Can You Add Spouses Income, But Not Credit? Answer...

Good Morning! I get asked this question allot by borrowers..."My spouse doesn't have very good credit, but can I use her income on my loan application?" Answer: "No." If we ad the spouses income, then we have to take his/her credit too. In fact, they would become an equal borrower on the loan. If you are in this situation, and need more income on your loan to get approved - give me a call or shoot me and email. We can brainstorm on some solutions for you to add some income on your loan. That's it for today!    Have a good day today!  ...and thanks for reading.   Brett To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.   To sign up for my weekly mortgage quick tips - CLICK HERE. To download this report "4 Easy Ways To Get Someone Else To Pay Your Closing Costs!" - CLICK HERE.

A SIMPLE THING THAT CAN MAKE YOUR LIFE BETTER…

Good Morning!

I originally posted about this subject 3 years ago, but it's an important message and I think it bears repeating... 

  My job as a loan officer allows me to have a unique perspective into people's lives.

  I can see how much money people make, and how much money they have in the bank. I do loans for people who make less than $20,000 a year, and I do loans for people who make well over $250,000 a year. 


 ...It doesn't matter if you make a lot of money, or very little money - there is a common problem that I see again and again...


...No savings. 

  This isn't true in every case, but I see it very often.   People tend to spend what they make.  ...even the borrowers I have who make a lot of money don't tend to save their money.

  My advice to you?...  Pay yourself first. Open a savings account, and before you pay any other bills - pay yourself first.  ...pay it just like it was a car payment or an electric bill.  


...Make it a percentage (10%) of your total income. Pay it every month.  ...it will build up faster than you think.

  There is a special comfort that you will gain when you see that you have a comfortable cushion in the bank.  ...I want that feeling for you.  


This feeling of comfort will percolate into other areas of your life - less fights about money - less stress at work - happy mom and dad makes for happy kids, etc.  

Have a good day today!  ...and thanks for reading.

 

Brett    

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

  To sign up for my weekly mortgage quick tips - CLICK HERE.

HOW TO GET A LOAN WITH LESS THAN 2 YEARS SELF EMPLOYMENT…

Good Morning!

 

How to get a loan with less than 2 years of self employment income...

I see this come up alot and I wanted to clarify self employment qualification.

The traditional guideline for seasoning of self employment income is 2 years of filed tax returns. These 2 years will then be averaged to get an income figure for you.

However, it is possible in some circumstances to get a loan with less than 2 years of self employed income.

The key is that you have to document the job you had prior to being self employed was essentially the exact same job you are doing now as a self employed person. If you can document this you have a chance to get financed.

The next thing is you must have filed at least 1 years tax return with a full 12 months of self employment income on it.

If you can show these two things - that you were doing the same job before you were self employed, and you have 1 years filed tax returns with 12 months of self employed income, then there's a good chance I can get you a loan.

If you are in this situation - give me a call or shoot me an email. I can probably help you out!

 

Thanks for reading, and have a great day!

 

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

 

To sign up for my weekly mortgage quick tips - CLICK HERE.

To download this report "4 Easy Ways To Get Someone Else To Pay Your Closing Costs!" - CLICK HERE.

 

 

If You Pay Rent You Must Do This...

Good Morning! If you are currently renting, and you think you might want to purchase a house in the future you need to make sure of one thing...When you apply for a mortgage (especially fha) they will want you to be able to prove you paid the rent. If you rent from an apartment complex it's a bit easier to do. We can just get them to fill out a verification of rent form. However, if you rent from an individual - you must PROVE you paid the rent. That means we will want to see cancelled rent checks. ...If you pay your rent with cash - DON'T!  Start writing checks for rent! If you pay with money orders then put your paycheck in a bank account, then every month draw out the money for the money order - and keep the money order receipts! ...but the best is to write checks for rent!   Thanks for reading, and have a great day!   Brett To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.   To sign up for my weekly mortgage quick tips - CLICK HERE. To download this report "4 Easy Ways To Get Someone Else To Pay Your Closing Costs!" - CLICK HERE.

HUD Smells The Coffee - Makes Changes To Their Collection Policy...

Good Morning!

HUD is giving us some relief on their recent collection guideline changes.

You might recall the post I made on March 22nd - telling you the new FHA collection guideliens....If your aggregate collections exceeded $1,000then you will have to pay off all of your collections - including medical!

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Someone must have told HUD that the impact of these changes would negatively effect the housing market - particualry in an election year.

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So, they are backing off these changes now - at least until July 1st, at which time they will make a decision on how they want to proceed at that point.

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All in all this is very good news for anyone who has more than $1,000 of total collections or judgement!

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To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

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To sign up for my weekly mortgage quick tips - CLICK HERE.

To download this report "4 Easy Ways To Get Someone Else To Pay Your Closing Costs!" - CLICK HERE.

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Thanks for reading, and have a great day!

 

Brett

If You Need Work Done On Your House...

Good Morning! If you are needing work done on your home click this link...    http://loansdonequickly.com/call-these-numbers-if-you-need-work-done-on-your-home/   It's a list of phone numbers that go to IHome's web site - a professional contracting company.   To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.   To sign up for my weekly mortgage quick tips - CLICK HERE. To download this report "4 Easy Ways To Get Someone Else To Pay Your Closing Costs!" - CLICK HERE.   Thanks for reading, and have a great day!   Brett