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
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