created the table below to illustrate the savings. This is based on a 30 year $100,000…
Good Morning! On Conventional loans, the maximum amount that an interested party (such as the seller) can contribute to the buyers closing costs and prepaids can vary depending on the loan to value ratio of the loan. Here is the breakdown on how much the seller can contribute… • 2% of the lesser of the…
Good Morning! Home Possible is a Conventional loan program offered by Freddie Mac. It has income limits, but many Texas counties have no income limits for Home Possible. Some of the benefits of Home Possible are lower rates and lower mortgage insurance. Loan to value ratios up to 97%. Credit scores down to 620. It’s…
Good Morning! I run into a lot of self-employed people that “maximize their deductions” on their tax returns. They make money, but they don’t show a lot of income on their tax returns due to their deductions. They may have great credit, but they can’t get a mortgage because they don’t show enough income. We…
Good Morning! Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan? Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift… Relative, defined as the borrower’s spouse, child or other dependent, or by any…
Good Morning! If you rent from an individual (no apartment complex or management company) – you must PROVE you paid the rent. That means we will need canceled rent checks. …If you pay your rent with cash – DON’T! Start writing checks for rent! If you pay with money orders then put your paycheck in…
Good Morning! I hope you’re having a good week so far! I want to go over the VA guidelines for Foreclosure, and Bankruptcy. Here ya go… VA 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 the occurrence…
Good Morning! A couple of weeks ago mortgage rates surged to 7-year highs. The Bond market rebounded has rebounded a bit – thank goodness. I think it would have rebounded anyway, but the Italian political drama aided in the Bond bounce back. Rates are still relatively low, but time will tell if the recent lows…
Good Morning! Did you know Fannie Mae has a program that will allow you to purchase or refinance a property, and renovate it at the same time? …all with one loan? They do! It’s called the Fannie Mae HomeStyle Renovation program. How it works… At closing, all funds for renovation will be escrowed in an…