I want to give you a solution to a problem I see every day. Disputed accounts. Usually when I see someone with alot of disputed credit accounts its because a borrower has hired a company to try to “improve” their credit scores. Often they are surprised to learn when they apply for a mortgage their…
Many of you may be unaware that FHA county loan limits have gone up. Some counties are much higher than they used to be. In fact, there are some counties that exceed $330,000 on a max FHA loan now. Remember, the max FHA loan is 96.5% on a purchase. So, for a $100,000 purchase the…
Every now and then I’ll pull back the curtain on my personal life in these blog updates. I’m going to do this today. …Some of you are aware, but most of you are not that my divorce was finalized earlier this year. It was unfortunately contentious, and took over a year to finalize, but it…
I hope you had a good weekend! Couple of quick things… 1) Gave our web site an update. Check it out when you have time… www.berkshirelending.com 2) I wrote this free report that gives you six simple steps to show you how to buy a home for your family in the next 45 days –…
In Texas, where I originate anything over $417k is a Jumbo loan. We have some very unusually Jumbo loan products that I wanted you to be aware of. Here are the bullet points on these Jumbo loans… CORE JUMBO -Owner Occupied to 90% LTV without MI up to $1.5M – 30 YEAR FIXED RATE (very…
I get asked about “Deed In Lieu” sometimes. 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 a chance to foreclose. People ask me how a Deed In Lieu would affect their credit. I tell them that it would…
For those of you who may be unaware, a new phase of the Frank / Dodd regulations went into effect October the 3rd. These are regulations that affect the mortgage and real estate industry. I won’t go through a complete list of all the new regulations. I did want to point out one unintended consequence…
I’ve written about this before, but I saw it come up again last week. …So, I thought it would be prudent to touch on it again here. Be careful about what your Realtor puts in the earnest money contract. Keep in mind the buyers mortgage underwriter will scrutinize the contract. …and, sometimes what’s written in…
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:…
If you are an eligible veteran the best loan you can get is a VA loan. Here’s what you need to know about a VA loan… VA purchase loans allow a qualified borrower to buy a house with no down payment. This is one of the very best loan programs in the mortgage market today.…