Gift Rules For Conventional Loans. ...And, Something You Didn't Know About Me!

Good Morning!

Until not too long ago you had to put at least 5% of your own money down when using a Conventional loan.

...unless you got a 20% gift.

Fortunately the gifing rules are more friendly to the borrower now.

Now your 5% down payment can be a gift on a Conventional loan!

...As long as you meet these requirements:

1) Loan must be for a single unit principle residence.

2) Gift must come from: a relative, defined as the borrower's spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship. I can also be a fiancé, or domestic partner.

...On a lighter note: I'll be you didn't know that I paint!

Here's a painting I just finished of my youngest son in the stockade at Disney Word earlier this year...

 
 
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.
 
 

Watch This Short Movie On Kindness...

Good Morning! 

Here's a great little movie on the power of kindness someone sent to me...

I thought you might enjoy it:http://www.powerofkindnessmovie.com/   

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.

  

BIG CHANGES IN GOVERNMENT INSURED LOANS…

Good Morning! 

I promised you I would follow up on recent loan guideline changes.

In the last blog post I covered recent changes in conventional loan guidelines.

Here are exciting changes in the government loan guidelines. 

…They might just help you get a mortgage!

1) For FHA, VA, and USDA loans: Property can now be listed for sale during the process of refinancing your home!

2) FHA: Log homes are allowed.

3) Properties on a privately maintained road no longer require a recorded private road maintenance agreement.

4) FHA streamline transactions with a term reduction are allowed if the loan meets the Benefit to Borrower Requirement. (used to not be able to reduce term)

5) VA: Only 2 year seasoning on a foreclosure.

6) USDA appraisals are now good for 6 months.  

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.

Exciting Changes To Conventional Loans...

Good Morning!

We are getting more flexibility on our loan guidelines!

These changes are good for everyone - especially you!

I'll cover Conventional loan guideline changes in this post, and government in a later post.

Here are just some of the exciting changes...

1) Seasoning requirements between cash-out transactions are no longer required.

2) The sale of personal assets for funds to close is allowed if the automated system doesn't say otherwise.

3) For rural areas the house used to have to represent 70% of the overall appraised value of the property. Now: The land-to-value ratio should be common/typical for the area.

4) Purch/refinance transactions on 2nd homes was limited to 80% LTV. Now it's 90%!

5) When purchasing a short sale, a full appraisal used to be required. Now: When purchasing a short sale, the appraisal requirement is as determined by the automated underwriting system.  

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.
  

Build Your Own House For Just 3.5% Down...

Good Morning! I wanted to tell you that we are now offering a One-Time-Close construction to permanent program for manufactured and modular homes! Our One Time Close program provides construction financing, Lot Purchase and a Permanent loan, all wrapped in one. Here are some of the benefits of this program... 1) Reduction in total cost due to only one closing. 2) Reduces interest rate risk. 3) FHA 96.5% LTV financing allowed. 4) Only one closing prior to the start of construction. 5) No payments due from Borrower during construction. 6) Borrower's first payment begins once construction is complete. 7) No requalification once construction is complete. 8) Builder/Retailer is allowed staged funded draws during construction based on line-item percentage of completion. If you would like to build a manufactured or modular home on land - give me a call or shoot me an email. ...I'll be happy to help you out!      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.

Little Used MI Option That Can Save You A Ton!...

Good Morning! With FHA raising it's mortgage insurance rates recently many people have turned to conventional financing. There are two reasons people are looking at conventional financing... 1) Generally the MI rates are lower. 2) There are more MI options. I wanted to specifically tell you about an under used MI option on conventional loans. Most lenders use BPMI on conventional loans. This stands for "Borrower Paid Monthly Insurance". Some lenders use LPMI, which stands for "Lender Paid Mortgage Insurance". On average LPMI will lower your monthly payment by around 8% to 6% over BPMI. Very few lenders offer or utilize Single Premium Financed mortage insurance. ...but it's often your best option for a lower payment and more buying power. For example: On average Single Premium Financed MI will lower your monthly payment by 17% over an FHA loan! ...and it would increase the amount you could borrow by 29%! If you would like to see what your payment would be using Single Premium Financed MI - give me a call or shoot me an email! ...I would love to help you!      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.