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…
Good Morning! Did you know you can use a reverse mortgage to buy a house? I’ll give you an example. Let’s say you are 65 years old. You want to buy a $200,000 house. You have $110,000 to put down on the house. However, you don’t really want a mortgage payment. You can put down…
Good morning! We had something happen this week, and I wanted to share it with you as a cautionary tale. I had a borrower that was about to close on their purchase loan. The title company contacted her about where to send the money. …except it wasn’t the real title company. It was a fraudulent…
Good Morning! In the State of Texas we can’t get cash out of owner-occupied homes above 80% of its appraised value. In other words, if your home was worth $100,000 – the most cash you could get out on a loan would be $80,000. This 80% rule is a Texas law for homeowners in Texas.…
Good Morning! I’ve written about this before, but I think it’s worth touching on again. If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do… 1) Isolate the reason you can’t get a mortgage now. (We can do this for you). 2) Make…
Good Morning! Have you been told that your credit is good enough to get a loan, but your debt to income ratio is too high? In other words, you either need more income or fewer bills. Here is one possible solution to that… A non-occupying co-borrower. …This would be someone that goes on the loan…
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 pay check at the new job at a…