Quick Tips On The Mortgage World

Monday, February 20, 2017

Look At This Low Credit Score Loan…

I do loans for people with great credit, as well as not so great credit.

…but, I closed a loan this week that I wanted to point out to you, because not too many mortgage companies can do it. …and, I wanted you to know that I can do them!

I closed a loan for a person with a 561 score. …Good loan too! …30 year fixed. Government insured FHA loan with a relatively low rate for the score.

If you do get an FHA loan with a score less than 580 you will have to put down 10%, but if you have the down payment you have a chance to get a good loan in spite of having a low score.

So, if you or someone you know is in this low credit score boat doing think you can’t get a loan! …there’s a chance to get a good loan.

Give me a call or shoot me an email and let me take a look at your situation. …I just might be able to help ya!

…by the way, if you are off for Presidents day enjoy your day off!

That’s it for today!

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

Brett

Wednesday, February 15, 2017

Rates Going Up…

Mortgage rates moved higher for the 4th straight day today, following Fed Chair Janet Yellen’s congressional testimony.

If you are currently in the mortgage process it’s a good idea to go ahead and lock your loan if you haven’t already done so.

If you still haven’t refinanced and you wanna – I suggest you act now. I don’t see rates going appreciably lower in the near future.

By the way, we have been closing our purchase loans in under 30 days right now, so if you are ready to buy that house give me a call or shoot me an email! …I would love to help you out!

That’s it for today!

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

Brett

Monday, February 13, 2017

What Happens When You Change Jobs During A Mortgage Process…

Here’s what you can expect if you are changing jobs while your getting a mortgage…

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!

By the way… Borrowers are loving this 1% down product.

That’s it for today!

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

Brett

Wednesday, February 1, 2017

Limit Of Seller Help By Loan Program…

Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home?

…You ask them! (In a tight market some seller’s are reluctant to offer alot of help, but you can always ask.)

You make it part of your offer to purchase.

Here is a breakdown of the maximum seller help amounts by loan program…

Program: Conventional (fannie/freddie), owner occupied…

1) 25% or more down payment = 9% allowed seller contribution.

2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution.

3) Less than 10% down payment = 3% allowed seller contribution.

4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more = 9% allowed contributions.

Program: FHA

1) 6% maximum seller contribution.

Program: VA

1) 4% closing cost contribution.

Program: USDA

1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When a home appraises higher than the sales price, closing costs can be financed with USDA rural loans up to the difference between the sales price and appraised value.

That’s it for today!

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

Brett