Good Morning!
If you ask a loan officer how long you have to wait after a foreclosure to get an FHA loan they will tell you three years.
Three years is the standard seasoning period for a foreclosure before you can get an FHA loan.
However, three years isn't always true. ...It can be less.
If you did deeper into the FHA guidelines it does allow for a person to get a mortgage with less than three years of seasoning. ...in certain circumstances.
I pulled this paragraph right out of the FHA handbook. It describes under what circumstances the circumstances that you could get a mortgage with less than three years of seasoning...
A borrower whose previous principal residence or other real property was foreclosed or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible for a new FHA-insured mortgage. However, if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, the lender may grant an exception to the three-year October 2003 2-6 4155.1 REV-5
requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
Have a good day today! ...and thanks for reading.
Brett
Wednesday, December 28, 2011
Wednesday, December 21, 2011
How Young Is Too Young To Buy A House?...
Good Morning!
How young is too young to buy a house?
From a mortgage perspective there is no "minimum age" to purchase a house.
However, it really depends on the state you live in.
Each state or jurisdiction in which a property is located will have specific laws that detail the minimum age at which a mortgage note can be enforced.
In Texas for instance - you must be 18 years old to enter into a contract.
To see if you would qualify for a mortgage right now just fill out this simpleapplication.
To sign up for more tips like this one click here.
Have a good day today! ...and thanks for reading.
Brett
How young is too young to buy a house?
From a mortgage perspective there is no "minimum age" to purchase a house.
However, it really depends on the state you live in.
Each state or jurisdiction in which a property is located will have specific laws that detail the minimum age at which a mortgage note can be enforced.
In Texas for instance - you must be 18 years old to enter into a contract.
That's it for today!
Have a great and safe Christmas!
REMEMBER: I can do FHA loans on single family homes now down to 500 credit scores - read this blog post to learn more... Have a great and safe Christmas!
To see if you would qualify for a mortgage right now just fill out this simpleapplication.
To sign up for more tips like this one click here.
Have a good day today! ...and thanks for reading.
Brett
Monday, December 19, 2011
OPTION FOR PAYING PROPERTY TAXES…
Good Morning!
If you own a house you’ve already gotten your property tax bill from the county.
There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.
1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it on an emergency. …or any number of other things.
2) Some people that have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
…or, to get a mortgage right now just fill out this simple application.
To sign up for more tips like this one click here.
REMEMBER: I can do FHA loans on single family homes now down to 500 credit scores - read this blog post to learn more…
Have a good day today! …and thanks for reading.
Brett
If you own a house you’ve already gotten your property tax bill from the county.
There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.
1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it on an emergency. …or any number of other things.
2) Some people that have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
…or, to get a mortgage right now just fill out this simple application.
To sign up for more tips like this one click here.
REMEMBER: I can do FHA loans on single family homes now down to 500 credit scores - read this blog post to learn more…
Have a good day today! …and thanks for reading.
Brett
Wednesday, December 14, 2011
How To Use FHA To Buy Apartment Buildings and Healthcare Facilities...
Good Morning!
Did you realize that FHA has a multi-family lending program for mulit-family and healthcare facilities?
It's called the multifamily accelerated processing program.
...and I am a participating lender in this program.
This wonderful program allows you to use FHA financing to purchase, refinance, and construct apartment complexes, and healthcare facilities.
Here are some key aspects of these loans...
1) Rates as low as 4.25% on a 35 year term (apr 4.85%).
2) Loan size - no upper limit.
3) 80% cash out refinance.
4) 83.3% Purchase loan to value ratio.
5) Up to 90% Loan to value ratio on construction loans.
6) Non recourse loans.
If you are interested in this program - give me a call or shoot me an email and tell me what you are interested in accomplishing.
I'll see if I can help you out on it!
REMEMBER: I can do FHA loans on single family homes now down to 500 credit scores - read this blog post to learn more...
Have a good day today! ...and thanks for reading.
Brett
Did you realize that FHA has a multi-family lending program for mulit-family and healthcare facilities?
It's called the multifamily accelerated processing program.
...and I am a participating lender in this program.
This wonderful program allows you to use FHA financing to purchase, refinance, and construct apartment complexes, and healthcare facilities.
Here are some key aspects of these loans...
1) Rates as low as 4.25% on a 35 year term (apr 4.85%).
2) Loan size - no upper limit.
3) 80% cash out refinance.
4) 83.3% Purchase loan to value ratio.
5) Up to 90% Loan to value ratio on construction loans.
6) Non recourse loans.
If you are interested in this program - give me a call or shoot me an email and tell me what you are interested in accomplishing.
I'll see if I can help you out on it!
REMEMBER: I can do FHA loans on single family homes now down to 500 credit scores - read this blog post to learn more...
Have a good day today! ...and thanks for reading.
Brett
Wednesday, December 7, 2011
Recovering From Bankruptcy - Refresher...
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.
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
Have a good day today! ...and thanks for reading.
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.
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
Have a good day today! ...and thanks for reading.
Brett
Wednesday, November 30, 2011
Here Are The New VA Funding Fee Rates...
Good Morning!
I wanted to let you know that on November 21 the president signed HR 674.
This bill resets the VA funding fee rates for up front mortgage insurance on VA loans.
Here are the new rates...
Down Payment First Time Subsequent
0-4.99% 2.15% 3.30%
5%-9.99% 1.50% 1.50%
10% or more 1.25% 1.25%
If you are needing some advice on VA loans - give me a call or shoot me an email. I'll be happy to help you out!
I hope you have a good day today! Thanks for reading!
Brett
I wanted to let you know that on November 21 the president signed HR 674.
This bill resets the VA funding fee rates for up front mortgage insurance on VA loans.
Here are the new rates...
Down Payment First Time Subsequent
0-4.99% 2.15% 3.30%
5%-9.99% 1.50% 1.50%
10% or more 1.25% 1.25%
If you are needing some advice on VA loans - give me a call or shoot me an email. I'll be happy to help you out!
I hope you have a good day today! Thanks for reading!
Brett
Monday, November 28, 2011
I Can Now Do This Loan Down To A 580 Score...
Good Morning!
I wanted to let you know that I can now do USDA loans down to a 580 credit score!
Remember USDA is a 100% financing loan!
...You can go to this link on my site to learn more about this program:
http://loansdonequickly.com/no-down-payment-on-this-loan/
I hope you have a good day today! Thanks for reading!
Brett
I wanted to let you know that I can now do USDA loans down to a 580 credit score!
Remember USDA is a 100% financing loan!
...You can go to this link on my site to learn more about this program:
http://loansdonequickly.com/no-down-payment-on-this-loan/
I hope you have a good day today! Thanks for reading!
Brett
Tuesday, November 22, 2011
Options For Paying Your Property Taxes...
Good Morning!
This time of year property taxes are due on your property.
There are two issues I see every year with regard to property taxes. ...Issues that put people in tough spots.
1) Some people just don't have the money saved up to pay their property taxes. ...They might have had the money, but had to use it on an emergency. ...or any number of other things.
2) Some people that have an escrow account on their mortgage - but their mortgage company didn't collect properly. This often results in an arrearage... Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations - there's usually an easy fix for it. ...Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. ...Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
I hope you have a good day today. Thanks for reading!
Brett
This time of year property taxes are due on your property.
There are two issues I see every year with regard to property taxes. ...Issues that put people in tough spots.
1) Some people just don't have the money saved up to pay their property taxes. ...They might have had the money, but had to use it on an emergency. ...or any number of other things.
2) Some people that have an escrow account on their mortgage - but their mortgage company didn't collect properly. This often results in an arrearage... Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations - there's usually an easy fix for it. ...Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. ...Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, November 16, 2011
How To Add A Pool When You Buy A House...
Good Morning!
What if you find your ideal house - but it's missing one key element that you really wanted? ...A pool!
Many people are unaware of this, but it's possible to buy the house and finance the cost of building the pool right into the house purchase!
...it's done on a purchase with an escrow hold back for the pool.
Here are some basic guidelines for the pool escrow holdback...
1) It would have to be a conforming loan - so at least 5% down payment on a purchase.
2) Your contractor will have 90 days to complete the pool after your purchase.
3) There can be up to 3 draws (checks) for the contractor - with the last one coming after the final inspection.
4) The value of the pool is used in the loan to value calculation.
5) The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.
6) Primary residence only.
7) Maximum amount of escrow is $20,000 or 10% of property value for LTV's of 90% to 95%.
8) Maximum amount of escrow is $20,000 or 15% of property value for LTV's less than 90%.
Keep this in mind the next time you are house hunting - if you have your heart set on a pool.
I hope you have a great day! Thanks for reading!
Brett
What if you find your ideal house - but it's missing one key element that you really wanted? ...A pool!
Many people are unaware of this, but it's possible to buy the house and finance the cost of building the pool right into the house purchase!
...it's done on a purchase with an escrow hold back for the pool.
Here are some basic guidelines for the pool escrow holdback...
1) It would have to be a conforming loan - so at least 5% down payment on a purchase.
2) Your contractor will have 90 days to complete the pool after your purchase.
3) There can be up to 3 draws (checks) for the contractor - with the last one coming after the final inspection.
4) The value of the pool is used in the loan to value calculation.
5) The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.
6) Primary residence only.
7) Maximum amount of escrow is $20,000 or 10% of property value for LTV's of 90% to 95%.
8) Maximum amount of escrow is $20,000 or 15% of property value for LTV's less than 90%.
Keep this in mind the next time you are house hunting - if you have your heart set on a pool.
I hope you have a great day! Thanks for reading!
Brett
Wednesday, November 9, 2011
Announcing: Money Available For Down Payment On Home Purchases!...
Good Morning!
I sent an update about this program a couple of months ago, but I wanted to touch on it again here.
It's a simple way to achieve 100% financing...
ATTENTION: I currently have access to a new government sponsored program that will provide you with down payment money to buy a house!
The funds in this program are limited, and it's on a first come first serve basis - so take advantage of this program while it's available.
To learn more about this program, and see if you meet the qualifications for it click this link...
http://loansdonequickly.com/purchase-a-home/money-for-down-payment/
Thanks for reading! ...and, have a great day!
Brett
I sent an update about this program a couple of months ago, but I wanted to touch on it again here.
It's a simple way to achieve 100% financing...
ATTENTION: I currently have access to a new government sponsored program that will provide you with down payment money to buy a house!
The funds in this program are limited, and it's on a first come first serve basis - so take advantage of this program while it's available.
To learn more about this program, and see if you meet the qualifications for it click this link...
http://loansdonequickly.com/purchase-a-home/money-for-down-payment/
Thanks for reading! ...and, have a great day!
Brett
Monday, November 7, 2011
How To Get A Mortgage When You Owe The IRS Back Taxes...
Good Morning!
Many people don't think it's possible to get a mortgage if you owe the IRS back taxes.
I'm happy to tell you that it is possible, and this is how you do it...
1) If you owe the IRS back taxes you have to take the initiative and make a payment plan with the IRS right away.
Generally, if you make a payment plan right away with them they won't file a lien against you.
If you wait and do nothing with your balance owed to the IRS - then the IRS will place a tax lien against you and at this point you won't be able to get a mortgage.
Once a public record lien shows up on your credit - you will have to pay off the entire amount and settle the lien before you can get a mortgage.
2) If you have a history of making payments on your IRS back taxes for 12 months without any late payments then you can get a mortgage with me (assuming you qualify otherwise).
My underwriter will treat this payment as he/she would with any other installment loan.
If you are in this situation - give me a call and I can most likely help you out!
I hope you have a great day! Thanks for reading!
Brett
Many people don't think it's possible to get a mortgage if you owe the IRS back taxes.
I'm happy to tell you that it is possible, and this is how you do it...
1) If you owe the IRS back taxes you have to take the initiative and make a payment plan with the IRS right away.
Generally, if you make a payment plan right away with them they won't file a lien against you.
If you wait and do nothing with your balance owed to the IRS - then the IRS will place a tax lien against you and at this point you won't be able to get a mortgage.
Once a public record lien shows up on your credit - you will have to pay off the entire amount and settle the lien before you can get a mortgage.
2) If you have a history of making payments on your IRS back taxes for 12 months without any late payments then you can get a mortgage with me (assuming you qualify otherwise).
My underwriter will treat this payment as he/she would with any other installment loan.
If you are in this situation - give me a call and I can most likely help you out!
I hope you have a great day! Thanks for reading!
Brett
Thursday, November 3, 2011
Announcing: No Minimum Credit Score To Refinance This FHA Loan...
Good Morning!
Did you know that I have no minimum credit score requirement for an FHA streamlined refinance mortgage?
...It's true!
Most of the industry requires either a 640 or 620 minimum score for an FHA streamlined refinance.
So, if you have a lower credit score and want to refinance your FHA loan - let me know! I can probably help you.
I hope you have a great day! Thanks for reading!
Brett
Did you know that I have no minimum credit score requirement for an FHA streamlined refinance mortgage?
...It's true!
Most of the industry requires either a 640 or 620 minimum score for an FHA streamlined refinance.
So, if you have a lower credit score and want to refinance your FHA loan - let me know! I can probably help you.
I hope you have a great day! Thanks for reading!
Brett
Thursday, October 27, 2011
New!... No Minimum Credit Score On VA Loans Now...
Good Morning!
I wanted to let you know that I can now do VA loans with no credit score limitation!
This means that there is no "minimum score" you must have to get a VA loan.
There are two main requirements for me to get your VA loan approved...
1) I must get an Approve / Eligible when I run your loan through the automated system.
2) You can't have any open collections. In other words you can't have collections with open balances.
If you have been told your score is too low to get a VA approval - I very well might be able to help you.
In order for me to give you a good answer on if I can get your loan closed - I would just need you to fill out a loan application.
Please click this link and fill in the blanks... Click Here.
I hope you have a great day! Thanks for reading!
Brett
I wanted to let you know that I can now do VA loans with no credit score limitation!
This means that there is no "minimum score" you must have to get a VA loan.
There are two main requirements for me to get your VA loan approved...
1) I must get an Approve / Eligible when I run your loan through the automated system.
2) You can't have any open collections. In other words you can't have collections with open balances.
If you have been told your score is too low to get a VA approval - I very well might be able to help you.
In order for me to give you a good answer on if I can get your loan closed - I would just need you to fill out a loan application.
Please click this link and fill in the blanks... Click Here.
I hope you have a great day! Thanks for reading!
Brett
Tuesday, October 25, 2011
Mortgage Rate News Coming Down Tomorrow...
Good Morning!
Wednesday, Eurozone leaders are expected to announce an aid package for Greece.
If the stock market likes the aid program to Greece - then the stock market will soar, and the bond markets will sink.
This will make mortgage rates go higher - and possibly much higher.
If you are shopping for a mortgage right now I would recommend you consider locking in.
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
I hope you have a great day! Thanks for reading!
Brett
Wednesday, Eurozone leaders are expected to announce an aid package for Greece.
If the stock market likes the aid program to Greece - then the stock market will soar, and the bond markets will sink.
This will make mortgage rates go higher - and possibly much higher.
If you are shopping for a mortgage right now I would recommend you consider locking in.
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
I hope you have a great day! Thanks for reading!
Brett
Monday, October 24, 2011
How To Get A 97% Loan With No Mortgage Insurance...
Good Morning!
I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.
It's called HomePath. It allows a low down payment and flexible mortgage terms.
Here are some of the great features of this loan...
1) Only 3% down payment. ...and, this down payment can be a gift, or even a loan from your employer!
2) No lender requested appraisal!
3) No mortgage insurance! ...This is a biggie.
4) Generous seller contributions for closing costs.
5) Available for primary residences, second homes, and investment properties.
Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can't beat the loan terms!
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
I hope you have a great day! Thanks for reading!
Brett
I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.
It's called HomePath. It allows a low down payment and flexible mortgage terms.
Here are some of the great features of this loan...
1) Only 3% down payment. ...and, this down payment can be a gift, or even a loan from your employer!
2) No lender requested appraisal!
3) No mortgage insurance! ...This is a biggie.
4) Generous seller contributions for closing costs.
5) Available for primary residences, second homes, and investment properties.
Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can't beat the loan terms!
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
I hope you have a great day! Thanks for reading!
Brett
Wednesday, October 19, 2011
Want To Acquire Investment Properties?...
Good Morning!
If you own four or more investment properties, and you want to purchase another one you've most likely run into a problem. ...Most banks will tell you that they can't finance more than 4 properties for any one borrower.
This "max four properties financed" common in the mortgage industry.
However, I wanted to remind you that I can go up to 10 properties financed on investor loans.
So, if you are an investor wanting to purchase another house - and you are running into this problem with banks not being able to finance you.
...give me a call or shoot me an email. I can probably help you out.
Have a good day today! ...and thanks for reading.
Brett
If you own four or more investment properties, and you want to purchase another one you've most likely run into a problem. ...Most banks will tell you that they can't finance more than 4 properties for any one borrower.
This "max four properties financed" common in the mortgage industry.
However, I wanted to remind you that I can go up to 10 properties financed on investor loans.
So, if you are an investor wanting to purchase another house - and you are running into this problem with banks not being able to finance you.
...give me a call or shoot me an email. I can probably help you out.
Have a good day today! ...and thanks for reading.
Brett
Monday, October 17, 2011
You Need To Know This About Texas Cash Out Loans...
Good Morning!
I try to touch on this at least once a year because many people are steered into cash out loans without knowing how they will be impacted.
Here's what you need to know...
If you get a traditional Texas Home Equity Loan to pay off your current mortgage (assuming you have a mortgage), and give you cash out - you need to be aware of the fact that this will permanently change your future loan choices.
It's true!
Once you have a first position Texas Home Equity loan on your property - you can never again go back to a rate/term conventional loan, or even an FHA loan.
...the reason is the State of Texas, and how the Texas Home Equity Laws were written.
Once you have a 1st position Texas Home Equity loan on your home - any subsequent loan you get must also be a Texas Home Equity loan - even if you aren't getting any equity out of the new loan!
Why is this not such a good thing?... Well, there's two big reasons...
1)The rates on Texas Home Equity loans are higher than other conventional loans, and FHA loans.
2)The LTV is capped at 80% on a Texas Home Equity loan. ...This can be really bad if you get one of these loans, and then the value of your property depreciates - so your LTV is now above the 80% threshold. I've talked to a lot of people in this boat. They are stuck in their loan - their only other option is to sell.
Here is an alternative if you want cash out of your home, but don't want to permanently eliminate future loan choices.
...You get a 2nd position cash out loan. You keep your first mortgage, and get a second loan to go behind it for your cash out. (cap is still 80% combined loan to value ratio)
There are two types of 2nd position cash out loans...
1)A HELOC (usually an interest only ARM).
2)A fixed term second cash out mortgage (normally 15 yr amortization).
...just keep in mind if you refinance with one of these cash out seconds in place - you can't refinance - and pay off the second mortgage without changing the classification of the new mortgage to a cash out mortgage. ...you will have to subordinate the second.
...confused? Give me a call! I'll go over it with you.
Have a good day today! ...and thanks for reading.
Brett
I try to touch on this at least once a year because many people are steered into cash out loans without knowing how they will be impacted.
Here's what you need to know...
If you get a traditional Texas Home Equity Loan to pay off your current mortgage (assuming you have a mortgage), and give you cash out - you need to be aware of the fact that this will permanently change your future loan choices.
It's true!
Once you have a first position Texas Home Equity loan on your property - you can never again go back to a rate/term conventional loan, or even an FHA loan.
...the reason is the State of Texas, and how the Texas Home Equity Laws were written.
Once you have a 1st position Texas Home Equity loan on your home - any subsequent loan you get must also be a Texas Home Equity loan - even if you aren't getting any equity out of the new loan!
Why is this not such a good thing?... Well, there's two big reasons...
1)The rates on Texas Home Equity loans are higher than other conventional loans, and FHA loans.
2)The LTV is capped at 80% on a Texas Home Equity loan. ...This can be really bad if you get one of these loans, and then the value of your property depreciates - so your LTV is now above the 80% threshold. I've talked to a lot of people in this boat. They are stuck in their loan - their only other option is to sell.
Here is an alternative if you want cash out of your home, but don't want to permanently eliminate future loan choices.
...You get a 2nd position cash out loan. You keep your first mortgage, and get a second loan to go behind it for your cash out. (cap is still 80% combined loan to value ratio)
There are two types of 2nd position cash out loans...
1)A HELOC (usually an interest only ARM).
2)A fixed term second cash out mortgage (normally 15 yr amortization).
...just keep in mind if you refinance with one of these cash out seconds in place - you can't refinance - and pay off the second mortgage without changing the classification of the new mortgage to a cash out mortgage. ...you will have to subordinate the second.
...confused? Give me a call! I'll go over it with you.
Have a good day today! ...and thanks for reading.
Brett
Thursday, October 13, 2011
I Can Now Do This Loan Down To A 500 Credit Score!...
Good Morning!
I'm excited to tell you that I can now make FHA loans down to a 500 credit score! ...What? ..."Yes!"
This is old school FHA underwriting.
If your score is between 620 and 580 then you would be looking at a 3.5% down payment.
If your score is between 579 and 500 you are looking at a 10% down payment - max 90% LTV financing.
The same basic FHA guidelines apply: No bankruptcies in the last 2 years. No foreclosures in the last 3 years. No short sales in the last 3 years.
I can also do no credit score borrowers on this program as long as they meet the FHA requirements for alternative credit.
If you would like for me to evaluate you to be qualified under this program - please fill out an updated loan application.
Click here to get to the application page:
https://brettsampson1.flexapp1003.com/LoanApp/English/
Thanks for reading! ...and, have a great day!
Brett
I'm excited to tell you that I can now make FHA loans down to a 500 credit score! ...What? ..."Yes!"
This is old school FHA underwriting.
If your score is between 620 and 580 then you would be looking at a 3.5% down payment.
If your score is between 579 and 500 you are looking at a 10% down payment - max 90% LTV financing.
The same basic FHA guidelines apply: No bankruptcies in the last 2 years. No foreclosures in the last 3 years. No short sales in the last 3 years.
I can also do no credit score borrowers on this program as long as they meet the FHA requirements for alternative credit.
If you would like for me to evaluate you to be qualified under this program - please fill out an updated loan application.
Click here to get to the application page:
https://brettsampson1.flexapp1003.com/LoanApp/English/
Thanks for reading! ...and, have a great day!
Brett
Tuesday, October 11, 2011
Cash Out Loans For Investors With Less Than 90 Days Of Seasoning...
Good Morning!
If you purchase and fix up an investment house - you either want to sell it right away, or you want to pull your money out so you can go buy another one right.
...sometimes it's not so easy to sell the home for top dollar right away.
So, if you see the house isn't selling as fast as you wanted it to now it's time to refinance and pull your money back out of the house.
...but, you find that no one wants to do a cash out loan on an investment property with less than 90 days of seasoning on the property.
This is where I can help you. ...I can do an investor cash out loan on a flip house with less than 90 days of seasoning.
If you're in this situation please give me a call. I would love to help you out!
Thanks for reading! ...and, have a great day!
Brett
If you purchase and fix up an investment house - you either want to sell it right away, or you want to pull your money out so you can go buy another one right.
...sometimes it's not so easy to sell the home for top dollar right away.
So, if you see the house isn't selling as fast as you wanted it to now it's time to refinance and pull your money back out of the house.
...but, you find that no one wants to do a cash out loan on an investment property with less than 90 days of seasoning on the property.
This is where I can help you. ...I can do an investor cash out loan on a flip house with less than 90 days of seasoning.
If you're in this situation please give me a call. I would love to help you out!
Thanks for reading! ...and, have a great day!
Brett
Wednesday, October 5, 2011
Get Your Annual Free Credit Report From This Site...
Good Morning!
You know you are entitled to an annual free credit report?
Here's a web site you can go to and get your report...
https://www.annualcreditreport.com
...Oh, and remember - I can now to FHA loans down to a 580 score!
Thanks for reading! ...and, have a great day!
Brett
You know you are entitled to an annual free credit report?
Here's a web site you can go to and get your report...
https://www.annualcreditreport.com
...Oh, and remember - I can now to FHA loans down to a 580 score!
Thanks for reading! ...and, have a great day!
Brett
Monday, October 3, 2011
VA Loans Are Going To Be Even More Appealing!...
Good Morning!
The funding fee is lowering for VA loans!
You know VA doesn't have monthly mortgage insurance, but they have always had up front MI paid at closing.
The upfront MI was always quite a chunk of change, but it's now getting a lot lower.
Here is the new schedule... (This is an image so you'll have to turn on your images to see it)
Thanks for reading! ...and, have a great day!
Brett
The funding fee is lowering for VA loans!
You know VA doesn't have monthly mortgage insurance, but they have always had up front MI paid at closing.
The upfront MI was always quite a chunk of change, but it's now getting a lot lower.
Here is the new schedule... (This is an image so you'll have to turn on your images to see it)
Thanks for reading! ...and, have a great day!
Brett
Monday, September 26, 2011
I Can Do This Loan Down To A 580 Credit Score...
Good Morning!
Did you know that I can do an FHA loans down to a 580 credit score now?
...Yes I can!
Here's a few things needed to qualify for this program...
1) We either need 12 months cancelled rent checks, or if you rent from an apartment complex we'll need a verification of rent from the complex.
2) No mortgage or rent lates in the last 12 months.
3) Gifts are allowed for down payment and closing costs.
4) Online home buyer education course required - I can show you how to do this.
If your credit score is between 580 and 620 and you want to purchase a home - you need to apply with me. The odds are I can get you a mortgage.
...and, we're talking a good, low interest rate, fha loan!
Here's the link to my application page... http://loansdonequickly.com/apply-now-2/
Thanks for reading! ...and, have a great day!
Brett
Did you know that I can do an FHA loans down to a 580 credit score now?
...Yes I can!
Here's a few things needed to qualify for this program...
1) We either need 12 months cancelled rent checks, or if you rent from an apartment complex we'll need a verification of rent from the complex.
2) No mortgage or rent lates in the last 12 months.
3) Gifts are allowed for down payment and closing costs.
4) Online home buyer education course required - I can show you how to do this.
If your credit score is between 580 and 620 and you want to purchase a home - you need to apply with me. The odds are I can get you a mortgage.
...and, we're talking a good, low interest rate, fha loan!
Here's the link to my application page... http://loansdonequickly.com/apply-now-2/
Thanks for reading! ...and, have a great day!
Brett
Thursday, September 22, 2011
How To Build Repairs Into The Purchase Price...
Good Morning!
I've written you about this before, but I wanted to touch on it again today.
I ran into this issue just 2 days ago - and I wanted to share with you how to roll repairs into a purchase price.
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.
Thanks for reading! ...and, have a great day!
Brett
I've written you about this before, but I wanted to touch on it again today.
I ran into this issue just 2 days ago - and I wanted to share with you how to roll repairs into a purchase price.
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.
Thanks for reading! ...and, have a great day!
Brett
Monday, September 19, 2011
A Very Simple Way To Reduce The Number Of Years On Your Mortgage...
Good Morning!
This may sound funny coming from a mortgage guy, but sometimes it's not necessary to refinance your mortgage to reduce the number of years left on your mortgage.
I have to tell people sometimes that it just doesn't make sense to refinance. The drop in rate isn't significant enough to warrant the costs of the refinance.
...but, what do these people do when they want to refinance to reduce the number of years on their mortgage?
One simple thing you can do is simply pay more each month on your current payment.
I'll give you an example...
On a $100,000 30 year mortgage - if you just add $120 to your payment every month you will pay your mortgage off in 20 years.
...If you add $250 to your payment on a $100,000 30 year mortgage you would pay the mortgage off in 15 years.
Easy right!
That's it for today!
...by the way if you know of someone needing to be prequalified for a mortgage loan - I appreciate your referrals!
Thanks for reading! ...and, have a great day!
Brett
This may sound funny coming from a mortgage guy, but sometimes it's not necessary to refinance your mortgage to reduce the number of years left on your mortgage.
I have to tell people sometimes that it just doesn't make sense to refinance. The drop in rate isn't significant enough to warrant the costs of the refinance.
...but, what do these people do when they want to refinance to reduce the number of years on their mortgage?
One simple thing you can do is simply pay more each month on your current payment.
I'll give you an example...
On a $100,000 30 year mortgage - if you just add $120 to your payment every month you will pay your mortgage off in 20 years.
...If you add $250 to your payment on a $100,000 30 year mortgage you would pay the mortgage off in 15 years.
Easy right!
That's it for today!
...by the way if you know of someone needing to be prequalified for a mortgage loan - I appreciate your referrals!
Thanks for reading! ...and, have a great day!
Brett
Wednesday, September 14, 2011
Unbelievable Deal On Credit Repair...
Good Morning!
I'm a loan officer, and I don't work in the credit repair industry.
However, I do recommend companies to my clients. There's one company in particular that I have seen do great work time and time again.
They used to charge $499 per person for their services.
I'm excited to tell you that this company now has a new pricing plan that's much more affordable!
...It's just $139 down, and $39 a month!
...That's a good price!
I had written you about this company a couple of years ago. Here's more detail about them from that post...
We've all heard the horror stories about credit repair. ...Heck, I've seen them first hand.
I've heard every story in the book... "I gave that credit repair crook $1,000, and six months later my credit is worse than it was before!".
...or "I gave that company $1,250 to repair my credit and now they aren't even in business anymore!"
I know you have these fears too...
· How do I know this company is reputable?
· Is this going to cost me an arm and a leg?
· What if the credit repair doesn't work and I'm just out that money?
The good news is after all these years I finally found a company that I can refer my clients to for credit repair that actually does what they say they will do!
...and if you don't like it - they give you your money back!
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!
If you want to get your credit restored fast from a company you can rely on - I encourage you to click here now.
Please contact me if you have additional questions.
Thanks for reading! ...and, have a great day!
Brett
I'm a loan officer, and I don't work in the credit repair industry.
However, I do recommend companies to my clients. There's one company in particular that I have seen do great work time and time again.
They used to charge $499 per person for their services.
I'm excited to tell you that this company now has a new pricing plan that's much more affordable!
...It's just $139 down, and $39 a month!
...That's a good price!
I had written you about this company a couple of years ago. Here's more detail about them from that post...
We've all heard the horror stories about credit repair. ...Heck, I've seen them first hand.
I've heard every story in the book... "I gave that credit repair crook $1,000, and six months later my credit is worse than it was before!".
...or "I gave that company $1,250 to repair my credit and now they aren't even in business anymore!"
I know you have these fears too...
· How do I know this company is reputable?
· Is this going to cost me an arm and a leg?
· What if the credit repair doesn't work and I'm just out that money?
The good news is after all these years I finally found a company that I can refer my clients to for credit repair that actually does what they say they will do!
...and if you don't like it - they give you your money back!
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!
If you want to get your credit restored fast from a company you can rely on - I encourage you to click here now.
Please contact me if you have additional questions.
Thanks for reading! ...and, have a great day!
Brett
Monday, September 12, 2011
How To Get A Jumbo Texas Cash Out Loan...
Good Morning!
Many lenders can't do a Texas Cash Out Loan over the $417,000 conforming loan limit.
...but, I wanted you to know that I can do Texas Cash Out Loans all the way up to $650,000!
Have a good week!
Thanks for reading!
Brett
Many lenders can't do a Texas Cash Out Loan over the $417,000 conforming loan limit.
...but, I wanted you to know that I can do Texas Cash Out Loans all the way up to $650,000!
Have a good week!
Thanks for reading!
Brett
Thursday, September 8, 2011
Here's A Free Report I Wrote For You On Low Down Programs...
Good Morning!
I wrote this report to give you details about no and low down payment loan programs in today's mortgage market place.
Feel free to download this report and read it. Forward it to anyone you think may be interested in learning more about no money down loans.
Here's the link...
http://loansdonequickly.com/download-free-report-no-and-low-down-loan-options/
Thanks for reading! ...and, have a great day!
Brett
I wrote this report to give you details about no and low down payment loan programs in today's mortgage market place.
Feel free to download this report and read it. Forward it to anyone you think may be interested in learning more about no money down loans.
Here's the link...
http://loansdonequickly.com/download-free-report-no-and-low-down-loan-options/
Thanks for reading! ...and, have a great day!
Brett
Tuesday, September 6, 2011
How To Avoid Paying Mortgage Insurance...
Good Morning!
If you have a conventional loan, and your loan to value ratio is over 80% - you will be paying monthly mortgage insurance to the lender.
No one likes paying monthly mortgage insurance. It's extra money added to your payment every month, and it's doesn't help pay down the balance of the loan.
If you want a conventional loan and your LTV is over 80%, but don't want to pay monthly mortgage insurance there are two ways to avoid this...
1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance.
2) Get a piggy pack loan. This is where we make two loans for you. ...A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment.
Recent posts of interest: Did you see this program we currently have to give you a down payment on a home?
...Click here and read this page to check it out...
http://loansdonequickly.com/purchase-a-home/money-for-down-payment/
Thanks for reading! ...and, have a great day!
Brett
If you have a conventional loan, and your loan to value ratio is over 80% - you will be paying monthly mortgage insurance to the lender.
No one likes paying monthly mortgage insurance. It's extra money added to your payment every month, and it's doesn't help pay down the balance of the loan.
If you want a conventional loan and your LTV is over 80%, but don't want to pay monthly mortgage insurance there are two ways to avoid this...
1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance.
2) Get a piggy pack loan. This is where we make two loans for you. ...A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment.
Recent posts of interest: Did you see this program we currently have to give you a down payment on a home?
...Click here and read this page to check it out...
http://loansdonequickly.com/purchase-a-home/money-for-down-payment/
Thanks for reading! ...and, have a great day!
Brett
Wednesday, August 31, 2011
NEW: Money Now Available For Down Payment On Home Purchases! Click To Learn More...
Good Morning!
ATTENTION: I currently have access to a new government sponsored program that will provide you with down payment money to buy a house!
The funds in this program are limited, and it's on a first come first serve basis - so take advantage of this program while it's available.
To learn more about this program, and see if you meet the qualifications for it click this link...
http://loansdonequickly.com/purchase-a-home/money-for-down-payment/
Thanks for reading! ...and, have a great day!
Brett
ATTENTION: I currently have access to a new government sponsored program that will provide you with down payment money to buy a house!
The funds in this program are limited, and it's on a first come first serve basis - so take advantage of this program while it's available.
To learn more about this program, and see if you meet the qualifications for it click this link...
http://loansdonequickly.com/purchase-a-home/money-for-down-payment/
Thanks for reading! ...and, have a great day!
Brett
Monday, August 29, 2011
Big News On VA Loans Starting October 1st...
Good Morning!
There's big news on VA loans staring October 1st 2011.
...The funding fees are being reduced by the government!
Here is the new schedule...
First Time Entitlement Use
Down Payment Active Duty National Guard Reserve List
None Current rate = 2.15% / After 10-1-2011 = 1.4% Current rate = 2.4% / After 10-1-2011 = 1.65%
5% or more Current rate = 1.5% / After 10-1-2011 = .75% Current rate = 1.75% / After 10-1-2011 = 1%
10% or more Current rate = 1.25% / After 10-1-2011 = .50% Current rate = 1.50% / After 10-1-2011 = .75%
Subsequent Use Of Entitlement
Down Payment Active Duty National Guard Reserve List
None Current Rate = 3.3%
After 10/1/2011 = 2.8%
Have a good day today! ...and thanks for reading.
Brett
There's big news on VA loans staring October 1st 2011.
...The funding fees are being reduced by the government!
Here is the new schedule...
First Time Entitlement Use
Down Payment Active Duty National Guard Reserve List
None Current rate = 2.15% / After 10-1-2011 = 1.4% Current rate = 2.4% / After 10-1-2011 = 1.65%
5% or more Current rate = 1.5% / After 10-1-2011 = .75% Current rate = 1.75% / After 10-1-2011 = 1%
10% or more Current rate = 1.25% / After 10-1-2011 = .50% Current rate = 1.50% / After 10-1-2011 = .75%
Subsequent Use Of Entitlement
Down Payment Active Duty National Guard Reserve List
None Current Rate = 3.3%
After 10/1/2011 = 2.8%
Have a good day today! ...and thanks for reading.
Brett
Thursday, August 25, 2011
What You Need To Know About Texas Cash Out Loans...
Good Morning!
Here's what you need to know about getting a cash out loan in Texas...
If you get a traditional Texas Home Equity Loan to pay off your current mortgage (assuming you have a mortgage), and give you cash out - you need to be aware of the fact that this will permanently change your future loan choices.
It's true!
Once you have a first position Texas Home Equity loan on your property - you can never again go back to a rate/term conventional loan, or even an FHA loan.
...the reason is the State of Texas, and how the Texas Home Equity Laws were written.
Once you have a 1st position Texas Home Equity loan on your home - any subsequent loan you get must also be a Texas Home Equity loan - even if you aren't getting any equity out of the new loan!
Why is this not such a good thing?... Well, there's two big reasons...
1)The rates on Texas Home Equity loans are higher than other conventional loans, and FHA loans.
2)The LTV is capped at 80% on a Texas Home Equity loan. ...This can be really bad if you get one of these loans, and then the value of your property depreciates - so your LTV is now above the 80% threshold. I've talked to a lot of people in this boat. They are stuck in their loan - their only other option is to sell.
Here is an alternative if you want cash out of your home, but don't want to permanently eliminate future loan choices.
...You get a 2nd position cash out loan. You keep your first mortgage, and get a second loan to go behind it for your cash out. (cap is still 80% combined loan to value ratio)
There are two types of 2nd position cash out loans...
1)A HELOC (usually an interest only ARM).
2)A fixed term second cash out mortgage (normally 15 yr amortization).
...just keep in mind if you refinance with one of these cash out seconds in place - you can't refinance - and pay off the second mortgage without changing the classification of the new mortgage to a cash out mortgage. ...you will have to subordinate the second.
...confused? Give me a call! I'll go over it with you.
Have a good day today! ...and thanks for reading.
Brett
Here's what you need to know about getting a cash out loan in Texas...
If you get a traditional Texas Home Equity Loan to pay off your current mortgage (assuming you have a mortgage), and give you cash out - you need to be aware of the fact that this will permanently change your future loan choices.
It's true!
Once you have a first position Texas Home Equity loan on your property - you can never again go back to a rate/term conventional loan, or even an FHA loan.
...the reason is the State of Texas, and how the Texas Home Equity Laws were written.
Once you have a 1st position Texas Home Equity loan on your home - any subsequent loan you get must also be a Texas Home Equity loan - even if you aren't getting any equity out of the new loan!
Why is this not such a good thing?... Well, there's two big reasons...
1)The rates on Texas Home Equity loans are higher than other conventional loans, and FHA loans.
2)The LTV is capped at 80% on a Texas Home Equity loan. ...This can be really bad if you get one of these loans, and then the value of your property depreciates - so your LTV is now above the 80% threshold. I've talked to a lot of people in this boat. They are stuck in their loan - their only other option is to sell.
Here is an alternative if you want cash out of your home, but don't want to permanently eliminate future loan choices.
...You get a 2nd position cash out loan. You keep your first mortgage, and get a second loan to go behind it for your cash out. (cap is still 80% combined loan to value ratio)
There are two types of 2nd position cash out loans...
1)A HELOC (usually an interest only ARM).
2)A fixed term second cash out mortgage (normally 15 yr amortization).
...just keep in mind if you refinance with one of these cash out seconds in place - you can't refinance - and pay off the second mortgage without changing the classification of the new mortgage to a cash out mortgage. ...you will have to subordinate the second.
...confused? Give me a call! I'll go over it with you.
Have a good day today! ...and thanks for reading.
Brett
Tuesday, August 23, 2011
We Have The Most Amazing Title Services On Planet Earth...
Good Morning!
Many people don't know just how great our title services are!...
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
Many people don't know just how great our title services are!...
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
Wednesday, August 17, 2011
Couple Of Important Tips For Real Estate Investors...
Good Morning!
A couple of important things to keep in mind for real estate investors...
I wanted to remind you real estate investors that we allow up to 10 financed properties! ...Most banks cut you off at 4 financed properties.
Also, we allow property flips with less than 90 days of seasoning!
Let me help you finance your next investment property!
I hope you have a good day today. Thanks for reading!
Brett
A couple of important things to keep in mind for real estate investors...
I wanted to remind you real estate investors that we allow up to 10 financed properties! ...Most banks cut you off at 4 financed properties.
Also, we allow property flips with less than 90 days of seasoning!
Let me help you finance your next investment property!
I hope you have a good day today. Thanks for reading!
Brett
Monday, August 15, 2011
I Can Now Do This Loan Down To A 580 Credit Score...
Good Morning!
Did you know I can go down to a 580 credit score on FHA now?
Yes I can!
Here are some things you need to know about this program...
· Credit scores between 580 and 599.
· 95% max LTV (5% down payment).
· 33/45 DTI max.
· 12 months cancelled rent checks required.
· No mortgage/rent late payments in the last 12 months.
· 6% seller concessions allowed.
· Borrower must have 2 credit scores with at least 2 trade lines open and active within the last 12 months.
· No derogatory activity in the last 12 months.
If this program fits you - let me know! I'd love to help you out with your home purchase!
I hope you have a good day today. Thanks for reading!
Brett
Did you know I can go down to a 580 credit score on FHA now?
Yes I can!
Here are some things you need to know about this program...
· Credit scores between 580 and 599.
· 95% max LTV (5% down payment).
· 33/45 DTI max.
· 12 months cancelled rent checks required.
· No mortgage/rent late payments in the last 12 months.
· 6% seller concessions allowed.
· Borrower must have 2 credit scores with at least 2 trade lines open and active within the last 12 months.
· No derogatory activity in the last 12 months.
If this program fits you - let me know! I'd love to help you out with your home purchase!
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, August 10, 2011
How To Get Cash Out On Your Investment Property...
Good Morning!
Back in 2007 when the mortgage market crashed one of the first programs to disappear was cash out loans on investment properties.
Non owner occupied guidelines are still very conservative - long gone are the days of 100% financing on investment properties.
...but, I wanted to tell you that I CAN do cash out loans on investment homes (non owner occupied) up to 75% of the appraised value of the property.
This is important because very few mortgage companies are doing cash out loans on investment properties.
So, if you or someone you know needs cash out on an investment property - let me know! ...I can help!
I hope you have a good day today. Thanks for reading!
Brett
Back in 2007 when the mortgage market crashed one of the first programs to disappear was cash out loans on investment properties.
Non owner occupied guidelines are still very conservative - long gone are the days of 100% financing on investment properties.
...but, I wanted to tell you that I CAN do cash out loans on investment homes (non owner occupied) up to 75% of the appraised value of the property.
This is important because very few mortgage companies are doing cash out loans on investment properties.
So, if you or someone you know needs cash out on an investment property - let me know! ...I can help!
I hope you have a good day today. Thanks for reading!
Brett
Monday, August 8, 2011
Purchase Home For Elderly Or Disabled Child As An Owner Occupant!...
Good Morning!
If you are needing to purchase a home for an elderly person, or a disabled child - you can purchase this home as an owner occupant!
This means you get owner occupant rates and loan to value ratios (lower rates and lower down payment)!
Please keep this in mind if you or someone you know is in this situation.
I hope you have a good day today. Thanks for reading!
Brett
If you are needing to purchase a home for an elderly person, or a disabled child - you can purchase this home as an owner occupant!
This means you get owner occupant rates and loan to value ratios (lower rates and lower down payment)!
Please keep this in mind if you or someone you know is in this situation.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, August 3, 2011
You Can Use A Gift For Down On Conventional Loans Now...
Good Morning!
Traditionally if you wanted to use gift funds for your down payment you had to use an FHA, or USDA loan.
This means the gift would represent your entire down payment and you wouldn't need to come out of pocket with your own sourced funds for the down on FHA and USDA.
Now I can use gift funds for the down payment on Conventional financing! This is pretty huge.
You do have to have a 740 credit score to use this program.
...However, the benefit is that on conventional there is no upfront MI like you have on FHA and USDA.
If you have access to a gift for your down payment - give me a call and we can discuss which program would work best for you.
I hope you have a good day today. Thanks for reading!
Brett
Traditionally if you wanted to use gift funds for your down payment you had to use an FHA, or USDA loan.
This means the gift would represent your entire down payment and you wouldn't need to come out of pocket with your own sourced funds for the down on FHA and USDA.
Now I can use gift funds for the down payment on Conventional financing! This is pretty huge.
You do have to have a 740 credit score to use this program.
...However, the benefit is that on conventional there is no upfront MI like you have on FHA and USDA.
If you have access to a gift for your down payment - give me a call and we can discuss which program would work best for you.
I hope you have a good day today. Thanks for reading!
Brett
Monday, August 1, 2011
Important Changes To The USDA Loan Program Starting October 1st...
Good Morning!
I wanted to let you know about some upcoming changes on the USDA loan program.
Right now the upfront mortgage insurance fee paid at closing is 3.67% on a USDA loan. ...Starting October 1st, 2011 this upfront fee will go down to 2%.
However, currently there is no annual mortgage insurance paid on USDA loans - this will change.
Starting October 1st, 2011 there will now be 0.3% mortgage insurance fee paid annually on all USDA loans.
What this means is your initial loan amount will be lower on USDA loans, but your borrowing power will go down on USDA loans due to the extra annually MI fees.
So, if you thought about getting a USDA loan I would do it now. ...because staring October 1st you won't be able to borrower quite as much money as you could before October 1st.
I hope you have a good day today. Thanks for reading!
Brett
I wanted to let you know about some upcoming changes on the USDA loan program.
Right now the upfront mortgage insurance fee paid at closing is 3.67% on a USDA loan. ...Starting October 1st, 2011 this upfront fee will go down to 2%.
However, currently there is no annual mortgage insurance paid on USDA loans - this will change.
Starting October 1st, 2011 there will now be 0.3% mortgage insurance fee paid annually on all USDA loans.
What this means is your initial loan amount will be lower on USDA loans, but your borrowing power will go down on USDA loans due to the extra annually MI fees.
So, if you thought about getting a USDA loan I would do it now. ...because staring October 1st you won't be able to borrower quite as much money as you could before October 1st.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, July 27, 2011
I Can Do This Loan For You With A 600 Credit Score!...
Good Morning!
I wanted to let you know that I can do USDA loans down to 600 again!
...Remember the USDA loan is a 100% loan with no monthly mortgage insurance!
For a while there the credit score requirement for this program was 620, but now it's back to 600.
The key for this program is there are geographic and income restrictions.
...To see if you qualify for this program just shoot me an email, or give me a call.
I can tell you really quickly if we can get you on this no money down program!
I hope you have a good day today. Thanks for reading!
Brett
I wanted to let you know that I can do USDA loans down to 600 again!
...Remember the USDA loan is a 100% loan with no monthly mortgage insurance!
For a while there the credit score requirement for this program was 620, but now it's back to 600.
The key for this program is there are geographic and income restrictions.
...To see if you qualify for this program just shoot me an email, or give me a call.
I can tell you really quickly if we can get you on this no money down program!
I hope you have a good day today. Thanks for reading!
Brett
Monday, July 25, 2011
The Credit Scores You REALLY Need To Know Before You Buy A House...
Good Morning!
Do you know what your mortgage scores are?
The scores you get from www.freecreditreport.com, and other services like it will only tell you what your consumer credit scores are. ...This isn't enough.
95% of the time your mortgage credit scores will be different, and sometimes significantly different.
...I see it every day.
You don't want to go put earnest money down on a house - thinking you have good credit if you haven't seen your mortgage credit scores.
One easy way to see your mortgage credit scores is to simply to go www.loansdonequickly.com, click on "apply" and fill out the quick application...
...it will give you an opportunity to run your credit right there, and I will let you know your mortgage scores.
I hope you have a good day today. Thanks for reading!
Brett
Do you know what your mortgage scores are?
The scores you get from www.freecreditreport.com, and other services like it will only tell you what your consumer credit scores are. ...This isn't enough.
95% of the time your mortgage credit scores will be different, and sometimes significantly different.
...I see it every day.
You don't want to go put earnest money down on a house - thinking you have good credit if you haven't seen your mortgage credit scores.
One easy way to see your mortgage credit scores is to simply to go www.loansdonequickly.com, click on "apply" and fill out the quick application...
...it will give you an opportunity to run your credit right there, and I will let you know your mortgage scores.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, July 20, 2011
This Little Known About Loan Program Only Has A 3% Down Payment!...
Good Morning!
Fannie Mae has a little known about program that they designed to compete directly with FHA.
It's called My Community mortgage, and it has some advantages over FHA.
1) One advantage is that the down payment is lower on My Community. ...Only 3% vs 3.5% for FHA.
2) My Community allows for loan amounts up to $417k - compared to a max of $271,050 in most Texas counties for FHA.
3) No up front mortgage insurance on My Community, compared to 1% up front mortgage insurance on FHA.
To be fair FHA does allow a higher seller help amount than My Community (6% compared to 3%).
However, there are many circumstances where the My Community program flat out beats FHA.
If you are looking to purchase a home - you need to check with me to see which program is best for your scenario.
Many loan officers just aren't familiar with the My Community program, and often times the borrower is worse off for this lack of knowledge.
Have a great day! Thanks for reading!
Brett
Fannie Mae has a little known about program that they designed to compete directly with FHA.
It's called My Community mortgage, and it has some advantages over FHA.
1) One advantage is that the down payment is lower on My Community. ...Only 3% vs 3.5% for FHA.
2) My Community allows for loan amounts up to $417k - compared to a max of $271,050 in most Texas counties for FHA.
3) No up front mortgage insurance on My Community, compared to 1% up front mortgage insurance on FHA.
To be fair FHA does allow a higher seller help amount than My Community (6% compared to 3%).
However, there are many circumstances where the My Community program flat out beats FHA.
If you are looking to purchase a home - you need to check with me to see which program is best for your scenario.
Many loan officers just aren't familiar with the My Community program, and often times the borrower is worse off for this lack of knowledge.
Have a great day! Thanks for reading!
Brett
Monday, July 18, 2011
Who Can Give Gifts On An FHA Loan...
Good Morning!
Recently I sent out an email about gift giving on conventional loans.
I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well.
Here's who can't give you a gift on an FHA loan...
The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.
Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes.
Here's who can give you a gift on an FHA loan...
Your parents or immediate family.
The realtor can give you a gift if the realtor is your immediate family.
You can also get a gift from a legitimate grant program (city, county, state, or national).
Have a great day! Thanks for reading!
Brett
Recently I sent out an email about gift giving on conventional loans.
I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well.
Here's who can't give you a gift on an FHA loan...
The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.
Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes.
Here's who can give you a gift on an FHA loan...
Your parents or immediate family.
The realtor can give you a gift if the realtor is your immediate family.
You can also get a gift from a legitimate grant program (city, county, state, or national).
Have a great day! Thanks for reading!
Brett
Friday, July 15, 2011
Having Cash Can Be A Problem When You Want One Of These...
Good Morning!
I've talked to you about this before, but it's important enough for me to revisit it again...
Using cash for a down payment on a home is not smart.
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 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.
By the way, if you are having trouble getting a loan done with another lender - don't fret!
...give me a call - there's a good chance I can get the loan completed for you. I do a lot of loans others just can't do.
Have a great day! Thanks for reading!
Brett
I've talked to you about this before, but it's important enough for me to revisit it again...
Using cash for a down payment on a home is not smart.
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 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.
By the way, if you are having trouble getting a loan done with another lender - don't fret!
...give me a call - there's a good chance I can get the loan completed for you. I do a lot of loans others just can't do.
Have a great day! Thanks for reading!
Brett
Wednesday, July 13, 2011
Here's One Way I Can Do Loans Others Can't...
Good Morning!
People get turned down for loans every day because their debt to income ratio is too high.
Some mortgage companies max out their debt to income ratio at 45%. ...Some go to 50%.
I keep tellin' ya that I do loans other people can't do, and it's true!
If I get an automated approval on your file - I have NO LIMIT on a back end debt to income ratio.
...I can do 55% or even 60% or more as long as the automated system approves it!
If another lender is giving you problems with your debt to income ratio - give me a call or shoot me an email. ...I can probably help you out!
...by the way my family and I were at Lake Caddo over the weekend. That's one amazing lake!
Here's a picture I took...
Lake Caddo
Have a great day! Thanks for reading!
Brett
People get turned down for loans every day because their debt to income ratio is too high.
Some mortgage companies max out their debt to income ratio at 45%. ...Some go to 50%.
I keep tellin' ya that I do loans other people can't do, and it's true!
If I get an automated approval on your file - I have NO LIMIT on a back end debt to income ratio.
...I can do 55% or even 60% or more as long as the automated system approves it!
If another lender is giving you problems with your debt to income ratio - give me a call or shoot me an email. ...I can probably help you out!
...by the way my family and I were at Lake Caddo over the weekend. That's one amazing lake!
Here's a picture I took...
Lake Caddo
Have a great day! Thanks for reading!
Brett
Friday, July 8, 2011
You Can Now Get Mortgage Insurance Down To This Credit Score...
Good Morning!
Things are starting to loosen up from the Mortgage Insurance companies.
We can now get Mortgage Insurance on conventional loans down to a 620 mid fico score. ...and, this is for loan to value ratios up to 95%!
You still need a 680 credit score to get MI up to a 97% loan to value ratio.
One of the reasons you would opt for a conventional loan over an FHA loan is that there is no large up front pre paid mortgage insurance on conventional loans.
This will give us loan originators more options, which in turn gives you more options!
Have a safe weekend! Thanks for reading!
Brett
Things are starting to loosen up from the Mortgage Insurance companies.
We can now get Mortgage Insurance on conventional loans down to a 620 mid fico score. ...and, this is for loan to value ratios up to 95%!
You still need a 680 credit score to get MI up to a 97% loan to value ratio.
One of the reasons you would opt for a conventional loan over an FHA loan is that there is no large up front pre paid mortgage insurance on conventional loans.
This will give us loan originators more options, which in turn gives you more options!
Have a safe weekend! Thanks for reading!
Brett
Tuesday, July 5, 2011
When You're Buying A House - Don't Do This...
Good Morning!
One of my clients is currently buying a house.
He ran into a complication, and I wanted to tell you about it here - so you can learn from his experience.
Bobby got a home inspection for the home he was purchasing. ...This is a smart thing to do anytime you purchase a house.
The home inspector is hired by the buyer to check the house for any current or potential issues with the condition of the house prior to purchase. The home inspection is typically a private report meant only for the buyer's eyes.
Typically the home inspector will go out of his way to let the buyer know about every little light bulb and air register that has any type of imperfection in them. His goal is just to let the buyer know about them, and to cover his own bases if something were to happen to these items in the future.
Bobby's realtor made the mistake of mentioning the inspection in the earnest money contract. Once the word "inspection report" shows up in the contract the underwriter can ask to see a copy of it.
Sure enough, the underwriter asked to see the inspection report. ...and, the underwriter wanted every little item listed on the report to be fixed prior to closing.
This of course caused the need for renegotiation on the repairs, and very well could have killed Bobby's deal.
Fortunately the seller was willing to cooperate with the buyer on the repairs.
The lesson here is don't mention the inspection report in the contract - unless you don't mind showing it to the underwriter.
I hope you have a great day! Thanks for reading!
Brett
One of my clients is currently buying a house.
He ran into a complication, and I wanted to tell you about it here - so you can learn from his experience.
Bobby got a home inspection for the home he was purchasing. ...This is a smart thing to do anytime you purchase a house.
The home inspector is hired by the buyer to check the house for any current or potential issues with the condition of the house prior to purchase. The home inspection is typically a private report meant only for the buyer's eyes.
Typically the home inspector will go out of his way to let the buyer know about every little light bulb and air register that has any type of imperfection in them. His goal is just to let the buyer know about them, and to cover his own bases if something were to happen to these items in the future.
Bobby's realtor made the mistake of mentioning the inspection in the earnest money contract. Once the word "inspection report" shows up in the contract the underwriter can ask to see a copy of it.
Sure enough, the underwriter asked to see the inspection report. ...and, the underwriter wanted every little item listed on the report to be fixed prior to closing.
This of course caused the need for renegotiation on the repairs, and very well could have killed Bobby's deal.
Fortunately the seller was willing to cooperate with the buyer on the repairs.
The lesson here is don't mention the inspection report in the contract - unless you don't mind showing it to the underwriter.
I hope you have a great day! Thanks for reading!
Brett
Wednesday, June 29, 2011
Check Out This Amazing Loan Program From Fannie Mae...
Good Morning!
I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.
It's called HomePath. It allows a low down payment and flexible mortgage terms.
Here are some of the great features of this loan...
1) Only 3% down payment. ...and, this down payment can be a gift, or even a loan from your employer!
2) No lender requested appraisal!
3) No mortgage insurance! ...This is a biggie.
4) Generous seller contributions for closing costs.
Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can't beat the loan terms!
I hope you have a great day! Thanks for reading!
Brett
I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.
It's called HomePath. It allows a low down payment and flexible mortgage terms.
Here are some of the great features of this loan...
1) Only 3% down payment. ...and, this down payment can be a gift, or even a loan from your employer!
2) No lender requested appraisal!
3) No mortgage insurance! ...This is a biggie.
4) Generous seller contributions for closing costs.
Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can't beat the loan terms!
I hope you have a great day! Thanks for reading!
Brett
Monday, June 27, 2011
Think This Is A Way Around Foreclosure? ...Think Again.
Good Morning!
I get asked about "Deed In Lieu" a lot.
A Deed In Lieu is where you beat the mortgage company to the punch... ...and give the mortgage company back the house before they have a chance to foreclose.
People ask me how a Deed In Lieu would affect their credit.
I tell them that it would be treated the same way a full foreclosure would - from a mortgage perspective anyway.
...in fact, if you have a "Short Pay" or "Deed In Lieu" show up in the mortgage history on your credit report - it might as well say "Foreclosure".
You will have to wait a period of time before you would be eligible for a new mortgage.
...here's what you're looking at for seasoning on a foreclosure:
Fannie Mae/Freddie Mac: 5 years.
VA: 4 years.
FHA: 3 years.
I hope you have a great day! Thanks for reading!
Brett
I get asked about "Deed In Lieu" a lot.
A Deed In Lieu is where you beat the mortgage company to the punch... ...and give the mortgage company back the house before they have a chance to foreclose.
People ask me how a Deed In Lieu would affect their credit.
I tell them that it would be treated the same way a full foreclosure would - from a mortgage perspective anyway.
...in fact, if you have a "Short Pay" or "Deed In Lieu" show up in the mortgage history on your credit report - it might as well say "Foreclosure".
You will have to wait a period of time before you would be eligible for a new mortgage.
...here's what you're looking at for seasoning on a foreclosure:
Fannie Mae/Freddie Mac: 5 years.
VA: 4 years.
FHA: 3 years.
I hope you have a great day! Thanks for reading!
Brett
Wednesday, June 22, 2011
Check Out The New Guidelines For Gifting On Conventional Loans...
Good Morning!
If you wanted a Conventional Loan, and you were thinking of trying to use a gift for down payment or to help with closing costs - here are some guidelines you need to be aware of...
The gift can only be provided by...
A relative, defined as the borrower's spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship; or a fiancé, fiancée, or domestic partner.
Amount of gift...
If loan to value ratio is 80% or less (putting down at least 20%) then entire down payment can be a gift! This would be on owner occupied 1 to 4 family homes.
If loan to value ratio is 80% or higher then entire down payment can be a gift! ...This would apply to a one unit principal residence.
If buying a 2 to 4 unit home and the LTV is over 80% then 5% of the down payment must come from borrower's own funds. The remaining funds can come from a gift for additional down or help with closing costs or reserves.
Documentation Requirements for a gift...
Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must:
· specify the dollar amount of the gift;
· specify the date the funds were transferred;
· include the donor's statement that no repayment is expected; and
· indicate the donor's name, address, telephone number, and relationship to the borrower.
Remember the main benefit of using a Conventional Loan over FHA is that there is no upfront mortgage insurance payment!
I hope you have a great day! Thanks for reading!
Brett
If you wanted a Conventional Loan, and you were thinking of trying to use a gift for down payment or to help with closing costs - here are some guidelines you need to be aware of...
The gift can only be provided by...
A relative, defined as the borrower's spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship; or a fiancé, fiancée, or domestic partner.
Amount of gift...
If loan to value ratio is 80% or less (putting down at least 20%) then entire down payment can be a gift! This would be on owner occupied 1 to 4 family homes.
If loan to value ratio is 80% or higher then entire down payment can be a gift! ...This would apply to a one unit principal residence.
If buying a 2 to 4 unit home and the LTV is over 80% then 5% of the down payment must come from borrower's own funds. The remaining funds can come from a gift for additional down or help with closing costs or reserves.
Documentation Requirements for a gift...
Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must:
· specify the dollar amount of the gift;
· specify the date the funds were transferred;
· include the donor's statement that no repayment is expected; and
· indicate the donor's name, address, telephone number, and relationship to the borrower.
Remember the main benefit of using a Conventional Loan over FHA is that there is no upfront mortgage insurance payment!
I hope you have a great day! Thanks for reading!
Brett
Monday, June 20, 2011
Incredible Rates On These Loan Products...
Good Morning!
Rates on ARMs are getting amazing right now!
I wanted to give you an idea of where these rates are...
FHA 5 year arms = Rates in the low 3's!
VA 5 year arms = Rates in the low 3's!
Conventional 7 year arms = Rates in the mid to low 3's!
If you know you will only be in a house for 5 years or less then you should definitely be looking at one of these ARMs.
...You will save a lot of interest!
Call me or email me today if you think you could benefit from these low rates.
I hope you have a great day! Thanks for reading!
Brett
Rates on ARMs are getting amazing right now!
I wanted to give you an idea of where these rates are...
FHA 5 year arms = Rates in the low 3's!
VA 5 year arms = Rates in the low 3's!
Conventional 7 year arms = Rates in the mid to low 3's!
If you know you will only be in a house for 5 years or less then you should definitely be looking at one of these ARMs.
...You will save a lot of interest!
Call me or email me today if you think you could benefit from these low rates.
I hope you have a great day! Thanks for reading!
Brett
Tuesday, June 14, 2011
What You Need To Know About Part Time Income With FHA...
Good Morning!
I've talked about this before, but I think it's worth revisiting...
If you are trying to purchase a house with an FHA loan - and you are using part time job income, be aware of this...
FHA will want to see that you have a two year stream of this part time income before they will give you credit for it.
...So, in other words if a loan officer tells you that you need more income - you can't just run out and get a part time job to satisfy this need. ...You wouldn't fulfill the 2 year work history on it.
You do have other options though... If you are in this situation - please give me a call or drop me an email. I would love to try to help you.
I hope you have a great day! Thanks for reading!
Brett
I've talked about this before, but I think it's worth revisiting...
If you are trying to purchase a house with an FHA loan - and you are using part time job income, be aware of this...
FHA will want to see that you have a two year stream of this part time income before they will give you credit for it.
...So, in other words if a loan officer tells you that you need more income - you can't just run out and get a part time job to satisfy this need. ...You wouldn't fulfill the 2 year work history on it.
You do have other options though... If you are in this situation - please give me a call or drop me an email. I would love to try to help you.
I hope you have a great day! Thanks for reading!
Brett
Monday, June 13, 2011
A Loan Program We Have In Texas Not Many People Know About...
Good Morning!
If you are a Veteran and you live in Texas - then you have access to the Texas Vet Loan Program.
The main benefit of the Texas Vet program is low rates. Current rates are 4.32% on this program, and if you are a disabled Vet then your rate would be 3.82%.
Here are some interesting aspects of the Texas Vet loan program...
1) Program is offered with FHA, VA or Conventional loans.
2) There is a 30% rate discount to disabled veterans - which is extended to the surviving spouse as well.
3) Eligible Reservist and members of the National Guard who have a VLB home loan, have an interest rate of 0 percent while they are on active duty and for 90 days after they return.
If you are a Veteran and you are interested in this program - give me a call or shoot me an
email.
I love to help Veterans!
I hope you have a great day! Thanks for reading!
Brett
If you are a Veteran and you live in Texas - then you have access to the Texas Vet Loan Program.
The main benefit of the Texas Vet program is low rates. Current rates are 4.32% on this program, and if you are a disabled Vet then your rate would be 3.82%.
Here are some interesting aspects of the Texas Vet loan program...
1) Program is offered with FHA, VA or Conventional loans.
2) There is a 30% rate discount to disabled veterans - which is extended to the surviving spouse as well.
3) Eligible Reservist and members of the National Guard who have a VLB home loan, have an interest rate of 0 percent while they are on active duty and for 90 days after they return.
If you are a Veteran and you are interested in this program - give me a call or shoot me an
email.
I love to help Veterans!
I hope you have a great day! Thanks for reading!
Brett
Wednesday, June 8, 2011
Want To Refinance, But You Are Upside Down In Your House? ...I Have Some Loans That Might Help.
Good Morning!
Would you like to refinance your house, but you currently owe more than your house is worth?
If so, then I have several programs I can use to get you refinanced - depending on if your current loan is a Fannie Mae loan, Freddie Mac loan, or an FHA loan.
...Some of these programs will refinance up to 125% combined loan to value ratio!
If you are in this situation then I encourage you to give me a call today to see how we can get you out of your current high interest loan.
*************
I have a new limited time "no closing costs" coupon I'm offering - please click this link and enter this special code...
http://loansdonequickly.com/enter-your-private-code-to-get-this-coupon
code = 9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Would you like to refinance your house, but you currently owe more than your house is worth?
If so, then I have several programs I can use to get you refinanced - depending on if your current loan is a Fannie Mae loan, Freddie Mac loan, or an FHA loan.
...Some of these programs will refinance up to 125% combined loan to value ratio!
If you are in this situation then I encourage you to give me a call today to see how we can get you out of your current high interest loan.
*************
I have a new limited time "no closing costs" coupon I'm offering - please click this link and enter this special code...
http://loansdonequickly.com/enter-your-private-code-to-get-this-coupon
code = 9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Tuesday, June 7, 2011
Have You Thought About Using A Seller Second To Buy Or Sell A House...
Good Morning!
Did you realize that we still allow the seller to take back a second mortgage to facilitate the sale of their home?
We do!
This can come in very handy for getting deals closed, where they otherwise wouldn't be able to.
Here are some of the requirements of the seller seconds...
1) Subordinate liens must be recorded and clearly subordinate to first mortgage lien.
2) Second mortgage must be documented on loan application to correctly show Total Housing Ratio and CLTV.
3) Monthly payments remain constant for each twelve-month period over the term of the loan.
Ineligible Second Mortgages:
1) Mortgages with negative amortization.
2) Subordinate financing with "wraparound" terms that combine the indebtedness of the first and second mortgages.
3) Subordinate financing that does not fully amortize under a level monthly payment plan.
*************
I have a new limited time "no closing costs" coupon I'm offering - please click this link and enter this special code...
Page: http://loansdonequickly.com/?page_id=942
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Did you realize that we still allow the seller to take back a second mortgage to facilitate the sale of their home?
We do!
This can come in very handy for getting deals closed, where they otherwise wouldn't be able to.
Here are some of the requirements of the seller seconds...
1) Subordinate liens must be recorded and clearly subordinate to first mortgage lien.
2) Second mortgage must be documented on loan application to correctly show Total Housing Ratio and CLTV.
3) Monthly payments remain constant for each twelve-month period over the term of the loan.
Ineligible Second Mortgages:
1) Mortgages with negative amortization.
2) Subordinate financing with "wraparound" terms that combine the indebtedness of the first and second mortgages.
3) Subordinate financing that does not fully amortize under a level monthly payment plan.
*************
I have a new limited time "no closing costs" coupon I'm offering - please click this link and enter this special code...
Page: http://loansdonequickly.com/?page_id=942
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Wednesday, June 1, 2011
New Mortgage Guidelines Offer A Ray Of Hope...
Good Morning!
Some good news!
...but first a brief editorial comment:
After the mortgage market crash underwriting swung so far to the conservative side that it's helped put a death grip on the economy.
I don't think the feds have figured this out yet, but the real estate market is the engine that drives our economy.
If the feds had just stayed out of the way I think the market would be well on its way back by now.
...Instead they have been passing new mortgage guideline choking legislation. ...One after another, after another.
Finally a small ray of hope...
Got news today that some guidelines are changing. Mainly they have to do with the removal of overlay guidelines.
For instance...
1) Instead of mandatory submission of tax returns with every self employed borrower loan they are now leaving it up to the automated findings to decide if tax returns are needed.
2) They are also leaving the max debt to income ratio up to the automated system now - which is a welcome change. ...if we could only get the MI companies to go along with this.
The guidelines will probably never return to what they were 3.5 years ago - and that's probably a good thing. They do need to come back to at least the middle. ...and, eventually they will.
This is a little step in the right direction.
I hope you have a great day! Thanks for reading!
Brett
Some good news!
...but first a brief editorial comment:
After the mortgage market crash underwriting swung so far to the conservative side that it's helped put a death grip on the economy.
I don't think the feds have figured this out yet, but the real estate market is the engine that drives our economy.
If the feds had just stayed out of the way I think the market would be well on its way back by now.
...Instead they have been passing new mortgage guideline choking legislation. ...One after another, after another.
Finally a small ray of hope...
Got news today that some guidelines are changing. Mainly they have to do with the removal of overlay guidelines.
For instance...
1) Instead of mandatory submission of tax returns with every self employed borrower loan they are now leaving it up to the automated findings to decide if tax returns are needed.
2) They are also leaving the max debt to income ratio up to the automated system now - which is a welcome change. ...if we could only get the MI companies to go along with this.
The guidelines will probably never return to what they were 3.5 years ago - and that's probably a good thing. They do need to come back to at least the middle. ...and, eventually they will.
This is a little step in the right direction.
I hope you have a great day! Thanks for reading!
Brett
Tuesday, May 31, 2011
Here Are Your Down Payment Options On A Purchase Loan...
Good Morning!
I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the market place.
Loan Programs...
VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.
USDA: No down payment necessary. No monthly MI. Mainly for rural areas or smaller downs. Has geographic and income restrictions.
FHA: The minimum down payment is 3.5%. Great rates, low monthly MI.
Fannie Mae Flex 97: 3% down. Higher monthly MI. This one has a bit higher rate than FHA.
The bottom line:
1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise FHA is a wonderful loan program - very friendly to the borrower.
2) If you have 5% or more to put down you can get a great rate and you will have multiple loan choices.
Have a good day, and thanks for reading!
Brett
I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the market place.
Loan Programs...
VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.
USDA: No down payment necessary. No monthly MI. Mainly for rural areas or smaller downs. Has geographic and income restrictions.
FHA: The minimum down payment is 3.5%. Great rates, low monthly MI.
Fannie Mae Flex 97: 3% down. Higher monthly MI. This one has a bit higher rate than FHA.
The bottom line:
1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise FHA is a wonderful loan program - very friendly to the borrower.
2) If you have 5% or more to put down you can get a great rate and you will have multiple loan choices.
Have a good day, and thanks for reading!
Brett
Monday, May 23, 2011
Did You Know I Can Do Loans For Manufactured Homes?...
Good Morning!
One of the hardest loans to get right now is a mortgage for a manufactured home.
...It's because lenders just don't do them anymore.
I wanted you to know that I still do loans for manufactured homes down to a 600 credit score!
This loan is good for homes in a city, or on acreage.
That's it for today!
I hope you have a great day! Thanks for reading!
To get a special limited time offer coupon (1% cash back) I'm offering - please click this link and enter this special code...
9934
You can print the coupon off and submit it with your application to get your cash at closing!
Brett
One of the hardest loans to get right now is a mortgage for a manufactured home.
...It's because lenders just don't do them anymore.
I wanted you to know that I still do loans for manufactured homes down to a 600 credit score!
This loan is good for homes in a city, or on acreage.
That's it for today!
I hope you have a great day! Thanks for reading!
To get a special limited time offer coupon (1% cash back) I'm offering - please click this link and enter this special code...
9934
You can print the coupon off and submit it with your application to get your cash at closing!
Brett
Thursday, May 19, 2011
Two Important Things I Want To Share With You...
Good Morning!
I have two quick things to go over with you today...
1) I left Southwest Funding and started my own mortgage company. It's called Berkshire Lending, LLC. ...So when you call me or email me your questions you are talking to the boss!
Don't worry - all my phone numbers, web site, and email addresses are the same.
The new mandates coming down from the Federal Reserve Board made this a necessity for me to go back to having my own company, and really it was something I was planning on doing anyway. ...The Feds just sped things up!
2) I haven't said a lot about all the new federal regulations our industry is facing, and how it can and probably will affect you - until now...
It's becoming more and more difficult for small and middle sized mortgage companies to continue to do business. Mortgage companies and loan officers are leaving the mortgage business right and left.
I truly believe the government would like to see just a few big banks doing all the mortgages in this country. This is what is slowly happening right now.
Any time you reduce the competition in a market it's bad for the consumer.
The other thing that is happening as a result of these federal changes is that more and more if you go to a large bank (the big four) to get a mortgage you will get a poorly paid "order taker" to do your mortgage for you.
Don't get me wrong. They are good people. ...but, generally they are not very well trained, and they don't get paid enough to really care if your mortgage closes on time or not.
So, if you or someone you know needs a loan officer who really knows what they are doing, and will get your loan closed on time... Come to me to get your mortgage!
To get a special limited time offer coupon (1% cash back) I'm offering - please click this link and enter this special code...
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
I have two quick things to go over with you today...
1) I left Southwest Funding and started my own mortgage company. It's called Berkshire Lending, LLC. ...So when you call me or email me your questions you are talking to the boss!
Don't worry - all my phone numbers, web site, and email addresses are the same.
The new mandates coming down from the Federal Reserve Board made this a necessity for me to go back to having my own company, and really it was something I was planning on doing anyway. ...The Feds just sped things up!
2) I haven't said a lot about all the new federal regulations our industry is facing, and how it can and probably will affect you - until now...
It's becoming more and more difficult for small and middle sized mortgage companies to continue to do business. Mortgage companies and loan officers are leaving the mortgage business right and left.
I truly believe the government would like to see just a few big banks doing all the mortgages in this country. This is what is slowly happening right now.
Any time you reduce the competition in a market it's bad for the consumer.
The other thing that is happening as a result of these federal changes is that more and more if you go to a large bank (the big four) to get a mortgage you will get a poorly paid "order taker" to do your mortgage for you.
Don't get me wrong. They are good people. ...but, generally they are not very well trained, and they don't get paid enough to really care if your mortgage closes on time or not.
So, if you or someone you know needs a loan officer who really knows what they are doing, and will get your loan closed on time... Come to me to get your mortgage!
To get a special limited time offer coupon (1% cash back) I'm offering - please click this link and enter this special code...
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Tuesday, May 17, 2011
How To Get A 3% Down Payment Loan With No Mortgage Insurance!...
Good Morning!
It's been several years since I could say this...
...but I can now get you a 97% loan with absolutely no mortgage insurance!
You need a 720 to get it, but it's a very smart way to go if you can qualify for it.
We simply use our new 2nd mortgage that goes up to a combined loan to value ratio of 97%.
So, you have a first at 80%.
Then, you have a 2nd mortgage at 17%. You put down 3%.
We make both loans for you at closing.
Here's a chart to illustrate why it's a smart way to go...
Loan program 97% CLTV 80/17 Piggy 97% One Loan 96.5% FHA
P&I Payment $611 $741 $737
MI Payment
$106 $138
2nd Mtg. Payment $205
Total P&I Plus MI or 2nd $816 $847 $875
To get a special limited time offer coupon (1% cash back) I'm offering - please click this link and enter this special code...
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
It's been several years since I could say this...
...but I can now get you a 97% loan with absolutely no mortgage insurance!
You need a 720 to get it, but it's a very smart way to go if you can qualify for it.
We simply use our new 2nd mortgage that goes up to a combined loan to value ratio of 97%.
So, you have a first at 80%.
Then, you have a 2nd mortgage at 17%. You put down 3%.
We make both loans for you at closing.
Here's a chart to illustrate why it's a smart way to go...
Loan program 97% CLTV 80/17 Piggy 97% One Loan 96.5% FHA
P&I Payment $611 $741 $737
MI Payment
$106 $138
2nd Mtg. Payment $205
Total P&I Plus MI or 2nd $816 $847 $875
To get a special limited time offer coupon (1% cash back) I'm offering - please click this link and enter this special code...
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Monday, May 16, 2011
Amazingly Low Rate And Payment For This Loan...
Good Morning!
Did you realize 5 yr fixed ARMs are down in the mid to low 3% range right now?
...That's just a $421 payment for every 100k financed!
If you think you will be out of your house in the next 5 years this is a product that you should consider.
...whether you are considering purchasing, or refinancing.
You will have a much lower payment, and save a ton of interest by going with a 5 year ARM.
Let me know if you would like for me to create a free loan analysis for you to see if this is a smart move for you.
I hope you have a good weekend. Thanks for reading!
Brett
Did you realize 5 yr fixed ARMs are down in the mid to low 3% range right now?
...That's just a $421 payment for every 100k financed!
If you think you will be out of your house in the next 5 years this is a product that you should consider.
...whether you are considering purchasing, or refinancing.
You will have a much lower payment, and save a ton of interest by going with a 5 year ARM.
Let me know if you would like for me to create a free loan analysis for you to see if this is a smart move for you.
I hope you have a good weekend. Thanks for reading!
Brett
Thursday, May 12, 2011
How To Get A Loan With Challenged Credit - My Video For You...
Good Morning!
I get many people applying for mortgages that have challenged credit.
I can get some of them loans. ...some of them I can't.
...but, many just assume they can't get a loan - and don't apply at all.
...So, if you have challenged credit, and are unsure if you can qualify for a loan - I've made a video for you explaining how I'm able to get mortgage approvals for some people with challenged credit.
Enjoy... http://loansdonequickly.com/?page_id=467
Please contact me if you have any questions about how I can help you with this.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
I get many people applying for mortgages that have challenged credit.
I can get some of them loans. ...some of them I can't.
...but, many just assume they can't get a loan - and don't apply at all.
...So, if you have challenged credit, and are unsure if you can qualify for a loan - I've made a video for you explaining how I'm able to get mortgage approvals for some people with challenged credit.
Enjoy... http://loansdonequickly.com/?page_id=467
Please contact me if you have any questions about how I can help you with this.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
Wednesday, May 11, 2011
Get Up To $10,000 In Repairs When You Buy A Home On This Program...
Good Morning!
I wanted to tell you about my USDA repair escrow program.
Most repair escrows (when they are allowed at all) max out at around 3k to 5k.
My USDA program goes up to $10,000 dollars for USDA purchase homes!
Here's how it works...
The home has to be able to meet the guideline of being livable at the time of closing.
However, many things can be done while the house is occupied. Carpets can't be upgraded, but if they are damaged it is possible to install new carpet while the home is occupied.
Here are some examples of what may be considered subject to circumstances:
· Roof - 20+ years old needs to be replaced. It can be replaced while the house is being lived in. A hole in roof would not qualify.
· HVAC - A/C unit stolen - it can be replaced while house is being lived in. The same for heater if not winter.
· Gutters and downspouts - can be repaired or replaced while house is being lived in.
· Appliances - stolen or vandalized - can be replaced while living in house.
So if you have a house you would like to buy, but it needs a little bit of work contact me about this program!
I hope you have a good week. Thanks for reading!
Brett
I wanted to tell you about my USDA repair escrow program.
Most repair escrows (when they are allowed at all) max out at around 3k to 5k.
My USDA program goes up to $10,000 dollars for USDA purchase homes!
Here's how it works...
The home has to be able to meet the guideline of being livable at the time of closing.
However, many things can be done while the house is occupied. Carpets can't be upgraded, but if they are damaged it is possible to install new carpet while the home is occupied.
Here are some examples of what may be considered subject to circumstances:
· Roof - 20+ years old needs to be replaced. It can be replaced while the house is being lived in. A hole in roof would not qualify.
· HVAC - A/C unit stolen - it can be replaced while house is being lived in. The same for heater if not winter.
· Gutters and downspouts - can be repaired or replaced while house is being lived in.
· Appliances - stolen or vandalized - can be replaced while living in house.
So if you have a house you would like to buy, but it needs a little bit of work contact me about this program!
I hope you have a good week. Thanks for reading!
Brett
Monday, May 9, 2011
New 3% Down Loan Product...
Good Morning!
I wanted to highlight a very competitive product being offered by Fannie Mae.
...It's their 97% purchase product. That's right! ...only 3% down.
Here are some of the important features of this product...
1) Owner-occupied primary residence only.
2) Minimum 720 FICO score.
3) 3% down payment must come from the borrower's own funds.
4) 1-unit attached and detached single family residence, attached and detached PUDs.
5) Purchase and rate/term transactions.
6) Maximum DTI 41%.
7) 15, 20, 25, and 30-year loan terms.
8) No up front MI (like you would have on FHA).
9) Loan amounts exceed 271k (which is the FHA limit in most of Texas).
This is a great product.
If you meet the credit criteria listed above, and you only want to put 3% down on a house - then call me and I can help you with this.
I hope you have a good week. Thanks for reading!
Brett
I wanted to highlight a very competitive product being offered by Fannie Mae.
...It's their 97% purchase product. That's right! ...only 3% down.
Here are some of the important features of this product...
1) Owner-occupied primary residence only.
2) Minimum 720 FICO score.
3) 3% down payment must come from the borrower's own funds.
4) 1-unit attached and detached single family residence, attached and detached PUDs.
5) Purchase and rate/term transactions.
6) Maximum DTI 41%.
7) 15, 20, 25, and 30-year loan terms.
8) No up front MI (like you would have on FHA).
9) Loan amounts exceed 271k (which is the FHA limit in most of Texas).
This is a great product.
If you meet the credit criteria listed above, and you only want to put 3% down on a house - then call me and I can help you with this.
I hope you have a good week. Thanks for reading!
Brett
Friday, May 6, 2011
Best Way You Can Pay No Closing Costs...
Good Morning!
You know, I get asked this question a lot by clients who are buying houses...
..."Can we just roll closing costs into the loan?"
The short answer... No.
You can do it with no problem on a refinance, but not a purchase loan.
...but there is an indirect way to do it on a purchase loan.
The best way to roll closing costs into your purchase - is to ask the sellers to pay your closing costs. ...the way you do this is to make it part of your contract offer.
...they will either say "yes" or "no" to your request for them to pay closing costs. ...so, right here you have a 50/50 shot at it.
If they say "no" - it's still not over. ...you can just offer to add the closing costs to the price of the home (as long as it will appraise) - and then ask the sellers to pay them. ...they will usually say "yes" to this.
Good luck house hunting! ...call me or email me if you need help or advice getting into a house.
I hope you have a good day today. Thanks for reading!
Brett
You know, I get asked this question a lot by clients who are buying houses...
..."Can we just roll closing costs into the loan?"
The short answer... No.
You can do it with no problem on a refinance, but not a purchase loan.
...but there is an indirect way to do it on a purchase loan.
The best way to roll closing costs into your purchase - is to ask the sellers to pay your closing costs. ...the way you do this is to make it part of your contract offer.
...they will either say "yes" or "no" to your request for them to pay closing costs. ...so, right here you have a 50/50 shot at it.
If they say "no" - it's still not over. ...you can just offer to add the closing costs to the price of the home (as long as it will appraise) - and then ask the sellers to pay them. ...they will usually say "yes" to this.
Good luck house hunting! ...call me or email me if you need help or advice getting into a house.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, May 4, 2011
Rate Shopping Guide...
Good Morning!
I touched on this topic about 1.5 years ago, but I thought it was time I went over this again for you.
If you're rate shopping for a mortgage - here are some guidelines for you to keep in mind...
1) Get a Good Faith Estimate (GFE). There's always a relationship between fees / points / and rate. ...You won't know what that relationship is unless you look at a GFE.
2) When looking at the GFE - focus on the mortgage fees. These are the only fees the loan officer really knows at the time he/she is creating the GFE. They will just be guessing on the title fees, insurance, and taxes.
3) Pay attention to the date on the GFE - or rate quote. The rate market changes daily. You have to compare apples to apples. ...To compare two rates generated 1 week apart is a waste of time. The rate that appears higher may actually be priced more competitively than the lower rate - depending on when the quote was generated.
Have a good day today! ...and thanks for reading.
Brett
I touched on this topic about 1.5 years ago, but I thought it was time I went over this again for you.
If you're rate shopping for a mortgage - here are some guidelines for you to keep in mind...
1) Get a Good Faith Estimate (GFE). There's always a relationship between fees / points / and rate. ...You won't know what that relationship is unless you look at a GFE.
2) When looking at the GFE - focus on the mortgage fees. These are the only fees the loan officer really knows at the time he/she is creating the GFE. They will just be guessing on the title fees, insurance, and taxes.
3) Pay attention to the date on the GFE - or rate quote. The rate market changes daily. You have to compare apples to apples. ...To compare two rates generated 1 week apart is a waste of time. The rate that appears higher may actually be priced more competitively than the lower rate - depending on when the quote was generated.
Have a good day today! ...and thanks for reading.
Brett
Monday, May 2, 2011
New FHA Guidelines Regarding Disputed Accounts...
Good Morning!
FHA is finally giving us some relief on disputed accounts.
They have recently modified their underwriting guidelines regarding disputed accounts, and the automatic downgrade to a manual underwrite when disputes exist in a credit report.
Here is how the new guideline reads...
If the credit report reveals that the borrower is disputing any credit accounts, Manual Downgrade of a TOTAL Scorecard Approve/Accept recommendation is not required if:
1. The disputed account has a zero balance.
2. The disputed account is marked as "paid in full", or "resolved".
3. The disputed account is both less than $500, and more than 24 months old, based on the date of dispute.
This is really good news.
This means that a file doesn't have to be automatically downgraded to a manual underwrite if the conditions are right on the disputes.
Have a good week! ...and thanks for reading.
Brett
FHA is finally giving us some relief on disputed accounts.
They have recently modified their underwriting guidelines regarding disputed accounts, and the automatic downgrade to a manual underwrite when disputes exist in a credit report.
Here is how the new guideline reads...
If the credit report reveals that the borrower is disputing any credit accounts, Manual Downgrade of a TOTAL Scorecard Approve/Accept recommendation is not required if:
1. The disputed account has a zero balance.
2. The disputed account is marked as "paid in full", or "resolved".
3. The disputed account is both less than $500, and more than 24 months old, based on the date of dispute.
This is really good news.
This means that a file doesn't have to be automatically downgraded to a manual underwrite if the conditions are right on the disputes.
Have a good week! ...and thanks for reading.
Brett
Wednesday, April 27, 2011
These Collections Won't Keep You From Getting A Loan...
Good Morning!
I covered this about 2 years ago, but I wanted to touch it again now for you.
I have customers call me every day - worried that their Medical Collections will keep them from getting a loan.
From a mortgage underwriting perspective - if you have Medical Collections that are over 12 months old - they will be ignored for the most part by the government insured loan programs. ...such as VA and FHA.
Fannie Mae and Freddie Mac underwriters will pretty much stick with what the automated findings come back with... ...and, I can tell you that the automated system will generally ignore these older collections.
So, if you have Medical Collections... Don't fret! ...Generally they won't keep you from getting a mortgage!
...by the way - if you feel the emails that I send you have provide value... ...please forward them to your friends so that they may also subscribe to them. Thank you!
Have a good day today! ...and thanks for reading.
Brett
I covered this about 2 years ago, but I wanted to touch it again now for you.
I have customers call me every day - worried that their Medical Collections will keep them from getting a loan.
From a mortgage underwriting perspective - if you have Medical Collections that are over 12 months old - they will be ignored for the most part by the government insured loan programs. ...such as VA and FHA.
Fannie Mae and Freddie Mac underwriters will pretty much stick with what the automated findings come back with... ...and, I can tell you that the automated system will generally ignore these older collections.
So, if you have Medical Collections... Don't fret! ...Generally they won't keep you from getting a mortgage!
...by the way - if you feel the emails that I send you have provide value... ...please forward them to your friends so that they may also subscribe to them. Thank you!
Have a good day today! ...and thanks for reading.
Brett
Monday, April 25, 2011
Don't Have To Put Money Down When Buying A House This Way...
Good Morning!
I have this situation come up again and again, so I wanted to address it once more...
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 would like to help you with your next purchase or refi loan. If you need help - let me know!
I hope you have a good day today. Thanks for reading!
Brett
I have this situation come up again and again, so I wanted to address it once more...
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 would like to help you with your next purchase or refi loan. If you need help - let me know!
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, April 19, 2011
Two Things You Need To Know About The FHA 580 Loan Program...
Good Morning!
Many of you know that I can do FHA loans for credit scores between 580 and 600.
However, I wanted to make sure you aware of the two most important elements of getting an approval on this loan program for lower scores.
1) You need to have at least 2 open and active trade lines with at least 12 months of history.
2) You need to have pretty clean credit history for the past 12 months.
In other words the underwriter won't want to see a lot of lates, and collections that have occurred in the past 12 months.
If your score falls in this range and you want to see if you would qualify for a mortgage - just contact me, and I'll see if we can get you approved.
That's it for today. I hope you have a good day. Thanks for reading this email!
Brett
Many of you know that I can do FHA loans for credit scores between 580 and 600.
However, I wanted to make sure you aware of the two most important elements of getting an approval on this loan program for lower scores.
1) You need to have at least 2 open and active trade lines with at least 12 months of history.
2) You need to have pretty clean credit history for the past 12 months.
In other words the underwriter won't want to see a lot of lates, and collections that have occurred in the past 12 months.
If your score falls in this range and you want to see if you would qualify for a mortgage - just contact me, and I'll see if we can get you approved.
That's it for today. I hope you have a good day. Thanks for reading this email!
Brett
Friday, April 15, 2011
This Simple Program Can Really Help Improve Your Credit - And Save You Money...
Good Morning!
If you are considering paying off or paying down an account in an attempt to improve your credit scores - you should really consider using our "what if" program.
It can save you time and money - and give you a valuable insight on the impact of paying off or paying down accounts on your credit scores.
I'll give you an example... Yesterday I had a borrower that was thinking about paying off his Chase credit card.
The card had a balance of $267, and his credit limit was $500. When I asked the "what if" program what would happen if he paid off the account - it said his TransUnion score would go down by 16 points. I know that doesn't make much sense, but the fico system doesn't make much sense.
The best part is that this program is very reasonably priced.
I'll be coming out soon with some updates on how the new LO Comp rule is effecting loan pricing and loan closing costs.
Please call me or email if you need help with a loan, or if you know someone that needs help buying or refinancing a home.
That's it for today. I hope you have a good day. Thanks for reading this email!
Brett
If you are considering paying off or paying down an account in an attempt to improve your credit scores - you should really consider using our "what if" program.
It can save you time and money - and give you a valuable insight on the impact of paying off or paying down accounts on your credit scores.
I'll give you an example... Yesterday I had a borrower that was thinking about paying off his Chase credit card.
The card had a balance of $267, and his credit limit was $500. When I asked the "what if" program what would happen if he paid off the account - it said his TransUnion score would go down by 16 points. I know that doesn't make much sense, but the fico system doesn't make much sense.
The best part is that this program is very reasonably priced.
I'll be coming out soon with some updates on how the new LO Comp rule is effecting loan pricing and loan closing costs.
Please call me or email if you need help with a loan, or if you know someone that needs help buying or refinancing a home.
That's it for today. I hope you have a good day. Thanks for reading this email!
Brett
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