Did you realize that if you are a W-2 employee getting a Conventional mortgage that in almost all cases you won’t need to provide tax returns to get a loan? It’s true! Generally all the underwriter will ask for is 30 days of paystubs, and your last two years of W-2’s. …not tax returns. Sometimes…
I get asked this question a lot by clients who are buying houses… …”Can we just roll closing costs into the loan?” The short answer… No. You can do it with no problem on a refinance, but not a purchase loan. …but there is an indirect way to do it on a purchase loan. The…
People forget about the USDA loan program, but’s a great way to buy a house with no money down. If you are looking for a home in the outter suburbs or in a rural area make sure your realtor knows about this great 100% financing program. Here are some quick bullit points on the USDA…
Note on mortgage rates… The Fed has said that we should expect more rate hikes in 2016. However, they have also said that a June rate hike could be constrained by the Brexit vote on June 23 (British vote on staying in EU). … And, the Fed also said they are unlikely to have…
There are actually three 100% financing options we have right now for a mortgage. …VA, USDA, and we actually have a 100% option on FHA now. FHA is a 3.5% down product, but we have a program that takes care of the 3.5% down payment for the borrower. This is an unusual program for FHA.…
I had a question about Short Sales recently. FHA is most friendly to Short Sales. There are basically two kinds of Short Sales… 1) If more is owed on the home than the home is worth, and it’s impossible to sell the property without the seller bringing money to the table then the mortgage holder…
Occasionally I get asked if a Deed In Lieu of Foreclosure will be treated the same as a foreclosure by a mortgage company. From a mortgage underwriting perspective it’s similar. A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before they have…
Generally when you buy a house you will have two sets of funds you will have to pay at closing. Your down payment. Your closing costs, and prepaid taxes and insurance. Unless your getting a gift or grant you will have to pay your own down payment. However, you don’t necessarily have to be the…
You don’t have to make a lot of money to buy a house! In the mortgage industry we are concerned with your debt to income ratio. …So, if you don’t have alot of monthly debt you can buy a house without making alot of money. Example: I recently closed a loan for a person that…
If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind… 1) Get a Loan Estimate (LE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a LE. (A low rate is great, but if…