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…
If you are self employed and can’t use your tax returns to prove income there are loan options for you. You can use your bank statement deposits to prove income. We have 10% down bank statement loans for purchase and refinance with good credit. Let me know if you are in this situation. I’ll be…
From a mortgage rate perspective the Brexit vote resulted in lower rates. Generally if the stock market takes a hit the bond market will improve, and if the bond market improves mortgage rates get lower. So, if you think you missed the boat on refinancing – now is a good time to do it. Rates…
I hope you had a good weekend! Mortgage update: FHA has made changes to the way an underwriter calculates payments on deferred student loans. The old way instructed the underwriter to use 2% of the aggregate balance of deferred student loans. This alone killed alot of loans because it ballooned debt to income ratios. The…