FHA Tip, VA Tip, And Rate Tip. …So, Three Tips…

I wanted to remind you of some FHA changes going into effect in a couple of weeks…

All FHA case numbers pulled after October 15 must include a payment for collections totaling in excess of $2,000.

We either have to take 5% of the aggregate balance for the payment, or you will have to negotiate your own payments we each account holder.

…and, really if you are thinking of buying a house with an FHA loan I would do it now.

This is because if you wait until mid October it will likely be too late. (We can’t pull a new case number without a contract and a property address)

Another quick VA tip… Did you know that I can go down to 560 on VA.? …Yep!

Rate Tip… The threat of a government shut down looms large. This tends to have a negative impact on the stock market. Look for more money to move into bonds, which will have a positive impact on mortgage rates.

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.

Two Key Tips To Get Your Loan Approved On A Conventional Loan…

I wanted to give you a couple of tips for getting your loan approved on aConventional mortgage.

By an large if you are getting a Conventional mortgage that means that your lender will use either Fannie Mae’s or Freddie mac’s underwriting engine to get your loan approved.

This means your lender will upload your loan to an automated underwriting engine (Fannie’s or Freddie’s) and this engine will either approve your loan or it won’t.

Most Conventional loans use Fannie Mae’s underwriting engine. The reason is that for the most part Fannie’s pricing is just slightly better than Freddie’s.

…but both Fannie and Freddie can make their underwriting engines more restrictive at a moments notice.

Right now Fannie’s underwriting engine is tight. This means that things it use to like and approve – now it doesn’t like them and it’s not approving them.

For instance, if your ratios are on the high side, and certainly any ratios over 45% it’s very hard to get approved with Fannie Mae right now.

Another example is that if you don’t have mortgage history among your credit trade lines – Fannie isn’t liking this very much right now either.

One possible solution: If your lender is having trouble getting your loan approved with Fannie Mae tell him to run it through Freddie Mac.

Freddie is approving many loans that Fannie isn’t right now.

Some lenders don’t use Freddie however.

Solution: Use me! …I use Freddie and Fannie!  ;-)

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.

No Money Out Of Pocket For You On This Loan…

I see this situation often, so I wanted to address it again…

Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment with an FHA loan? (As long as it’s a owner occupied residence for seller and buyer.)

…this is because the guidelines allow the seller to “gift” equity to the buyer.

So, the 3.5% down payment on an FHA loan can be a gift from the seller. …in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).

This situation may not apply to you, but if you know someone whom it could help – please pass it along!

Thanks for reading – and have a great day!

Brett

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.

News On New Alt Doc Program…

I wanted to inform you of a new product we have in our office.

It’s a bank statement loan. (also called an Alternative Documentation loan)

If for some reason you can’t provide standard income documentation for a mortgage (W-2′s, Paystubs, and last two years Tax Returns), then you just provide your last 2 years bank statements. …or there is also a 12 month bank statement option.

For more details on exactly how this product works I’ve created a page on my web site to explain it.

Here is the link:  http://loansdonequickly.com/alternate-documentation-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.

You Need To Know This About Cash And Mortgages…

I’ve talked to you about this before, but I think it bears repeating.

Cash is legal tender in our country. You should be able to use it to purchase, or facilitate a purchase for any product or service.

…right?

Believe it or not, having cash 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 (fha/va/usda) = 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.

What To Do If You Can’t Buy A Home Right Now…

I originally posted this a couple of years ago, but it’s so important that I think it bears repeating…

If you are wanting to purchase a home in 2013, but you aren’t able to qualify now – here’s what you need to do…

1) Isolate the reason you can’t get a mortgage now. (I can do this for you).

2) Make a plan to solve this problem.

If credit is the reason you can’t get a loan now – you need to know exactly where you are now.

…and, you need to know where you need to be for a loan.

I would like to help you create a plan.

I’ve seen many success stories of borrowers that had a plan to follow and did what ever it took to execute that plan. In a matter of a couple of months to six months they are usually ready for a loan.

…not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal.

So, contact me and I’ll help create a plan for you. …and the best part is that I do this as a free service to you!

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.

FHA TIP… And, Warning!

I wanted to again remind you – if you are trying to get an FHA mortgage, and you have older collections you need to take action before October 15.

The reason is that all FHA case numbers pulled after October 15 must include a payment for collections totaling in excess of $2,000. We either have to take 5% of the aggregate balance for the payment, or you will have to negotiate your own payments we each account holder.

…and, really if you are thinking of buying a house with an FHA loan I would do it now. This is because if you wait until mid October it will likely be too late. (We can’t pull a new case number without a contract and a property address)

By the way… Did you know I can FHA loans down to 580 with just a 3.5% down payment? …Yep!   …Call or email me if you need help with your situation!

Also… Initial Jobless Claims report is due out this morning at 8:30 AM and could be a mortgage rate mover.

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.

Interest Rate Tip, And Other Stuff…

It’s widely believed that the September 18th Fed meeting will bring a taper announcement for bond purchases.

Ultimately this would lead to ongoing rising interest rates.     …So, if you have been on the fence about refinancing I wouldn’t wait too long. Now is the time to take action.

…On a separate note:   I wanted to tell you about a neat mortgage calculator I have on my site.

If you have been considering buying a house, or refinancing… …and, you were wondering how much your payments would be feel free to play with this calculator.

You can see year by year how much principle and interest you have paid.

You can see your ongoing balance year by year.

Want to see how much interest you would save if you refinanced to a 20, 15, or 10 year loan? …It’s easy to see with this calculator.

Here is the link for the calculator:  http://loansdonequickly.com/mortgage-calculator/

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.