Good Morning!
Here is something to consider if you were thinking about refinancing from a 30 year mortgage to a 15 year mortgage...
It takes 19 years and 4 months to pay your principle down by half on a 30 year amortization.
Recommended action...
If you can handle a slightly higher mortgage payment it's a smart play to refinance to a 15 year mortgage!
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
That's it for today!
Have a good day today! ...and thanks for reading.
Brett
Monday, January 30, 2012
Wednesday, January 25, 2012
How To Get Rid Of FHA Mortgage Insurance...
Good Morning!
I've written to you about this before, but I think it's worth covering again.
People ask me if it's possible to get rid of FHA mortgage insurance.
It is possible, and here is how to do it...
On a 30 year FHA mortgage the annual mortgage insurance premium is canceled once the loan reaches 78% loan to value, and the loan is at least 5 years old.
On a 15 year FHA mortgage the annual mortgage insurance premium is canceled once the loan reaches 78%. The nice ting about the 15 year is that you don't have to wait 5 years to get rid of - as long as your home gets to 78% ltv.
FHA removes this mortgage insurance automatically. The 78% loan to value is based on the lesser of your purchase price, or its original appraised value.
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
That's it for today!
Have a good day today! ...and thanks for reading.
Brett
I've written to you about this before, but I think it's worth covering again.
People ask me if it's possible to get rid of FHA mortgage insurance.
It is possible, and here is how to do it...
On a 30 year FHA mortgage the annual mortgage insurance premium is canceled once the loan reaches 78% loan to value, and the loan is at least 5 years old.
On a 15 year FHA mortgage the annual mortgage insurance premium is canceled once the loan reaches 78%. The nice ting about the 15 year is that you don't have to wait 5 years to get rid of - as long as your home gets to 78% ltv.
FHA removes this mortgage insurance automatically. The 78% loan to value is based on the lesser of your purchase price, or its original appraised value.
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
That's it for today!
Have a good day today! ...and thanks for reading.
Brett
Monday, January 23, 2012
You Need This Credit Score To Purchase An Investment Property...
Good Morning!
You can have a credit score as low as 620 and get a loan with just 15% down payment on investment property.
It's been several years since you could have a credit score this low and be able to purchase an investment property.
If you are interested in purchasing an investment property, and want to see if you qualify click the link below...
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
That's it for today!
Have a good day today! ...and thanks for reading.
Brett
You can have a credit score as low as 620 and get a loan with just 15% down payment on investment property.
It's been several years since you could have a credit score this low and be able to purchase an investment property.
If you are interested in purchasing an investment property, and want to see if you qualify click the link below...
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
That's it for today!
Have a good day today! ...and thanks for reading.
Brett
Wednesday, January 18, 2012
The Difference Between A Collection And A Judgment When Getting A Mortgage...
Good Morning!
When it comes to getting a mortgage the difference between a credit collection account and a judgment is significant.
The biggest difference is that a collection account doesn't have to be paid off as a condition of mortgage approval.
...However, a court ordered judgment MUST be paid off before a mortgage can be approved.
The reason is that the mortgage company sees the judgment as a significant risk to their lien position from a title perspective.
That's it for today!
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
When it comes to getting a mortgage the difference between a credit collection account and a judgment is significant.
The biggest difference is that a collection account doesn't have to be paid off as a condition of mortgage approval.
...However, a court ordered judgment MUST be paid off before a mortgage can be approved.
The reason is that the mortgage company sees the judgment as a significant risk to their lien position from a title perspective.
That's it for today!
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
Monday, January 16, 2012
How To Refinance Your Contract For Deed House...
Good Morning!
If you purchased your house on a Contract For Deed, or a Land Contract - we can treat this as a refinance loan?
...It's true! ...The Contract For Deed doesn't even need to be recorded.
We just need 12 months cancelled checks to refinance a Contract For Deed, or a Land Contract.
The biggest benefit of this is that we can use the appraised value, and not the purchase price for value. ...So, you can roll in closing costs instead of writing a check for them!
Max loan to value ratio on this program is 90%.
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
If you purchased your house on a Contract For Deed, or a Land Contract - we can treat this as a refinance loan?
...It's true! ...The Contract For Deed doesn't even need to be recorded.
We just need 12 months cancelled checks to refinance a Contract For Deed, or a Land Contract.
The biggest benefit of this is that we can use the appraised value, and not the purchase price for value. ...So, you can roll in closing costs instead of writing a check for them!
Max loan to value ratio on this program is 90%.
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, January 11, 2012
When Your Spouses Credit Matters - Even If They Aren't On Your Loan...
Good Morning!
In some circumstances your spouses credit matters - even thought they may not be on the loan with you.
When it doesn't matter...
If you are applying for a conventional loan then we won't run your spouses credit if they aren't on the loan.
When it does matter...
If you are applying for a government insured loan (FHA, VA, USDA) we will run your spouses credit even if they aren't on the loan.
Here is what we are looking for...
1) We have to incorporate their minimum monthly debt obligations into the purchasing spouses debt to income ratio.
2) If they have unsettled public records like tax liens, or judgements, then these would have to be satisfied before the loan closes.
What we are not looking for from spouses credit...
1) We really don't care about what their scores are or what their credit make up looks like other than getting their monthly debts, and to see if they have public records.
So, don't let your spouses bad credit scores keep you from applying for a mortgage. Their bad scores won't keep you from getting a mortgage.
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
In some circumstances your spouses credit matters - even thought they may not be on the loan with you.
When it doesn't matter...
If you are applying for a conventional loan then we won't run your spouses credit if they aren't on the loan.
When it does matter...
If you are applying for a government insured loan (FHA, VA, USDA) we will run your spouses credit even if they aren't on the loan.
Here is what we are looking for...
1) We have to incorporate their minimum monthly debt obligations into the purchasing spouses debt to income ratio.
2) If they have unsettled public records like tax liens, or judgements, then these would have to be satisfied before the loan closes.
What we are not looking for from spouses credit...
1) We really don't care about what their scores are or what their credit make up looks like other than getting their monthly debts, and to see if they have public records.
So, don't let your spouses bad credit scores keep you from applying for a mortgage. Their bad scores won't keep you from getting a mortgage.
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
Monday, January 9, 2012
3 Important Things You Should Know About Bonus And Overtime Income...
Good Morning!
Are planning on using your bonus income or overtime income to help you get a mortgage?
...If so, then there are three important things you need to be aware of:
1) We can't use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.
2) The employer has to indicate that the bonus or overtime income will likely continue.
3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.
That's it for today!
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
Are planning on using your bonus income or overtime income to help you get a mortgage?
...If so, then there are three important things you need to be aware of:
1) We can't use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.
2) The employer has to indicate that the bonus or overtime income will likely continue.
3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.
That's it for today!
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
Thursday, January 5, 2012
What To Do When You Don't Have Enough Trade Lines On Your Credit Report For A Mortgage...
Good Morning!
Have you been told by a loan officer that you don't qualify for a mortgage because you don't have enough "trade line depth"?
Most lenders have guidelines for the number of trade lines they want to see on your credit report.
...for most of them they want to see 3 trade lines with at least 12 months of history on each.
If you don't have the number of trade lines they want to see, you won't qualify for a mortgage with them.
...So, what do you do if you want to buy a house, but you don't have three open and active trade lines on your credit report?
Answer: You go to a lender that will allow you to ad "alternative trade lines". Some lenders (like me!) will allow you to use alternative trade lines - like utility bills, or rent to fill out the number of trade lines necessary to get a loan.
Often times this can be the difference between buying a house or not.
Keep this in mind if you or someone you know has been told you don't have enough "trade line depth" on your credit. ...I very well might be able to help you out in this circumstance!
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
Have you been told by a loan officer that you don't qualify for a mortgage because you don't have enough "trade line depth"?
Most lenders have guidelines for the number of trade lines they want to see on your credit report.
...for most of them they want to see 3 trade lines with at least 12 months of history on each.
If you don't have the number of trade lines they want to see, you won't qualify for a mortgage with them.
...So, what do you do if you want to buy a house, but you don't have three open and active trade lines on your credit report?
Answer: You go to a lender that will allow you to ad "alternative trade lines". Some lenders (like me!) will allow you to use alternative trade lines - like utility bills, or rent to fill out the number of trade lines necessary to get a loan.
Often times this can be the difference between buying a house or not.
Keep this in mind if you or someone you know has been told you don't have enough "trade line depth" on your credit. ...I very well might be able to help you out in this circumstance!
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
Tuesday, January 3, 2012
How Consumer Credit Counselling Impacts Getting A Mortgage...
Happy New Year!
I know you're going to have a great year this year!
Continuing with little known underwriting guidelines on FHA loans...
Many people will elect to go through Consumer Credit Counseling instead of filing bankruptcy. They go through Consumer Credit Counseling because they think will not impact their credit as severely as bankruptcy.
They are right in a way - FHA doesn't have as stringent of guidelines for CCC as bankruptcy.
...However, you're not completely out of the woods if you elect to work with Consumer Credit Counseling when it comes to getting an FHA mortgage.
FHA's underwriting guideline for Consumer Credit Counseling is that the borrower must "document that one year of the pay-out period has elapsed under the plan and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction."
...In other words you will have to be in the plan for at least a year before you can hope to get an FHA mortgage.
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
I know you're going to have a great year this year!
Continuing with little known underwriting guidelines on FHA loans...
Many people will elect to go through Consumer Credit Counseling instead of filing bankruptcy. They go through Consumer Credit Counseling because they think will not impact their credit as severely as bankruptcy.
They are right in a way - FHA doesn't have as stringent of guidelines for CCC as bankruptcy.
...However, you're not completely out of the woods if you elect to work with Consumer Credit Counseling when it comes to getting an FHA mortgage.
FHA's underwriting guideline for Consumer Credit Counseling is that the borrower must "document that one year of the pay-out period has elapsed under the plan and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction."
...In other words you will have to be in the plan for at least a year before you can hope to get an FHA mortgage.
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
Subscribe to:
Posts (Atom)