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
Wednesday, April 27, 2011
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
Subscribe to:
Posts (Atom)