Quick Tips On The Mortgage World

Wednesday, July 20, 2016

When You Change Jobs During The Loan Process…

If you change jobs during the process of getting a loan, here’s what you can expect…

The underwriter will want to see your first pay check at the new job at a minimum, and often they will want to see your first 30 days of paychecks.

The underwriter isn’t trying to make your life difficult by asking for your new paychecks. …This is a common guideline in the mortgage industry.

There is one circumstance where you can change jobs and not have to supply your new pay check prior to approval…

If you continue to work for the same company, but you are just changing jobs within that company then you won’t have to produce a new paycheck.

If you have more questions on this – don’t hesitate to give me a call or shoot me an email!

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Monday, July 18, 2016

New 1% Down Loan Program…

We just rolled out a new loan program I wanted to tell you about.

It’s a 1% down Conventional loan. …and, the 1% down can be a gift.

Few things you need to know about this program…

1) Requires a 700 credit score.

2) Max 43% debt to income ratio.

3) There are income limits (you can make too much money for this program), so we will have to look at the Area Median Income Limit for your area.

This program is a nice alternative to USDA because you aren’t restricted geographically on where you can purchase.

If you are interested in this program please give me a call or shoot me an email.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Monday, July 11, 2016

No And Low Down Payment Loan Options…

I have borrowers ask me every day how much they need to put down to purchase a home.

Here are your minimum down payment options on the loan products currently available in the market place.

Loan Programs…

VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.

USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.

FHA: The minimum down payment is 3.5%. Great rates, has up front and monthly mortgage insurance.

Conventional: There are 3% down and 5% down loan options on Conventional. No up front MI.

The bottom line:

1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise FHA is a wonderful loan program – very friendly to the borrower.

2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Tuesday, July 5, 2016

10% Down Bank Statement Loans…

If you are self employed and can’t use your tax returns to prove income there are loan options for you.

You can use your bank statement deposits to prove income.

We have 10% down bank statement loans for purchase and refinance with good credit.

Let me know if you are in this situation. I’ll be happy to help you with your home purchase!

I hope you have a great day!

Thanks for reading!

Brett