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…
Did you know you can use a reverse mortgage to buy a house? I’ll give you an example. Let’s say you are 65 years old. You want to buy a $200,000 house. You have $110,000 to put down on the house. However, you don’t really want a mortgage payment. You can put down your $110,000.…
When it comes to bonus income there are a few things to be aware of when you are getting 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…
If there is something in your tax returns that is preventing you from getting a mortgage – here’s a tip… If you are a W-2 employee in almost all cases you won’t need to provide tax returns to get a loan. We would just need paystubs, and W-2’s. …No tax returns. It’s true! That’s it…
A good credit strategy is important. Knowing simple things to implement to improve your credit scores is half the battle. Here are a few easy ways to improve your credit scores… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy –…
Did you realize I can do Jumbo cash out loans on Texas owner occupied properties? This would fall under the Texas Cash Out Program. …also called the Texas A6 loan. I can tell you most lenders don’t do Texas Cash Out Loans on Jumbo loans. They will stop at the conforming limit ($417k in Texas).…
Today at 2pm ET the Fed will release the minutes of their meeting. People will be looking for clues on the Fed’s thoughts about potentially hiking rates at the September and December meetings. If the thought is there won’t be a hike coming soon, then the bond markets will continue with lower rates. However, if…
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…