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…
Hope you had a great Easter weekend! Have you been out of work, and now you are working again? …and, you would like to buy a house? I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation… There…
Did you know we do Reverse Mortgages? I wanted to address the two most common questions that I get regarding reverse mortgages… Question: What happens if I die? Will the lender be taking my house? Answer: No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing…
Sometimes the difference between getting an approval on your loan or not comes down to what documentation your loan officer decides to leave out of a loan submission. I’ll give you an example… Let’s say you work a regular job, and at the end of the year you get a W-2. Now let’s say last year…
Normally if you have had a foreclosure you must wait a minimum of 3 years (after the foreclosure) to get an FHA loan. However, if you have had extenuating circumstances you may be granted an exception to this waiting period. Here are the guidelines on the extenuating circumstances… 1) Satisfactory Credit History must have been…
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it’s doesn’t help pay down the balance of the loan. If you…
Often when you get divorced and once spouse keeps the house, per the terms of the divorce you must refinance your home to get your Ex spouse off the house and get them their share of the equity. The problem is – you have been told by a loan officer that they can’t help you…