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…
Last Friday the Non Farm Payroll report came out and showed job growth that exceeded estimates. This caused a Bond sell off, and resulted in higher mortgage interest rates Friday afternoon. Rates are still low, and if you are considering refinancing I would recommend doing so right now. We will see how the market behaves…
Paying extra on your mortgage can really shave years off your mortgage. …and, save you a ton of interest. I created the table below to illustrate the savings. This is based on a 30 year $100,000 mortgage at 4% interest. Extra Payment Monthly Years Saved Off Mortgage 0 …
A weak GDP report helped drive demand for bonds last week. This pushes bond prices higher and rates lower. So, we are still enjoying very low rates right now. A good time to refinance to lower your rate or payment, or lower then number of years left on your mortgage. If you would like to…
You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan. For Conventional loans there is really no way around this. You will have to remove them. However, for FHA loans you don’t necessarily have to remove them. This is true…
Few notes… 1) Fed to meet this Wednesday. This is one of those Fed meetings where there is almost universal agreement that there will be no rate hike or any other change in policy stance. 2) This means for the time being rates are still very low. If you would like to see if you…
If you change jobs during the process of getting a loan, here’s what you can expect… 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…
We just rolled out a new loan program I wanted to tell you about. It’s a 1% down Conventional loan. …and, the 1% down can be a gift. Few things you need to know about this program… 1) Requires a 700 credit score. 2) Max 43% debt to income ratio. 3) There are income limits…
Did you know the VA has no flipping rule? With some loan programs (FHA for instance) you have to wait a certain period of time before you can sell an investment home that you have purchased. VA has no title seasoning for flipping. In other words, if you purchased a home to fix up and…
I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the market place. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can…