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
Wednesday, May 26, 2010
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
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