A Loan Just For Doctors…

Good morning!

For you Doctors out there… We have a loan just for you.

 

The advantage of the doctor loan is that you can get a bigger loan at a higher loan to value ratio than people who aren’t doctors.

 

A normal conventional loan maxes out at 453k in Texas.

 

A doctor loan can go up to 650k at 95% LTV, and up to 850k with 10% down.

 

A few additional notes on this program…

 

1) Loan only comes in 5/1 and 7/1 ARM. No 30 yr fixed loans on this program.

 

2) Need 3 months reserves.

 

3) Pending contract is acceptable given: Projected income is acceptable for qualifying purposes for a borrower scheduled to start a new job within 60 days of loan closing if there is a guaranteed, non-revocable, contract for employment.

 

If you are a doctor, and you need a great loan – contact me! I’ll be happy to help you!

 

I hope you have a great day! Thanks for reading!

 

Brett

 

Get Pre Approved For A Loan Here
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Two Things You Need To Know For USDA Loans...

Good morning!

 

If you are considering a USDA loan there are two things you should be aware of…

 

1) There are geographic restrictions. Not every area is eligible for USDA financing.

 

The best thing to do is enter the address of the home or area you are interested in and see if it’s eligible for USDA financing.

 

Here is the link to check your address: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

 

2) USDA has household income caps. In other words, it’s possible to make too much to qualify for a USDA loan.

 

You will need to enter your total household income into the link below and see if your family qualifies.

 

Here is the link to check the income for your area… https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

 

USDA is a great program. …100% financing with a low fixed interest rate.

 

If you have any other questions or want to see if you qualify just give me a call or shoot me an email!

 

That’s it for today!

 

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

 

Brett

 

Get Pre Approved For A Loan Here
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How To Get An FHA Loan If You’ve Recently Been Out Of Work…

Good morning!

If you have recently been out of work, and now you are working again – here’s what you need to know 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 returned 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!

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

Brett

Get Pre Approved For A Loan Here.

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How Mortgage Companies Treat Your Bonus Income

Good Morning!

When it comes to bonus income there are three things to be aware of when you are getting a mortgage…

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 a lot this year, but not last year then we will have to use an average of both years.

If you or someone you know needs a mortgage – let me know! I would love to help you out!

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here

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How To Buy A House With A Reverse Mortgage - Free Report...

I sent this to you about a year ago, but I wanted to get it to you again.

It's a Special Report on how to purchase a home with a Reverse Mortgage.

This Report gives you three real-life examples of exactly how others used this unique program to buy their dream homes.

You’ll also learn the one thing you must absolutely know before making an offer on a house with a
Reverse Purchase. …or, it will cost you a fortune!

If you are 62 years old or know someone who is, and they want to purchase a home, this report gives them an option to purchase, and have no payments for life!

Here ya go… http://www.berkshirelending.com/special-report-4/

That’s it for today!

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

Brett

Get Pre Approved For A Loan Here.

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How To Sell An Asset For Cash When Buying A House...

If you need more cash to finalize a real estate transaction and decide to sell an asset, such as a boat for example, here's how to do it, and properly document for your mortgage company...

 

You must create a bill of sale reflecting the date of sale, an 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

 

Get Pre Approved For A Loan Here.
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News On IRS Payments…

Good Morning!

 

Here's a nugget for those of you that owe money to the IRS...

 

Did you know that if you have a monthly payment plan with the IRS  we can include the monthly payment in your debt to income ratio as if it were any other debt?

 

...so, it's possible to get a mortgage when you owe the IRS money.

 

That’s it for today!

 

If you know of anyone needing help with a mortgage please consider letting me help them!

 

Have a good day! …and thanks for reading.

 

Brett

 

Get Pre Approved For A Loan Here.
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