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 for…
If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage. Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services. To prove this…
Were you aware that your credit score can effect the amount of mortgage insurance you pay on Conventional loans? Here is an example of how your mortgage insurance rates can vary due to credit score. These numbers are based on a $100,000 loan at 95% loan to value ratio. MI Payment Chart… Credit Score…
Do you need a Jumbo loan? Did you realize I have Jumbo loans up to 90% loan to value ratio to loan amounts of $1,500,000? That’s unusual in the mortgage world by the way. Most loans that large cap out at 80% loan to value ratio. 10% of $1,500,000 is alot of money. So, if…
There are many people that just don’t know the USDA loan program exists. …and, next to VA it’s probably the best loan available. So, every now and then I like to restate the great aspects of this loan… If you are looking for a home in the outter suburbs or in a rural area make…
Pricing on mortgage backed securities has improved in the past week, which has lowered rates a bit. Hopefully the trend will continue. This weeks major economic reports that could influence the mortgage market: Wednesday the Existing Home Sales numbers come out. Thursday the jobless claims come out. …will watch this for you. BTW – Just…
Did you realize that in the State of Texas you can’t get cash out of your home above 80% of its appraised value? In other words if your home was worth $100,000 – the most cash you could get out on a loan would be $80,000. This 80% rule is a Texas law…
I had a borrower last week that wanted to sell his boat to raise money for a down payment on a house. This is ok, but you have to do it properly in order to use these funds as a down payment. Here’s how… You must create a bill of sale reflecting the date of sale,…
Have you been told by your loan officer that you could get a mortgage, but you will need to get disputes removed from your credit report first? For those of you who have disputes, and either don’t have time to get them removed, or are having trouble getting them removed there is a way to get a…
I wrote about this the other day, but it’s pretty huge and I wanted to touch on it again. It’s regarding alternative income documentation for FHA loans. Normally you will need to provide pay stubs, w-2’s, and tax returns for income documentation to get a mortgage. If there is an issue with your tax returns,…