Good Morning! You can get a gift to help with the down payment or closing costs on a Conventional loan. There are restrictions on who can give you a gift. Here is the acceptable list of who can give you a gift… Relative, defined as the borrower’s spouse, child or another dependent, or by any…
Good Morning! Hope you had a good weekend! Did you know we can do VA loans with credit scores under 500? We can! Here are some of the basic things we look for with manual underwritten VA loans… 1) NO Foreclosure or BK in last 2 years. 2) No Derogatory credit in the last 2…
Good Morning! I wanted to alert you to a 1% down Conventional loan we have. You’ll need a 700 credit score. Max debt to income ratio of 43%. The product is also available with no Mortgage Insurance. If you are interested in this product please give me a call or shoot me an email. That’s…
Good Morning! When it comes to conventional loans there’s Fannie Mae and Freddie Mac, and basically, that’s it. Here are some differences between the two that few know about… 1) Lower credit score and some credit dings? Try Fannie Mae. Fannie may now go up to 50% back-end dti on a case by case basis…
Good Morning! I touch on this from time to time, but it’s important so I want to revisit it… One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment. This is called sourcing in the…
Good Morning! If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it’s doesn’t help pay down the balance of the loan.…
Good morning! For you Doctors out there… We have a loan just for you. The advantage of the doctor loan is that you can get a bigger loan at a higher loan to value ratio than people who aren’t doctors. A normal conventional loan maxes out at 453k in Texas. A doctor loan can go…
Good morning! If you are considering a USDA loan there are two things you should be aware of… 1) There are geographic restrictions. Not every area is eligible for USDA financing. The best thing to do is enter the address of the home or area you are interested in and see if it’s eligible for…
Good morning! If you have recently been out of work, and now you are working again – here’s what you need to know to buy a house… I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation. There…
Good Morning! When it comes to bonus income there are three things to be aware of when you are getting a mortgage… 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2) The employer has to indicate that the bonus or overtime…