Are you planning on using your bonus income or overtime income to help you get a mortgage? …If so, then there are three important things you need to be aware of: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2) The…
Recently I wrote about our aggressive guidelines for FHA loans. Guidelines that allows us to make mortgage loans to borrowers that are told “no” by other mortgage companies. FHA isn’t the only thing we are aggressive about. We also have aggressive VA guidelines… – VA down to 550 fico score – VA Manual UW –…
Here is another reason you should consider using my company then next time you want to buy a home… …because we offer “more” than the average mortgage company. Let me give you an example… Most mortgage companies offer FHA mortgages. …We do as well. …but, not only do we offer great rates on FHA mortgages,…
I write about this topic at least once a year, but it’s a good thing to revisit it from time to time… My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have in the bank. I…
I’ve written about this before, but I think it’s worth repeating: If you are trying to purchase a house using part time job income the underwriter will want to see that you have a two year stream of this part time income before they will give you credit for it. Incidentally it works the same…
Believe it or not it’s still very hard to get a Conventional loan approved with a debt to income ratio higher than 45%. I wanted to give you one little trick you can use to help out with your debt to income ratio. …Use lender paid mortgage insurance – have your mortgage lender pay your…
I had this situation come up again last week… Advice: If you enter into a lease option agreement don’t give cash for the option money. The reason is when you try to buy the house down the road you will have to prove you gave the option money to get credit for it. …it’s hard…
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……