Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home? …You ask them! You make it part of your offer to purchase. Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional (fannie/freddie), owner occupied……
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 its even better if you can keep it under 30% of the…
Hope you had a good weekend! The other day I had a borrower ask me if they could apply for a 30 year mortgage even though they were 78 years old. I can see why they asked this question. …The odds are they may not be around for another 30 years. Just so you know……
I love realtors! I love working with them, and helping them with their clients. …so, I wrote a report for all you realtors out there! It’s titled: How Realtors Can Sleep Better At Night, Have Less Stress, And Have More Cash In The Bank. Here’s the link. That’s it for today! Have a good day! …and…
I wrote this special report a couple of years ago, but I just recently updated it. The mortgage industry is dynamic. …constantly changing guidelines and limits. I’ve updated the report to show the most recent guidelines for each loan program listed. I wanted to give it to you here. If you or someone you know wants to…
If you want to buy a home with no money down you can always use the USDA program. Here’s some great reasons to use our USDA program… No Down Payment Required No Cash Reserve Requirement. No cash contribution requirement Unlimited seller concessions Unrestricted gifts, not necessary to document source, no seasoning First time home buyers…
This week I had a borrower that needed more cash for a real estate transaction, so he decided to sell his boat. Here’s how to structure the sale of an asset for a mortgage… You must create a bill of sale reflecting the date of sale, asset to be sold, and the sales price. The…
HUD secretary Julian Castro recently told the National Association of Realtors that FHA is considering using alternative credit scoring methods to evaluate potential borrowers. There are other scoring models such as FICO 9 and Vantage Score 3.0. These models would expand access to mortgage credit. The main difference in these new scoring models is that…
It’s tax time. What do you do if you are in the process of applying for a loan and you have filed an extension on your taxes? Your loan officer asks you for your 2014 tax return, but you can’t give it to him or her because you filed an extension. Easy! …You give your…
Have you ever wondered how long you have to wait to get a loan after a bankruptcy? 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…