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…
If you are considering paying off or paying down an account in an attempt to improve your credit scores – you should really consider using our “what if” program. It can save you time and money – and give you a valuable insight on the impact of paying off or paying down accounts on your…
Here’s a USDA tip for you… First, you should know that USDA family income caps. …In other words if you make too much money you won’t qualify for a USDA loan. Here is the link to check the income for your area…http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do Important: USDA goes by total household income! In other words if you…
Did you know we have a loan just for doctors? It’s true! The advantage of the doctor loan is that you can get a bigger loan at a higher loan to value ratio than people who aren’t doctors. A normal conventional loan maxes out at 417k in Texas. A doctor loan can go up to…
I’ve written about this topic before, but I was asked about it again yesterday, so I thought I would touch on it again here. If you are buying a house that needs minor repairs – but the seller refuses to do them – what do you do? This situation happens a lot, especially on…
I wanted you to remind you of what a great program Fannie Mae’s HomePath is. This is a program Fannie Mae has created for Fannie Mae owned property. It allows a low down payment and flexible mortgage terms. Here are some of the great features of this loan… 1) Only 3% down payment. …and, this…
A while back I posted problem / solution point about how you should make your mortgage company has more than one underwriting option. Here was the original post: http://berkshirelending.com/2015/12/02/make-sure-your-mortgage-company-has-this/ At that time I had a borrower contact me that had seen the post, and was having trouble with his then current mortgage company. I ended…
Problem – Solution… Are you unable to refinance your first mortgage because your second lien holder refuses to subordinate their lien position? …if so, I have a solution for you. I can refinance your first mortgage, and I don’t need a resubordination agreement signed by the second lien holder. Be aware that you don’t need…
If you are a veteran and eligible you have access to the best mortgage product in the market place… A VA loan. Here are the nuts and bolts of how a VA loan works… VA purchase loans allow a qualified borrower to buy a house with no down payment. This is one of the very…