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

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'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

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 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

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

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

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

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