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
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