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,…
From time to time I get asked if a USDA loan can be used to purchase a manufactured home. The answer is “yes”. …kind of. The big limitation when using a USDA loan for a manufactured home is that the loan can only be used to purchase and place a brand new manufactured home on…
If you have ever shopped for a high loan to value Jumbo loan then you know it’s hard to find anything over 80% LTV. I wanted to tell you that I have Jumbo loans up to 90% LTV with loan amounts up to $1,500,000! …and, there’s no mortgage insurance on this 90% Jumbo loan! Just…
I wanted to remind you that we have the option of using W-2’s and Pay-stubs ONLY as a method of proving income. We don’t need tax returns or transcripts. Sometimes this can come in handy if there is something on your tax returns that would prevent you from getting a mortgage. That’s it for today!…