Quick Tips On The Mortgage World

Thursday, June 25, 2015

No Tax Returns Needed For FHA Loans…

I wrote about this the other day, but it’s pretty huge and I wanted to touch on it again.

It’s regarding alternative income documentation for FHA loans.

Normally you will need to provide pay stubs, w-2′s, and tax returns for income documentation to get a mortgage.

If there is an issue with your tax returns, or tax transcripts it can kill your loan.

We now have the ability to get your loan closed by just producing pay stubs, w-2′s, and a verification of employment.

…no tax returns.

…no tax transcript order from the IRS.

Keep this in mind if you or someone you know are having issues with tax returns in a mortgage process.

That’s it for today!

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

Brett

Monday, June 22, 2015

How To Buy A Manufactured Home Using A USDA Loan…

From time to time I get asked if a USDA loan can be used to purchase a manufactured home.

The answer is “yes”. …kind of.

The big limitation when using a USDA loan for a manufactured home is that the loan can only be used to purchase and place a brand new manufactured home on land.

If you are wanting to purchase an existing manufactured home with a USDA loan – you can’t do it. Only NEW homes.

If you have an existing manufactured home you wan to purchase you can use an FHA loan for this type of transaction.

That’s it for today!

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

Brett

Wednesday, June 17, 2015

Jumbo Loan To 90% LTV With No MI…

If you have ever shopped for a high loan to value Jumbo loan then you know it’s hard to find anything over 80% LTV.

I wanted to tell you that I have Jumbo loans up to 90% LTV with loan amounts up to $1,500,000!

…and, there’s no mortgage insurance on this 90% Jumbo loan!

Just something to be aware of.

That’s it for today!

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

Brett

Monday, June 15, 2015

Alternate Method Of Proving Income…

I wanted to remind you that we have the option of using W-2′s and Pay-stubs ONLY as a method of proving income.

We don’t need tax returns or transcripts.

Sometimes this can come in handy if there is something on your tax returns that would prevent you from getting a mortgage.

That’s it for today!

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

Brett

Wednesday, June 10, 2015

How Mortgage Companies Treat Overtime And Bonus Income…

Are you planning on using your bonus income or overtime income to help you get a mortgage?

…If so, then there are three important things you need to be aware of:

1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.

2) The employer has to indicate that the bonus or overtime income will likely continue.

3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.

That’s it for today!

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

Brett

Monday, June 8, 2015

Aggressive VA Guidelines…

Recently I wrote about our aggressive guidelines for FHA loans. Guidelines that allows us to make mortgage loans to borrowers that are told “no” by other mortgage companies.

FHA isn’t the only thing we are aggressive about.

We also have aggressive VA guidelines…

- VA down to 550 fico score
- VA Manual UW
- LP or DU findings acceptable
- DTI up to 55% with 2 compensating factors and residual income
- VA no score available
- VA over $417,000 Ok
- Non-traditional credit Ok
- No trade line requirement if AUS approved

If you are a Veteran, and you want to use your VA benefits to get a mortgage please give me a call. I would love to help you!

That’s it for today!

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

Brett

Wednesday, June 3, 2015

Unusual FHA Extras…

Here is another reason you should consider using my company then next time you want to buy a home…

…because we offer “more” than the average mortgage company.

Let me give you an example…

Most mortgage companies offer FHA mortgages. …We do as well.

…but, not only do we offer great rates on FHA mortgages, we do the “unusual” FHA loans as well.

Such as…

-Down to 550 Fico Score
-Manual UW available with expanded DTI up to 53%
-No score available to full financing with Alternative Trades
-DTI up to 53% with DU approve eligible up to max with 2 compensating factors
-203K Streamline with up to $35,000 in deferred maintenance
-HUD $100 down program available
-HUD Back to Work program
-Non occupant borrowers ok with no overlays
-Manufactured homes
-HUD approved down payment assistance ok!
-FHA Flips ok with 2nd appraisal
-Consumer Credit Counseling OK
-We offer the FHA Back to Work program with reduced Foreclosure and BK Seasoning
-Short Sale waiver for borrowers current at the time of transaction eligible for new FHA no seasoning
-30 day mortgage late payment in the past 12 months ok with DU approve eligible.
-Up to 49 acres ok
-Hobby Farm or Ranch are eligible

That’s it for today!

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

Brett

Monday, June 1, 2015

One Way To Reduce Stress And Increase Happiness In Your Life…

I write about this topic at least once a year, but it’s a good thing to revisit it from time to time…

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.

That’s it for today!

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

Brett