How To Get A Mortgage When You Owe Back Taxes...

Good Morning! 

  

One of the things I can see on the back end of my web site is the number of people that look at each page.

I guess there are alot of people that owe back taxes to the IRS.

     ...because this page on how to get a loan when you owe back taxes remains consistently one of the most popular pages.

I'll repost a link to this page here:http://loansdonequickly.com/how-to-get-a-mortgage-when-you-owe-the-irs-back-taxes/

If you know someone that owes back taxes and wants a loan - have them take a look at this page.

I just might be able to help them out!  

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.

 
  

Little Known Way To Get A Second FHA Mortgage...

Good Morning!
 
Generally speaking HUD likes a borrower to only have one FHA loan at a time.

However, there are certain circumstances where it's possible to obtain a 2nd FHA loan.

One of these situations is if the number of dependents has increased to the point that the current house no longer meets the families needs.

We would of course need to prove your dependents have increased.

The other caveat to getting a second FHA loan in this situation is that we would have to prove you have a 75% or lower loan to value ratio in your current home. An appraisal on your current home is the only way to show this.

If you are in this situation let me know and I'll see if we can help you out!

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.
 

Sometimes Cash Is Not Good...

Good Morning! 

  

I had this issue come up again earlier this week and I wanted to revisit it with you...

This may sound crazy, but having cash for a down payment in the mortgage industry is a bad thing.

If you have cash saved up for a down payment on a home - and you were planning on using it for a down payment - it will present a problem when it comes time to getting a mortgage.

The mortgage world is all about documentation.

...The guidelines on cash are designed to prevent the seller from just giving you the down payment.

So, if you have a down payment - you will have to show where it came from... ...checking = good, ...savings = good, ...gift from relative = good, ...retirement account = good, ...cash = NO GOOD.

The best solution for this?... Put the cash in the bank. ...Leave it there for 60 days. ...After 60 days sitting in the account - it doesn't matter where it came from.

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.

  

An Alternative To FHA With Much Lower MI Rates...

Good Morning! 

  

FHA is a beautiful loan program, but if you asked me what I don't like most about it I would have to say the monthly MI rates have creeped up.

The monthly mortgage insurance factor for FHA is now 1.25%.

A viable alternative to FHA with much lower monthly mortgage insurance is a little used conventional program called My Community.

My Community only has a 3% down payment (compared to 3.5% with FHA).

The monthly mortgage insurance factor for a 97% mortgage is only .18% (compared to 1.25% with FHA).

The monthly mortgage insurance factor also goes down on My Community as the loan to value ratio is lower. ...Where FHA charges 1.25% no matter what the initial LTV on a 30 year mortgage.

My Community will also go down to a 620 credit score!

...Something to think about if you are looking for a low down payment, and low monthly MI program!
 

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.

  

  

 

Lower Down Payment Requirements On These Homes...

Good Morning! 

I wanted to make you aware of some guideline changes on purchasing and refinancing second homes.

Our maximum loan to value ratio on second homes used to be 80%. 

...In other words you had to put down 20% on a second home purchase.

Now we can go up to 90% on second home purchases, or rate and term refinances.

...just wanted to let ya know!  

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.

  

  

Here Are Some Unusual Loans For You...

Good Morning! 

Here are a few unique loans that I can do you may not have been aware of...

1) Conventional 2nd homes: Up to 90% LTV with 620 FICO.

2) Conventional Fixed Jumbo Cash-Out: Up to $1,500,000.

3) Conventional Pool Escrow Holdbacks! (Yes, you can add a pool to a house when you purchase!) Purchases only. Up to 95% LTV.

4) Property Listed? We can do with one day off the market - Rate and Term and Cash-Out refinance.  

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.

  

  

 

How To Reduce The Waiting Period For A Foreclosure On A Conventional Loan...

Good Morning! 

Here's a way to possibly reduce the foreclosure seasoning requirements on a conventional loan.

If you open up the Conventional Loan underwriting guidelines and look up foreclosures it will say you have to wait 7 years before you can get a loan.

A possible way around this is to let me run your file through the automated underwritng engine.

I've seen the engine give approvals for people at 4 or 5 years out of a foreclosure. 

...and, if it gives an approval at 4 years we can do the 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.