I run into alot of self employed people that “maximize their deductions” on their tax returns. They make money, but they don’t show alot of income on their tax returns due to their deductions. They may have great credit, but they can’t get a mortgage because they don’t show enough income. We have bank statement…
Remember, two pretty big changes recently happened with Fannie Mae… Before July 29th it was very difficult to get an approval with a debt to income ratio over 45%. Now, Fannie will allow up to 50% debt to income ratio. The guidelines will ask for only one year of tax returns for self employed borrowers,…
Starting July 29th there are some changes coming down for Fannie Mae. All of these listed below are GOOD news! …More people will become eligible for loans. * DU will allow up to 50% DTI without requiring any compensating factors * If you get an approved/Eligible with disputed trade lines more often than not the…
I hope you had a good weekend! When you sell a personal asset such as a car or boat to raise money for a down payment to buy a house here is what you will need to show the underwriter to use the funds… • The ownership of the asset (proof) • The transfer of…
Problem: You are in the process of buying a house that needs minor repairs – but the seller refuses to do them – what do you do? You would be amazed how many people (including realtors) that don’t know this is a way to solve this common problem when you buy a house. This situation…
If you have never been to Cozumel, I would highly recommend it. I spent the weekend in Cozumel with my fiance. Here’s a pic… Mortgage Tip: If you need financing to purchase a home in the country I would use either USDA, FHA, or VA. The reason I didn’t mention conventional is that a conventional…
I hope you had a good weekend!I hope you had a good weekend! I wanted to give you a few credit tips and strategies this morning… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy – set your payments up on…
The Fed is supposed to make an announcement today at 2pm. They are expected to announce a rate hike. So, if you haven’t locked your loans you might want to have your loan officer go ahead and lock your loan. That’s it for today! I hope you have a great day! Thanks for reading! Brett…
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 mortgage industry. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing…
Have you been out of work, and now you are working again? …and, you would like 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 are just a few main guidelines that…