Good morning! I have many people apply for mortgages that have recently changed jobs. Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage… The underwriter will want to see your first paycheck at the new job at a minimum,…
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 recommend you consider using USDA, FHA, or VA. The reason I didn’t mention conventional is that a conventional loan generally will have more…
Good Morning! Here’s a USDA tip for you… First, you should know that USDA has family income caps. …In other words if you make too much money you won’t qualify for a USDA loan. Here is the link to check the income for your area… https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state Important: USDA goes by total household income! In other words,…
Good Morning! Do you or someone you know own property in an LLC? Did you know FNMA is allowing property owned in an LLC to count towards the 6 months ownership seasoning and can be refinanced? In order to close the refinance transaction, ownership must be transferred out of the LLC and into the name…
Good Morning! This tip isn’t about mortgages. It’s about being more productive. Many of you use Gmail. I use Gmail. I like many things about it, but I won’t go into all the details here. One of the cool things about Gmail is that you can add things to it to make yourself more productive.…
Good Morning! I hope you and your family have a great 4th of July tomorrow! Few fun facts about 4th of July… – Only John Hancock actually signed the Declaration of Independence on July 4, 1776. All the others signed later. – The average age of the Signers of the Declaration of Independence was 45. The youngest was…
Good Morning! 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: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac:…
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…