When it comes to your mortgage payment your credit score can affect your interest rate, and your home owners insurance rate. There is another part of your payment that is also affected by your credit score… Your mortgage insurance payment on Conventional loans. Let me give you some examples of how your mortgage insurance rates…
Are planning on using your bonus income or overtime income to help you get a mortgage? …If so, then there are three important things you need to be aware of: 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…
Speaking as someone who has been through one – I hope you never get divorced. However, if you do get divorced and you have to pay your spouse their share of equity in your home – you’ll need a loan to get this done. Many loan officers will tell you that in the State of…
Did you know there was a federal law in place to protect borrowers who have Conventional loans with private mortgage insurance? The law includes two basic consumer protections: It requires lenders to inform home buyers-both at closing and annually-about their right to request mortgage insurance cancellation and how to do it. It requires lenders to…
Here’s a tip for those of you with deferred student loans trying to get an FHA loan… If your student loans are deferred, and there’s no payment listed on your credit report it’s a good idea to contact your loan servicer and find out what your payments would be if you started making payments today.…
I wanted to briefly go over the minimum credit score you will need to get a conventional loan. You will need a minimum credit score of 620 to get a 97% or a 95% loan up to $417,000. (conforming loan limit in Texas) You will need a minimum credit score of 620 to get a…
Did you know Fannie Mae has a program that will allow you to purchase or refinance a property, and renovate it at the same time? …all with one loan? They do! It’s called the Fannie Mae HomeStyle Renovation program. How it works… At closing all funds for renovation will be escrowed in an interest earning…
I write a lot of Special Reports to educate borrowers and potential borrowers about their mortgage options. It’s important to know the loan programs you can use to purchase homes. …This way you can determine which program best meets your needs. Here is a report I wrote a couple of years ago about four no…
I wanted to quickly go over the rules for gift giving on Conventional loans. First – Gifts to cover down payment and closing costs are allowed! (only on owner occupied homes) However, a gift cannot be given by just anyone. The following are allowable gift givers for Conventional loans… • Relative, defined as the borrower’s…
Here is one quick credit tip for getting your credit scores higher… Did you realize that 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…