Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? You can! I’ve listed the maximum seller contribution amounts per loan program below… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2)…
I had a borrower recently use a reverse mortgage to purchase a house, and I wanted to tell you their story. …because I think it’s a good example of a neat way to use a reverse mortgage to upgrade your home. The borrowers were recently retired, and now living on a fixed income. They owned…
Here are two quick credit tips for you… 1) 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards). You don’t want to charge these accounts over 50% of the available balance, and its even better if you can keep…
We want to be able to use your bonus income to help you get a mortgage. However, here are three big guidelines to be aware of for us to be able to count your bonus income: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income…
I wanted to quickly go over the waiting period various loan programs have for Foreclosure. FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA – 2 years from completion date with an automated system refer. Fannie Mae – 7 years from completion date, or if you can get an automated…
Before you go house hunting make sure you have enough money available to get your loan approved and your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need to get into a house. Here is a simple breakdown of your out of the out of…
Here is an interesting change regarding Manufactured Housing with the USDA program. We were previously restricted to only being able to purchase new Manufactured Homes off the lot with USDA loans. In other words you couldn’t use a USDA loan to purchase an existiing manufactured home already on land. Now you can purchase existing mobile homes…
How’s this for some good news… Both the upfront guarantee fee and annual fee for purchase and refinance using USDA Rural Development’s home loan program will decrease on October 1, 2016. The upfront guarantee fee will drop from 2.75% to 1%, and the annual fee from 0.5% to 0.35%. This makes a great program an…
I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac: 4 years…
If you have a current mortgage in process, and it’s not locked – you might want to lock it. The Fed has a statement / press conference today. Even if they don’t announce a rate hike, their economic projections could cause volatility in the markets. Best to lock and sleep well at night, instead of…