I hope you had a great Memorial Day weekend! Please be aware of this loan killer if you are applying for a mortgage… Watch out for Insufficient Funds Charges in your bank statement. …this is a potential deal killer for the underwriter. If you have insufficient funds charges in your bank statement it signals to…
I get asked how to make repairs on a property just after the purchase closes. The easiest way is to do a repair escrow as long as the aggregate cost of the repairs isn’t more than 5k or so. Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on…
You’ve always been able to use gift funds for the down payment on an FHA loan. However, did you know you can also use gift funds on a Conventional loan? Here are some of the details on this program… – “All gift” down payment allowed from acceptable gift donor (family usually) – Seller contributions allowed…
I have some news for you on USDA loans… The Agricultural Act of 2014 (Farm Bill) changed the standard by which communities are to be considered “rural” for the purposes of USDA Housing Programs. Certain areas deemed ineligible for the USDA Section 502 Guaranteed Rural Housing Program (main USDA loan everyone uses) have become…
I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the market place. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can…
When you buy a house you will have closing costs and prepaid taxes, insurance, and interest. These costs are in addition to your down payment. I want you to know there are other ways to pay closing costs and prepaids. In fact, there are five different ways these costs can be paid. I’ll go through…
Did you know we do build out loans? …We do! We can finance the acquizition of land, and the building of a home for you. The max loan to value ratio is 80%, so you will either need 20% down, or you would need to own the land that would represent 20% of the overall…
Real quick tip for you on Bonus Income… Here are three things you need to be aware of for us to use your bonus income to get a mortgage… 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 employer…
I wanted to point out a unique loan that we have that may benefit you or someone you know… Believe it or not many people buy homes with cash. …No loans. However, sometimes after doing so they realize the need that cash for something else. One way to pull the cash out is a Texas…
I get this question sometimes: “Can I sell a car to come up with a down payment?” The answer is “yes”. …It’s possible to sell a personal asset (car, boat, jewelry, baseball card collection, etc.) to raise the money for your down payment. Here is what you would need to provide the mortgage company if…