Since we are fast approaching tax season I wanted to make you aware of a deduction that can be problematic if you are trying to get a mortgage. If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches… The deductions you take…
Are disputed accounts on your credit report preventing you from getting a mortgage? Automated underwriting engines will ask that the disputes be removed before a final approval will be given on your loan. Getting disputes removed can be costly and very time consuming. …and, often this process alone can kill your purchase transaction. One way…
I wanted to highlight an underused program in the mortgage market. …It’s Freddie Mac’s Home Possible. Here are some highlights of this great program… – 97% financing! – Only .25% mortgage insurance rate! …compare to .85% for FHA and over 1% for 95% Conventional. – No reserves required. – Allows 3% seller contribution. – There…
Suggestion: If you bought your home with an FHA loan, and you have been there more than a few years you might want to look at refinancing into a Conventional loan. Many neighborhoods are appreciating rapidly these days. If your loan to value ratio is under 80% you could refinance to a Conventional and drop…
There’s news from the three major credit reporting agencies… They are making changes that will immediately improve credit scores for many. Equifax, Experian, and TransUnion, will soon remove tax lien and civil judgment data from some consumer credit records. The removal will impact most such existing data and, going forward, the way new data must…
The Fed is hiking rates again Wednesday. This represents an acceleration of their strategy. It’s been a long long time since the Fed has hiked rates within a quarter of their previous rate hike. …So, if you have been thinking about purchasing a home or refinancing – now is the time to do it, because…
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…