You don’t have to make very much money at all to get a Reverse Purchase Mortgage. I’ll quickly show you how the underwriter will calculate the income. It’s not based on debt to income ratio. It’s based on residual income. Here’s the formula… Borrower’s current income – $$$$. – Housing Expenses (taxes, insurance, HOA, etc.)…
I’ve covered this before, but I think it’s worth repeating… Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is a simple…
The Bond market dipped down last week to almost the lowest levels they reached in all of 2017. …which is great. Good time to lock. There are financial reports due out this week that could move the market, so if you have been floating your rate tell your loan officer to lock. The biggest thing…
Here are three things you need to be aware of for us to use your bonus income to get 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 income…
I do loans for people with great credit, as well as not so great credit. …but, I closed a loan this week that I wanted to point out to you, because not too many mortgage companies can do it. …and, I wanted you to know that I can do them! I closed a loan for…
Mortgage rates moved higher for the 4th straight day today, following Fed Chair Janet Yellen’s congressional testimony. If you are currently in the mortgage process it’s a good idea to go ahead and lock your loan if you haven’t already done so. If you still haven’t refinanced and you wanna – I suggest you act…
Here’s what you can expect if you are changing jobs while your getting a mortgage… The underwriter will want to see your first pay check at the new job at a minimum, and often they will want to see your first 30 days of paychecks. The underwriter isn’t trying to make your life difficult by…
This is a good time of the year to refinance because your taxes are getting paid about now. …We don’t have to pre-fund your escrow account with a lot of taxes. I wanted to take a minute and tell you exactly how a no cost refinance works. There are two pools of funds you have…
The new administration is talking about getting rid of the Dodd Frank act. All in all I think this would be a good thing. …at least from a mortgage perspective. Almost all of the actions resulting from Frank Dodd that were intended to help the consumer ended up hurting the consumer. …for instance, an appraisal…
Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home? …You ask them! (In a tight market some seller’s are reluctant to offer alot of help, but you can always ask.) You make it part of your offer to purchase.…