Thursday, April 30, 2015

Here’s A Free Report I Wrote Specifically For Realtors…

small brett pic Heres A Free Report I Wrote Specifically For Realtors...
I love realtors!
I love working with them, and helping them with their clients.
…so, I wrote a report for all you realtors out there!
It’s titled: How Realtors Can Sleep Better At Night, Have Less Stress, And Have More Cash In The Bank.
Here’s the link.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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Monday, April 27, 2015

Free Report: 4 No Money Down Mortgages…

I wrote this special report a couple of years ago, but I just recently updated it.
small brett pic Free Report: 4 No Money Down Mortgages...The mortgage industry is dynamic. …constantly changing guidelines and limits.
I’ve updated the report to show the most recent guidelines for each loan program listed.
I wanted to give it to you here.
If you or someone you know wants to buy a house with no money down this report will give you the options that currently exist in the mortgage market.
Here is the link for it: 
That’s it for today! 
I appreciate you reading! 
Thanks. 
Brett  
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Wednesday, April 22, 2015

Don’t Forget About This 100% Financing Option To Buy A House…

small brett pic Dont Forget About This 100% Financing Option To Buy A House...
If you want to buy a home with no money down you can always use the USDA program.
Here’s some great reasons to use our USDA program…
No Down Payment Required
No Cash Reserve Requirement. No cash contribution requirement
Unlimited seller concessions
Unrestricted gifts, not necessary to document source, no seasoning
First time home buyers allowed, but not limited to first time home buyers
Completed Short Sales are NOT regarded as a foreclosure or negative credit. We will need a clear CAIVRS and an adequate letter of explanation
Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).
Non-traditional credit may substitute for lack of credit history
Repair Escrow financed in loan up to $10,000 or 10% of loan.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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Monday, April 20, 2015

How To Structure The Sale Of An Asset For A Mortgage…

small brett pic How To Structure The Sale Of An Asset For A Mortgage...
This week I had a borrower that needed more cash for a real estate transaction, so he decided to sell his boat.
Here’s how to structure the sale of an asset for a mortgage…
You must create a bill of sale reflecting the date of sale, asset to be sold, and the sales price.
The buyer’s and seller’s signatures are required on the bill of sale.
Copies of all checks, and deposit slips are also needed.
A picture of the item sold is also helpful.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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Thursday, April 16, 2015

A New Credit Scoring Model For FHA?…

small brett pic A New Credit Scoring Model For FHA?...
HUD secretary Julian Castro recently told the National Association of Realtors that FHA is considering using alternative credit scoring methods to evaluate potential borrowers.
There are other scoring models such as FICO 9 and Vantage Score 3.0.
These models would expand access to mortgage credit.
The main difference in these new scoring models is that they put less emphasis on the impact of unpaid medical bills, and the effect of missed payments on debts that have subsequently been paid off is eliminated. They also incorporate utility and rental housing payments into their scoring calculation.
I will keep watching this for you, and let you know if it ends up happening.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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Monday, April 13, 2015

How To Get A Loan When You Are Filing A Tax Extension…

It’s tax time.
small brett pic How To Get A Loan When You Are Filing A Tax Extension...What do you do if you are in the process of applying for a loan and you have filed an extension on your taxes?
Your loan officer asks you for your 2014 tax return, but you can’t give it to him or her because you filed an extension.
Easy! …You give your loan officer the extension you filed for 2014, plus your previous two years tax returns.
Now, if your extension shows you owe money to the IRS the underwriter may ask you to show proof you paid this money. Keep this in mind.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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Wednesday, April 8, 2015

How Long Do You Have To Wait To Get A Loan After A Bankruptcy?…

small brett pic How Long Do You Have To Wait To Get A Loan After A Bankruptcy?...
Have you ever wondered how long you have to wait to get a loan after a bankruptcy?
I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy…
FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
VA: 2 years from completion date.
USDA:  3 years from discharge date.
Fannie Mae: 4 years from discharge date, or dismissal date.
Freddie Mac: 4 years from discharge date or dismissal date.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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Monday, April 6, 2015

Rules For Getting A Loan If You Have Recently Been Out Of Work…

small brett pic Rules For Getting A Loan If You Have Recently Been Out Of Work...Hope you had a great Easter weekend!
Have you been out of work, and now you are working again?
…and, you would like to buy a house?
I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation…
There are just a few main guidelines that FHA likes to see for the borrower in this situation to be eligible for financing…
1) Current employment of at least six months.
2) Documentation of two years of employment prior to the absence. Acceptable documentation includes w-2′s, paystubs, or a written verification of employment.
3) Acceptable scenarios include an individual who took several years off to raise children, but has now retuned to work.
If you know someone in this situation and they want to purchase a home, have them give me a call and I’ll try to help!
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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Thursday, April 2, 2015

Reverse Questions Answered…

small brett pic Reverse Questions Answered...
Did you know we do Reverse Mortgages?
I wanted to address the two most common
questions that I get regarding reverse mortgages…
Question: What happens if I die? Will the lender be taking my house?
Answer:   No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep your home.
 Question: What happens if the loan balance becomes greater than the value of my home?
Answer:  No matter how large the loan balance becomes, you have the right to continue to live in the house. The lender cannot take over your home as long as it is your principal residence. Besides, you will NEVER owe the lender more than the value of your home. HUD will pay the shortage for you, if there is any.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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