Good Morning! This may sound funny coming from a mortgage guy, but sometimes it’s not necessary to refinance your mortgage to reduce the number of years left on your mortgage. I have to tell people sometimes that it just doesn’t make sense to refinance. The drop in rate isn’t significant enough to warrant the costs…
Good Morning! Did you know we have a One Time Close program with our VA loans? …We do! One Time Close (OTC) is a program that allows you to buy land and build a house all in one transaction. …Only one close for everything in other words. …So, if you are a veteran and want…
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! Here’s an easy way to put down only 3%, pay no upfront Mortgage Insurance, and get a very competitive rate… …It’s Fannie Mae’s 97% purchase product! Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 620 FICO score. 3) 3% down payment. 4) 1-unit attached…
Good Morning! I hope you had a great Labor Day! 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? You can! I’ve listed the maximum seller contribution amounts per loan program below… Program: Conventional (fannie/freddie), owner occupied… 1) 25%…
Good Morning! I had a question about Short Sales recently. FHA is most friendly to Short Sales. There are basically two kinds of Short Sales… 1) If more is owed on the home than the home is worth, and it’s impossible to sell the property without the seller bringing money to the table then the…
Good Morning! I have people ask me about no-cost refinances. I wanted to take a minute and tell you exactly how a no-cost refinance works. There are two pools of funds you have to address when you refinance… 1) Closing costs. 2) Pre paids. (taxes, interest, and insurance) A no-cost refinance will cover your closing…
Good Morning! The next time you purchase a home you might want to consider a Freddie Mac program called Home Possible. Home Possible is available up to 95% and 97% loan to value loans. You can have a credit score down to 620 and get this program. The main benefit to Home Possible is you…
Good Morning! When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified…
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.…