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
Tuesday, May 31, 2011
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
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