Good Morning! I am getting more and more calls from clients asking about bank statement loans. Bank statement loans are making a come back. They are designed for people that have income deposits flowing through their checking account, but for whatever reason they don’t show much income on their tax returns. …typically they are self-employed.…
Good Morning! Did you know there are loans especially for Doctors? One of the unique aspects of a Doctors loan is that as long as we get an “accept” when we run it through the automated underwriting system we don’t have to include student loan debt in their debt to income calculation. A lot of…
Good Morning! We have some aggressive Jumbo Cash Out Products. Here are some details on our Jumbo cash out loans… * Primary Residence only * 70% up to $1,000,000 * 65% up to $1,500,000 * 60% up to $2,000,000 * 50% up to $2,500,000 * Min Fico 720 * Max DTI 43% * Reserves as…
Good Morning! Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? It’s true! I’ve listed the maximum seller contribution amounts per loan program below… Program: Conventional (Fannie/Freddie), owner-occupied… 1) 25% or more down payment = 9% allowed seller contribution.…
Good Morning! Are disputed accounts on your credit report preventing you from getting a mortgage? Automated underwriting engines will ask that the disputes be removed before a final approval will be given on your loan. Getting disputes removed can be costly and very time-consuming. …and, often this process alone can kill your purchase transaction. One…
Good Morning! I’ve written about this before, but it’s important, so I wanted to touch on it again. Before you go house hunting make sure you have enough money available to get your loan approved and your house closed. …I know it sounds simple, but many people don’t realize the number of funds they will…
Good Morning! You may not be aware of this be we do allow repair escrows on FHA 203b loans. (203b is the most common FHA loan) Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on the home purchased after the closing has occurred. I wanted to let you know…
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,…