Good Morning!
We offer many unique niche loan products.
Some of these may be a fit for you...
· Jumbo loans to $1.5 Million.
· Interest only available up to $900k.
· One day off MLS ok for refinance.
· Pay off debts to qualify is allowed.
· Use of gift funds allowed for purchase or refi transactions.
· No mortgage insurance required up to 90% LTV.
I hope you have a good day today.
Thanks for reading!
Brett
Tuesday, December 29, 2009
Monday, December 28, 2009
What To Do If You're Having Trouble With Your Property Taxes...
Good Morning!
I hope you had a great Christmas!
This time of year property taxes are due on your property.
There are two issues I see every year with regard to property taxes. ...Issues that put people in tough spots.
1) Some people just don't have the money saved up to pay their property taxes. ...They might have had the money, but had to use it on an emergency. ...or any number of other things.
2) Some people that have an escrow account on their mortgage - but their mortgage company didn't collect properly. This often results in an arrearage... Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations - there's usually an easy fix for it. ...Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. ...Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
I hope you had a great Christmas!
This time of year property taxes are due on your property.
There are two issues I see every year with regard to property taxes. ...Issues that put people in tough spots.
1) Some people just don't have the money saved up to pay their property taxes. ...They might have had the money, but had to use it on an emergency. ...or any number of other things.
2) Some people that have an escrow account on their mortgage - but their mortgage company didn't collect properly. This often results in an arrearage... Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations - there's usually an easy fix for it. ...Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. ...Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
Tuesday, December 22, 2009
The Other 100% Program...
Good Morning!
There's a 100% loan program available to you that just doesn't get much publicity.
It's called USDA, and here are some unique features of the USDA loan program...
· 100% financing.
· No monthly mortgage insurance.
· Gifts for down payment are allowed (if you want to put money down).
· No limit on seller help with closing costs.
· You can purchase a Manufactured Home with USDA!
Here are some links that you will find helpful to learn more about this great program...
· Property eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
· Income eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
There's a 100% loan program available to you that just doesn't get much publicity.
It's called USDA, and here are some unique features of the USDA loan program...
· 100% financing.
· No monthly mortgage insurance.
· Gifts for down payment are allowed (if you want to put money down).
· No limit on seller help with closing costs.
· You can purchase a Manufactured Home with USDA!
Here are some links that you will find helpful to learn more about this great program...
· Property eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
· Income eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
Here Are Ways To Get Cash Out Of Your Home...
Hey There,
I want you to know the different ways to get cash out of your home. We have some complicated cash out laws in the State of Texas. So, here's what you need to know...
There are three ways to get cash out of your home:
1) Sell it.
2) Traditional Home Equity loan.
3) HELOC (Home Equity Line of Credit)
When most people get cash out of their homes they use the Traditional Home Equity loan. ...The benefits? Low rates. 30, 20, 15 yr fixed terms.
In Texas we can only get to get up to 80% of the appraised value of our homes (Texas law). The only way you can get that other 20% cash - is to sell your home. The laws on this loan also don't allow for the closing costs to exceed 3% of the loan amount.
...this is the reason lenders don't want to do a low loan amount cash out loans in Texas. ...they can't make money on them. You need to have a 620 with most lenders to get a Texas cash out loan.
A HELOC is a line of credit you get on your home. If you get a 20K HELOC - you don't have to take 20k at closing. You can take it when you want it. Most HELOC's are interest only ARMS. You need very good credit to get a HELOC.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
I want you to know the different ways to get cash out of your home. We have some complicated cash out laws in the State of Texas. So, here's what you need to know...
There are three ways to get cash out of your home:
1) Sell it.
2) Traditional Home Equity loan.
3) HELOC (Home Equity Line of Credit)
When most people get cash out of their homes they use the Traditional Home Equity loan. ...The benefits? Low rates. 30, 20, 15 yr fixed terms.
In Texas we can only get to get up to 80% of the appraised value of our homes (Texas law). The only way you can get that other 20% cash - is to sell your home. The laws on this loan also don't allow for the closing costs to exceed 3% of the loan amount.
...this is the reason lenders don't want to do a low loan amount cash out loans in Texas. ...they can't make money on them. You need to have a 620 with most lenders to get a Texas cash out loan.
A HELOC is a line of credit you get on your home. If you get a 20K HELOC - you don't have to take 20k at closing. You can take it when you want it. Most HELOC's are interest only ARMS. You need very good credit to get a HELOC.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
Tuesday, December 15, 2009
The One Loan Where Your Credit Score Doesn't Matter...
Good Morning!
Do you have a low credit score - and think your chances of getting a loan are zero?
...There is still one loan available where your credit score doesn't matter.
It's an FHA streamlined refinance!
...If you have an FHA loan, and you would like a lower payment or interest rate - you can refinance even if your credit score is poor.
That's not all... You don't need to provide income or asset data on a streamlined refinance either!
...so, if you're in this situation - don't fret because you may still have a loan option available to you.
I hope you have a good day today. Thanks for reading!
Brett
Do you have a low credit score - and think your chances of getting a loan are zero?
...There is still one loan available where your credit score doesn't matter.
It's an FHA streamlined refinance!
...If you have an FHA loan, and you would like a lower payment or interest rate - you can refinance even if your credit score is poor.
That's not all... You don't need to provide income or asset data on a streamlined refinance either!
...so, if you're in this situation - don't fret because you may still have a loan option available to you.
I hope you have a good day today. Thanks for reading!
Brett
Monday, December 14, 2009
Look What Xerox Is Doing For FREE...
Good Morning!
One of my clients sent me this, and I wanted to pass it on to you...
Xerox has a program that allows you to pick out a Thank You Card to send to a soldier serving overseas.
You pick the card.
They will print it and send it to a random soldier in Iraq - for FREE.
I would encourage you to send one yourselves, and to pass this on to your friends.
Here's the link for the web site...
www.LetsSayThanks.com
I hope you have a good day today. Thanks for reading!
Brett
One of my clients sent me this, and I wanted to pass it on to you...
Xerox has a program that allows you to pick out a Thank You Card to send to a soldier serving overseas.
You pick the card.
They will print it and send it to a random soldier in Iraq - for FREE.
I would encourage you to send one yourselves, and to pass this on to your friends.
Here's the link for the web site...
www.LetsSayThanks.com
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, December 9, 2009
Here Are Some Recent Changes To Credit Scoring You Should Be Aware Of...
Hey there!
The credit bureaus (Trans Union, Experian, and Equifax) are continuing to tweak their scoring models.
Here are some recent changes that you should be aware of...
1) Regular installment loans, even student loans, that used to have low value in the weight of scoring factors now have more weight, especially when there is no revolving credit available.
.
2) Scoring algorithms have also been adjusted to slow down the effect of paying off or paying down debts so that it takes longer to see a significant increase in scores after payments have been made.
I hope you have a good day today. Thanks for reading!
Brett
The credit bureaus (Trans Union, Experian, and Equifax) are continuing to tweak their scoring models.
Here are some recent changes that you should be aware of...
1) Regular installment loans, even student loans, that used to have low value in the weight of scoring factors now have more weight, especially when there is no revolving credit available.
.
2) Scoring algorithms have also been adjusted to slow down the effect of paying off or paying down debts so that it takes longer to see a significant increase in scores after payments have been made.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, December 8, 2009
Look Out!... FHA Might Be Going Up On Their Down Payment Requirements.
Hello,
HUD Secretary Shaun Donovan is scheduled to address congress on Wednesday.
...It looks like he's going to recommend an increase in the up-front cash paid by borrowers as part of an effort to shore up the agency's finances.
This means either more down payment, less seller's concessions, or both for FHA loans. ...It doesn't mean this will happen - but HUD wants it, and they usually get what they want on their own loan programs.
Right now FHA is one of the lowest down payment, and most credit flexible programs available in the marketplace.
My message to you is this... ...if you were considering purchasing a house with an FHA loan - I would do it sooner rather than later.
I hope you have a good day today. Thanks for reading!
Brett
HUD Secretary Shaun Donovan is scheduled to address congress on Wednesday.
...It looks like he's going to recommend an increase in the up-front cash paid by borrowers as part of an effort to shore up the agency's finances.
This means either more down payment, less seller's concessions, or both for FHA loans. ...It doesn't mean this will happen - but HUD wants it, and they usually get what they want on their own loan programs.
Right now FHA is one of the lowest down payment, and most credit flexible programs available in the marketplace.
My message to you is this... ...if you were considering purchasing a house with an FHA loan - I would do it sooner rather than later.
I hope you have a good day today. Thanks for reading!
Brett
Monday, December 7, 2009
One Of The Best Loans Available To You... ...No Down Payment!
Hello,
Here are some reasons why you should consider the USDA loan product to buy your house with...
...No down payment.
...No monthly mortgage insurance.
...No cash reserves are required.
...No limit on cash assets.
...Home purchase loans up to 102% of appraised value (100.5% on refinance of Rural Development loans).
...No limitation on source of closing costs. 100% gifted closing cost or down payment assistance is permitted. Funds from community based down payment assistance organizations can be used. Soft second mortgages are allowed for closing costs even if the total debt exceeds the appraised value of the property.
...Repairs, closing costs, and the one time Rural Development guarantee fee of 2.0% can be financed up to 102% LTV.
..Seller concessions are allowed to pay loan closing costs and repairs. No limit on seller concessions.
Just remember - you won't be able to use USDA in the heart of larger cities. It's available in many suburbs, and all smaller towns and rural areas.
It's a great product if you're looking to buy in a qualified area.
I hope you have a good day today. Thanks for reading!
Brett
Here are some reasons why you should consider the USDA loan product to buy your house with...
...No down payment.
...No monthly mortgage insurance.
...No cash reserves are required.
...No limit on cash assets.
...Home purchase loans up to 102% of appraised value (100.5% on refinance of Rural Development loans).
...No limitation on source of closing costs. 100% gifted closing cost or down payment assistance is permitted. Funds from community based down payment assistance organizations can be used. Soft second mortgages are allowed for closing costs even if the total debt exceeds the appraised value of the property.
...Repairs, closing costs, and the one time Rural Development guarantee fee of 2.0% can be financed up to 102% LTV.
..Seller concessions are allowed to pay loan closing costs and repairs. No limit on seller concessions.
Just remember - you won't be able to use USDA in the heart of larger cities. It's available in many suburbs, and all smaller towns and rural areas.
It's a great product if you're looking to buy in a qualified area.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, December 2, 2009
Mortgage Underwriting Continues To Grow More Conservative...
Hello,
Fannie Mae continues to grow more and more conservative.
Starting December the 12th they are revising their automated underwriting guidelines again.
Some of the more notable changes...
1) If you are trying to purchase a home and you have a foreclosure on your credit record more than 5 years old, but less than 7 years old - it will now require a 10% down payment, and a 680 credit score. Cash out refinances will not be permitted.
2) Bankruptcies will be broadened to include no dismissals in the last 4 years. ...this is for chapter 13 or chapter 7.
The good news is that these changes will not affect FHA, VA, or USDA.
I hope you have a good day today. Thanks for reading!
Brett
Fannie Mae continues to grow more and more conservative.
Starting December the 12th they are revising their automated underwriting guidelines again.
Some of the more notable changes...
1) If you are trying to purchase a home and you have a foreclosure on your credit record more than 5 years old, but less than 7 years old - it will now require a 10% down payment, and a 680 credit score. Cash out refinances will not be permitted.
2) Bankruptcies will be broadened to include no dismissals in the last 4 years. ...this is for chapter 13 or chapter 7.
The good news is that these changes will not affect FHA, VA, or USDA.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, December 1, 2009
If You Are Trying To Accumulate Real Estate... Don't Let Fannie Mae Stop You!
If you are a real estate investor trying to accumulate properties - then you may run into a road block when you try to buy your fifth house.
It's the Fannie Mae rule of 4... ...Fannie doesn't allow you to have more than four Fannie Mae loans at one time. It doesn't matter if you are putting down 25%, and your credit score is 800. ...they won't do it.
So, what do you do if you want to purchase your fifth house? ...You have to find a lender that has loan options for non owner occupied properties - other than just the Fannie Mae programs.
...pssst. ...I'll tell you a secret... I'm one of these lenders with other loan options! ...and, I can tell you - there aren't many of us.
So, if you're in this situation - just give me a call. I can help you.
Have a good day today! ...and thanks for reading.
Brett
It's the Fannie Mae rule of 4... ...Fannie doesn't allow you to have more than four Fannie Mae loans at one time. It doesn't matter if you are putting down 25%, and your credit score is 800. ...they won't do it.
So, what do you do if you want to purchase your fifth house? ...You have to find a lender that has loan options for non owner occupied properties - other than just the Fannie Mae programs.
...pssst. ...I'll tell you a secret... I'm one of these lenders with other loan options! ...and, I can tell you - there aren't many of us.
So, if you're in this situation - just give me a call. I can help you.
Have a good day today! ...and thanks for reading.
Brett
Wednesday, November 25, 2009
Have You Seen This?...
Hello!
If you've never read the poem The Dash...
...or, seen this brief movie of The Dash...
...do yourself a favor - and watch it.
It's only two minutes long...
...but, I think you'll find that it will give you some welcome perspective this holiday season.
Have a happy - and safe Thanksgiving!
http://www.thedashmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
If you've never read the poem The Dash...
...or, seen this brief movie of The Dash...
...do yourself a favor - and watch it.
It's only two minutes long...
...but, I think you'll find that it will give you some welcome perspective this holiday season.
Have a happy - and safe Thanksgiving!
http://www.thedashmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
Monday, November 23, 2009
Here's An Informative Video On The USDA Loan Program...
Hello,
Here is an informative piece that ran on the CNBC about the USDA loan program.
...just click the link.
http://www.cnbc.com/id/15840232?video=1337326009&play=1
We are doing more and more of these USDA loans.
If you would like to know if you qualify - just give me a call, or drop me an email.
I hope you have a good day today. Thanks for reading!
Brett
Here is an informative piece that ran on the CNBC about the USDA loan program.
...just click the link.
http://www.cnbc.com/id/15840232?video=1337326009&play=1
We are doing more and more of these USDA loans.
If you would like to know if you qualify - just give me a call, or drop me an email.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, November 18, 2009
Here's A 100% Loan Down To A 620 Credit Score...
Hello,
There are only two 100% loans in the market place right now...
...VA and USDA.
Here is some information on the USDA product...
USDA will routinely go down to a 620 credit score on purchase loans.
You just have to make sure the property you are looking at is in a USDA qualified area (there are geographic restrictions).
If you're not sure - you can enter the address here and it will tell you if it's in a qualified area...
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
There are also household income caps with USDA... You can check to see if your family income qualifies here...
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=GuaranteedIncomeLimits&NavKey=incomelimit@12
I can tell you that USDA is ok with bad credit - but you can't have recent bad credit. It needs to be around two years old.
If you want to see if you would qualify for USDA - give me a call or shoot me an email, and tell me you're interested in this program.
I hope you have a good day today. Thanks for reading!
Brett
There are only two 100% loans in the market place right now...
...VA and USDA.
Here is some information on the USDA product...
USDA will routinely go down to a 620 credit score on purchase loans.
You just have to make sure the property you are looking at is in a USDA qualified area (there are geographic restrictions).
If you're not sure - you can enter the address here and it will tell you if it's in a qualified area...
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
There are also household income caps with USDA... You can check to see if your family income qualifies here...
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=GuaranteedIncomeLimits&NavKey=incomelimit@12
I can tell you that USDA is ok with bad credit - but you can't have recent bad credit. It needs to be around two years old.
If you want to see if you would qualify for USDA - give me a call or shoot me an email, and tell me you're interested in this program.
I hope you have a good day today. Thanks for reading!
Brett
Monday, November 16, 2009
Is Your Credit Score A Little Low? ...Here's One Possible Solution.
Hello,
If your credit score is just below where it needs to be to get a loan approval - I have a possible solution for you...
It's called Credit Xpert. I've written about it before - but it's worked for another one of my clients, and I wanted to highlight its success.
It's a software program we use through one of our credit service companies. It knows the scoring models for each bureau, and it will give you suggestions that you can implement to quickly improve your score.
I had a client that had a 612, and she needed a 620 for the loan program she wanted.
We ran Credit Xpert... ...and, she implemented the suggestions. In just under two weeks her score had gone up 20 points, and we were able to do the loan for her.
Credit Xpert costs $19.99 per borrower - so it's a lot cheaper than hiring someone to work on your credit.
Just shoot me an email, or call me if you want to have it run on you.
I hope you have a good day today. Thanks for reading!
Brett
If your credit score is just below where it needs to be to get a loan approval - I have a possible solution for you...
It's called Credit Xpert. I've written about it before - but it's worked for another one of my clients, and I wanted to highlight its success.
It's a software program we use through one of our credit service companies. It knows the scoring models for each bureau, and it will give you suggestions that you can implement to quickly improve your score.
I had a client that had a 612, and she needed a 620 for the loan program she wanted.
We ran Credit Xpert... ...and, she implemented the suggestions. In just under two weeks her score had gone up 20 points, and we were able to do the loan for her.
Credit Xpert costs $19.99 per borrower - so it's a lot cheaper than hiring someone to work on your credit.
Just shoot me an email, or call me if you want to have it run on you.
I hope you have a good day today. Thanks for reading!
Brett
Thursday, November 12, 2009
If You've Been Considering A Condo - Here Are Some Changes You Should Be Aware Of...
Hello,
Happy Veterans Day! ...and thanks to all of you Veterans.
FHA is making some changes to their Condo guidelines. If you are currently shopping for a condo, or if you are considering a condo - you should be aware of these changes...
1. These temporary changes are effective on December 7th, 2009 through December 31st 2010; except for Spot Loan Approvals.
2. Spot Loan Approvals will be eliminated as of February 1st, 2010.
3. FHA loan concentration may be increased to 100% if the following criteria are met:
a. Project construction has been 100% complete for at least 1 year.
b. All units have been sold and no single entity owns more than 10% of the units.
c. Project holds 10% of the budget in reserves for capital expenditures and deferred maintenance.
d. Control of Home Owner's Association has been transferred to the owners, and e. Owner-occupancy is at least 50%.
4. FHA requires a 50% owner-occupant ratio but bank-owned units that are either vacant or tenant-occupied are not required to be included the calculation.
5. New construction pre-sale requirement is temporarily reduced to 30%.
I hope you have a good day today. Thanks for reading!
Brett
Happy Veterans Day! ...and thanks to all of you Veterans.
FHA is making some changes to their Condo guidelines. If you are currently shopping for a condo, or if you are considering a condo - you should be aware of these changes...
1. These temporary changes are effective on December 7th, 2009 through December 31st 2010; except for Spot Loan Approvals.
2. Spot Loan Approvals will be eliminated as of February 1st, 2010.
3. FHA loan concentration may be increased to 100% if the following criteria are met:
a. Project construction has been 100% complete for at least 1 year.
b. All units have been sold and no single entity owns more than 10% of the units.
c. Project holds 10% of the budget in reserves for capital expenditures and deferred maintenance.
d. Control of Home Owner's Association has been transferred to the owners, and e. Owner-occupancy is at least 50%.
4. FHA requires a 50% owner-occupant ratio but bank-owned units that are either vacant or tenant-occupied are not required to be included the calculation.
5. New construction pre-sale requirement is temporarily reduced to 30%.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, November 10, 2009
FHA Is About To Change The Rules On Steamlined Refinances...
Hello,
If you have an FHA loan, and you've been thinking about a Streamlined Refinance - the time to start this refinance is now.
...This is because FHA is changing the rules on Streamlines starting November 17th.
Starting November 17th the maximum FHA Streamlined loan limit will be... The outstanding principal balance minus the MIP refund - plus the new MIP that will be charged on the refinance.
The new guidelines will severely limit the ability to do a Streamlined Refinance loan after November 17th.
So, if you have an FHA loan and you want a lower rate - the time to refinance is now.
I hope you have a good day today. Thanks for reading!
Brett
If you have an FHA loan, and you've been thinking about a Streamlined Refinance - the time to start this refinance is now.
...This is because FHA is changing the rules on Streamlines starting November 17th.
Starting November 17th the maximum FHA Streamlined loan limit will be... The outstanding principal balance minus the MIP refund - plus the new MIP that will be charged on the refinance.
The new guidelines will severely limit the ability to do a Streamlined Refinance loan after November 17th.
So, if you have an FHA loan and you want a lower rate - the time to refinance is now.
I hope you have a good day today. Thanks for reading!
Brett
Friday, November 6, 2009
Here's More Detail On The New Home Buyer Tax Credit...
Hello,
Here's some more information for you on the new Tax Credit...
The Senate voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration date.
The credit would be available until April 30, 2010. Under the new legislation the credit will also now apply to home buyers who are buying their second or subsequent home.
...The credit currently applies only to first time home buyer.
The Senate vote was 98 to 0.
Under a compromise reached late last week, the tax credit for veteran homeowners will apply only to those who have lived in their current residence for at least five years.
The credit for these buyers will be capped at $6,500 while first time buyers will continue to receive $8,000.
Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively.
There have also been charges of fraud in the operation of the program.
...To combat this the new law has some expanded safeguards including a minimum age of 18 for obtaining the credit, a requirement that a settlement statement accompany the tax return claiming the credit and a prohibition on non-arms length transactions.
I hope you have a good day today. Thanks for reading!
Brett
Here's some more information for you on the new Tax Credit...
The Senate voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration date.
The credit would be available until April 30, 2010. Under the new legislation the credit will also now apply to home buyers who are buying their second or subsequent home.
...The credit currently applies only to first time home buyer.
The Senate vote was 98 to 0.
Under a compromise reached late last week, the tax credit for veteran homeowners will apply only to those who have lived in their current residence for at least five years.
The credit for these buyers will be capped at $6,500 while first time buyers will continue to receive $8,000.
Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively.
There have also been charges of fraud in the operation of the program.
...To combat this the new law has some expanded safeguards including a minimum age of 18 for obtaining the credit, a requirement that a settlement statement accompany the tax return claiming the credit and a prohibition on non-arms length transactions.
I hope you have a good day today. Thanks for reading!
Brett
Thursday, November 5, 2009
If You Have Had A Recent Bankruptcy, Or Are Currently In Bankruptcy... Here Are Your Mortgage Options.
Hello,
I get asked about this a lot - so, I wanted to give you a little refresher on how you can get a mortgage when you have had a Bankruptcy in your life.
Chapter 7 Bankruptcy... You will need two years of seasoning after the discharge date of the Bankruptcy on your credit - for an FHA loan. ...and, you can't have ANY new derogatory information occur (lates, charge offs, collections) after the Bankruptcy discharge.
The other thing you need to do is to ESTABLISH NEW credit accounts after the BK. This is huge. ...and a lot of people fail here. They don't get new credit after a BK, but if you want to get a loan - you will need to.
Chapter 13 Bankruptcy... You can get an FHA loan once you have a documented 12 month pay history (with no lates).
So, YES - you can get an FHA loan while you are in a Chapter 13 Bankruptcy! ...You will need a letter of permission from your trustee - but as long as the new mortgage payment isn't appreciably more than you are paying now in rent - they usually will give their permission.
Also, on a 13 - You DON'T need two years of seasoning after the discharge. ...as long as you have had minimum 12 months of good pay history. Many loan officers don't get this - and I end up closing a lot of loans that people can't get closed elsewhere for this very reason.
Have a good day today, and thanks for reading.
Brett
I get asked about this a lot - so, I wanted to give you a little refresher on how you can get a mortgage when you have had a Bankruptcy in your life.
Chapter 7 Bankruptcy... You will need two years of seasoning after the discharge date of the Bankruptcy on your credit - for an FHA loan. ...and, you can't have ANY new derogatory information occur (lates, charge offs, collections) after the Bankruptcy discharge.
The other thing you need to do is to ESTABLISH NEW credit accounts after the BK. This is huge. ...and a lot of people fail here. They don't get new credit after a BK, but if you want to get a loan - you will need to.
Chapter 13 Bankruptcy... You can get an FHA loan once you have a documented 12 month pay history (with no lates).
So, YES - you can get an FHA loan while you are in a Chapter 13 Bankruptcy! ...You will need a letter of permission from your trustee - but as long as the new mortgage payment isn't appreciably more than you are paying now in rent - they usually will give their permission.
Also, on a 13 - You DON'T need two years of seasoning after the discharge. ...as long as you have had minimum 12 months of good pay history. Many loan officers don't get this - and I end up closing a lot of loans that people can't get closed elsewhere for this very reason.
Have a good day today, and thanks for reading.
Brett
Tuesday, November 3, 2009
Part Time Job With An FHA Loan? ...Here's What You Need To Know.
Hello,
If you are trying to purchase a house with an FHA loan - and you are using part time job income, be aware of this...
FHA will want to see that you have a two year stream of this part time income before they will give you credit for it.
...So, in other words if a loan officer tells you that you need more income - you can't just run out and get a part time job to satisfy this need. ...You wouldn't fulfill the 2 year work history on it.
You do have other options though... If you are in this situation - please give me a call or drop me an email. I would love to try to help you.
I hope you have a good day today. Thanks for reading!
Brett
If you are trying to purchase a house with an FHA loan - and you are using part time job income, be aware of this...
FHA will want to see that you have a two year stream of this part time income before they will give you credit for it.
...So, in other words if a loan officer tells you that you need more income - you can't just run out and get a part time job to satisfy this need. ...You wouldn't fulfill the 2 year work history on it.
You do have other options though... If you are in this situation - please give me a call or drop me an email. I would love to try to help you.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, October 28, 2009
It Looks Like The Proposed Tax Credit Extension Will Apply To Move Up Buyers Too!...
Hello,
Ok, we're getting closer on the extension of the tax credit...
...and, they are talking about making it available to not only first time home buyers!
While a final deal was not reached, there were encouraging signs that a deal is very likely. It is more a question of "when" than "if".
The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to "move up" borrowers.
Details of the revised homebuyer credit reportedly are as follows:
1) Credit is changed to 10% of sales price up to $7290
2) For first time homebuyers, the income level to qualify is $ 75,000/150,000.
3) For "move up" buyers the income level to qualify is $ 125,000/250,000.
4) For "move up" buyers, they must have been residing in their primary residence for years.
5) The credit runs from Dec. 1, 2009 to April 30, 2010.
6) Sales contracts signed as of April 30, 2010 would have 60 days to close.
We sure need this - hopefully they will get it resolved soon...
I hope you have a good day today. Thanks for reading!
Brett
Ok, we're getting closer on the extension of the tax credit...
...and, they are talking about making it available to not only first time home buyers!
While a final deal was not reached, there were encouraging signs that a deal is very likely. It is more a question of "when" than "if".
The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to "move up" borrowers.
Details of the revised homebuyer credit reportedly are as follows:
1) Credit is changed to 10% of sales price up to $7290
2) For first time homebuyers, the income level to qualify is $ 75,000/150,000.
3) For "move up" buyers the income level to qualify is $ 125,000/250,000.
4) For "move up" buyers, they must have been residing in their primary residence for years.
5) The credit runs from Dec. 1, 2009 to April 30, 2010.
6) Sales contracts signed as of April 30, 2010 would have 60 days to close.
We sure need this - hopefully they will get it resolved soon...
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, October 27, 2009
Trying To Get The First Time Home Buyer Tax Credit Extended...
Hello,
The Mortgage Bankers Association and multiple other mortgage related trade groups are stepping up their pleas to the White House to extend the First Time Home Buyer Tax Credit.
They are asking for at least a 12 month extension.
...so far the White House hasn't commented either way on extending the tax credit.
I'll keep you posted on any new developments...
I hope you have a good day today. Thanks for reading!
Brett
The Mortgage Bankers Association and multiple other mortgage related trade groups are stepping up their pleas to the White House to extend the First Time Home Buyer Tax Credit.
They are asking for at least a 12 month extension.
...so far the White House hasn't commented either way on extending the tax credit.
I'll keep you posted on any new developments...
I hope you have a good day today. Thanks for reading!
Brett
Friday, October 23, 2009
Save $78,139 By Paying An Extra $165 A Month...
Hello,
When rates become as low as they are right now - it makes a lot of sense for you to consider lowering the term of your loan.
...For instance, if your current rate on a 30 yr fixed loan is 6.00% or higher - you should consider refinancing to a 15 year term.
Here's why:
1) Your rate would drop by around 1.5% (fixed).
2) For every $100,000 financed - your payment would be $167 higher for the 15 yr. However...
3) For that $167 monthly difference per $100,000 financed - you would save $78,139 in interest by getting rid of the last 15 years of the 30 yr loan.
Reducing your debt is smart.
...Right now is a good time to implement a move like this - because rates are so low.
I hope you have a good day today. Thanks for reading!
Brett
When rates become as low as they are right now - it makes a lot of sense for you to consider lowering the term of your loan.
...For instance, if your current rate on a 30 yr fixed loan is 6.00% or higher - you should consider refinancing to a 15 year term.
Here's why:
1) Your rate would drop by around 1.5% (fixed).
2) For every $100,000 financed - your payment would be $167 higher for the 15 yr. However...
3) For that $167 monthly difference per $100,000 financed - you would save $78,139 in interest by getting rid of the last 15 years of the 30 yr loan.
Reducing your debt is smart.
...Right now is a good time to implement a move like this - because rates are so low.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, October 21, 2009
Your Time Is Running Out On The Tax Credit...
Hello,
I wanted to remind you that the time left for claiming the First Time Home Buyer IRS Tax Credit is running out...
...remember, it’s a tax credit up to $8,000!
The way the bill is currently structured - you must close on your purchase by no later than November 30th to qualify for the credit.
A normal time frame for the mortgage process is 30 days - and we are almost 30 days away from the deadline.
...so, if you were unsure about when to buy - the tax credit is a good reason to do it now.
I hope you have a good day today. Thanks for reading!
Brett
I wanted to remind you that the time left for claiming the First Time Home Buyer IRS Tax Credit is running out...
...remember, it’s a tax credit up to $8,000!
The way the bill is currently structured - you must close on your purchase by no later than November 30th to qualify for the credit.
A normal time frame for the mortgage process is 30 days - and we are almost 30 days away from the deadline.
...so, if you were unsure about when to buy - the tax credit is a good reason to do it now.
I hope you have a good day today. Thanks for reading!
Brett
Thursday, October 15, 2009
Here's A Way To Stretch Your Income When Buying A House...
Hello,
Do you have your eye on a house you want to purchase - but the price of the home is a little too high for your income level?
Don't look know, but the FHA ARM's are coming back!
...Your debt-to-income ratio might be a little too high to qualify for that house on a 30 yr loan - however, you might just qualify if you went with a 3 or 5 yr FHA ARM.
This is because the rates on the 3 and 5 yr FHA ARM's are down around 4.00% right now! ...lower rate means lower payment.
...and, in many cases this changes a decline to an approval!
Just something to keep in mind if you're house hunting.
I hope you have a good day today. Thanks for reading!
Brett
Do you have your eye on a house you want to purchase - but the price of the home is a little too high for your income level?
Don't look know, but the FHA ARM's are coming back!
...Your debt-to-income ratio might be a little too high to qualify for that house on a 30 yr loan - however, you might just qualify if you went with a 3 or 5 yr FHA ARM.
This is because the rates on the 3 and 5 yr FHA ARM's are down around 4.00% right now! ...lower rate means lower payment.
...and, in many cases this changes a decline to an approval!
Just something to keep in mind if you're house hunting.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, October 14, 2009
Found A Great House, But You Wanted A Pool?... Here's How To Get Both!
Hello,
What if you find your ideal house - but it's missing one key element that you really wanted? ...A pool!
Many people are unaware of this, but it's possible to buy the house and finance the cost of building the pool right into the house purchase!
...it's done on a purchase with an escrow hold back for the pool.
Here are some basic guidelines for the pool escrow holdback...
1) It would have to be a conforming loan - so at least 5% down payment on a purchase.
2) Your contractor will have 90 days to complete the pool after your purchase.
3) There can be up to 3 draws (checks) for the contractor - with the last one coming after the final inspection.
4) The value of the pool is used in the loan to value calculation.
5) The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.
6) Primary residence only.
7) Maximum amount of escrow is $20,000 or 10% of property value for LTV's of 90% to 95%.
8) Maximum amount of escrow is $20,000 or 15% of property value for LTV's less than 90%.
Keep this in mind the next time you are house hunting - if you have your heart set on a pool.
I hope you have a good day today. Thanks for reading!
Brett
What if you find your ideal house - but it's missing one key element that you really wanted? ...A pool!
Many people are unaware of this, but it's possible to buy the house and finance the cost of building the pool right into the house purchase!
...it's done on a purchase with an escrow hold back for the pool.
Here are some basic guidelines for the pool escrow holdback...
1) It would have to be a conforming loan - so at least 5% down payment on a purchase.
2) Your contractor will have 90 days to complete the pool after your purchase.
3) There can be up to 3 draws (checks) for the contractor - with the last one coming after the final inspection.
4) The value of the pool is used in the loan to value calculation.
5) The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.
6) Primary residence only.
7) Maximum amount of escrow is $20,000 or 10% of property value for LTV's of 90% to 95%.
8) Maximum amount of escrow is $20,000 or 15% of property value for LTV's less than 90%.
Keep this in mind the next time you are house hunting - if you have your heart set on a pool.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, October 6, 2009
If Your Credit Is Below 620 - Here Are Your Options...
Hello,
I’ve had borrowers ask this question a lot lately…
What is the minimum credit score for a USDA loan?
The answer is – for a long time the minimum credit score to get a USDA loan was 580. …However, USDA has raised their minimum score to 620.
So, really there’s only three loan scenarios that will still go below 620.
1) FHA.
2) VA.
3) Conventional (must get Approve/Eligible in the automated system) – where the loan to value ratio is below 80%.
I’ve had borrowers ask this question a lot lately…
What is the minimum credit score for a USDA loan?
The answer is – for a long time the minimum credit score to get a USDA loan was 580. …However, USDA has raised their minimum score to 620.
So, really there’s only three loan scenarios that will still go below 620.
1) FHA.
2) VA.
3) Conventional (must get Approve/Eligible in the automated system) – where the loan to value ratio is below 80%.
Thursday, October 1, 2009
Movie... The Power Of Focus.
Hello,
Simple Truths sent me this early this morning... I usually don't have time to stop and watch these in the morning, but I did this one.
It's a neat little movie about the power of focus...
I'm passing it on to you now. Perhaps it will enable you to have a more productive day today.
Enjoy...
http://www.eagleschoolmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
Simple Truths sent me this early this morning... I usually don't have time to stop and watch these in the morning, but I did this one.
It's a neat little movie about the power of focus...
I'm passing it on to you now. Perhaps it will enable you to have a more productive day today.
Enjoy...
http://www.eagleschoolmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, September 29, 2009
Here's An Easy Way To Get Out Of Your Contract For Deed...
Hello,
Did you know that if you purchased your house on a Contract For Deed, or a Land Contract - we can treat this as a refinance loan?
...It's true! ...The Contract For Deed doesn't even need to be recorded.
We just need 12 months cancelled checks to refinance a Contract For Deed, or a Land Contract.
The biggest benefit of this is that we can use the appraised value, and not the purchase price for value. ...So, you can roll in closing costs instead of writing a check for them!
Max loan to value ratio on this program is 90%.
I hope you have a good day today. Thanks for reading!
Brett
Did you know that if you purchased your house on a Contract For Deed, or a Land Contract - we can treat this as a refinance loan?
...It's true! ...The Contract For Deed doesn't even need to be recorded.
We just need 12 months cancelled checks to refinance a Contract For Deed, or a Land Contract.
The biggest benefit of this is that we can use the appraised value, and not the purchase price for value. ...So, you can roll in closing costs instead of writing a check for them!
Max loan to value ratio on this program is 90%.
I hope you have a good day today. Thanks for reading!
Brett
Friday, September 25, 2009
USDA has new income limits. See If You Qualify...
Hello,
Good news.
USDA has recently increased their income limits.
Remember - outside of VA, USDA is the only 100% loan program available right now.
Here is the link to see if you fit under the new USDA income limits...
http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11
I hope you have a good day today. Thanks for reading!
Brett
Good news.
USDA has recently increased their income limits.
Remember - outside of VA, USDA is the only 100% loan program available right now.
Here is the link to see if you fit under the new USDA income limits...
http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11
I hope you have a good day today. Thanks for reading!
Brett
Thursday, September 24, 2009
No Money Out Of Your Pocket On This Purchase Scenario...
Hello,
Did you realize that when buying a house from an immediate family member - the buyer doesn't have to come out of pocket for a down payment with an FHA loan?
...this is because the guidelines allow the seller to "gift" equity to the buyer.
So, the 3.5% down payment on an FHA loan can be a gift from the seller. ...in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).
Neat, huh!
I hope you have a good day today. Thanks for reading!
Brett
Did you realize that when buying a house from an immediate family member - the buyer doesn't have to come out of pocket for a down payment with an FHA loan?
...this is because the guidelines allow the seller to "gift" equity to the buyer.
So, the 3.5% down payment on an FHA loan can be a gift from the seller. ...in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).
Neat, huh!
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, September 23, 2009
Can You Remove A Bankrupty From Your Credit? ...This Might Work.
Hello,
I was reading a credit repair news group yesterday, and I saw this bit about removing a bankruptcy from your credit.
I don't know if it will work, but if you are in this situation you could try it...
Here is an excerpt from this article:
"If you have a bankruptcy, send to the court that currently holds the paperwork and ask them for a copy of anything they have provided Experian, Transunion or Equifax. They will reply with a letter stating that they do not provide information to credit reporting agencies. Now dispute your bankruptcy with all three bureaus. They will all claim to have verified it, and list the court as the source. Reply with a copy of the letter, showing them you caught them in a lie, and demanding they remove the mark, which they FAILED to verify inside of 30 days."
I hope you have a good day today. Thanks for reading!
Brett
I was reading a credit repair news group yesterday, and I saw this bit about removing a bankruptcy from your credit.
I don't know if it will work, but if you are in this situation you could try it...
Here is an excerpt from this article:
"If you have a bankruptcy, send to the court that currently holds the paperwork and ask them for a copy of anything they have provided Experian, Transunion or Equifax. They will reply with a letter stating that they do not provide information to credit reporting agencies. Now dispute your bankruptcy with all three bureaus. They will all claim to have verified it, and list the court as the source. Reply with a copy of the letter, showing them you caught them in a lie, and demanding they remove the mark, which they FAILED to verify inside of 30 days."
I hope you have a good day today. Thanks for reading!
Brett
Monday, September 21, 2009
Texas Is Discontinuing The Advance Loan For Tax Credits...
Hello,
I wanted to let you know that we have just been informed by TDHCA (Texas agency that administers the Tax Credit Advance program) that they will no longer underwrite loans for the Tax Credit Advance Program.
This doesn't mean you won't get a tax credit for purchasing a home before the end of November... You will.
However, Texas won't be making advance loans for your down payment from this tax credit any longer.
They didn't provide an explanation as to why they have discontinued this program.
I hope you have a good day today. Thanks for reading!
Brett
I wanted to let you know that we have just been informed by TDHCA (Texas agency that administers the Tax Credit Advance program) that they will no longer underwrite loans for the Tax Credit Advance Program.
This doesn't mean you won't get a tax credit for purchasing a home before the end of November... You will.
However, Texas won't be making advance loans for your down payment from this tax credit any longer.
They didn't provide an explanation as to why they have discontinued this program.
I hope you have a good day today. Thanks for reading!
Brett
Friday, September 18, 2009
The Only Stated Income Loan Left...
Hello,
Remember, if you currently have an FHA loan...
It doesn't matter what your credit looks like.
It doesn't matter how much you make.
It doesn't matter if you have zero dollars in the bank.
...you are approved!
FHA streamlined refinance loans are the only "stated income / stated asset" loan that still exists in the market place.
If you would like to take advantage of it - give me a call, or drop me an email.
I hope you have a good day today. Thanks for reading!
Brett
Remember, if you currently have an FHA loan...
It doesn't matter what your credit looks like.
It doesn't matter how much you make.
It doesn't matter if you have zero dollars in the bank.
...you are approved!
FHA streamlined refinance loans are the only "stated income / stated asset" loan that still exists in the market place.
If you would like to take advantage of it - give me a call, or drop me an email.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, September 16, 2009
Buying A House With A Pool On A USDA Loan - You Need To Know This...
Hello,
If you are trying to buy a home with a USDA loan - keep this in mind...
When looking at homes with an in-ground pool - the appraiser is not allowed to give any value to the pool.
...so, in other words the home will have to appraise for the full sales price by itself - without the pool.
I hope you have a good day today. Thanks for reading!
Brett
If you are trying to buy a home with a USDA loan - keep this in mind...
When looking at homes with an in-ground pool - the appraiser is not allowed to give any value to the pool.
...so, in other words the home will have to appraise for the full sales price by itself - without the pool.
I hope you have a good day today. Thanks for reading!
Brett
Friday, September 11, 2009
Don't Go House Shopping Before You Know Your Mortgage Credit Scores.
Hello,
You might know what your credit scores are - but do you know what your mortgage credit scores are?
The scores you get from www.freecreditreport.com, and other services like it will only tell you what your consumer credit scores are. ...This isn't enough.
95% of the time your mortgage credit scores will be different, and sometimes significantly different.
...I see it every day.
You don't want to go put earnest money down on a house - thinking you have good credit if you haven't seen your mortgage credit scores.
One easy way to see your mortgage credit scores is to simply to go www.loansdonequickly.com, click on "apply" and fill out the quick application...
...it will give you an opportunity to run your credit right there, and you can immediately see your scores and your report.
I hope you have a good day today. Thanks for reading!
Brett
You might know what your credit scores are - but do you know what your mortgage credit scores are?
The scores you get from www.freecreditreport.com, and other services like it will only tell you what your consumer credit scores are. ...This isn't enough.
95% of the time your mortgage credit scores will be different, and sometimes significantly different.
...I see it every day.
You don't want to go put earnest money down on a house - thinking you have good credit if you haven't seen your mortgage credit scores.
One easy way to see your mortgage credit scores is to simply to go www.loansdonequickly.com, click on "apply" and fill out the quick application...
...it will give you an opportunity to run your credit right there, and you can immediately see your scores and your report.
I hope you have a good day today. Thanks for reading!
Brett
Do You Owe More Than Your House Is Worth... There Might Be Hope For You.
Hello,
Do you owe more on your house than it's worth?
If so, I might be able to help you...
If you bought your home on a "piggyback" loan - such as an 80% first, and a 15% or 20% second, and you are needing to refinance your first - and you can't because the two loans added together are more than your property is worth - there's hope for you.
We now have a program that will refinance your first mortgage (assuming you will qualify) into a low rate FHA loan - as long as it's not over 98.75% (on the first) of your properties value...
...and, then we can keep your second loan in place - up to 125% of the value of your home!
If you're in this situation, and you need help - let me know.
I hope you have a good day today. Thanks for reading!
Brett
Do you owe more on your house than it's worth?
If so, I might be able to help you...
If you bought your home on a "piggyback" loan - such as an 80% first, and a 15% or 20% second, and you are needing to refinance your first - and you can't because the two loans added together are more than your property is worth - there's hope for you.
We now have a program that will refinance your first mortgage (assuming you will qualify) into a low rate FHA loan - as long as it's not over 98.75% (on the first) of your properties value...
...and, then we can keep your second loan in place - up to 125% of the value of your home!
If you're in this situation, and you need help - let me know.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, September 8, 2009
If You Pay Cash For Your Rent Or Mortgage - Don't... Here's Why.
Hello,
If you are currently paying a relative or a friend cash to pay your rent or mortgage - you need to stop.
Don't stop paying rent - just don't pay with cash anymore.
...The reason is that if you need to purchase or refinance a home at a later time - you will need to be able to prove that you made your rent or mortgage payments to the mortgage company. It's hard to prove this if you pay with cash.
The best thing you can do to pay the rent is write a check for it each month. ...it's easy to produce cancelled checks to prove you paid the bill.
If you elect to pay with money orders - just make sure you save every scrap of paper (receipt) from each month.
I hope you have a good day today. Thanks for reading!
Brett
If you are currently paying a relative or a friend cash to pay your rent or mortgage - you need to stop.
Don't stop paying rent - just don't pay with cash anymore.
...The reason is that if you need to purchase or refinance a home at a later time - you will need to be able to prove that you made your rent or mortgage payments to the mortgage company. It's hard to prove this if you pay with cash.
The best thing you can do to pay the rent is write a check for it each month. ...it's easy to produce cancelled checks to prove you paid the bill.
If you elect to pay with money orders - just make sure you save every scrap of paper (receipt) from each month.
I hope you have a good day today. Thanks for reading!
Brett
Thursday, September 3, 2009
Saving Cash For Down Payment? ...It's A Bad Idea - Here's Why...
Hello,
Believe it or not, having cash in the mortgage industry is a bad thing.
If you have cash saved up for a down payment on a home - and you were planning on using it for a down payment - it will present a problem when it comes time to getting a mortgage.
The mortgage world is all about documentation.
...The guidelines on cash are designed to prevent the seller from just giving you the down payment.
So, if you have a down payment - you will have to show where it came from... ...checking = good, ...savings = good, ...gift from relative (fha/va/usda) = good, ...retirement account = good, ...cash = NO GOOD.
The best solution for this?... Put the cash in the bank. ...Leave it there for 60 days. ...After 60 days sitting in the account - it doesn't matter where it came from.
I hope you have a good day today. Thanks for reading!
Brett
Believe it or not, having cash in the mortgage industry is a bad thing.
If you have cash saved up for a down payment on a home - and you were planning on using it for a down payment - it will present a problem when it comes time to getting a mortgage.
The mortgage world is all about documentation.
...The guidelines on cash are designed to prevent the seller from just giving you the down payment.
So, if you have a down payment - you will have to show where it came from... ...checking = good, ...savings = good, ...gift from relative (fha/va/usda) = good, ...retirement account = good, ...cash = NO GOOD.
The best solution for this?... Put the cash in the bank. ...Leave it there for 60 days. ...After 60 days sitting in the account - it doesn't matter where it came from.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, September 2, 2009
What You Need To Do After A Bankruptcy...
Hello,
If you have a recently discharged bankruptcy - I have some advice for you...
Mortgage companies want to see that you reestablish new positive trade lines after a bankruptcy.
...In fact, the guidelines will want to see that you have established three new trade lines (credit card, installment loans, etc.) after the bankruptcy.
You will want to do this as soon as possible after the bankruptcy, because they are going to want to see 12 months positive credit history from these new trade lines - before they will approve you for a new loan (In addition to the seasoning requirements for a BK on each loan program).
I hope you have a good day today. Thanks for reading!
Brett
If you have a recently discharged bankruptcy - I have some advice for you...
Mortgage companies want to see that you reestablish new positive trade lines after a bankruptcy.
...In fact, the guidelines will want to see that you have established three new trade lines (credit card, installment loans, etc.) after the bankruptcy.
You will want to do this as soon as possible after the bankruptcy, because they are going to want to see 12 months positive credit history from these new trade lines - before they will approve you for a new loan (In addition to the seasoning requirements for a BK on each loan program).
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, September 1, 2009
Here's A 100% Loan Down To A 580 Credit Score...
Hello,
Remember - USDA will routinely go down to a 580 credit score on purchase loans. ...This is a 100% loan!
You just have to make sure the property you are looking at is in a USDA qualified area (there are geographic restrictions).
If you're not sure - you can enter the address here and it will tell you if it's in a qualified area...
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do ...Click Single Family Housing, and follow the prompts.
There are also household income caps with USDA... You can check to see if your family income qualifies here...
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do ...Click Income Eligibility and follow the prompts.
I can tell you that USDA is ok with bad credit - but you can't have recent bad credit. It needs to be around two years old.
If you want to see if you would qualify for USDA - give me a call or shoot me an email, and tell me you're interested in this program.
I hope you have a good day today. Thanks for reading!
Brett
Remember - USDA will routinely go down to a 580 credit score on purchase loans. ...This is a 100% loan!
You just have to make sure the property you are looking at is in a USDA qualified area (there are geographic restrictions).
If you're not sure - you can enter the address here and it will tell you if it's in a qualified area...
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do ...Click Single Family Housing, and follow the prompts.
There are also household income caps with USDA... You can check to see if your family income qualifies here...
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do ...Click Income Eligibility and follow the prompts.
I can tell you that USDA is ok with bad credit - but you can't have recent bad credit. It needs to be around two years old.
If you want to see if you would qualify for USDA - give me a call or shoot me an email, and tell me you're interested in this program.
I hope you have a good day today. Thanks for reading!
Brett
Friday, August 28, 2009
Want Cash Out Of Your Home, But Credit Not So Good?... Here's A Way.
Hello,
Were you wanting to get cash out of your home... but, your credit isn't that good?
Believe it or not - this is often times a loan we can make.
The reason is if you have in excess of a 20% equity position in your property - the mortgage insurance companies credit cut offs don't come into play. ...because there's no mortgage insurance on these loans.
Now, many banks still have their own credit score cut offs (independent of the mortgage insurance companies) - usually 620.
...but, not us. If your credit score is 550, and we can get an automated approval on a cash out loan for you - we can do that loan!
I hope you have a good day today. Thanks for reading!
Brett
Were you wanting to get cash out of your home... but, your credit isn't that good?
Believe it or not - this is often times a loan we can make.
The reason is if you have in excess of a 20% equity position in your property - the mortgage insurance companies credit cut offs don't come into play. ...because there's no mortgage insurance on these loans.
Now, many banks still have their own credit score cut offs (independent of the mortgage insurance companies) - usually 620.
...but, not us. If your credit score is 550, and we can get an automated approval on a cash out loan for you - we can do that loan!
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, August 26, 2009
Hello,
If you want to buy some land - or if you have been considering buying land... I can help.
We do land loans! I want to give you a few brief guidelines to go by - so you will know what would qualify for a land loan.
Here are the guidelines...
· Land must be located in a rural area, or if in a city - population must be less than 2,500.
· Minimum loan amount is $55,000.
· No cash out on refinance loans.
· Must be purchase with the intent to build a home (new primary residence) on it.
· No seasoning required on down payment funds.
· Property must have public road access.
· Property needs to have access to electricity.
· Need a minimum credit score of 620.
· Requires 25% down.
· Maximum loan amount is $300,000.
That's it. So, if you want to buy some land - let me know, and I'll be happy to get you pre qualified.
I hope you have a good day today. Thanks for reading!
Brett
If you want to buy some land - or if you have been considering buying land... I can help.
We do land loans! I want to give you a few brief guidelines to go by - so you will know what would qualify for a land loan.
Here are the guidelines...
· Land must be located in a rural area, or if in a city - population must be less than 2,500.
· Minimum loan amount is $55,000.
· No cash out on refinance loans.
· Must be purchase with the intent to build a home (new primary residence) on it.
· No seasoning required on down payment funds.
· Property must have public road access.
· Property needs to have access to electricity.
· Need a minimum credit score of 620.
· Requires 25% down.
· Maximum loan amount is $300,000.
That's it. So, if you want to buy some land - let me know, and I'll be happy to get you pre qualified.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, August 25, 2009
What To Do When The Seller Refuses To Do Repairs On A Purchase...
Hello,
If you are buying a house that needs minor repairs - but the seller refuses to do them - what do you do?
This situation happens a lot, especially on bank owned homes.
The simple answer is to use an escrow hold back. ...an escrow hold back is a small amount of money that is held out of the seller's proceeds from the sale to make the repairs.
You have to write the escrow hold back right into the contract - under special provisions. To avoid having to rewrite this clause - be specific. Your realtor will need to write - "An escrow hold back in the amount of $______ will be used for (specific) repairs."
One key with the escrow hold back is the repairs need to be minor - and they can't take that long to finish. ...an average amount of an escrow hold back is $1,500 to $3,000.
Knowing how to solve minor repair problems on an offer - can sometimes make the difference between getting a great deal on a house, or not buying it at all.
If this situation comes up with your deal - just give me a call - I can help you out.
Have a good day today! ...and thanks for reading.
Brett
If you are buying a house that needs minor repairs - but the seller refuses to do them - what do you do?
This situation happens a lot, especially on bank owned homes.
The simple answer is to use an escrow hold back. ...an escrow hold back is a small amount of money that is held out of the seller's proceeds from the sale to make the repairs.
You have to write the escrow hold back right into the contract - under special provisions. To avoid having to rewrite this clause - be specific. Your realtor will need to write - "An escrow hold back in the amount of $______ will be used for (specific) repairs."
One key with the escrow hold back is the repairs need to be minor - and they can't take that long to finish. ...an average amount of an escrow hold back is $1,500 to $3,000.
Knowing how to solve minor repair problems on an offer - can sometimes make the difference between getting a great deal on a house, or not buying it at all.
If this situation comes up with your deal - just give me a call - I can help you out.
Have a good day today! ...and thanks for reading.
Brett
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