Good Morning!
I wrote about this 6 months ago - but I think it bears repeating.
This simple thing stops many loans in their tracks - and I want you to be aware of it.
I wanted to point out one downside of disputing accounts on your credit report. ...These would be accounts that you have disputed but there's really been no resolution. In other words the account is still on your report - and now has a "customer disputed" message on it.
If you are trying to get a conforming loan (Fannie Mae, Freddie Mac), or an FHA loan - you will find the automated underwriting system doesn't like accounts with "disputed" on them.
It won't include these accounts in the automated underwriting analysis. It will tell you to remove the disputed language from these accounts so it can finish its job of underwriting your file.
I can tell you removing the disputed language from these accounts can end up being quite a chore. ...and, I've had it derail some loans because we couldn't remove it.
...just wanted you to be aware of this.
I hope you have a good day today. Thanks for reading and have a good weekend!
Brett
Friday, August 27, 2010
Wednesday, August 25, 2010
We Allow You To Use Gifts For Down Payment On These Loans...
Good Morning!
Did you realize that we allow gifts on non government insured loans (including jumbos!) up to 85% Combined Loan To Value Ratios?
Many people don't realize that this is possible. You can actually get a gift for the down payment on loan amounts above the conforming limits ($417,000). ...This is true up to $800,000 for this program.
Remember, the max combined loan to value ratio for these loans caps out at 85%.
...Oh, I'm coming out with a new program next week that will help you reduce your out of pocket cash the next time you purchase a home. ...Be on the lookout for it!
That's it for today!
Thanks for reading and have a great day!
Brett
Did you realize that we allow gifts on non government insured loans (including jumbos!) up to 85% Combined Loan To Value Ratios?
Many people don't realize that this is possible. You can actually get a gift for the down payment on loan amounts above the conforming limits ($417,000). ...This is true up to $800,000 for this program.
Remember, the max combined loan to value ratio for these loans caps out at 85%.
...Oh, I'm coming out with a new program next week that will help you reduce your out of pocket cash the next time you purchase a home. ...Be on the lookout for it!
That's it for today!
Thanks for reading and have a great day!
Brett
Monday, August 23, 2010
The Two Ways To Get Rid Of Monthly Mortgage Insurance With FHA...
Good Morning!
Many people ask me if they have to pay monthly mortgage insurance on an FHA loan.
The answer is "yes". Unless...
There are really only two ways around monthly mortgage insurance on an FHA loan...
1) Do a 15 year mortgage and the loan to value ratio has to be under 90%.
2) Do a 30 yr fixed fha mortgage. Pay MI for 5 years - then you can get rid of it if the loan to value ratio is under 78%.
Thanks for reading and have a great day!
Brett
Many people ask me if they have to pay monthly mortgage insurance on an FHA loan.
The answer is "yes". Unless...
There are really only two ways around monthly mortgage insurance on an FHA loan...
1) Do a 15 year mortgage and the loan to value ratio has to be under 90%.
2) Do a 30 yr fixed fha mortgage. Pay MI for 5 years - then you can get rid of it if the loan to value ratio is under 78%.
Thanks for reading and have a great day!
Brett
Thursday, August 19, 2010
If You Make This Tax Deduction It Could Impact Your Approval...
Good Morning!
If your are submitting your tax returns to get a mortgage I want you to be aware of something....
The deductions you take on Schedule A for "unreimbursed job expenses" will come out of your adjusted gross income as a direct deduction of your income.
This deduction would be things like job travel expenses, union dues, job education, etc.
I've seen some rather large deductions in this category over the years - and sometimes it's meant the difference between loan approval and denial.
So, if you know you will be applying for a loan in the next couple of years - be aware of how this "unreimbursed job expenses" deduction will impact your overall income.
Thanks for reading and have a great day!
Brett
If your are submitting your tax returns to get a mortgage I want you to be aware of something....
The deductions you take on Schedule A for "unreimbursed job expenses" will come out of your adjusted gross income as a direct deduction of your income.
This deduction would be things like job travel expenses, union dues, job education, etc.
I've seen some rather large deductions in this category over the years - and sometimes it's meant the difference between loan approval and denial.
So, if you know you will be applying for a loan in the next couple of years - be aware of how this "unreimbursed job expenses" deduction will impact your overall income.
Thanks for reading and have a great day!
Brett
Monday, August 16, 2010
Older Applicants Shouldn't Fear This...
Good Morning!
Hope you had a good weekend!
"How can I apply for a 30 year mortgage when I'm 78 years old?"
...I get asked questions like this from older applicants often.
Let me just set the records straight on this... It's against the law for mortgage companies to discriminate against a mortgage applicant for being older.
...So, in other words a 90 year old person can apply for a 30 year mortgage.
That's it for today!
...by the way - if you have a rate at 5.25% or over you just might benefit from refinancing.
...Give me a call or shoot me an email if you would like to see if it would be worth while for you.
Thanks for reading and have a great day!
Brett
Hope you had a good weekend!
"How can I apply for a 30 year mortgage when I'm 78 years old?"
...I get asked questions like this from older applicants often.
Let me just set the records straight on this... It's against the law for mortgage companies to discriminate against a mortgage applicant for being older.
...So, in other words a 90 year old person can apply for a 30 year mortgage.
That's it for today!
...by the way - if you have a rate at 5.25% or over you just might benefit from refinancing.
...Give me a call or shoot me an email if you would like to see if it would be worth while for you.
Thanks for reading and have a great day!
Brett
Thursday, August 12, 2010
I Can Do This Loan For You Down To A 580 Score...
Good Morning!
Did you know we still have an FHA portfolio program that will take credit scores down to 580?
I know you have probably heard that if your score is below 620 you don't have a shot at a mortgage - not true.
The keys for this FHA portfolio program are the following...
1) Your back end debt to income ratio can't exceed 43%.
2) You must be able to prove you paid rent for the past 12 months. ...Usually by providing canceled checks.
3) Your last 12 months of credit needs to be pretty clean. ...no collections or charge offs in the last 12 months.
So, if you are in this situation - let me know and I'll see if you qualify.
...by the way the rates are very low right now - so if you were considering refinancing you're smart to do so. I can work up what your new payments would be, and you can decide if refinancing makes sense for you.
Thanks for reading and have a great day!
Brett
Did you know we still have an FHA portfolio program that will take credit scores down to 580?
I know you have probably heard that if your score is below 620 you don't have a shot at a mortgage - not true.
The keys for this FHA portfolio program are the following...
1) Your back end debt to income ratio can't exceed 43%.
2) You must be able to prove you paid rent for the past 12 months. ...Usually by providing canceled checks.
3) Your last 12 months of credit needs to be pretty clean. ...no collections or charge offs in the last 12 months.
So, if you are in this situation - let me know and I'll see if you qualify.
...by the way the rates are very low right now - so if you were considering refinancing you're smart to do so. I can work up what your new payments would be, and you can decide if refinancing makes sense for you.
Thanks for reading and have a great day!
Brett
Monday, August 9, 2010
Congress Just Changed FHA Again. Here Is What It Means To You...
Good Morning!
I wanted to let you know that congress has passed another law that will change the FHA loan program.
They are changing the amount of initial and monthly mortgage insurance that gets charged by FHA.
...Here are the current rates: 2.25% up front "funding fee", and .55% MI is charged monthly.
...Here are the new figures for all FHA case numbers pulled after September 7th 2010: 1.00% up front "funding fee", and .85% to .90% charged monthly.
The bottom line is your monthly payment for new FHA loans will be a little higher, but the initial MI added to your loan is lower. So, depending on how long you stay in your house this move could actually save you money on the overall MI charged by FHA.
Thanks for reading and have a great day!
Brett
I wanted to let you know that congress has passed another law that will change the FHA loan program.
They are changing the amount of initial and monthly mortgage insurance that gets charged by FHA.
...Here are the current rates: 2.25% up front "funding fee", and .55% MI is charged monthly.
...Here are the new figures for all FHA case numbers pulled after September 7th 2010: 1.00% up front "funding fee", and .85% to .90% charged monthly.
The bottom line is your monthly payment for new FHA loans will be a little higher, but the initial MI added to your loan is lower. So, depending on how long you stay in your house this move could actually save you money on the overall MI charged by FHA.
Thanks for reading and have a great day!
Brett
Friday, August 6, 2010
I Wrote This FREE Report For You...
Good Morning!
I wanted to let you know I wrote a Special Report on No and Low Down Loan Programs, and I have posted it on my web site for you.
The cost of this report is - FREE.
The report details these no/low down loan programs. ...What's good about them, and what's not so good about them.
I would encourage you to use it as a tool to educate yourself about the loan programs that are available to you in the market place.
Here is the link to the page you can download the report on... http://loansdonequickly.com/?page_id=275
Have a great and safe weekend!
Brett
I wanted to let you know I wrote a Special Report on No and Low Down Loan Programs, and I have posted it on my web site for you.
The cost of this report is - FREE.
The report details these no/low down loan programs. ...What's good about them, and what's not so good about them.
I would encourage you to use it as a tool to educate yourself about the loan programs that are available to you in the market place.
Here is the link to the page you can download the report on... http://loansdonequickly.com/?page_id=275
Have a great and safe weekend!
Brett
Wednesday, August 4, 2010
If You've Had A Bankruptcy - Here's How Long You'll Have To Wait For A Mortgage.
Good Morning!
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.
...Oh, and I almost forgot - Last week I promised you a big surprise. ...I have a new web site! Check it out... www.loansdonequickly.com.
Also, I put some pictures of my boys and I from a recent stop on our vacation in the About Brett section. ...take a look!
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.
...Oh, and I almost forgot - Last week I promised you a big surprise. ...I have a new web site! Check it out... www.loansdonequickly.com.
Also, I put some pictures of my boys and I from a recent stop on our vacation in the About Brett section. ...take a look!
Brett
Monday, August 2, 2010
Do You Need A Big Second Mortgage? We Go This Big On Seconds...
Good Morning!
I hope you had a good weekend!
Did you realize we can do a second mortgage up to $350,000?
...It's true!
In fact, we can do a second this large up to 85% combined loan to value ratio.
...Wanted you to know.
That's it for today. ...Have a good week!
Brett
I hope you had a good weekend!
Did you realize we can do a second mortgage up to $350,000?
...It's true!
In fact, we can do a second this large up to 85% combined loan to value ratio.
...Wanted you to know.
That's it for today. ...Have a good week!
Brett
Wednesday, July 28, 2010
Don't Do This If You Are Applying For A Mortgage...
Good Morning!
Mortgage tip: If you are about to get into the loan process to buy or refinance a house - don't go out and buy things on credit.
It sounds simple, and you would think most people would know this without being told.
...but, I have a loan right now where a borrower got himself into trouble from doing just this very thing.
There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit.
So, while you are in the loan process - don't apply for anything that would involve credit (appliances, lawn equipment, etc.).
...by the way, I have a special announcement coming next week!
That's it for today. ...Have a good week!
Brett
Mortgage tip: If you are about to get into the loan process to buy or refinance a house - don't go out and buy things on credit.
It sounds simple, and you would think most people would know this without being told.
...but, I have a loan right now where a borrower got himself into trouble from doing just this very thing.
There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit.
So, while you are in the loan process - don't apply for anything that would involve credit (appliances, lawn equipment, etc.).
...by the way, I have a special announcement coming next week!
That's it for today. ...Have a good week!
Brett
Monday, July 26, 2010
Considering A Lease Option? ...Then You Must Do This.
Good Morning!
I sent out an email on this about 4 months ago, but I see this situation enough that I think it bears repeating...
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 it's certified funds you need to keep a copy of the certified check.
If it was a personal check - you need to keep a copy of the canceled check (front and back).
Don't give cash!
Anything less than this - the underwriter will not give you credit for giving that money.
That's it for today. ...Have a good week!
Brett
I sent out an email on this about 4 months ago, but I see this situation enough that I think it bears repeating...
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 it's certified funds you need to keep a copy of the certified check.
If it was a personal check - you need to keep a copy of the canceled check (front and back).
Don't give cash!
Anything less than this - the underwriter will not give you credit for giving that money.
That's it for today. ...Have a good week!
Brett
Wednesday, July 21, 2010
This Is A Killer Of Many Loan Approvals...
Good Morning!
I want to talk to you about one of the biggest reasons behind the denial of many mortgage loans.
...The reason is: OVERLAY GUIDELINES.
The mortgage world mostly runs off of automated approvals these days. This is true for conventional loans, FHA loans, VA loans, even USDA loans.
This means we take your loan application and run it through an automated underwriting engine. It will either approve it or it won't.
However, just because the automated system approved your loan - it doesn't mean your loan is approved.
...because, once the underwriter gets it he/she likely has a set of "overlay guidelines" that they use to further evaluate your loan. This often results in an overturning of the automated approval. ...a denial.
This is particularly true of the big banks because they only have their own guidelines to use. If your loan doesn't fit in their "box of guidelines" then they don't have an alternative underwriting office they can send your file to.
Your solution: Use a mortgage company multiple underwriting options.
...and, most important: make sure the mortgage company has at least one or two underwriting options that don't put "overlay guidelines" on top of the automated findings. This is huge. ...and, guess what - I'm your guy on this one.
So, if you've had trouble getting approved with Bank of America, Wells Fargo, Chase, etc. ...Let me have a look at it. I just might have some good news for you.
Have a good day... And, thanks for reading!
Brett
I want to talk to you about one of the biggest reasons behind the denial of many mortgage loans.
...The reason is: OVERLAY GUIDELINES.
The mortgage world mostly runs off of automated approvals these days. This is true for conventional loans, FHA loans, VA loans, even USDA loans.
This means we take your loan application and run it through an automated underwriting engine. It will either approve it or it won't.
However, just because the automated system approved your loan - it doesn't mean your loan is approved.
...because, once the underwriter gets it he/she likely has a set of "overlay guidelines" that they use to further evaluate your loan. This often results in an overturning of the automated approval. ...a denial.
This is particularly true of the big banks because they only have their own guidelines to use. If your loan doesn't fit in their "box of guidelines" then they don't have an alternative underwriting office they can send your file to.
Your solution: Use a mortgage company multiple underwriting options.
...and, most important: make sure the mortgage company has at least one or two underwriting options that don't put "overlay guidelines" on top of the automated findings. This is huge. ...and, guess what - I'm your guy on this one.
So, if you've had trouble getting approved with Bank of America, Wells Fargo, Chase, etc. ...Let me have a look at it. I just might have some good news for you.
Have a good day... And, thanks for reading!
Brett
Monday, July 19, 2010
This FHA Change Is Finally Coming...
Good Morning!
Do you remember me telling you that FHA put off the announcement that the max seller help on closing costs was going from 6% down to 3%?
It looks like this change to a 3% cap on seller help could happen as soon as next month. FHA is supposed to let us know in the next 2 to 4 weeks when they are planning on implementing this.
...Don't worry. When this change does occur I'll be coming out with some great programs to help make up the difference between the max the seller can help you, and what's left to be paid above that limit.
Have a good day... And, thanks for reading!
Brett
Do you remember me telling you that FHA put off the announcement that the max seller help on closing costs was going from 6% down to 3%?
It looks like this change to a 3% cap on seller help could happen as soon as next month. FHA is supposed to let us know in the next 2 to 4 weeks when they are planning on implementing this.
...Don't worry. When this change does occur I'll be coming out with some great programs to help make up the difference between the max the seller can help you, and what's left to be paid above that limit.
Have a good day... And, thanks for reading!
Brett
Wednesday, June 30, 2010
Here's Some FREE Cool Stuff For You...
Good Morning!
No mortgage stuff today.
I want to share a wonderful program that I use - that's FREE!
It can help you too, and that's why I'm letting you know about it.
I'm not affiliated with the company, and have nothing to gain by sharing this information with you - other than knowing I'm helping you.
It's called Robo Form, and you can download it for free here...
http://www.roboform.com/download.html
Here's what it does... It's a toolbar that installs itself on all your browsers (explorer, firefox, whatever browser you use).
It automatically keeps track of every ID and Password you use on every web site you use.
It will save you a lot of time and headaches. I promise.
Have a good day... And, thanks for reading!
Brett
No mortgage stuff today.
I want to share a wonderful program that I use - that's FREE!
It can help you too, and that's why I'm letting you know about it.
I'm not affiliated with the company, and have nothing to gain by sharing this information with you - other than knowing I'm helping you.
It's called Robo Form, and you can download it for free here...
http://www.roboform.com/download.html
Here's what it does... It's a toolbar that installs itself on all your browsers (explorer, firefox, whatever browser you use).
It automatically keeps track of every ID and Password you use on every web site you use.
It will save you a lot of time and headaches. I promise.
Have a good day... And, thanks for reading!
Brett
Monday, June 28, 2010
Have You Considered Building A Home? ...This Program Might Be Right For You.
Good Morning!
I wanted to highlight a little known program that is fantastic if you want to build a house on land, but you can't qualify for traditional bank build out financing.
We still have a onetime close build out program for modular homes. ...not manufactured, or site built - but modular.
A modular home looks a lot like a site built home. However, the components are built in a factory.
The parts are then hauled to the build site, and put together on site.
The great part is - this loan is an FHA loan! ...that means only a 3.5% down payment.
...and, if you already own the land - you would probably have no down payment.
If you are interested in building please contact me about this program.
Have a good day... And, thanks for reading!
Brett
I wanted to highlight a little known program that is fantastic if you want to build a house on land, but you can't qualify for traditional bank build out financing.
We still have a onetime close build out program for modular homes. ...not manufactured, or site built - but modular.
A modular home looks a lot like a site built home. However, the components are built in a factory.
The parts are then hauled to the build site, and put together on site.
The great part is - this loan is an FHA loan! ...that means only a 3.5% down payment.
...and, if you already own the land - you would probably have no down payment.
If you are interested in building please contact me about this program.
Have a good day... And, thanks for reading!
Brett
Monday, June 21, 2010
Good Credit For You - But Bad Credit For Your Spouse? ...I've Got A Loan For You.
Good Morning!
Do you have good credit, but your spouse has poor credit? ...but, you need their income for a loan approval?
I have a loan program that might just solve your problem. ...It uses the credit score of the primary wage earner for loan approval.
If this is your situation - let me know and I'll see if we can get you on this program.
Have a good day... And, thanks for reading!
Brett
Do you have good credit, but your spouse has poor credit? ...but, you need their income for a loan approval?
I have a loan program that might just solve your problem. ...It uses the credit score of the primary wage earner for loan approval.
If this is your situation - let me know and I'll see if we can get you on this program.
Have a good day... And, thanks for reading!
Brett
Wednesday, June 16, 2010
Now Is A Good Time To Do This For FREE...
Good Morning!
Mortgage rates are very low right now.
If your 30 yr fixed rate is 5.25% or over you should really consider refinancing.
For a FREE evaluation to see how much money you would save monthly, annually, and over the life of the loan - just give me a call or shoot me an email.
I'll be happy to evaluate your loan for you.
Thanks for reading - and have a great day!
Brett
Mortgage rates are very low right now.
If your 30 yr fixed rate is 5.25% or over you should really consider refinancing.
For a FREE evaluation to see how much money you would save monthly, annually, and over the life of the loan - just give me a call or shoot me an email.
I'll be happy to evaluate your loan for you.
Thanks for reading - and have a great day!
Brett
Monday, June 14, 2010
Possible Extension On First Time Home Buyer Tax Credit...
Good Morning!
There is talk that the deadline for the First Time Home Buyers Tax credit will be extended until September 30th.
This provision is currently included in a Jobs and Tax bill being discussed in the Senate.
...Note: this provision would only apply to those home buyers that would be jeopardy of losing their tax credit if they don't close by June 30th.
I'll keep you posted...
Thanks for reading - and have a great day!
Brett
There is talk that the deadline for the First Time Home Buyers Tax credit will be extended until September 30th.
This provision is currently included in a Jobs and Tax bill being discussed in the Senate.
...Note: this provision would only apply to those home buyers that would be jeopardy of losing their tax credit if they don't close by June 30th.
I'll keep you posted...
Thanks for reading - and have a great day!
Brett
Friday, June 11, 2010
Too Many Collections Your Problem? ...Here's A Way To Solve That.
Good Morning!
Have you been told by a loan officer that they can't help you because you have too many collections?
Most lenders have a cap on the amount of aggregate collections they will allow.
...for some the cap is $5,000. ...for some it's $7,500, etc.
If you have run into this problem - I have a solution for you...
Use me as your loan officer.
I have underwriting guidelines that have no limit on aggregate collections!
There it is - another seemingly insurmountable problem solved by Brett!
Have a good weekend!
Thanks for reading - and have a great day!
Brett
Have you been told by a loan officer that they can't help you because you have too many collections?
Most lenders have a cap on the amount of aggregate collections they will allow.
...for some the cap is $5,000. ...for some it's $7,500, etc.
If you have run into this problem - I have a solution for you...
Use me as your loan officer.
I have underwriting guidelines that have no limit on aggregate collections!
There it is - another seemingly insurmountable problem solved by Brett!
Have a good weekend!
Thanks for reading - and have a great day!
Brett
Wednesday, June 9, 2010
No Money Out Of Pocket For You On This Loan...
Good Morning!
I have this situation come up at least once a week, so I wanted to address it again...
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? (As long as it's a owner occupied residence for seller and buyer.)
...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!
Thanks for reading - and have a great day!
Brett
I have this situation come up at least once a week, so I wanted to address it again...
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? (As long as it's a owner occupied residence for seller and buyer.)
...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!
Thanks for reading - and have a great day!
Brett
Monday, June 7, 2010
If Your Credit Score Is Between 620 And 580 You Might Qualify For This Loan...
Good Morning! ...I hope you had a good weekend.
Did you know we still do FHA loans with credit scores down to 580? ...Yes! We do.
We call it our portfolio program, and here are some things you need to be aware of on this program...
1) Your last 12 months of credit needs to be pretty clean. No lates, collections, or charge offs.
2) You must prove you have paid rent on time for the past 12 months. If you pay an individual - you will need to provide 12 months cancelled checks.
3) The back end debt to income ratio is capped at 45%.
4) The rate on this program is higher than if you had above a 620 score.
If you meet these requirements and your credit score is below 620, but above 580 - I can probably help you.
Just give me a call or email me and we can discuss your loan.
Thanks for reading - and have a great day!
Brett
Did you know we still do FHA loans with credit scores down to 580? ...Yes! We do.
We call it our portfolio program, and here are some things you need to be aware of on this program...
1) Your last 12 months of credit needs to be pretty clean. No lates, collections, or charge offs.
2) You must prove you have paid rent on time for the past 12 months. If you pay an individual - you will need to provide 12 months cancelled checks.
3) The back end debt to income ratio is capped at 45%.
4) The rate on this program is higher than if you had above a 620 score.
If you meet these requirements and your credit score is below 620, but above 580 - I can probably help you.
Just give me a call or email me and we can discuss your loan.
Thanks for reading - and have a great day!
Brett
Thursday, June 3, 2010
One Day You May Need One Of These Loans...
Good Morning!
Did you know we do Reverse Mortgages?
I wanted to address the two most common
questions that I get regarding reverse mortgages...
1) Question: What happens if I die? Will the lender be taking my house?
a. No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep your home.
2) Question: What happens if the loan balance becomes greater than the value of my home?
a. No matter how large the loan balance becomes, you have the right to continue to live in the house. The lender cannot take over your home as long as it is your principal residence. Besides, you will NEVER owe the lender more than the value of your home. HUD will pay the shortage for you, if there is any.
Also, I wanted to share with you some pictures I took of a nice gift basket I received from one of my clients recently...
Thank you Julia and Jeffrey!
Have a good day today!
Thanks for reading.
Brett
Did you know we do Reverse Mortgages?
I wanted to address the two most common
questions that I get regarding reverse mortgages...
1) Question: What happens if I die? Will the lender be taking my house?
a. No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep your home.
2) Question: What happens if the loan balance becomes greater than the value of my home?
a. No matter how large the loan balance becomes, you have the right to continue to live in the house. The lender cannot take over your home as long as it is your principal residence. Besides, you will NEVER owe the lender more than the value of your home. HUD will pay the shortage for you, if there is any.
Also, I wanted to share with you some pictures I took of a nice gift basket I received from one of my clients recently...
Thank you Julia and Jeffrey!
Have a good day today!
Thanks for reading.
Brett
Tuesday, June 1, 2010
No Mortgage Insurance On These Loans...
Good Morning!
I hope you had a great holiday weekend!
Did you know that we have jumbo loans that go to 1.5 million dollars?
We also have no mortgage insurance on any of our jumbo loans - up to 90% LTV.
Have a great day - and thanks for reading!
Brett
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
$265 Off Your Closing Costs
Applies to new purchase loans and refinances submitted between June 5th and June 15th 2010.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
I hope you had a great holiday weekend!
Did you know that we have jumbo loans that go to 1.5 million dollars?
We also have no mortgage insurance on any of our jumbo loans - up to 90% LTV.
Have a great day - and thanks for reading!
Brett
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
$265 Off Your Closing Costs
Applies to new purchase loans and refinances submitted between June 5th and June 15th 2010.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Wednesday, May 26, 2010
This New Federal Rule Could Affect You...
Good Morning,
We are nearing a national dead line for mortgage originators in this country - and I want to tell you how this could affect you.
All mortgage originators must be registered in the Nationwide Mortgage Licensing System (NMLS) by May 31, 2010.
The federal government has separated mortgage originators into two classes...
1) Loan originators that work for depository institutions (banks that take deposits) only have to be registered in the NMLS.
2) Loan originators that work for mortgage companies that aren't depository institutions (like Southwest Funding) must also register in the NMLS system.
a. However, this second group of loan officers also have to pass a state test and a national test. Many loan officers have failed their first and second attempt at the tests. They aren't exactly easy.
Here's what this means to you... If you get a mortgage from a non depository mortgage company (like my company) you can be certain that loan officer has a good working knowledge of the loan industry. By and large they know what they are doing, because they've had to pass tests to prove that they know what they are doing.
This is not to say that loan officers that work for depository banks don't know what they are doing, but they haven't had to pass the same tests. They are held to a lesser knowledge standard from a national oversight perspective.
...just something to think about the next time you need a mortgage.
I hope you have a good day today. Thanks for reading!
Brett
We are nearing a national dead line for mortgage originators in this country - and I want to tell you how this could affect you.
All mortgage originators must be registered in the Nationwide Mortgage Licensing System (NMLS) by May 31, 2010.
The federal government has separated mortgage originators into two classes...
1) Loan originators that work for depository institutions (banks that take deposits) only have to be registered in the NMLS.
2) Loan originators that work for mortgage companies that aren't depository institutions (like Southwest Funding) must also register in the NMLS system.
a. However, this second group of loan officers also have to pass a state test and a national test. Many loan officers have failed their first and second attempt at the tests. They aren't exactly easy.
Here's what this means to you... If you get a mortgage from a non depository mortgage company (like my company) you can be certain that loan officer has a good working knowledge of the loan industry. By and large they know what they are doing, because they've had to pass tests to prove that they know what they are doing.
This is not to say that loan officers that work for depository banks don't know what they are doing, but they haven't had to pass the same tests. They are held to a lesser knowledge standard from a national oversight perspective.
...just something to think about the next time you need a mortgage.
I hope you have a good day today. Thanks for reading!
Brett
Monday, May 24, 2010
Be Aware Of This Little Known Loan Killer...
Hope you had a good weekend!
If you thought your score was good enough to get a loan, but your lender is telling you there is a problem with your trade lines...
...you probably got caught in their "overlay guideline trap".
Many lenders have overlay guidelines that they place on files that are more stringent than the basic FHA or Fannie Mae guidelines.
I've seen overlay guidelines kill many files.
Guess what - we don't have overlay guidelines!
If I can get an automated approval - I can get your file closed.
...just something I wanted you to be aware of.
Have a good week!
Brett
If you thought your score was good enough to get a loan, but your lender is telling you there is a problem with your trade lines...
...you probably got caught in their "overlay guideline trap".
Many lenders have overlay guidelines that they place on files that are more stringent than the basic FHA or Fannie Mae guidelines.
I've seen overlay guidelines kill many files.
Guess what - we don't have overlay guidelines!
If I can get an automated approval - I can get your file closed.
...just something I wanted you to be aware of.
Have a good week!
Brett
Friday, May 21, 2010
Don't Let Your Bad Credit Be The Reason You Can't Buy A House...
I just realized the link didn't get put in on the last entry. here is the URL for that web site: www.yourcreditanswer.com.
thanks.
brett
thanks.
brett
Don't Let Your Bad Credit Be The Reason You Can't Buy A House...
Good Morning!
If you want to purchase a house, but you can't because of your credit - don't fret.
All you need is a plan to improve your scores enough to get your house.
...and, I'm going to give you a plan for buying your house right now.
I finally found a credit restoration company that I feel comfortable recommending people to.
In fact, I liked them so much - my wife became a representative of the company.
Here's why I feel comfortable referring them...
· You don't have to worry about dealing with crooks! ...They're reputable! ...They have an "A" rating with the Better Business Bureau.
· You won't ever have to worry about losing your money! They have a money back guarantee if you're not satisfied!
· You get your money's worth! Most companies work on your credit for 2 to 3 months and that's it. ...This company will work on your credit up to a year at no extra charge!
· You don't have to wait long! ...They usually get significant results within 45 days.
· You can see everything! ...You can log on every day and see exactly what's going on with your account. What's been removed and what hasn't... yet.
· You can talk to a credit restoration expert about your credit whenever you want for as long as you want!
It's not uncommon for credit repair companies to charge $1,500 or MORE for credit restoration.
...and, they wouldn't do half the work, or have half the benefits of what I just listed here.
This company charges only $499! ...and remember - they guarantee their work! ...Guarantees in the credit repair industry are unheard of!
If you want to get your credit restored fast from a company you can rely on - I encourage you to click here now.
Thanks for reading, and have a great day!
Brett
Click here to see the Affiliated Business Disclosure.
If you want to purchase a house, but you can't because of your credit - don't fret.
All you need is a plan to improve your scores enough to get your house.
...and, I'm going to give you a plan for buying your house right now.
I finally found a credit restoration company that I feel comfortable recommending people to.
In fact, I liked them so much - my wife became a representative of the company.
Here's why I feel comfortable referring them...
· You don't have to worry about dealing with crooks! ...They're reputable! ...They have an "A" rating with the Better Business Bureau.
· You won't ever have to worry about losing your money! They have a money back guarantee if you're not satisfied!
· You get your money's worth! Most companies work on your credit for 2 to 3 months and that's it. ...This company will work on your credit up to a year at no extra charge!
· You don't have to wait long! ...They usually get significant results within 45 days.
· You can see everything! ...You can log on every day and see exactly what's going on with your account. What's been removed and what hasn't... yet.
· You can talk to a credit restoration expert about your credit whenever you want for as long as you want!
It's not uncommon for credit repair companies to charge $1,500 or MORE for credit restoration.
...and, they wouldn't do half the work, or have half the benefits of what I just listed here.
This company charges only $499! ...and remember - they guarantee their work! ...Guarantees in the credit repair industry are unheard of!
If you want to get your credit restored fast from a company you can rely on - I encourage you to click here now.
Thanks for reading, and have a great day!
Brett
Click here to see the Affiliated Business Disclosure.
Wednesday, May 19, 2010
Not Knowing This Could Kill Your Closing...
Good Morning,
Fannie Mae is adding a wrinkle to their loan process starting June 1st.
They will begin running a last minute credit report on the borrower just before closing.
The reason they are doing this is to see if you have applied for any new credit during the loan process.
...The lesson here is not to apply for any new credit (if you were planning on doing so) until your loan is closed and funded.
Thanks for reading, and have a great day!
Brett
Fannie Mae is adding a wrinkle to their loan process starting June 1st.
They will begin running a last minute credit report on the borrower just before closing.
The reason they are doing this is to see if you have applied for any new credit during the loan process.
...The lesson here is not to apply for any new credit (if you were planning on doing so) until your loan is closed and funded.
Thanks for reading, and have a great day!
Brett
Monday, May 17, 2010
Thinking About Buying One Of These Houses?...
Hope you had a good weekend!
Did you realize that we still do loans for Manufactured Housing?
I'm telling you that this is one segment of the market that loans are drying up for quickly.
...So, if you are thinking about purchasing a manufactured home - give me a call and I'll tell you about this loan program.
Thanks for reading, and have a great day!
Brett
Did you realize that we still do loans for Manufactured Housing?
I'm telling you that this is one segment of the market that loans are drying up for quickly.
...So, if you are thinking about purchasing a manufactured home - give me a call and I'll tell you about this loan program.
Thanks for reading, and have a great day!
Brett
Friday, May 14, 2010
Here's A Secret About Work History Most People Don't Know...
Good Morning!
I want to educate you on a popular misconception about getting a mortgage.
...Employment history.
Most people think that you need to have two years of employment history prior to applying for a mortgage.
...That's true for FHA, but not for conventional.
In fact, I've done conventional loans for people with as little as one month of employment history.
If you have less than two years employment history, and want to see if you qualify for a loan... Just give me a call or shoot me an email.
We'll take a look at it for you!
Thanks for reading, and have a great day!
Brett
I want to educate you on a popular misconception about getting a mortgage.
...Employment history.
Most people think that you need to have two years of employment history prior to applying for a mortgage.
...That's true for FHA, but not for conventional.
In fact, I've done conventional loans for people with as little as one month of employment history.
If you have less than two years employment history, and want to see if you qualify for a loan... Just give me a call or shoot me an email.
We'll take a look at it for you!
Thanks for reading, and have a great day!
Brett
Here's A Secret About Work History Most People Don't Know...
Good Morning!
I want to educate you on a popular misconception about getting a mortgage.
...Employment history.
Most people think that you need to have two years of employment history prior to applying for a mortgage.
...That's true for FHA, but not for conventional.
In fact, I've done conventional loans for people with as little as one month of employment history.
If you have less than two years employment history, and want to see if you qualify for a loan... Just give me a call or shoot me an email.
We'll take a look at it for you!
Thanks for reading, and have a great day!
Brett
I want to educate you on a popular misconception about getting a mortgage.
...Employment history.
Most people think that you need to have two years of employment history prior to applying for a mortgage.
...That's true for FHA, but not for conventional.
In fact, I've done conventional loans for people with as little as one month of employment history.
If you have less than two years employment history, and want to see if you qualify for a loan... Just give me a call or shoot me an email.
We'll take a look at it for you!
Thanks for reading, and have a great day!
Brett
Wednesday, May 12, 2010
Cheryl Tells Us About Her Loan Experience...
Good Morning,
Quick note about USDA loans:
USDA Rural Development has authorized the issuance of Conditional Commitments for the Single Family Housing Guaranteed Loan Program (SFHGLP) once funds for Fiscal Year 2010 are exhausted. So, the guarantee fee on USDA purchase loans is going from 2% of the loan amount to 3.5% on a purchase loan.
They are doing this because they are trying to keep the USDA program healthy and solvent.
...also...
I got this nice note from one of my clients last week, and I wanted to share it with you.
Sometimes testimonials say it all...
"Being a single mother of 3, it was difficult for me to find a lender who would work with me to get out of an adjustable rate and into a fixed rate. Brett kept in contact with me for about a year on getting my credit score where it needed to be. Once it was there, he was the most helpful lender I have encountered and made the whole process go seamlessly. He went out of his way to keep me informed and the loan closed even faster than I expected. Brett also was able to get his title officer to travel all the way to Waco from Plano so that I could close. I would highly recommend working with Brett Sampson and would do it again! Cheryl Martin"
Cheryl Martin
Waco, TX.
Thanks for reading, and have a great day!
Brett
Quick note about USDA loans:
USDA Rural Development has authorized the issuance of Conditional Commitments for the Single Family Housing Guaranteed Loan Program (SFHGLP) once funds for Fiscal Year 2010 are exhausted. So, the guarantee fee on USDA purchase loans is going from 2% of the loan amount to 3.5% on a purchase loan.
They are doing this because they are trying to keep the USDA program healthy and solvent.
...also...
I got this nice note from one of my clients last week, and I wanted to share it with you.
Sometimes testimonials say it all...
"Being a single mother of 3, it was difficult for me to find a lender who would work with me to get out of an adjustable rate and into a fixed rate. Brett kept in contact with me for about a year on getting my credit score where it needed to be. Once it was there, he was the most helpful lender I have encountered and made the whole process go seamlessly. He went out of his way to keep me informed and the loan closed even faster than I expected. Brett also was able to get his title officer to travel all the way to Waco from Plano so that I could close. I would highly recommend working with Brett Sampson and would do it again! Cheryl Martin"
Cheryl Martin
Waco, TX.
Thanks for reading, and have a great day!
Brett
Monday, May 10, 2010
This Represents 20% Of Your Credit Score...
Good Morning!
I wanted to give you another update on ways to improve your credit score...
New credit, and your credit mix - each comprise about 10% of your score.
You should avoid opening too many credit lines at the same time, since such behavior could suggest you are in financial trouble and need significant access to lots of credit.
FICO suggests that borrowers only take on additional credit when they must have it or when it makes sense financially.
It makes sense when you think about it, but repaying a variety of debt indicates the borrower can handle all sorts of credit.
According to FICO, historical data indicates that borrowers with a good mix of revolving credit and installment loans generally represent less risk for lenders.
Thanks for reading, and have a great day!
Brett
I wanted to give you another update on ways to improve your credit score...
New credit, and your credit mix - each comprise about 10% of your score.
You should avoid opening too many credit lines at the same time, since such behavior could suggest you are in financial trouble and need significant access to lots of credit.
FICO suggests that borrowers only take on additional credit when they must have it or when it makes sense financially.
It makes sense when you think about it, but repaying a variety of debt indicates the borrower can handle all sorts of credit.
According to FICO, historical data indicates that borrowers with a good mix of revolving credit and installment loans generally represent less risk for lenders.
Thanks for reading, and have a great day!
Brett
Friday, May 7, 2010
Don't Forget To Do This When You Give Money...
Good morning!
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 it's certified funds you need to keep a copy of the certified check.
If it was a personal check - you need to keep a copy of the cancelled check (front and back).
Don't give cash!
Anything less than this - the underwriter will not give you credit for giving that money.
That's it for today. ...Have a good weekend!
Brett
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 it's certified funds you need to keep a copy of the certified check.
If it was a personal check - you need to keep a copy of the cancelled check (front and back).
Don't give cash!
Anything less than this - the underwriter will not give you credit for giving that money.
That's it for today. ...Have a good weekend!
Brett
Wednesday, May 5, 2010
Remember This No Down Payment Program?...
Good Morning!
I have people asking me if we are still funding USDA loans - given the fact that the government funding for these loans hasn't been solidified yet.
The answer is "yes". We are anticipating minimal or NO stoppage or delay in closings for USDA loans.
There is legislation that has passed the House and and just needs Senate approval. The Bill is H.R. 5017. The passage of this bill is designed for the avaliablitiy of funds for USDA loans.
Remember the great features of a USDA loan...
· 620 scores to 102% financing.
· No Down payment.
· No Reserves.
· No mortgage insurance.
Thanks for reading! ...and have a good day!
Brett
I have people asking me if we are still funding USDA loans - given the fact that the government funding for these loans hasn't been solidified yet.
The answer is "yes". We are anticipating minimal or NO stoppage or delay in closings for USDA loans.
There is legislation that has passed the House and and just needs Senate approval. The Bill is H.R. 5017. The passage of this bill is designed for the avaliablitiy of funds for USDA loans.
Remember the great features of a USDA loan...
· 620 scores to 102% financing.
· No Down payment.
· No Reserves.
· No mortgage insurance.
Thanks for reading! ...and have a good day!
Brett
Monday, May 3, 2010
I Have Another Credit Tip For You...
Good Morning!
I hope you had a good weekend.
Did you realize that 15 percent of your credit score comes from the length of time each account has been open, and the length of time since the account's most recent action?
So, it's impossible for someone who is new to credit to have a perfect credit score.
A longer credit history provides more information and offers a better picture of long-term financial behavior.
So, to improve your credit score, individuals without a history should begin using credit, and those with credit should maintain longstanding accounts.
Thanks for reading! ...and have a good day!
Brett
I hope you had a good weekend.
Did you realize that 15 percent of your credit score comes from the length of time each account has been open, and the length of time since the account's most recent action?
So, it's impossible for someone who is new to credit to have a perfect credit score.
A longer credit history provides more information and offers a better picture of long-term financial behavior.
So, to improve your credit score, individuals without a history should begin using credit, and those with credit should maintain longstanding accounts.
Thanks for reading! ...and have a good day!
Brett
Thursday, April 29, 2010
Here's A Quick Tip That Can Bump Your Credit Scores Up...
Good Morning,
Your credit is so important - so I wanted to continue to give you some tips on tools you can use to get your scores up.
Did you realize that 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 it under 30% of the available balance.
That's it for today!
...Oh, remember you still have until Friday to take advantage of the federal tax credit. ...ask me if you have questions!
Thanks for reading! ...and have a good day!
Brett
Your credit is so important - so I wanted to continue to give you some tips on tools you can use to get your scores up.
Did you realize that 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 it under 30% of the available balance.
That's it for today!
...Oh, remember you still have until Friday to take advantage of the federal tax credit. ...ask me if you have questions!
Thanks for reading! ...and have a good day!
Brett
Wednesday, April 28, 2010
This Kind Of Loan Can Save You Money...
Good Morning!
Did you know that we still have piggy back loans to 95% loan to value ratio?
We do!
A piggy back loan is where we do two loans - one at 80%, and a second at 15% simultaneously.
You would put down 5% in this scenario, and we would finance 95%.
The advantage to a piggy back loan over a 1 loan scenario is that you don't have to pay the private mortgage insurance that comes with conventional loans over 80% LTV.
...So, you save money with piggys!
Thanks for reading! ...and have a good day!
Brett
Did you know that we still have piggy back loans to 95% loan to value ratio?
We do!
A piggy back loan is where we do two loans - one at 80%, and a second at 15% simultaneously.
You would put down 5% in this scenario, and we would finance 95%.
The advantage to a piggy back loan over a 1 loan scenario is that you don't have to pay the private mortgage insurance that comes with conventional loans over 80% LTV.
...So, you save money with piggys!
Thanks for reading! ...and have a good day!
Brett
Monday, April 26, 2010
This Simple Step Controls 35% Of Your Credit Score...
Good Morning!
Did you know that 35 percent of your total credit score comes from your payment history?
...It's true. FICO will watch revolving accounts (like credit cards) and installment loans, such as mortgages and student loans. Defaulting on larger installment loans like a mortgage will damage your score more severely than defaulting on a smaller revolving account.
So, here's the message: One of the best ways for you to improve your credit score is by making consistent and timely payments on your open and active accounts.
...Remember, you have only have until the end of April to ink your contract to take advantage of the Federal Tax Credit. ...There's still time!
Thanks for reading! ...and have a good day!
Brett
Did you know that 35 percent of your total credit score comes from your payment history?
...It's true. FICO will watch revolving accounts (like credit cards) and installment loans, such as mortgages and student loans. Defaulting on larger installment loans like a mortgage will damage your score more severely than defaulting on a smaller revolving account.
So, here's the message: One of the best ways for you to improve your credit score is by making consistent and timely payments on your open and active accounts.
...Remember, you have only have until the end of April to ink your contract to take advantage of the Federal Tax Credit. ...There's still time!
Thanks for reading! ...and have a good day!
Brett
Thursday, April 22, 2010
Here's How You Can Refinance For Free...
Good Morning to ya!
I have people ask me about how a no cost refinance works at least once a week. So, 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 closing costs. You would still be responsible for the pre paids (although we can roll them into the loan) - because you would pay these costs whether you refinance or not. Now, if your current loan is escrowed you would be reimbursed the balance in your escrow account after closing. So, this would be a wash for you.
Let me give you an example of how a no cost refinance works...
Let's say your current rate is at 5.75%. ...and let's say normal closing costs on your refinance loan would be $4,000.
There are two ways to approach this refinance...
1) You can take the very lowest rate in the market at the time. ...Let's say it's 5.00%. If you elect to go this route - you would either have to pay the closing costs yourself, or we could roll them into the loan. Either way you are paying for the closing costs.
2) You could take a slightly lower rate - say 5.5%, and we (the lender) can pay the $4,000 closing costs for you.
Option 2 is a true no cost refinance. You were able to lower your rate and monthly payment for free. It didn't cost you any money to do it!
If you would like for me to review your current situation for a no costs refinance - I'll do it for free! ...just give me a call, or shoot me an email.
Thanks for reading! ...and have a good day!
Brett
I have people ask me about how a no cost refinance works at least once a week. So, 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 closing costs. You would still be responsible for the pre paids (although we can roll them into the loan) - because you would pay these costs whether you refinance or not. Now, if your current loan is escrowed you would be reimbursed the balance in your escrow account after closing. So, this would be a wash for you.
Let me give you an example of how a no cost refinance works...
Let's say your current rate is at 5.75%. ...and let's say normal closing costs on your refinance loan would be $4,000.
There are two ways to approach this refinance...
1) You can take the very lowest rate in the market at the time. ...Let's say it's 5.00%. If you elect to go this route - you would either have to pay the closing costs yourself, or we could roll them into the loan. Either way you are paying for the closing costs.
2) You could take a slightly lower rate - say 5.5%, and we (the lender) can pay the $4,000 closing costs for you.
Option 2 is a true no cost refinance. You were able to lower your rate and monthly payment for free. It didn't cost you any money to do it!
If you would like for me to review your current situation for a no costs refinance - I'll do it for free! ...just give me a call, or shoot me an email.
Thanks for reading! ...and have a good day!
Brett
Tuesday, April 20, 2010
This Mistake Could Kill Your Loan...
Good Morning!
Avoid potential loan killers...
If you are applying for a loan and you have NSF 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 the underwriter that you are having a hard time managing your money.
The solution is to ask your lender (hopefully me!) to replace your statements with a verification of deposit.
Thanks for reading! ...and have a good day!
Brett
Avoid potential loan killers...
If you are applying for a loan and you have NSF 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 the underwriter that you are having a hard time managing your money.
The solution is to ask your lender (hopefully me!) to replace your statements with a verification of deposit.
Thanks for reading! ...and have a good day!
Brett
Monday, April 19, 2010
Tax Credit Is Being Extended For Military...
Good Morning!
The federal government is extending the tax credit for certain military personnel...
Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community
Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
Exemption From Tax Credit Recapture Rules
Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
Extension of Tax Credit Deadlines
The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
Definitions
"Qualified service member" means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
"Official extended duty" means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
Thanks for reading! ...and have a good day!
Brett
The federal government is extending the tax credit for certain military personnel...
Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community
Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
Exemption From Tax Credit Recapture Rules
Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
Extension of Tax Credit Deadlines
The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
Definitions
"Qualified service member" means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
"Official extended duty" means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
Thanks for reading! ...and have a good day!
Brett
Friday, April 16, 2010
Here's A Short Little Movie That Will Put You In A Good Mood...
Good Morning!
...Hope you're doing well.
Simple Truths sent me this little movie this morning. ...It's a good Friday movie (short and funny).
Enjoy, and have a good weekend!
http://www.thelaughtermovie.com/
Thanks for reading!
Brett
...Hope you're doing well.
Simple Truths sent me this little movie this morning. ...It's a good Friday movie (short and funny).
Enjoy, and have a good weekend!
http://www.thelaughtermovie.com/
Thanks for reading!
Brett
Monday, April 12, 2010
When Disputing Accounts On Your Credit Can Hurt You...
Good morning!
I hope you had a good weekend.
I wanted to point out one downside of disputing accounts on your credit report. ...These would be accounts that you have disputed but there's really been no resolution. In other words the account is still on your report - and now has a "customer disputed" message on it.
If you are trying to get a conforming loan (Fannie Mae, Freddie Mac) you will find the automated underwriting system doesn't like accounts with "disputed" on them.
It won't include these accounts in the automated underwriting analysis. It will tell you to remove the disputed language from these accounts so it can finish its job of underwriting your file.
I can tell you removing the disputed language from these accounts can end up being quite a chore. ...and, I've had it derail some loans because we couldn't remove it.
...just wanted you to be aware of this.
I hope you have a good day today. Thanks for reading!
Brett
I hope you had a good weekend.
I wanted to point out one downside of disputing accounts on your credit report. ...These would be accounts that you have disputed but there's really been no resolution. In other words the account is still on your report - and now has a "customer disputed" message on it.
If you are trying to get a conforming loan (Fannie Mae, Freddie Mac) you will find the automated underwriting system doesn't like accounts with "disputed" on them.
It won't include these accounts in the automated underwriting analysis. It will tell you to remove the disputed language from these accounts so it can finish its job of underwriting your file.
I can tell you removing the disputed language from these accounts can end up being quite a chore. ...and, I've had it derail some loans because we couldn't remove it.
...just wanted you to be aware of this.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, April 7, 2010
When It's Smart To Roll Your Closing Costs Into Your Loan...
Good morning!
I get questions about closing costs a lot...
...When is it best to roll closing costs into the loan (on a refi)?
...Can the mortgage company pay the closing costs?
The basic answer to these questions are:
If you are planning on staying in the home over 4 years - it's not a bad idea to roll closing costs into the loan.
If you are planning on selling or refinancing your home within the next 3 years - it's not a bad idea to let the mortgage company pay your closing costs.
I hope you have a good day today. Thanks for reading!
Brett
I get questions about closing costs a lot...
...When is it best to roll closing costs into the loan (on a refi)?
...Can the mortgage company pay the closing costs?
The basic answer to these questions are:
If you are planning on staying in the home over 4 years - it's not a bad idea to roll closing costs into the loan.
If you are planning on selling or refinancing your home within the next 3 years - it's not a bad idea to let the mortgage company pay your closing costs.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, April 6, 2010
Know Your Mortgage Scores...
Good Morning!
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.
If you want to know your mortgage scores - contact me at the office and we can get an updated applciation on you.
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.
If you want to know your mortgage scores - contact me at the office and we can get an updated applciation on you.
I hope you have a good day today. Thanks for reading!
Brett
Thursday, April 1, 2010
Here's How You Can Add A Pool To Your Purchase...
Good Morning!
I got an inquiry from one of my clients yesterday asking me if we could do an escrow hold back for a pool on a new house he's buying.
The answer is - Yes! ...We can do an escrow hold back for a pool. (New builds only)
An escrow hold back means we can add the cost of a pool to the loan even though the builder doesn't have the pool as part of the house price.
It occurred to me that many of you may not be aware of this. A lot of lenders won't do it. ...but I do!
...just wanted you to know.
Let me know if I can help you on your loan.
I hope you have a good day today. Thanks for reading!
Brett
I got an inquiry from one of my clients yesterday asking me if we could do an escrow hold back for a pool on a new house he's buying.
The answer is - Yes! ...We can do an escrow hold back for a pool. (New builds only)
An escrow hold back means we can add the cost of a pool to the loan even though the builder doesn't have the pool as part of the house price.
It occurred to me that many of you may not be aware of this. A lot of lenders won't do it. ...but I do!
...just wanted you to know.
Let me know if I can help you on your loan.
I hope you have a good day today. Thanks for reading!
Brett
Sunday, March 28, 2010
Here's What You Can Expect To Pay When You Buy A House...
Good Morning!
Before you go out house hunting make sure you have enough money available to get your house closed.
...I know it sounds simple, but many people don't realize the amount of funds they will need available to get into a house.
Here is a simple breakdown of your out of the out of pocket costs you could expect by loan program.
1) VA: 100% loan. No down payment.
2) USDA: 100% loan. No down payment
3) FHA: Minimum 3.5% down payment.
4) Conventional: 5% minimum down payment. (except Fannie's Homepath has 3% down available).
...but you can expect more out of pocket than just the down payment. There are two other costs you can expect to pay when you purchase a home...
1) One, is prepaids. This is pre paid interest, taxes, and insurance. Typically your prepaids will run 1% to 2.5% of a sales price.
2) Then there is your closing costs... Typically closing costs (from all entities - title, appraisal, mortgage, survey, etc.) will add another 1.5% to 3% to a sales price.
Be prepared for these additional costs. However, there are a couple of ways to help you lower the closing costs and prepaid expenses.
The best way is to ask the seller to help you. However, there are limits to the amount the seller can help you, and it gets worse after April 5th because FHA max seller help goes to a cap of 3%.
Please talk to me before you ask the seller for any help. This way you will know what your options are.
If the seller refuses to help you pay your closing costs and pre paids - there is one other way to get help... I can help you! Go here to find out how... www.free-money-for-your-house.info.
I hope you have a good day today. Thanks for reading!
Brett
Before you go out house hunting make sure you have enough money available to get your house closed.
...I know it sounds simple, but many people don't realize the amount of funds they will need available to get into a house.
Here is a simple breakdown of your out of the out of pocket costs you could expect by loan program.
1) VA: 100% loan. No down payment.
2) USDA: 100% loan. No down payment
3) FHA: Minimum 3.5% down payment.
4) Conventional: 5% minimum down payment. (except Fannie's Homepath has 3% down available).
...but you can expect more out of pocket than just the down payment. There are two other costs you can expect to pay when you purchase a home...
1) One, is prepaids. This is pre paid interest, taxes, and insurance. Typically your prepaids will run 1% to 2.5% of a sales price.
2) Then there is your closing costs... Typically closing costs (from all entities - title, appraisal, mortgage, survey, etc.) will add another 1.5% to 3% to a sales price.
Be prepared for these additional costs. However, there are a couple of ways to help you lower the closing costs and prepaid expenses.
The best way is to ask the seller to help you. However, there are limits to the amount the seller can help you, and it gets worse after April 5th because FHA max seller help goes to a cap of 3%.
Please talk to me before you ask the seller for any help. This way you will know what your options are.
If the seller refuses to help you pay your closing costs and pre paids - there is one other way to get help... I can help you! Go here to find out how... www.free-money-for-your-house.info.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, March 24, 2010
Two Important Deadlines You Need To Be Aware Of...
Good Morning!
I wanted to remind you of two important upcoming dates...
1) Starting April 5th and after all new FHA loans are limited to 3% max seller contributions (down from 6%).
2) To qualify for the home buyer tax credit you must be under contract by April 30th, and closed by June 30th.
I would love to see you take advantage of both of these while they last.
If you are interested in purchasing a home please contact me about how to get you qualified for these two programs.
I hope you have a good day today. Thanks for reading!
Brett
I wanted to remind you of two important upcoming dates...
1) Starting April 5th and after all new FHA loans are limited to 3% max seller contributions (down from 6%).
2) To qualify for the home buyer tax credit you must be under contract by April 30th, and closed by June 30th.
I would love to see you take advantage of both of these while they last.
If you are interested in purchasing a home please contact me about how to get you qualified for these two programs.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, March 17, 2010
If You Need A Big Second Mortgage - I've Got it!...
Good morning!
Did you know that I can do purchase money second mortgages up to $350,000 in Texas?
...I can even do them on rural properties!
I hope you have a good day today. Thanks for reading!
If you and your kiddies are on spring break this week - be safe.
Brett
Did you know that I can do purchase money second mortgages up to $350,000 in Texas?
...I can even do them on rural properties!
I hope you have a good day today. Thanks for reading!
If you and your kiddies are on spring break this week - be safe.
Brett
Tuesday, March 16, 2010
How To Get A 2.6% Interest Rate...
Good Morning!
If you are looking for a really low interest rate...
You might consider an Adjustable Rate Mortgage.
I have ARM rates that start as low as 2.6%!
...This makes for a very low payment.
If you want to see how low your payment could go with this type of rate - just let me know and I'll help you with it.
I hope you have a good day today. Thanks for reading!
Brett
If you are looking for a really low interest rate...
You might consider an Adjustable Rate Mortgage.
I have ARM rates that start as low as 2.6%!
...This makes for a very low payment.
If you want to see how low your payment could go with this type of rate - just let me know and I'll help you with it.
I hope you have a good day today. Thanks for reading!
Brett
Monday, March 15, 2010
Get It While You Can - This Loan Program Is Running Out Of Money...
Good Morning,
I have an important update for you on USDA loans...
Last week USDA came out with this announcement:
Notice of Funding
This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.
Once funding is exhausted, the Agency will not issue Conditional Commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available.
Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.
We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.
So, unless congress decides to put more money into this program - it's going to run out of money by the end of April.
If you were considering a USDA loan I would recommend you give me a call on this soon so we can get your deal done.
I hope you have a good day today. Thanks for reading!
Brett
I have an important update for you on USDA loans...
Last week USDA came out with this announcement:
Notice of Funding
This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.
Once funding is exhausted, the Agency will not issue Conditional Commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available.
Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.
We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.
So, unless congress decides to put more money into this program - it's going to run out of money by the end of April.
If you were considering a USDA loan I would recommend you give me a call on this soon so we can get your deal done.
I hope you have a good day today. Thanks for reading!
Brett
Friday, March 12, 2010
How To Get Cash Out Of Your Investment Property...
Good Morning!
I get asked about investment cash out loans a lot...
So, I thought it would be smart to give you a note about how we do investment property cash out loans.
Yes! We do investment cash out loans.
You will need to have owed the property for at least 6 months before we can use the new appraised value for our loan value.
If you fixed the property up - be prepared to show what you did to the property and how much it costs.
Max loan to value ratio will be 80% on a non owner occupied cash out loan.
I hope you have a good day today. Thanks for reading!
Brett
I get asked about investment cash out loans a lot...
So, I thought it would be smart to give you a note about how we do investment property cash out loans.
Yes! We do investment cash out loans.
You will need to have owed the property for at least 6 months before we can use the new appraised value for our loan value.
If you fixed the property up - be prepared to show what you did to the property and how much it costs.
Max loan to value ratio will be 80% on a non owner occupied cash out loan.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, March 10, 2010
Another Change Is Comming For FHA Next Month...
Hope your having a good morning!
There's another huge change coming from FHA at the end of April...
The max seller help contribution towards the buyers closing costs is now capped at 6% of a sales price on an FHA loan.
In April - this max seller help contribution is getting cut to a max of 3% of the sales price.
This is going to have a big impact on buying and selling houses below the $271,050 FHA loan limit.
...be looking for an exciting announcement from our office on this subject in the next couple of weeks!
I hope you have a good day today. Thanks for reading!
Brett
There's another huge change coming from FHA at the end of April...
The max seller help contribution towards the buyers closing costs is now capped at 6% of a sales price on an FHA loan.
In April - this max seller help contribution is getting cut to a max of 3% of the sales price.
This is going to have a big impact on buying and selling houses below the $271,050 FHA loan limit.
...be looking for an exciting announcement from our office on this subject in the next couple of weeks!
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, March 9, 2010
I Can Do This Loan For You Even If You Only Have One Credit Score...
Good morning!
Did you know that we can do a USDA loan for you even if you only have one credit score?
...It's true!
I hope you have a good day today. Thanks for reading!
Brett
Did you know that we can do a USDA loan for you even if you only have one credit score?
...It's true!
I hope you have a good day today. Thanks for reading!
Brett
Thursday, March 4, 2010
More Changes Are Coming For This Loan Program...
Good Morning,
I wanted to remind you that FHA's up front mortgage insurance charged at closing is going up from 1.75% to 2.25% on April 5th.
This is the upfront mortgage insurance that FHA charges in case there is a foreclosure. FHA adds it to the loan balance at closing.
The reason they are doing this is to strengthen the fund that insures FHA mortgages.
Have a good day today! ...and thanks for reading.
Brett
I wanted to remind you that FHA's up front mortgage insurance charged at closing is going up from 1.75% to 2.25% on April 5th.
This is the upfront mortgage insurance that FHA charges in case there is a foreclosure. FHA adds it to the loan balance at closing.
The reason they are doing this is to strengthen the fund that insures FHA mortgages.
Have a good day today! ...and thanks for reading.
Brett
Wednesday, March 3, 2010
If You Are Worried About Your Old Collections Keeping You From Getting A Loan - Here's A Solution!
Good Morning!
If you are worried about your older collections keeping you from getting a loan - I can probably help you.
Many lenders have overlay guidelines that will decline your loan if your collections add up to be too high. ...For instance some lenders have a $10,000 limit on total collections, etc.
I don't have those overlay guidelines.
So, if you are clean for the last 12 months, and we can get an automated approval on your file - then I can get your loan done! ...even if your total collections add up to $25,000!
...just keep it in mind if you want to buy a house. One less hurdle for you to deal with.
Have a good day today! ...and thanks for reading.
Brett
If you are worried about your older collections keeping you from getting a loan - I can probably help you.
Many lenders have overlay guidelines that will decline your loan if your collections add up to be too high. ...For instance some lenders have a $10,000 limit on total collections, etc.
I don't have those overlay guidelines.
So, if you are clean for the last 12 months, and we can get an automated approval on your file - then I can get your loan done! ...even if your total collections add up to $25,000!
...just keep it in mind if you want to buy a house. One less hurdle for you to deal with.
Have a good day today! ...and thanks for reading.
Brett
Monday, March 1, 2010
Down Payments On Jumbo Loans Are Going Down...
Hey there!
Down payments on Jumbo loans are going down...
We have a new Jumbo purchase loan up to 90% (only 10% down!)loan to value ratio with no Mortgage Insurance!
· Max $500,000 loan amount.
· Minimum 700 score.
· Single family homes only.
It's good to see the LTVs starting to creep higher on these loans again. (with no MI!)
Have a good day today! ...and thanks for reading.
Brett
Down payments on Jumbo loans are going down...
We have a new Jumbo purchase loan up to 90% (only 10% down!)loan to value ratio with no Mortgage Insurance!
· Max $500,000 loan amount.
· Minimum 700 score.
· Single family homes only.
It's good to see the LTVs starting to creep higher on these loans again. (with no MI!)
Have a good day today! ...and thanks for reading.
Brett
Tuesday, February 23, 2010
A Short Movie - To Give You A Bit Of Perspective...
Good Morning!
Simple Truths sent me this movie again. ...I swear every time I watch it I get choked up.
I encourage you to watch it.
...guarantee it will give you some perspective on your day.
http://www.tacmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
Simple Truths sent me this movie again. ...I swear every time I watch it I get choked up.
I encourage you to watch it.
...guarantee it will give you some perspective on your day.
http://www.tacmovie.com/
I hope you have a good day today. Thanks for reading!
Brett
Monday, February 22, 2010
Another Day - Another Federal Law Going Into Effect...
Good Morning!
I wanted to let you know that on the 15th of Febrary FHA joined the ranks of Fannie Mae and Freddie Mac...
They now require appraisals to be ordered through a third party system. Loan officers are no longer allowed to order or have direct contact with FHA appraisers.
Like any new regulation - there is good and bad to it.
The good... It reduces the risk of artificially inflated property values.
The bad... Buyers, Sellers, Realtors, and Loan Officers will have to deal with properties not appraising more often.
...Oh well, another day - another federal regulation going into effect.
I hope you have a good day today. Thanks for reading!
Brett
I wanted to let you know that on the 15th of Febrary FHA joined the ranks of Fannie Mae and Freddie Mac...
They now require appraisals to be ordered through a third party system. Loan officers are no longer allowed to order or have direct contact with FHA appraisers.
Like any new regulation - there is good and bad to it.
The good... It reduces the risk of artificially inflated property values.
The bad... Buyers, Sellers, Realtors, and Loan Officers will have to deal with properties not appraising more often.
...Oh well, another day - another federal regulation going into effect.
I hope you have a good day today. Thanks for reading!
Brett
Friday, February 19, 2010
Don't Do This For A Down Payment...
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
Monday, February 15, 2010
Don't Miss This Deadline...
Good Morning!
I just wanted to remind you that the current tax credit for First Time Home Buyers, and Move Up Buyers ends on April 30th, 2010.
The tax credit applies to sales occurring on or before April 30th, 2010. In cases where a binding sales contract is signed by April 30th, 2010, a home purchase completed by June 30, 2010 will qualify.
So, if you are eligible for this tax credit - and you want to take advantage of it just contact me to get prequalified to buy.
I hope you have a good day today. Thanks for reading!
Brett
I just wanted to remind you that the current tax credit for First Time Home Buyers, and Move Up Buyers ends on April 30th, 2010.
The tax credit applies to sales occurring on or before April 30th, 2010. In cases where a binding sales contract is signed by April 30th, 2010, a home purchase completed by June 30, 2010 will qualify.
So, if you are eligible for this tax credit - and you want to take advantage of it just contact me to get prequalified to buy.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, February 9, 2010
More Favorable Financing For Real Estate Investors...
Good Morning,
If you are interested in buying real estate as an investment I have good news for you...
The mortgage industry is starting to make your life a little easier. Up until recently you needed to put 20% down on investment property, however Fannie Mae is changing this.
Fannie Mae foreclosures that are listed as qualifying for the Homepath program have more favorable financing for investors.
The benefits to investors are...
1) Up to 90% LTV financing.
2) 660 FICO score minimum.
3) No MI.
4) No appraisal.
5) Up to 2% sellers concession from Fannie Mae.
6) 75% LTV with a 620 FICO score for over 4 financed properties.
7) Up to 10 financed properties total.
Just ask your realtor to do a search for Homepath properties. ...then call or email me, and I will get you the loan.
I hope you have a good day today. Thanks for reading!
Brett
If you are interested in buying real estate as an investment I have good news for you...
The mortgage industry is starting to make your life a little easier. Up until recently you needed to put 20% down on investment property, however Fannie Mae is changing this.
Fannie Mae foreclosures that are listed as qualifying for the Homepath program have more favorable financing for investors.
The benefits to investors are...
1) Up to 90% LTV financing.
2) 660 FICO score minimum.
3) No MI.
4) No appraisal.
5) Up to 2% sellers concession from Fannie Mae.
6) 75% LTV with a 620 FICO score for over 4 financed properties.
7) Up to 10 financed properties total.
Just ask your realtor to do a search for Homepath properties. ...then call or email me, and I will get you the loan.
I hope you have a good day today. Thanks for reading!
Brett
Monday, February 8, 2010
Here's Another Credit Tip For You...
Good Morning!
Here's a credit tip for you...
If you have a tradeline on your credit report that you have disputed - and it's listed on your credit report that the "customer is disputing this account" - this can actually work against you when it comes to underwriting your mortgage.
The reason is that the dispute will downgrade your file to a manual underwrite. ...Even if we have an automated approval on you - it will still down grade your file to a manual underwrite.
...This instruction comes directly from HUD.
Manual underwriting isn't as kind to your file as automated underwriting. So keep this in mind when leave an account in a "disputed" status.
I hope you have a good day today. Thanks for reading!
Brett
Here's a credit tip for you...
If you have a tradeline on your credit report that you have disputed - and it's listed on your credit report that the "customer is disputing this account" - this can actually work against you when it comes to underwriting your mortgage.
The reason is that the dispute will downgrade your file to a manual underwrite. ...Even if we have an automated approval on you - it will still down grade your file to a manual underwrite.
...This instruction comes directly from HUD.
Manual underwriting isn't as kind to your file as automated underwriting. So keep this in mind when leave an account in a "disputed" status.
I hope you have a good day today. Thanks for reading!
Brett
Thursday, February 4, 2010
Here's A Cheaper Way To Get Your Credit Scores Up...
Good Morning!
If you are needing a bump in your credit scores in order to get qualified for a loan - I have a cheaper option for you...
Let's face it, if you want to get higher credit scores you really only have two options...
1) You can work on your credit scores yourself.
Or...
2) You can hire someone to work on your credit for you.
When you do it yourself it's easy to feel lost. You don't really know what to do to get your scores up quickly.
If you hire someone - it can be very expensive.
Here's a cheaper alternative for you...
We subscribe to a service called Credit Xpert. It knows the scoring model for each bureau. It will look at your credit and give you specific steps you can take to quickly bump your scores up.
...let me give you a recent example of how it works: I had a borrower that had a 595 mid score. We needed a 620 score to get him qualified on the program that was best for him.
We ran Credit Xpert on him. It gave one suggestion - that he pay down one of his accounts to $14. He did this, and we did a Quickscore to quickly update his score. ...within 4 days his score went up to 626. ...now he's buying a house.
There are three costs associate with this process you need to be aware of...
1) An updated credit report would cost $20.
2) The Credit Xpert costs $19.99 per borrower.
3) If we need to do a Quickscore - Kroll charges $30 per trade line / per bureau.
...It's a lot cheaper than hiring someone.
If you're interested in this - just shoot me and email or call me and let me know. it's quick and easy to run.
I hope you have a good day today. Thanks for reading!
Brett
If you are needing a bump in your credit scores in order to get qualified for a loan - I have a cheaper option for you...
Let's face it, if you want to get higher credit scores you really only have two options...
1) You can work on your credit scores yourself.
Or...
2) You can hire someone to work on your credit for you.
When you do it yourself it's easy to feel lost. You don't really know what to do to get your scores up quickly.
If you hire someone - it can be very expensive.
Here's a cheaper alternative for you...
We subscribe to a service called Credit Xpert. It knows the scoring model for each bureau. It will look at your credit and give you specific steps you can take to quickly bump your scores up.
...let me give you a recent example of how it works: I had a borrower that had a 595 mid score. We needed a 620 score to get him qualified on the program that was best for him.
We ran Credit Xpert on him. It gave one suggestion - that he pay down one of his accounts to $14. He did this, and we did a Quickscore to quickly update his score. ...within 4 days his score went up to 626. ...now he's buying a house.
There are three costs associate with this process you need to be aware of...
1) An updated credit report would cost $20.
2) The Credit Xpert costs $19.99 per borrower.
3) If we need to do a Quickscore - Kroll charges $30 per trade line / per bureau.
...It's a lot cheaper than hiring someone.
If you're interested in this - just shoot me and email or call me and let me know. it's quick and easy to run.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, February 2, 2010
Here Are Web Sites That Will Help You Learn More About A Home Or Neighborhood...
Good Morning!
If you want to learn more about a particular house or neighborhood - these sites can be helpful to you...
http://www.cyberhomes.com/
http://www.zillow.com/
These web sites will give you details about a particular home. ...The tax value, and what homes are listed for in these neighborhoods.
They will also give you an estimated appraised value of a home.
I hope you have a good day today. Thanks for reading!
Brett
If you want to learn more about a particular house or neighborhood - these sites can be helpful to you...
http://www.cyberhomes.com/
http://www.zillow.com/
These web sites will give you details about a particular home. ...The tax value, and what homes are listed for in these neighborhoods.
They will also give you an estimated appraised value of a home.
I hope you have a good day today. Thanks for reading!
Brett
Monday, February 1, 2010
No Money Down When Buying From Family...
Good Morning!
I have this situation come up at least once a week, so I wanted to address it again...
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? (As long as it's a owner occupied residence for seller and buyer.)
...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
I have this situation come up at least once a week, so I wanted to address it again...
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? (As long as it's a owner occupied residence for seller and buyer.)
...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
Thursday, January 28, 2010
Fannie Mae Has A New Loan Product... (Lower Score Requirements!)
Good Morning!
Did you know that Fannie Mae special financing available for many of their own foreclosure properties?
...It's true! Fannie has taken a que from HUD. They have a special financing product called Home Path.
If you see a Fannie Mae owned property with the HomePath logo - this means it qualifies for the HomePath product.
Here are some benefits of the Fannie Mae Homepath Loan:
1) Up to 95% ltv (primary residence), 90% ltv (second home), and 85% ltv (investment property) only need a 660 Fico Score.
2) Up to 80% ltv (primary residence, second home, and investment property) only needs a 620 Fico score.
3) Up to 6% Seller Concessions allowed for LTV's from 75.01%-95%, 9% Seller Concessions allowed for LTV's 75% and below.
4) No MI regardless of LTV!
Have a good day today! ...and thanks for reading.
Brett
Did you know that Fannie Mae special financing available for many of their own foreclosure properties?
...It's true! Fannie has taken a que from HUD. They have a special financing product called Home Path.
If you see a Fannie Mae owned property with the HomePath logo - this means it qualifies for the HomePath product.
Here are some benefits of the Fannie Mae Homepath Loan:
1) Up to 95% ltv (primary residence), 90% ltv (second home), and 85% ltv (investment property) only need a 660 Fico Score.
2) Up to 80% ltv (primary residence, second home, and investment property) only needs a 620 Fico score.
3) Up to 6% Seller Concessions allowed for LTV's from 75.01%-95%, 9% Seller Concessions allowed for LTV's 75% and below.
4) No MI regardless of LTV!
Have a good day today! ...and thanks for reading.
Brett
Tuesday, January 26, 2010
Here's An Exciting New Jumbo Loan...
Hey there!
I wanted to announce an exciting new purchase product that we have...
We have a new Jumbo purchase loan up to 90% loan to value ratio with no Mortgage Insurance!
· Max $500,000 loan amount.
· Minimum 700 score.
· Single family homes only.
It's good to see the LTVs starting to creep higher on these loans again. (with no MI!)
Have a good day today! ...and thanks for reading.
Brett
I wanted to announce an exciting new purchase product that we have...
We have a new Jumbo purchase loan up to 90% loan to value ratio with no Mortgage Insurance!
· Max $500,000 loan amount.
· Minimum 700 score.
· Single family homes only.
It's good to see the LTVs starting to creep higher on these loans again. (with no MI!)
Have a good day today! ...and thanks for reading.
Brett
Monday, January 25, 2010
Your Home Isn't Selling For One Of These Two Reasons...
Good Morning!
If you are having trouble selling your home - there's really only one of two reasons your home isn't selling...
It's either the home, or it's the price.
So, take a step back and give your home an honest look. ...try to determine which one of these reasons might be behind your home not selling.
Get the opinion of a good realtor. ...look what other homes in your area are actually selling for. (not the listing price, but the sales price).
Have a good day today! ...and thanks for reading.
Brett
If you are having trouble selling your home - there's really only one of two reasons your home isn't selling...
It's either the home, or it's the price.
So, take a step back and give your home an honest look. ...try to determine which one of these reasons might be behind your home not selling.
Get the opinion of a good realtor. ...look what other homes in your area are actually selling for. (not the listing price, but the sales price).
Have a good day today! ...and thanks for reading.
Brett
Thursday, January 21, 2010
FHA Is Making Some Big Changes To Their Loan Program...
Good Morning!
FHA has been talking about making changes to their loans - and it looks like these changes are coming this summer.
Here are the changes FHA is making in their guidelines...
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
Update the combination of FICO scores and down payments for new borrowers.
New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
Have a good day today! ...and thanks for reading.
Brett
FHA has been talking about making changes to their loans - and it looks like these changes are coming this summer.
Here are the changes FHA is making in their guidelines...
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
Update the combination of FICO scores and down payments for new borrowers.
New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
Have a good day today! ...and thanks for reading.
Brett
Wednesday, January 20, 2010
Why Go To A Title Company To Close If You Don't Have To?...
Good Morning!
Did you know that our title services will come to your home or office to close your loan?
...even on weekends!
Once we closed an emergency room doctor - while he was while he was on duty at the hospital!
...just keep this in mind the next time you are considering a purchase or a refinance loan.
Have a good day today! ...and thanks for reading.
Brett
Did you know that our title services will come to your home or office to close your loan?
...even on weekends!
Once we closed an emergency room doctor - while he was while he was on duty at the hospital!
...just keep this in mind the next time you are considering a purchase or a refinance loan.
Have a good day today! ...and thanks for reading.
Brett
Tuesday, January 19, 2010
FHA Is Making Life Easier For Sellers...
Good Morning!
FHA is instituting a temporary waiver of the 90 day seasoning rule for sellers.
This means a seller that has purchased a home doesn't have to wait 90 days to sell the home on an FHA loan.
Here are the 6 things you need to know about these changes:
1.
Waiver takes effect February 1st, 2010 for a period of one year unless extended.
2.
Investors are now exempt from the 90-day seasoning rule.
3.
All transactions must me arms-length.
4.
No identity of interest can exist between buyer and seller.
5.
If sale price is 20% or more of the seller's acquisition cost, the lender must:
a. Provide supporting documentation and/or a second appraisal and...
b. Order an inspection of the property and provide it to the buyer.
6.
The waiver is limited to forward mortgages only.
Have a good day today! ...and thanks for reading.
Brett
FHA is instituting a temporary waiver of the 90 day seasoning rule for sellers.
This means a seller that has purchased a home doesn't have to wait 90 days to sell the home on an FHA loan.
Here are the 6 things you need to know about these changes:
1.
Waiver takes effect February 1st, 2010 for a period of one year unless extended.
2.
Investors are now exempt from the 90-day seasoning rule.
3.
All transactions must me arms-length.
4.
No identity of interest can exist between buyer and seller.
5.
If sale price is 20% or more of the seller's acquisition cost, the lender must:
a. Provide supporting documentation and/or a second appraisal and...
b. Order an inspection of the property and provide it to the buyer.
6.
The waiver is limited to forward mortgages only.
Have a good day today! ...and thanks for reading.
Brett
Wednesday, January 13, 2010
We're Still Doing This Loan Down To A 580 Credit Score...
Good Morning!
Did you know we are still doing USDA loans down to a 580 credit score?
...It's true! ...and, USDA is a 100% loan!
Here's what you want to make sure of... Your poor credit should be over 24 months old.
So, look at the trade lines on your credit report. If most of the bad credit is over 24 months old, and your score is above 580 - then I can probably help you.
Have a good day today! ...and thanks for reading.
Brett
Did you know we are still doing USDA loans down to a 580 credit score?
...It's true! ...and, USDA is a 100% loan!
Here's what you want to make sure of... Your poor credit should be over 24 months old.
So, look at the trade lines on your credit report. If most of the bad credit is over 24 months old, and your score is above 580 - then I can probably help you.
Have a good day today! ...and thanks for reading.
Brett
Monday, January 11, 2010
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
Tuesday, January 5, 2010
If Your Debt To Income Ratio Is Too High - Here's A Way Around It...
Good Morning!
If you are trying to get a conventional mortgage - and you've been told your Debt to Income Ratio is too high... Then this email is for you!
There are two parties that decide what your maximum Debt to Income Ratio is... Fannie Mae/Freddie Mac, and the Mortgage Insurance companies.
I've seen Fannie Mae approve Debt to Income Ratios as high as 60%. ...However, the MI companies have come out and said that they will not insure mortgages with Debt to Income Ratios higher than 41%.
So, if your DTI ratio is higher than 41% - you're out of luck.
...unless you know me.
I can still do conventional loans with DTI ratios higher than 41% because we have portfolio products - and these don't have MI on them.
Just a tip for you.
I hope you have a good day today.
Thanks for reading!
Brett
If you are trying to get a conventional mortgage - and you've been told your Debt to Income Ratio is too high... Then this email is for you!
There are two parties that decide what your maximum Debt to Income Ratio is... Fannie Mae/Freddie Mac, and the Mortgage Insurance companies.
I've seen Fannie Mae approve Debt to Income Ratios as high as 60%. ...However, the MI companies have come out and said that they will not insure mortgages with Debt to Income Ratios higher than 41%.
So, if your DTI ratio is higher than 41% - you're out of luck.
...unless you know me.
I can still do conventional loans with DTI ratios higher than 41% because we have portfolio products - and these don't have MI on them.
Just a tip for you.
I hope you have a good day today.
Thanks for reading!
Brett
Monday, January 4, 2010
The Feds Are Making More Rules...
Good Morning! ...and, I hope you had a great new year's day!
The mortgage industry is changing again today.
The federal government has mandated new Good Faith Estimate guidelines that go into effect as of January 1. ...More and stricter rules.
I'm all for rules that protect borrowers.
...The feds are squeezing mortgage brokers. They are continuing to make life more and more difficult for them.
In my opinion, if the federal government has their way - in a couple years there will only be a few big banks doing mortgage loans. ...Mortgage brokers will be no more.
...That's too bad.
Fortunately I work for a bank - so I will be safe... ...however, I'm also a broker.
The reason it's too bad - is that as mortgage brokers continue to die off - so does something else... Consumer choice. ...Options for borrowers.
For instance, if you submit a loan to Wells Fargo for a mortgage - if it doesn't fit into their mortgage guideline box you will be declined. ...end of the line.
If you submitted your loan to a loan officer that has the option to bank or broker - he or she could look at the profile of your loan and decide the best place to submit your loan that will best match the underwriting guidelines. ...so you will be approved.
It's very important to you to place your loan with a loan officer that has different options on where to submit your loan. ...just my opinion.
I hope you have a good day today.
Thanks for reading!
Brett
The mortgage industry is changing again today.
The federal government has mandated new Good Faith Estimate guidelines that go into effect as of January 1. ...More and stricter rules.
I'm all for rules that protect borrowers.
...The feds are squeezing mortgage brokers. They are continuing to make life more and more difficult for them.
In my opinion, if the federal government has their way - in a couple years there will only be a few big banks doing mortgage loans. ...Mortgage brokers will be no more.
...That's too bad.
Fortunately I work for a bank - so I will be safe... ...however, I'm also a broker.
The reason it's too bad - is that as mortgage brokers continue to die off - so does something else... Consumer choice. ...Options for borrowers.
For instance, if you submit a loan to Wells Fargo for a mortgage - if it doesn't fit into their mortgage guideline box you will be declined. ...end of the line.
If you submitted your loan to a loan officer that has the option to bank or broker - he or she could look at the profile of your loan and decide the best place to submit your loan that will best match the underwriting guidelines. ...so you will be approved.
It's very important to you to place your loan with a loan officer that has different options on where to submit your loan. ...just my opinion.
I hope you have a good day today.
Thanks for reading!
Brett
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