A few posts ago I showed you how Conventional loans treated Short Sales, Foreclosures, and Bankruptcy. With this post I’m going to show you how FHA treats these same events. Here is a helpful chart to illustrate… FHA Short Sale 3 years from date of sale. Borrowers who sold their property under the FHA…
How old do you have to be to purchase a home? From a mortgage perspective there is no “minimum age” to purchase a house. However, it really depends on the state you live in. Each state or jurisdiction in which a property is located will have specific laws that detail the minimum age at which…
I wanted to take a moment to let you know how Conventional Fannie Mae and Freddie Mac guidelines treat Short Sale, Deed In Lieu, Bankruptcy, and Foreclosure… Here’s a helpful chart for you… Short Sale Deed-In-Lieu of Foreclosure4 years from completion date for 80.01% – 90% LTV 2 years from completion date for 80% LTV…
I wanted to take a moment to highlight a new investment loan product we have. It’s designed specifically for the purchase or refinance of non-owner occupied investment properties that cannot meet Fannie or Freddie guidelines. Highlights… * 30 yr fixed rate. * Unlimited cash out on cash out refi. * Minimum 620 credit score. *…
If you are considering a Lease With An Option To Buy please consider this… When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If…
Here are two quick credit tips for you… 1) 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…
I get asked this question allot by borrowers… “My spouse doesn’t have very good credit, but can I use her income on my loan application?” Answer: “No.” If we ad the spouses income, then we have to take his/her credit too. In fact, they would become an equal borrower on the loan. If you are…
Yes, it is possible to refinance at no cost. I wanted to take a minute and tell you exactly how a no cost refinance works. There are two pools of funds you have to address when you refinance… 1) Closing costs. 2) Pre paids. (taxes, interest, and insurance) A no cost refinance will cover your…
Mortgage rates have been trending down the past few weeks. Today at 2pm eastern time the Fed has it’s meeting. Depending on what the Fed says their policy is for the next quarter one thing is for sure – it will affect the bond markets. I don’t look for a dramatic change in their current…
FHA is going to try out a pilot program called HAWK this fall. The borrower will have to complete a counselling course to be eligible for the program. The benefit will be lower mortgage insurance. FHA proposes that Homeowners who complete housing counseling before signing a contract to purchase a home, and who complete additional…