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

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

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

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

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

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

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

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

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

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

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

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

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